Legal and General  

L&G pays out £19.5m on renewed policies

L&G pays out £19.5m on renewed policies

Legal & General has paid out £19.5m to clients who renewed their policies in 2018.

The insurance group said it had received 541 claims in 2018 from families and beneficiaries who renewed their policy after an early warning alert was sent to their financial adviser.

The company’s early warning system makes intermediaries aware of policies that are about to lapse by telling them to contact their clients to check on their insurance requirements.

Craig Brown, director of intermediary at Legal & General Insurance, said: "Our early warning system continues to support advisers, alerting them when a client’s policy is nearing the end of its term.

"Our free tool has resulted in a total of 3,206 claims being renewed and we have paid out over £220m to our customers since 2010."

Rob Harvey, head of protection at Drewberry, said: "As advisers, we’re always looking for ways we can help our clients, even after a policy goes live.

"Legal & General’s early warning system is a great way to achieve this. It allows us to effectively stay in touch with clients whose policies are approaching the end of their term but find themselves still needing the cover."

Mr Harvey said clients could forget to review their policies for a range of reasons, so it was useful to have the reminder.

"Whatever the reason clients still need cover, the early warning system allows advisers to provide a more tailored service and improve client outcomes. We always welcome any move from an insurer that helps us move in this direction."