Legal & General is extending the option to decline annual increases on individual protection policies to existing customers.
Existing L&G protection customers with increasing cover (indexation) policies can now choose to decline annual increases to their cover for up to three consecutive years, while keeping the option in order to protect against future inflation.
The move was originally introduced for new customers in April.
Any customers reaching their policy anniversary from 1 January 2026 will be offered the option to decline an increase in cover, while retaining the ability to increase cover on further anniversaries.
The benefit is being applied to L&G’s life insurance, critical illness cover, whole of life protection plan and income protection policies.
The insurer said increasing cover policies are designed to keep pace with the cost of living by linking premiums and the cover amount to the Retail Prices Index (RPI).
This ensures that claim values remain relevant and resilient to safeguard against inflation, it added.
Pippa Keefe, commercial director, retail protection at L&G, said: “This enhanced flexibility, which was offered to new customers in April, ensures that existing customers will also benefit from more flexible, future-proof protection that evolves with their needs.
“The enhancement also demonstrates our ongoing commitment to listening to valuable feedback from our network and delivering positive outcomes for advisers and their clients for both new and existing policies.”