Legal and General improve terminal illness cover
30th March, 2016
Terminal illness cover is an often overlooked part of life cover, but can make a huge difference to families during a difficult time. Fortunately, Legal and General have upgraded their terminal illness cover, with the removal of the final 12 months exclusion period.
This is an important change, which means policyholders can now claim after diagnosis at any time whilst the policy is in place, up to and including the final day of cover. This change applies to all products that have terminal illness benefit included.
The provider was proud to announce they paid out on 96.9% of terminal illness cover claims in 2014, and they feel these improvements will mean that figure will climb again in the near future. Like other providers, Legal and General try to improve their products wherever they can to ensure the options and benefits best suit the needs of their customers.
Some experts believe this change has been a long time coming, and there are calls for other providers to follow suit. Aegon have recently announced that they had paid out a total of £26 million early on life claims due to terminal illness, a benefit to some policies where life expectancy is 12 months or less on diagnosis. Douby Grant, protection director at Aegon, highlighted that “Terminal illness cover is a core element in protecting clients … an early pay out often provides a great deal of reassurance and peace of mind”.
The rise in early claims highlights the work providers and advisers are doing to raise awareness of terminal illness cover to customers. Getting the right advice and the right cover can make a big difference, so have a look at our quotes page or contact us directly to compare life insurance quotes.