The ‘Low Start’ and ‘Executive’ IP products have been launched to help advisers reach a wider range of clients with additional benefits and choice, the provider said.
Premiums on the Low Start IP product start lower than traditional IP to address initial affordability, with premiums increasing annually without the cover changing during the term.
The Executive IP product, meanwhile, has been designed to provide cover for small business owners and individual employees on higher salaries, enabling small and medium-sized enterprises to pay an employee a monthly benefit if they are unable to work due to illness or injury.
With the Executive product, employers can insure an individual employee’s earnings up to 80 per cent, dividends and P11D benefits. Additional cover can be arranged for other costs, such as pension and National Insurance contributions.
Craig Brown, director, intermediary insurance at Legal & General, said: “The launch of Executive Income Protection and Low Start Income Protection enhances our IP offering and gives advisers an even better opportunity to help their clients understand the importance of financial resilience.
“Our new proposition makes IP more accessible and provides greater choice for people to get cover that meets their individual needs.”
Adam Kaplan, senior protection adviser at Pendragon Protect, said: “These two new products from Legal & General are very welcome as they increase the options we can offer our clients at a time when people are really waking up to the importance of income protection.
"Having a third insurer enter the executive income protection market is a game changer and I’m hugely excited at the opportunity this presents.
“Additionally, Low Start income protection will improve access to income protection and encourage more people to get covered who otherwise wouldn’t have been able to afford it."
chloe.cheung@ft.com
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