1836
Public Limited Company
Sergeant John Adams and five other lawyers formed Legal & General in June 1836 in a Chancery Lane coffee shop. In 2014 its total worldwide assets was £709 billion.
L&G has become a leader in the protection market over the years and at the end of 2016 had more than 10 million customers worldwide.
In 2015 they won the COVER Excellence Award for their Income Protection.
A very comprehensive product which is more suited to individuals in low risk occupations given the limit on the Own Occupation incapacity definition for occupation classes 3 and 4 only.
Overview of Key Policy Details
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Policy Type | Income Protection |
Premium Type | Guaranteed |
Maximum Claim Duration | Unlimited |
Incapacity Definition | Own Occupation |
Deferred Period | 4 /13/26/52 weeks |
Indexation | Optional |
Waiver of Premium | Automatically Included |
Maximum Cover | 60% Gross Taxable Earnings to a maximum of £200,000 per year. |
Minimum Entry Age | 18 years old |
Maximum Entry Age | 60 years old |
Maximum Policy Term | Up to your 70th birthday or your chosen cease age. |
Guaranteed Insurability |
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Guaranteed Benefit | The lower of £1,500 per month, or your chose monthly benefit at the start of your policy. |
Policy Exclusions | Alcohol or solvent abuse, or the taking of drugs other than those under the direction of a registered medical practitioner. |
We have taken care to ensure that the information on this Drewberry owned website is accurate. However we can give no guarantee as to the accuracy of the content of the site. We accept no liability for any losses whether direct or indirect arising from errors on our part.
While Legal and General Income Protection policies are quite generous with the amount of cover they provide, there’s a lower level of coverage for riskier occupations.
Hospitalisation | Receive 1/30th of typical benefit payment up to £150 per night. Payable for a maximum of 13 weeks, until the end of the deferral period, or until you leave hospital depending which is sooner. |
Continuous Cover | Your cover continues even if you become unemployed or go on maternity/paternity leave. |
Linked Claims | If, after ending a claim and returning to work, you become incapacitated within 12 months for the same cause, you can resume receiving monthly payments without needing to wait through your deferred period. |
Proportionate Benefit | If you return to work after incapacity to a lower salary or a different job (as a direct result of your illness or injury) a reduced monthly benefit will be payable. |
Life Cover | If the policyholder dies during the policy term, an amount equal to 12 times their monthly premium will be paid out. |
Income Guarantee | If your salary is lower than it was when you bought your policy and you need to make a claim, you will receive monthly benefits based on either £1,500 per month or the original benefit that was agreed upon (depending on the lesser). |
As a member of the FTSE 100 index, Legal and General is not only one of the largest insurers in the UK but also one of the largest companies in the UK.
Formed in 1836 L&G have demonstrated their financial strength in all economic climates and held an IGD surplus of £4 billion in 2011, which is over twice the regulatory requirement
We aim to know the policies we advise on, inside out and back to front. Below is a couple of commonly asked questions with regards to the policy coverage of the Legal and General Income Protection Insurance answered.
A. If you travel to or reside in any part of the European Union, USA, Canada, Australia, New Zealand, Isle of Man or the Channel Islands, you will still be fully covered by your Income Protection Benefit.
If you make a claim whilst you travel to or reside temporarily in any other parts of the world, then any benefit will only be paid for a maximum of six calendar months.
A. Most insurers, including Legal and General, have something in the contract called proportionate benefit. This benefit says that the insurer would pay the difference between your old earnings and the new post disability income you receive from benefits if you have to take a lower paid job as a result of your illness or injury.
This includes having to find a different job, being given a lower paying role within the company that you are more capable of, or working part-time until you are fully recovered.
A. Own Occupation is the best type of cover you can get and ensures that you will be able to claim benefits if you aren’t able to work in your specific occupation. Activities of Daily Living (ADW) on the other hand, is the strictest.
This type of cover does not allow you to claim unless you are incapacitated so severely that you can’t even perform daily activities. This includes such things as reading, writing, walking, bending over, or speaking.
For some occupations, in which case, you will only receive Income Protection benefits if you are completely debilitated, which makes it very difficult to claim. if you fall into this category, you may need to look for an alternative provider to ensure that you can claim when you need to.
As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.
Pop us a call on 02084327333 or email help@drewberry.co.uk.
Tom Conner
Director
Great service assisting me obtain the right product. Would happily recommend Drewberry following their professional and efficient way of working.
Or call us on 0208 432 7333
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