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Legal & General expands life insurance for over 50s

11 August 2009 / by Rachael Stiles

Legal & General has expanded its range of life insurance products for the over 50s, offering three new guaranteed acceptance plans.

Anyone aged between 50 and 80 are guaranteed to be accepted for the three new Legal & General over 50s life insurance plans.

Customers can now choose from the Fixed Plan, whereby fixed premiums are paid in return for a fixed cash sum being paid upon death, the Increasing Plan, the value of which rises with inflation, and the Funeral Plan, aimed to protect against rising funeral costs.

Premiums stop when the policyholder reaches the age of 90, but the cover continues automatically until death. With the exception of the Fixed Plan, benefit and premiums are reviewed annually to ensure they remain correlative with inflation, while the policyholder can choose to freeze their sum assured at any time if they wish.

Alan Ferguson, director of marketing and channel development at Legal & General, explained that most people take out life insurance to help family members with funeral expenses, unpaid bills, or to leave a gift for children or grandchildren.

The new range of Legal & General life insurance products will "give people the flexibility to choose the product which best serves their needs," Mr Ferguson said.

"Over 50s plans can provide valuable peace of mind at a difficult and emotional time."

© Fair Investment Company Ltd