Legal & General has today announced the successful completion of the pilot phase of its new Rental Protection Plan (RPP) for tenants, becoming the first UK provider to offer this type of product.
11 Jun 2019
The pilot has been carried out in conjunction with the Mortgage Advice Bureau (MAB) and is only currently available via MAB intermediaries.
The Rental Protection Plan offers the choice of three products through a single application and has been specifically designed for the rental market. The products included are Rental Income Protection Benefit, Rental Life Insurance and Rental Life Insurance with Critical Illness Cover, meaning they have the flexibility to select the relevant products to meet their needs and budget, depending on their individual circumstances. RPP also gives tenants the opportunity in certain circumstances to increase the amount of cover if their rent increases, they relocate, or otherwise change tenancy agreement without the need to go back through medical underwriting.
Craig Brown, Director, Legal & General Intermediary: "Nearly a quarter of UK households will be renting by 2023 and the protection needs of these families will need to be met by products and solutions specifically designed for them. First-time buyers usually receive a protection ‘nudge’ when they seek mortgage advice, but most renters do not benefit from the same prompt. This leaves tenants facing a greater risk of vulnerability due to unforeseen circumstances."