Legal & General ups life insurance limit

Wednesday, 27 January 2010 12:00

Legal & General has increased the limits on its immediate cover for life insurance and term assurance with critical illness protection.

The insurer will now provide a maximum sum assured of £3 million for life cover, an increase on the £2 million offered previously.

Critical illness cover for business now has a limit of £1.5 million, up from £1 million.

And Legal & General is now offering critical illness insurance for applications taken out for personal loans or mortgage protection. The maximum sum assured on these policies is £1.5 million.

According to the insurer, immediate cover helps people who need insurance straight away and means the risk is taken on for policyholders while they are being fully underwritten.

Russ Whitworth, of Legal & General, said: "This tends to be for high net worth and business applications while we gather the necessary evidence.

"For example, by upping the maximum levels of immediate cover that we are prepared to give, we are being more generous and more competitive."

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