Legal & General has entered a 'funeral payment pledge', promising to pay out early on delayed life insurance claims.
The insurer will offer to pay up to £10,000 of a valid life insurance claim in advance to help bereaved families meet funeral costs.
The announcement exceeds the Protection Distributors Group’s (PDG) suggested minimum of a £5,000 advancement on a delayed claim for funeral costs in support of a policyholder’s family.
Mark Jones, product director at Legal & General, said: “We recognise that families dealing with the death of a loved one can often find themselves facing unexpected costs at what is already a very distressing time, and so we’ve taken our support a step further by doubling the amount we would advance for funeral costs to £10,000.
“We firmly believe that this new commitment will give extra peace of mind for our customers, offering them an extra level of support when they need it most.”
Legal & General’s commitment will cover all life insurance policies with a death benefit claim, with the payment made directly to funeral directors.
Roy McLoughlin, associate director at Cavendish Ware and member of the Protection Distributors Group, said the pledge was the right thing to do for customers.
He said: “Following the loss of a loved one, the most pressing matter is to arrange the funeral which is not an easy task without money and at a time when focus is often on so many other things.
“PDG have been calling for major insurers to support the funeral payment pledge and Legal & General’s announcement is very sensible and a welcome addition. The relative cost of early funeral payments to insurers is a small one and ultimately it’s about giving back to customers in times of need.”
rachel.addison@ft.com
