Products: Income protection products still relevant, L&G says

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Legal & General (L&G) has launched Lifestyle Cover, a new short-term income protection product.

It replaces L&G’s existing Mortgage Payment Protection product, and will provide a monthly benefit payment linked to the customer’s level of income rather than to a specific credit arrangement.
These benefits can be paid for up to 12 months.

Mark Holweger, director for L&G’s general insurance business, described Lifestyle Cover as being a lot wider than a typical PPI product, although he said the insurer still viewed PPI as relevant.

According to recent research conducted by the insurer, 67% of people do not have any insurance in place to help them pay bills if they were to lose their jobs.

Mr Holweger commented: “We saw that there was a real need in the market for a quality policy which protects people’s income and lifestyles. To come up with this product we have done a lot of research into what’s important in people’s lives and what became apparent is that people want to be able to protect their lifestyle but they wanted a more flexible and transparent product, and one that they can clearly understand.

“There is a need to protect wider financial commitments, not just mortgage payments, for those unable to work due to accident, sickness or unemployment.”

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