Legal & General has improved the terms of its income protection product, offering higher benefit levels and removing a number of exclusions.
L&G has increased the overall maximum benefit limits from £200,000 a year, £16,667 a month, to £240,000 a year, £20,000 a month.
This applies to employed and self-employed customers taking out a plan on a standard or low-cost basis. The insurer says this will enable customers to protect a higher percentage of their salary at the outset.
Alongside this, L&G has also introduced a new income guarantee for NHS doctors, nurses and surgeons – set at £3,000 a month.
The insurer has also changed the terms and conditions of the policy, for example removing the general ‘drug and alcohol’ exclusion.
It has also extended the range of support services available to claimants. This will now include a Nurses Support Services benefit across its range of protection policies
At the same time the insurer says it has introduced more competitive pricing.
This is the eighth time the insurer has updated this product within the last 18 months.
Legal & General product director Mark Jones says: “Whether it is helping to keep up with mortgage repayments or covering day-to-day costs, income protection can make a difference to the lives of customers.”
He says intermediaries are doing “great work” promoting these protection policies but there is a need for insurers like L&G must continue to update and enhance product propositions.