It extends waiver of premium product parameters and offers some services direct to consumers
Legal & General Retail has announced several changes to its product range aimed at extending support to a broader audience.
The insurance and pension provider said it has extended the age at which customers can add waiver of premium when taking out a policy in response to intermediary feedback. The change in product parameters can be actioned by intermediaries and applies to new policies across term, critical illness, critical illness extra, family and personal income plan, rental life, rental life and critical illness, and whole of life protection plan.
Previously, customers up to the age of 55 on their next birthday could add waiver of premium to their policies, but the new changes enable customers up to the age of 64 by their next birthday to do this. 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, and rental life and 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.
Legal & General Retail has also made a change to its direct to consumer offering by extending its wellbeing support services, provided by RedArc Assured Limited. It offers enhanced practical and emotional support, with services that focus on physical and mental health.
The provider said that while the bespoke benefits of wellbeing support will still be offered exclusively via intermediaries, the move to offer a broader package to consumers is in response to rising living costs.
Mark Jones, product director at Legal & General Retail, remarked that creating products built around intermediary feedback is important as they are 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,” Jones added. “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.”
