Legal and General has re-vamped its income protection product on its menu plan.
As part of the amendment, the provider has removed the ‘any' occupation definition and is guaranteeing that all policyholders will get an ‘own' occupation definition for 12 months for occupation classes three and four.
Other changes include:
• Increased maximum benefit from £120,000 to £200,000 per annum;
• Increased expiry age from 65 to 70;
• New Guaranteed Insurability Options to make it easier for people to increase their cover in line with their earnings;
• Removal of all exclusions except for drugs** and alcohol.
L&G has also revealed it paid 90.4% of income protection claims in 2008.
Bernie Hickman, managing director for protection at Legal & General, said: "We're offering advisers and their clients flexibility and value for money with a Defaqto five star income protection product and a full menu proposition. This will be more consumer-friendly and make it easier for advisers to market these plans to their clients."
The product is available online, via L&G's system OLP Connect system, and completes the provider's menu proposition.
