Pet insurance is one of those necessities that most pet owners won’t want to risk being without but will only pay for in a rather begrudging manner: especially knowing that pet insurance rates have risen at six times the level of inflation, according to Sainsbury’s Bank.
Consequently, if you’re an insurance broker looking to sell a pet policy as part of a package of products to your clients it’s become increasingly important to secure them a policy that is truly tailored for their needs – something Legal & General is attempting to address.
The UK insurance giant has today launched a range of pet insurance products for cats and dogs – six in total.
The first of these protection plans is the Accident Only
product, which offers a maximum benefit of £2,500 per new condition while the policy remains in force, with no limit on the number of new conditions claimed for in the policy year. Time Limited 2000
and Time Limited 5000
allow £2,000 and £5,000 respectively per new condition for 12 months from the start of the condition, with no limit on new conditions.
In addition, Legal & General is also providing three different lifetime pet insurance products. Pet owners are able to choose from the Lifetime 2000
and Lifetime 4000
products, which allow customers to claim £2,000 or £4,000 respectively per condition, per year. The limit is reinstated on renewal, with no cap on the number of new conditions claimed. The final product on offer is the Lifetime 10000,
with no cap on the number of new conditions claimed but with a total claim limit of £10,000 per year with the limit re-instated on each renewal.
Speaking about their introduction, John Hyde, the managing director of Legal & General Insurance, outlined that the company is reacting to an increasing need among consumers.
“Pets are an important part of many of our customers’ lives, so I am pleased to announce the launch of our new range of pet insurance products,” he said. “It’s vital that our pets are provided with the insurance products which best suits their needs so that they can receive the best treatment. With this type of cover, owners will be provided with the peace of mind of knowing that their pet will be looked after should an unforeseeable event occur.
“We understand that not all household pets can be looked after with one generic product, which is why we have created six individual polices to meet the varying needs of all pet lovers. Investing in the correct insurance policy will provide owners with the reassurance that if their pet becomes ill or injured, they will have a policy through Legal & General which covers many of the costs, including veterinary bills and travel.”
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