The Life Insurance Market
Businesses face a protection gap of £1.1tn, after it emerged that a lack of critical illness cover is leaving many companies exposed if any key staff were absent for a prolonged period.
Legal & General (L&G) revealed the amount as they made some changes to their business protection products, which should make it easier for companies to deal with and get themselves covered.
Clare Harrop from L&G remarks that she continues to be "amazed" about how few companies are prepared to handle the death of a key employee, or have critical illness cover in place.
Of the insurers' new product, she comments that "this is a great opportunity for financial advisers to… talk to corporate clients… to ensure they have the protection in place that could ultimately save their business, should the worst happen."
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