An example would be an individual taking out a life policy to cover their mortgage and then adding family protection to cover critical illness, or two business partners applying for key man insurance. On Legal & General’s OLP Connect system advisers can apply for different sums assured for life and critical illness cover. This, combined with the discount facility may help them sell more critical illness cover and further recommend tailored solutions to meet individual clients’ needs.
Bonnie Burns, Legal & General’s Protection Product Technical Director said:
“We recognise that multiple products on the same application simplify things for advisers and their clients and that there are cost savings because the underwriting journey is more straightforward. We are therefore increasing the incentive for advisers to apply for multiple products thereby helping clients on a strict budget to get more for their money.
“When placing business with Legal & General, advisers can be comfortable that they are recommending quality products within the bundle, as well as potentially saving money for their client. This is evidence of our continuing ambition in the IFA market.”
Each additional or subsequent product attracts a discount of £1.50 from the monthly premium, to be divided equally across all products applied for. Therefore, one additional product would equal a discount of £0.75 from the premiums of each of the two products. Similarly, two additional products would attract a discount of £3, to be split three ways across the three products.
The discount will apply for the life of a policy and is equally valid for applicants that have had a ‘rating’ applied, i.e. those that have to pay an enhanced premium because of medical or lifestyle issues.
