L&G extends CI cover limit to age 70

Legal & General has extended its critical illness (CI) policy expiry age to 70 while allowing multiple claims for children.

The changes are in addition to an improved third degree burns definition and increased coverage of up to £3m.

Coinciding with the government's scrapping of the default retirement age, the provider explained that lengthening its age range was increasingly important in modern society.

"We recognise that trends show we are living longer and may have to work past retirement age of 65 due to financial pressures," it said.

"Many people may now find themselves working over the age of 65, for a variety of reasons, either to help fund their retirement, because they want to work longer or to help children and grandchildren.

"Due to the difficulties in the housing market too, people may also be taking out mortgages later and for longer and so may need to protect loans that go on past the age of 60 or 65."

The coverage for children under their parents' CI policy means that multiple claims can now be made up to a combined value of £50,000.

Bonnie Burns, product and technical director for Legal & General, added: "More and more people are working beyond the age of 65 and taking out mortgages that run to age 70 and this practice is likely to continue. Feedback from customers and advisers has told us that they want a CI product that supports their changing financial lifestyle."