Legal & General has introduced a multi-product discount through its OLP Connect quote and application system.
The reduction applies to multiple products or for two individuals applying for separate products (not a joint life policy) within the same application.
Each additional or subsequent product attracts a discount of £1.50 from the monthly premium, to be divided equally across all products applied for.
One additional product would mean a discount of £0.75 from both plans, while two additional policies would attract a total discount of £3, to be split three ways.
The discount applies for the life of a policy and is equally valid for applicants that have had a ‘rating' attached (those that have to pay an enhanced premium because of medical or lifestyle issues).
Examples include an individual taking out a life policy to cover their mortgage and then adding critical illness cover, or two business partners applying for key man insurance.
Bonnie Burns, protection product technical director at Legal & General's said: "We recognise that multiple products on the same application simplify things for advisers and clients, and also add cost savings due to the more straightforward underwriting.
"We are therefore increasing the incentive for advisers to apply for multiple products thereby helping clients to get more for their money."
