The words ‘reputation is everything’ still resonate through my mind when I think of certain brands, none more so that that of Legal and General. The fact that we only offer their products has nothing to do with it, it was our choice. Yes, of all the different protection providers, we chose them. In a perfect world it would be an obvious decision like why we have iPhones but in a complex industry you need to choose your partners carefully, and the reasons may not always be transparent.
The sceptic would say that it’s because of the commission they pay, not true.
No, it’s far more detailed than that. We chose Legal and General for many reasons, but one that stands out is their claims payout performance. After all, who wants insurance that doesn’t pay out when the time comes. Yep, a great way of offering cheap insurance is to pay out less (makes sense really). Legal and General buck the trend by providing competitive premiums with exceptional payout figures.
How much I hear you cry? (albeit from my desk at FPG HO).
A whopping 1.65 million pounds per day!
Yes, this includes payouts upon diagnosis of a critical illness, a terminal illness and death. Last year they paid out 181 million pounds in critical illness claims alone. That’s a lot of people who are unable to work but able to pay their mortgage and bills down to some good advice, regular premiums and a high payout rate.
If you do no thave this cover, maybe this is something to think about.
Mark Holweger, managing director, Legal & General Insurance (Partnerships), said: “Our figures show that protection continues to play a vital role in supporting thousands of people in their time of need every year, giving them added peace of mind about their finances when they need it most. Yet still, the UK continues to suffer from a protection gap which leaves many people’s lifestyles at risk should they sadly be diagnosed with a critical illness or unable to work due to long term illness. We hope that advisers are able to make positive use of these statistics to further address this gap, and show consumers how important protection can be during an extremely challenging time in their lives.”