Legal & General Life Insurance Review
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- UK’s largest provider of individual life assurance products
- Major global presence including in the USA
- Offer a wide range of financial services in addition to insurance products
About Legal & General
The “Legal and General” were founded back in 1836 by six lawyers. Today it is more commonly seen branded as “Legal & General” or sometimes “L&G”.
Legal & General have £951billion in assets under management and £2.4billion in annual life insurance premiums. They offer a wide range of financial services as well as life insurance, covering things such as asset management, financial investments, mortgages and pensions.
For your peace of mind, Legal & General is regulated by the Financial Conduct Authority (FCA).
Legal & General Life Insurance options
This type of cover provides a lump sum payment to your beneficiaries in the event you die during the term of the cover.
The amount you select as cover and the period over which it is applicable (the term) is decided by you. You must be between the ages of 18 and 77 at the start of the policy. The minimum duration of the policy is 1 year and the maximum is 50 years but the policy must end before your 90th birthday.
Your premiums remain the same unless you make changes to the policy.
You can add critical illness and terminal illness cover components to these policies.
Decreasing cover options are also available, meaning the amount covered decreases over the term in line with a reducing debt (e.g. a mortgage though the benefit is not restricted to that alone) or your family’s need for your income generation.
Increasing options are also provided, meaning that your sum insured can be increased each year in line with your requirements, such as if you would like to safeguard against inflation reducing the value of the sum your beneficiaries would receive.
Mortgage Life Insurance
This is essentially a life insurance policy where the sum payable in the event of your death, decreases over time.
It is typically associated with policyholders who wish to ensure that their mortgage would be fully paid off leaving their family mortgage-free.
In terms of operation, it is very similar to the life insurance option above.
Critical illness cover can be added to this policy.
Over 50s life cover
It would provide a lump sum in the event of your death and is aimed at helping those you leave behind to cope with your funeral expenses and any other purpose you so choose.
You decide how much cover you need though typically the sum will be lower compared to traditional life insurance plans.
Your premiums are calculated from this figure. Your premiums would cease at the age of 90 but your cover would remain in force. Over 50 insurance has guaranteed acceptance with no need for a medical declaration.
Critical Illness Cover
This option can be added to life insurance and mortgage life insurance.
It pays out a lump sum to help you and your family cope should you be diagnosed with one of a range of defined critical conditions. These do not need to be terminal and terminal illness cover is a separate option.
The sum paid may be invaluable if you’re trying to cope with the added medical and living expenses you might suddenly be subjected to if you’re taken seriously ill.
Please note that critical illness cover only covers conditions specified within the policy. It is not an income replacement policy.
Parents free life cover
If you apply before your child’s fifth birthday, you can get 12 months’ free life insurance to a maximum of £15,000. This option is available to both parents and no purchase is required.
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- all Legal & General’s life policies of this type offer lump-sum payments by way of benefit. These are NOT savings products and they have no cash-in value at any time.
Reasons why you may consider L&G’s life insurance plans
The main attractions of these plans and ones which might make Legal & General life insurance quotes interesting:
- the provider’s extensive history and size/reputation;
- 5-Star rating (Defaqto 2017);
- the comfort of the familiar “Legal & General” brand;
- Reevoo scoring of 8.7/10 based on client L&G life insurance reviews relating to ease of application, value for money and overall rating;
- life insurance brings additional free benefits including terminal illness cover, life insurance (between the time you exchange contract and complete on a house purchase) and accidental death cover;
- over 50s life cover also offers Trust services for the speedy and tax-efficient payment of the sum through trustees to your beneficiaries (tax advantages will be subject to your overall taxation status);
- joint life policies exist and can also be separated out should your circumstances change (e.g. divorce);
- policies may also be changeable in line with other changes to your family or personal circumstances;
- waiver of premium option at the inception of your policy, which would allow you to maintain cover without premium should you be incapacitated (terms and conditions apply);
- Legal & General’s critical illness cover covers approximately 38 critical illnesses;
- a maximum entry age of 77 years – 67 if critical illness cover is included;
- children covered under critical illness up to a maximum of 50% of main policyholder’s cover;
- free emergency support (Smoothmove) if you’re moving home
- 98.6% of life policy claims paid out in 2016.
How to get a Legal & General life insurance quote
To compare life insurance quotes, you can use an online comparison service or find a local financial adviser, Unbiased.co.uk could help you find a suitable FCA regulated adviser.
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