 Legal & General Life Insurance & Savings Products a Lifeline for Uncertain Times: It seems as though L&G's most recognised products, life insurance and savings, have been able to bail them out of the huge burdens of their home related products as this month saw wide reporting on the huge success of their released financial reports.
Last year's floods hurt many home insurers with many stating that they would have to start charging their customers more for household policies to make up the difference. The cost of flood damage last year was estimated to be over three billion pounds across the board and with more flood warnings already issued for this year, and only minor steps taken by councils to prevent them, it could be another disaster for the insuring giants.
Add to that the reported drops in the housing market causing people to opt-out of more expensive extras such as critical illness cover, throw in a bit of Northern Rock scandal putting people off investing and it's no wonder many top finance firms were left feeling nervous.
Despite this, Legal & General reported overall growth and with their insurance products about to be introduced through Nationwide from next month things can only get better. Naturally this should translate into more affordable premiums for policyholders as the huge leaps in L&G's investment product sales should allow them some wiggle room to attract more new business from people looking to protect their biggest investment - their home. Keep an eye out for resellers of Legal and General policies such as Sainsburys, though they may be offering online discounts and no claims discounts for your L&G Life Cover check that the price may not still be cheaper going direct. †
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NCD News: Legal & General Life Insurance - 23.01.08
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