Legal & General is now offering its Lifestyle Cover directly to consumers.

The ‘short-term’ income protection product had previously only been available through intermediaries.

Lifestyle Cover is designed to provide a monthly benefit payment that is linked to a customer’s level of income rather than to a specific credit agreement, such as a mortgage or loan. This means that cover may be arranged to protect income, and so continue, to maintain a range of regular financial commitments and living expenses, of their choice, should they not be able to work due to accident sickness or involuntary unemployment.

For example, customers may want to be able to continue to cover their mortgage repayments, rent, utility bills, credit card bills, food and/or childcare.

For a monthly or annual premium, a monthly benefit is paid at the level they have chosen to meet the financial commitments they wish to cover, up to 65% of the customer’s gross monthly income, for up to 12 months. This benefit is paid should a customer not be able to work due to an accident, sickness or involuntary unemployment.

Mike Lawler, director for Legal & General’s direct general insurance business, said; “As a responsible insurer, we continue to believe that insurance is valuable protection in providing financial support to customers to help them protect their wider financial commitments, not just mortgage payments, for those unable to work due to accident, sickness or unemployment. We designed Lifestyle Cover to respond to changing market needs and offer valuable insurance for customers that is simple, transparent and competitive.

“We’ve received some great feedback from intermediaries, confirming that their customers view our Lifestyle Cover as a product that meets their needs of today. It is seen as providing valuable peace of mind for customers, so should there be an unforeseen change in their financial circumstances, we will be there to help when they need it most.”