Legal & General launched its Family and Personal Income Plan (FPIP) seven years ago, and in that time over 73,000 families have been covered.
FPIP is designed to provide a monthly income for a set period of time in the event of death or critical illness of the policyholder. Historically, family protection has not been given as high a priority as mortgage protection but Legal & General is urging customers to give serious consideration to it, especially in the light of recent increases in the cost of living
Bonnie Burns, Protection Product Marketing Director says, "It is well documented that people in general are under-insured. Those that do take out protection tend to focus on mortgage term assurance but anyone with a family should be aware that paying off a mortgage is not normally enough. Family outgoings comprise much more than just mortgage payments.”
Life insurance: News update: July 2008