View more on these topics

L&G replaces MPPI with short-term income protection

Legal & General has launched a short-term income protection product to replace its existing mortgage payment protection insurance product for new business.

The lifestyle cover product provides a monthly benefit linked to the customer’s level of income, rather than linking it to a specific mortgage or loan.

The benefit will be paid for up to 12 months in the event the customer cannot work due to accident, sickness, or involuntary unemployment.

L&G says the market is moving away from protecting just mortgage payments for those that cannot work, as there is need to provide cover for wider financial commitments such as utility bills and the costs of running a car.

The monthly benefit is paid at a level chosen by the customer to meet the outgoings they want the policy to cover.

Mark Holweger, director for general insurance business at L&G, says: “We believe lifestyle cover gives customers, and their families, valuable peace of mind by helping to meet the challenging and changing demands on financial budgets and homes, when it is needed most.”

Separately L&G has also launched an online health assessment tool for protection customers. The free tool assesses their health through a questionnaire, then generates a score which a customer can use to compare their health to 100 people of the same age, race and gender.

Recommended

First-time buyer numbers up 8% in February

Lending to both first-time buyers and home movers increased in February with first-time buyers taking the bigger increase, according to figures released today from the Council of Mortgage Lenders.

6

Time for unsung benefits of MPPI to be driven home

Mortgage payment protection insurance has been the subject of much speculation about its future, how it stacks up to income protection policies and whether it has a role to play.

Keep it simple when designing a website

It’s sometimes difficult to remember a time before the internet. The days of computer monitors bigger than fridges when page-loading took hours rather than seconds seem a distant memory.

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]

Newsletter

News and expert analysis straight to your inbox

Sign up