Legal & General Group has reduced its rates for its Whole of Life Protection Plan, cutting premiums by an average of 6%.

Legal & General’s Whole of Life product pays out a lump sum on the death of the policyholder and guarantees that premiums will not change throughout the life of the policy. The product can also include an indexation option providing the policyholder with the ability to increase the benefit each year to help keep the benefit in line with inflation.

Alan Ferguson, marketing and channel development director at Legal & General, said: Whole of Life could be sold for inheritance tax and business protection purposes. With around 37,000 estates paying over GBP3.8 billion of inheritance tax to HM Revenue & Customs in 2007/2008, estate planning remains a key need for many clients and an excellent sales opportunity for advisers. We believe our product offering is very strong in this sector and intend to be very competitive on price.