L&G tweaks IP due to coronavirus
‘Uncertain times’
Legal & General (L&G) has temporarily removed its two-week deferred period for income protection
Only recently added to its offering, the feature, which pays out to policyholders off work for longer than two weeks, has been reset to four weeks for new applicants.
L&G said it will honour claims made as a result of being diagnosed with COVID-19 for existing customers in line with its usual terms and conditions (T&Cs).
Its products terms state that individuals would need to have a medical condition to qualify under its T&Cs.
A spokesperson said: "In uncertain times, we would like to offer two certainties: our claims approach will always be fair and thorough, paying all valid claims and our purpose of supporting our customers in some of the most difficult times in their lives will never change."
The insurer said it will continue to update intermediaries as the situation evolves.
Unemployment cover
Meanwhile, Legal & General Insurance, which is part of LV= General Insurance, has temporarily withdrawn unemployment cover in light of government advice to limit social interaction due to coronavirus.
Simon Hird, director of broker and intermediary at Legal & General Insurance, part of LV= General Insurance, said: "In light of the rapidly changing situation following the outbreak of coronavirus (COVID-19) in the UK and its impact on the country's economic outlook, we have decided to temporarily pause new sales of our unemployment cover, included as part of our lifestyle cover product, through our intermediary partners."
Hird added: "We understand that this is an unprecedented situation and will continue to monitor our approach as new information becomes available."
The change does not apply to customers with existing policies or who have a quote for unemployment cover which is still within its quote validity period.
L&G's accident and sickness cover available as part of its lifestyle cover is still being sold through advisers.
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