Legal & General will launch a new group income protection (IP) product on 16 April, which aims to of...
Legal & General will launch a new group income protection (IP) product on 16 April, which aims to offer own occupation for the first two years and then broaden the definition after that.
Progressive Income Protection has been designed to meet the needs of employers and advisers who are looking for a more flexible approach compared with traditional group IP cover.
It offers two-year own occupation followed by two-year suited occupation. Following that, benefits will only be paid out to absent employees who meet the Activities of Daily Working assessment.
Glenn Laming, sales director for group protection business at Legal & General, said: "Traditional schemes provide benefits until retirement, which is something many employers don't want to commit to, particularly when a 'job for life' is no longer the norm."
