From Tuesday 5th February 2008, Nationwide Building Society offers a range of new protection and insurance products from Legal & General.
Nationwide Life will no longer write insurance products.
The range of products from Legal & General will include:
- Family Life Insurance Plan - which provides a range of fixed monthly benefits for dependant children if a parent dies
- Critical Illness Cover - designed to pay out a lump sum if you die or are diagnosed with one of 35 critical illnesses. Children are covered automatically for free
- Life Cover - designed to pay a lump sum in the event of your death including level term assurance and decreasing term assurance options
Nationwide director of insurance and investments, Robin Bailey, says: "Our new link with Legal & General enables us to launch innovative new policies like the Family Life Insurance Plan to protect young families."
Family Life Insurance Plan (FLIP) - designed to meet the needs of families, in the event of a parent dying FLIP provides a monthly benefit to the policyholder's family until the youngest child's 21st birthday. You can choose four levels of monthly benefit; £250, £500, £750 or £1,000 and cover starts from £4 per month. Acceptance is guaranteed with no need for medical checks.
Life Cover - designed to pay a lump sum in the event of your death. Nationwide customers can choose to cover just their mortgage or to have additional cover, providing even greater peace of mind for their family. The policy provides a lump sum payout to customers diagnosed with a terminal illness, accidental death benefit cover while the application is processed and it even covers for unexpected hitches on the day a customer is moving house.
Critical Illness - provides a lump sum if you contract one of 35 serious illnesses enabling you to focus on recovery without having to worry about finances. Life cover and Children's cover (the lower of either £15,000 or 50% of the sum insured) are included automatically with no extra cost. Level and decreasing term options offer flexible pricing.
In line with its approach of offering customers some of the best products in the market, Nationwide will also continue to offer:
- Over 55s Life Cover - provided by AXA Sun Life
Over 55s Life Cover is designed to meet your needs if you are between 55 and 75 and want to leave a bequest for children or grandchildren when you die or to cover funeral costs. Over 55s Life Cover costs from a minimum premium of £6.00 per month.
- Income Protection - provided by Norwich Union Healthcare
Protects your income in case you are unable to work due to an accident or illness. It provides long-term income replacement up until retirement if required, helping you maintain your lifestyle if the worst were to happen. Income protection costs from a minimum premium of £6.00 per month.
- Mortgage Payment Protection Insurance (MPPI) - Provided by Aviva Insurance
MPPI is designed to ensure your mortgage continues to be paid for up to two years if you are unable to work due to illness, and accident or unemployment. Mortgage payment protection insurance costs from £5.89 for every £100 of monthly mortgage payment for Accident, Sickness and unemployment (with carer cover).
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Life insurance: News update: January 2008