Legal & General has announced a £1m investment into improving one of its core business protection products, Relevant Life Plan (RLP).
The product provides a death-in-service benefit for employees, paying beneficiaries a lump sum if the employee dies or is diagnosed with a terminal illness whilst covered by the policy.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The new investment aims to improve the application process for RLP, introducing an online submission option. This is in addition to the increases in the multiples of cover made earlier in the year, as well as the extension of the notice period for the continuation option from 30 to 90 days.
From 5 January, RLP will be available on Legal & General’s online protection quote and application system, OLP Connect.
According to Legal & General, OLP Connect means 81% of applicants receive an immediate decision from the insurer’s interactive underwriting route.
The provider said the system will speed up and simplify applying for an RLP. For those advisers wishing to, however, there will still be the option to submit paper applications in the normal way.
Richard Kateley, head of specialist protection at Legal & General, said: "Although not strictly a business protection policy, as the benefits are paid to the beneficiaries of the life assured and not the business, the benefits of an RLP can be an effective conversation starter with corporate clients to discuss other areas of business risk.
"Making the application process easier, quicker and more efficient will hopefully enable more advisers, who may not have considered this a market, to start these conversations."
Relative Life Plan was launched in 2011 and now forms part of Legal & General’s main suite of business protection products.
