According to the most recent data from the Office for National Statistics (ONS), the number of workers aged above 65 years is at a record high of 1.42 million.
L&G paid out the equivalent of just over £2m every day.
Craig Hall (above left), head of broker relationships & propositions and Danny Belton (above right), head of lender relationships at Legal & General Mortgage Club offer their thoughts on the implications of COVID-19 for mortgage lenders and advisers.
This brings the total number of IMLA members to 41.
A recent study predicts that more than a third of over-60s will be living in private rented accommodation by 2040.
Adult payments within the Critical Illness Extra plan move up from the current lower of £25,000 or 25% of the sum insured to the lower of £30,000 or 25% of the sum insured.
L&G said it wants to raise awareness of the importance of IP in protecting a client’s lifestyle and income.
The products are a 1-year fix at 5.3% and a lifetime tracker at 4.4% above the Bank base rate, both to 75% loan-to-value.
However the rest, including Governor Mark Carney, felt the committee was better waiting for May economic forecasts before acting.
Remortgage shared ownership products will also see the max LTV increase from 85% to 90%.