Legal & General has launched a two-year limited benefit income protection policy product to meet the growth of the low cost market.
The new product will permit multiple claims, with each individual claim allowable for a maximum duration of two years. The update also includes an enhancement to the replacement ratio used to calculate the maximum benefit based on annual earnings. New limits will be set at 60% of the first £60,000 of gross annual income and 50% of income in excess of that figure. This is designed to provide customers with a monthly benefit that equates to a greater percentage of their salary than previously permitted. This new product will be available to Legal & General customers via intermedia...
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