Life cover made more flexible by Legal and General
Wed, 25 Nov 2009
Legal and General, has improved its mortgage decreasing term assurance (MDTA) product to provide a range of different interest rates on which the cover is based.

MDTA is designed to cover a mortgage debt and the sum assured decreases over the term of the policy, roughly in line with the mortgage as the capital is repaid. Legal and General had previously based its pricing on one interest rate, but now there will be four to enable advisers more flexibility according to their clients' requirements, budget and appetite for risk.

When an adviser generates a quote for their client they can input their desired interest rate into the portal, or Legal and General's own OLP Connect system. Legal and General will automatically match it to the equivalent, or next highest of the four interest rates available. A lower interest rate will give lower premiums, but a higher interest rate will offer more cover.

Bonnie Burns, Legal and General's protection product technical director said: "We're offering a far greater degree of flexibility than was previously available to balance affordability with risk."
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