Reviewable premiums are "cost effective," says Legal and General

Legal and General has recommended that those being careful with what they spend look into a reviewable critical illness cover deal.

Premiums are reviewed every five years, up until the policy expires.

The advice comes as Legal and General begin the first round of their reviews for customers who hold a reviewable critical illness cover policy.

"Legal and General will be dealing with 5,000 reviews within the first six months of the process and over 90 per cent of those customers will see no change in their premiums or will have their premium reduced," said Bonnie Burns, the protection marketing director at Legal and General.

She continued: "While the market is incredibly competitive and the gap between guaranteed and reviewable premiums has narrowed, for anyone on a tight budget, the reviewable premium represents a viable, cost-effective solution."

A critical illness cover package was first offered by Legal and General in January 2003.