L&G change life insurance rules

Tue, 02 Oct 2007

Legal and General, the popular UK insurance company, have modified life insurance rules known as ‘ongoing duty of disclosure’ restrictions.

The rules previously stipulated that if a policyholder faced any health or life changes between when they had applied for a life insurance policy, and the date on which the policy actually started, they had to notify the insurer .

The insurance company is the first to do away with these rules, scrapping them from October onwards, on all individual life insurance products . This range includes whole of life, critical illness insurance, income protection insurance, and term life assurance .

The claims and underwriting director at L&G, Russell Whitworth, reportedly commented: "We have taken the opportunity to bring our practice in line with the expectations of our customers and remove this ongoing responsibility to disclose information, which is often seen as a burden to them. This market innovation clearly demonstrates our commitment to treating customers fairly by paying all valid claims and to provide customers with the peace of mind they require."
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