L&G protection discount deal

12 November 2009 8:00 am | By Tracey Scott

Legal & General has introduced a discount facility for policyholders with more than one protection product.

The discount, available via L&G’s OLP system, applies to multiple products or for two individuals applying for separate products in the same application, excluding a joint life policy.

Each additional product gets 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 75p from the premiums of each of the two products. The discount will apply for the life of a policy and is equally valid for applicants that have had a rating applied.

L&G protection product technical director Bonnie Burns says: “We recognise that multiple products on the same application simplifies things for advisers and their clients and that there are cost savings because applicants only need to be underwritten once. We are therefore passing on these cost savings in the form of a discount.”

Master Adviser IFA Roy McLoughlin says: “Our experience is that many clients prefer to have all their protection products with one company to understand their cover more easily. We therefore think that offering as discount is an extremely well thought out idea.”

 

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