Legal & General Life Insurance Reviews 2022

legal and general life insurance reviews

Legal & General is among the largest insurance providers in the United Kingdom.

Without a comprehensive life insurance policy would those close to you be able to do the following, if you passed away?

  • Repay the mortgage
  • Cover college tuition fees
  • Pay off any outstanding debts
  • Fund their existing lifestyle
  • Purchase a new property
  • Plan for funeral and cremation costs
  • Resolve inheritance tax liabilities

Get Peace of Mind, Protect What Matters Most – 60 Second Form. A Policy To Suit Your Needs

life insurance legal and general
legal and general life insurance quote

About Legal and General

Legal & General is a British financial services company that offers a range of insurance and investment products. The company was founded in 1836 by Sergeant John Adams and five other lawyers and originally operated under the name New Law Life Assurance Society.

Today, Legal & General serves more than 10 million customers and manages over £1 trillion in assets worldwide. The company’s policies are provided by its subsidiary, Legal & General Assurance Society Ltd and regulated by the Financial Conduct Authority. Commonly known simply as L&G, Legal & General is a trusted provider of financial services products in the United Kingdom.

At the Moneyfacts Consumer Awards 2020 and 2021, Legal & General was chosen Life Insurance Provider of the Year. It also has a 5-star Defaqto rating. Legal and General paid out 97% of life insurance claims and 92% of critical illness claims to clients in 2020.

Information on Life Insurance from Legal & General

A life insurance policy helps to protect the client’s family in the event they pass away and the money received from this type of policy can help family members pay outstanding debts, continue making mortgage payments, and cover the cost of living when the policyholder is no longer around.

For clients to apply for a Legal & General life insurance policy, they must be a resident of the United Kingdom between the ages of 17 and 77 – applicants aged 17 must also write their plan in trust.

Clients have the option of choosing level term or decreasing term policy options for the life cover depending on their personal circumstances and needs.

Level Term Life Insurance

For those choosing a level term policy, their policy will pay out a lump sum when they pass away within a specified term and the amount being paid out will remain the same throughout the life of the policy.

Level term policies through Legal & General must have a minimum term of one year and a maximum term of 40 years.

Decreasing Term Life Insurance

The other option Legal & General offers is a decreasing term policy. This policy provides a lump sum payment that will decrease over time, generally in line with the decline of a mortgage payment or until the policy holder’s children grow older to the age of 18.

Decreasing life insurance policies generally tend to be cheaper than level term policies since the lump sum that the beneficiaries receive decreases over time. Applicants must be under the age of 74 to apply, and the policy must have a minimum term of 5 years.

Additional Benefits

Free Life Cover

If you are looking to take out life insurance to cover your mortgage, you may be interested in knowing that you can get free cover between the exchange of contracts and the completion of your property purchase for up to 90 days. Free life cover is available if the policyholder dies before the property purchase is completed and before their life insurance starts. This can provide peace of mind for those who are worried about taking on a large financial commitment.

Accidental Death Benefit

Legal and General covers you for accidental death until they have either accepted or rejected your application, up to 90 days after processing has begun. In the case that you died in an accident during that period, you’ll be insured for up to £300,000.

Funeral Costs Paid in Advance

If your life insurance payment is delayed because of probate, your family may be entitled to an advanced payment of up to £10,000 to help cover funeral costs. The money is directly given to the funeral home or director.

Second Medical Opinion Service

In the event of a terminal illness claim, Legal and General has teamed up with Healix Health Services Ltd to provide policyholders with a second medical opinion service at no additional cost.

Over 50’s Life Insurance

Legal and General Over 50’s life insurance plan is designed for people aged between 50 and 80. The main feature of this policy is that it comes with guaranteed acceptance, which means that you will be accepted for cover regardless of your health or lifestyle. There are no medical examinations required, and you can tailor the policy to suit your needs. premiums are typically paid monthly, and they will cease at the age of 90. However, your cover will continue even after this age. Your family will receive a lump sum pay-out if you die while the policy is in force.

Joint Life Insurance Policies

Couples who are looking for life insurance may want to consider Legal and General’s joint life insurance. Joint life insurance is a policy that insures both spouses and pays out a death benefit to the surviving spouse when either one dies. The primary benefit of joint life insurance is that it can be cheaper than two separate policies.

However, there are considerations when choosing between single and joint policies for instance it only pays out one time, so the surviving individual will need to find new coverage. Also, if one spouse has health issues, it could affect the premiums for both spouses.

Legal and General will allow you to split the policy into two single policies if your relationship ends which is a feature not many other insurance providers offer.

Adding Critical Illness to a Legal & General Life Insurance Policy

Clients who purchase a life insurance policy through Legal & General can add critical illness cover to their plan at no additional cost. If the policyholder is diagnosed with one of the listed critical illnesses during the life of the policy, they can be paid a lump sum to help assist with the effects and costs of contracting that illness.

The lump sum paid out from critical illness coverage is not as much as what is offered through a life insurance policy, but it can still make a significant financial difference.

An example is if a policyholder wishes to take out a £200,000 life insurance policy to protect their mortgage but also add critical illness cover with a value of £50,000. Policyholders have the option of adding whatever amount of critical illness cover they wish to add to a standing life insurance policy.

Legal and General will cover over 40 conditions ranging from cancer to blindness to Alzheimer’s disease. It is important to know and understand the full list of conditions covered.

Free Child Critical Illness Cover

When adding critical illness cover to your life insurance policy you are also entitled to Children’s Critical Illness Basic Plan as standard.

Your child must be between 30 days and 18 years old, or 21 years old if they are in full-time education, to be included. It covers 31 conditions that payout fully and two illnesses in which you will receive a partial payment. The maximum payout is £25,000 or 50% of the policy’s coverage amount, whichever is lower.

You can upgrade to the Children’s Critical Illness Extra Plan for an additional cost. This offers a maximum payout of £30,000 or 50% of the policy’s coverage amount. It covers 76 illnesses and 8 serious conditions that are specific to children.

Acceptance Criteria for Life Insurance

When conducting our legal and general life insurance reviews, we discovered that in order for applicants to be accepted for an insurance policy through Legal & General, they will need to meet a certain number of basic criteria. First, the individual looking for a Legal and General life insurance quote must be generally healthy, not hold a dangerous occupation and not partake in any types of dangerous hobbies.

Additionally, applicants must also be between the ages of 17 and 77 years of age and be permanent residents of the United Kingdom. Once the application has been submitted, an insurance agent may request more medical information.

Terminal Illnesses and Life Insurance through Legal & General

All of the life insurance policies through Legal & General also include terminal illness cover. This enables the individual and their loved ones to claim on the insurance policy that will pay out the lump sum when the individual is diagnosed with a critical illness.

A terminal illness is defined as a medical condition that is expected to cause the individual to pass away within 12 months. Generally, the Medical Officer from the company will need to confirm the illness when it occurs.

The Cost of Life Insurance Policies through L & G

The cost and the premium payments of a life insurance policy through Legal & General will vary from one applicant to the next. Some of the deciding factors that will affect the cost of the life insurance policy include the health of the applicant, the applicant’s age, and the amount and types of coverage they choose to include in their plan.

Generally, premium payments can start as low as £6 a month but will increase depending on what types of options the individual chooses to include.

How Much Life Insurance do You Need?

Determining how much cover you will require and for how long will depend on several factors. If you have young children, a mortgage, or any other outstanding debts, it’s essential to have enough life insurance to financially protect your loved ones. The last thing you want is for your family to be saddled with unpaid bills after you’re gone. You should make sure that your policy provides enough financial security to replace your income and support your family. This will ensure that they can maintain their standard of living after you are no longer around.

Increasing Your Life Insurance Benefit

If your life circumstances have changed since you first purchased your policy, such as getting married or having children you might want to increase the amount of your life insurance.

If you are under 55 years old and any of these changes apply you are entitled to increase your health insurance benefit without having to answer any additional medical questions. 

  • Birth or adoption of a child
  • Marriage or civil partnership
  • Your earnings have increased due to promotion or a change of employment
  • Your mortgage has increased, you move house or have undertaken home improvements.

You must inform Legal and General within six months of the event taking place to increase your life policy.

Client Legal and General Life Insurance Reviews

According to an online survey and ranking website, Legal & General has an overall 98 percent rating from over 470 different respondents who state they would buy from them again. The company also has an excellent rating from Money.co.uk, with over 85 percent of respondents recommending the services that Legal & General offers.

We hope you found our legal & general life insurance reviews beneficial. Please feel free to contact us with any questions you might have. Further life insurance company comparisons can also be worthwhile before deciding upon any financial commitments and we always encourage people to do this.

Further Information for those interested in a Legal and General life insurance quote:

Legal & General Insurance Limited
Company registered number 423930. Registered number 202050
Address: 1 Coleman St, London EC2R 5AA
Hours: Open 9 AM, Closes 5 PM

Phone: 020 3124 2000

https://www.legalandgeneral.com/

How to Make a Life Insurance Claim at Legal and General

legal and General life insurance claims can be made by contacting them at:

Legal & General Assurance Society Limited
Address: City Park, The Droveway, Hove East Sussex, BN3 7PY

Email: life.claims@landg.com

Phone: 0800 137 101