Legal & General overhauls income protection insurance

Tuesday, 02 February 2010 12:00

Legal & General has revamped its income protection insurance plan in a move which will see the removal of the 'any' occupation definition.

The newly overhauled Income Protection Benefit Plan now guarantees all policyholders will receive an 'own' occupation definition.

This feature is being introduced for 12 months on claims for occupation classes three and four.

Bernie Hickman, managing director for protection at Legal & General, said: "This will be more consumer-friendly and make it easier for advisers to market these plans to their clients."

An increased maximum benefit from £120,000 to £200,000 per year has been included among the new features.

In addition, the age of expiry has been raised from 65 to 70 and there are new guaranteed insurability options to make it easier for people to increase their cover in line with their earnings.

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