UK Money News
18th July 2008
L&G cuts cost of life insurance offerings
Legal & General (L&G) has cut the cost of its range of Whole of Life Protection Plans by an average of six per cent.
Under the new terms of the firm's life insurance offer, a 55-year-old woman would pay £176.50 for an assured sum of £100,000 payable on her death.
Meanwhile, premiums for a 60-year old, non-smoking couple with a joint life insurance policy would be pegged at £144.50 per month for an assured sum of £100,000 to be paid to dependents upon the second death.
Alan Ferguson, marketing and channel development director at L&G, said: "Whole of life could be sold for inheritance tax and business protection purposes.
"With around 37,000 estates paying over £3.8 billion of inheritance tax to HMRC in 2007/2008, estate planning remains a key need for many clients and an excellent sales opportunity for advisers."
He added: "We believe our product offering is very strong in this sector and intend to be very competitive on price"
Other features of life insurance products include fixed premiums throughout the life of the policy and an indexation option which enables the policyholder to increase the benefit to keep pace with inflation.
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