Legal & General Group has announced that it is now offering a free cover limit equal to the lifetime allowance for schemes with over 5,000 members, or GBP500,000 premium.
The company said that the free cover limit will be index-linked to keep track of future life-time allowances and protect against inflation.
Glenn Laming, sales director for group protection at Legal & General, said: We continually review our proposition to ensure it meets the needs of our customers and I’m delighted to announce this new development which demonstrates our ability to lead the market. The new limits will automatically be available to the larger schemes, but we will consider cases below this on a case by case basis.