L&G enhances mortgage protection plan
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Legal & General has enhanced its mortgage decreasing term assurance product by offering a range of different interest rates.
Previously, L&G based its pricing on one interest rate on which the cover is based. Now there will be four rates to allow advisers more flexibility when assessing their clients’ requirements, budget and appetite for risk.
When an adviser generates a quote for their client they can input their desired interest rate and L&G will automatically match it to the equivalent or next highest of the four interest rates available.
L&G protection product technical director Bonnie Burns says: “We’re offering a far greater degree of flexibility than was previously available to balance affordability with risk.
“Some clients want cheap monthly premiums and will be happy not to hedge against possible high interest rates in the future. Other clients, particularly those for business protection, may want to choose a higher interest on which their cover is based and will be happy to pay more for that added peace of mind.”
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Readers' comments (1)
Anonymous | 17 Nov 2009 3:30 pm
What's that coming over the hill? It's a mis-selling monster. Sounds like L&G have too much time on their hands, fiddling about like this. Do IFAs want to set themselves up to take this risk?
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