L&G extends waiver of premium age amid protection changes

Legal & General Retail has announced a number of changes to its protection range, which it says will support a broader audience of its customers.

Related topics:  Protection
Amy Loddington | Communications director, Barcadia Media
30th September 2022
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The insurance and pension provider says the changes were made in response to intermediary feedback. 

The age at which customers can add waiver of premium when taking out a policy has been extended and applies to new policies across Term, Critical Illness, Critical Illness Extra, Family and Personal Income Plan, Rental Life, Rental Life & Critical Illness and Whole of Life Protection Plans. 
Previously, waiver of premium was available to customers up to the age of 55 on their next birthday but the new changes give this option for customers up to the age of 64 by their next birthday.

This change in criteria means that for Whole of Life insurance policies waiver of premium will now cease at age 70.
For Term, Critical Illness Cover, Critical Illness Extra and Family and Personal Income Plan, Rental Life, Rental Life & Critical Illness; waiver of premium will continue to cease either at the end of incapacity, until a valid claim on the core policy benefit or until the policy expires. 
The provider has also made a change to its direct to consumer offering by extending its Wellbeing Support services, offered exclusively via intermediaries and provided by RedArc Assured Limited, which offers enhanced practical and emotional support.

Mark Jones, Product Director at Legal & General Retail, commented:
“Creating products built around intermediary feedback is important as they’re often the first port of call in both buoyant and uncertain times. The product changes will allow us to keep more people covered for longer, so they have the support when they need it most.
“Having been able to support intermediaries with Wellbeing Services over a number of years, we thought now was the time to extend the offering direct to consumers as they contend with the cost-of-living crisis. The changes will improve customer outcomes for more people and will help keep more consumers, who may come under financial hardship, covered.”

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