L&G raises max GIP to £350,000

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Legal & General (L&G) has increased the maximum benefit on its Group Income Protection scheme from £300,000 to £350,000 for all new and switching schemes.

L&G has also removed the 35% of scheme earnings (up to a maximum of £50,000) restriction on pension contribution cover and replaced it with a maximum of £75,000. Two out of three people suffering from stress now go back to work within 12 months of starting to claim, according to L&G. The insurer attributes this to employers being incentivised to notify L&G about all absences between the fourth and sixth week of absence by offering a 5% bonus. To qualify, employers need to insure over 250 staff and notify L&G of at least 80% of absences over four weeks by the sixth week of absence. L&G...

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