Legal & General has today announced the full roll-out of its innovative Rental Protection Plan (RPP) for tenants. Earlier this year, the FTSE 100 financial services company became the first UK provider to offer this type of insurance, following a successful pilot with Mortgage Advice Bureau (MAB).
23 Sep 2019
RPP is designed to pay out a monthly benefit, which could be used to help pay the rent, bills or other financial commitments, in the event of a valid claim. Nearly a quarter of UK households are expected to be in private rental accommodation by 2023 according to Knight Frank.
The full roll-out also includes the launch of a new feature for Rental Income Protection Benefit customers. This gives policyholders who no longer rent a property as a result of taking out a mortgage the option to change their policy to an Income Protection Benefit Plan.
Craig Brown, Director, Legal & General Intermediary: "At Legal & General, we know that rental payments are every bit as important as mortgage payments in a household’s finances. We are proud to be the first provider in the market to launch a dedicated rental protection product exclusively to intermediaries following positive feedback on our pilot..."