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Legal and General Income Protection review

Legal and General Income Protection

Income Protection Benefit

Founded

1836

Company Type

Public Limited Company

Company Overview

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.

Documentation

Legal and General Income Protection key facts pdf.
Legal and General Income Protection policy terms pdf.

Enjoy 2 Months FREE Cover

By reaching this page you are eligible for two months FREE cover when you set-up your new Income Protection policy.

Simply fill in the form below to apply your two months free discount or call us on 02084327333 and state the code VC2MF.

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Income Protection Overview

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.

  • Own occupation definition of incapacity means that you can claim benefits if you are unable to carry out your own job. If you have an occupation that L&G consider to be of a higher risk, you might have no access or limited access to own occupation cover.
  • With Income Guarantee, if your wages drop after you take out the policy, you’re guaranteed an income of either your initial entitlement or £1,500, whichever is lower.
  • Legal & General have a maximum benefit cover of up to £200,000 per year, which means that plenty of higher earners can have their income covered by this policy.
    (specific to non index-linked policies)
  • If you choose to have your policy index linked, your benefits will be changed to match any change in Retail Price Index. However, if there is an increase in RPI, your premiums will be increased by 1.5 times RPI.

Legal and General Income Protection Policy Conditions

Overview of Key Policy Details

Policy Type

Income Protection
(Accident & Sickness Only)

Premium Type

Guaranteed
Reviewable option also available

Maximum Claim Duration

Unlimited
Limited term option available with a maximum benefit payment period of 2 years.

Incapacity Definition

Own Occupation
Individuals working 16 hours a week or less will have ‘Activities of Daily Living’

Deferred Period

4 /13/26/52 weeks

Indexation

Optional
When selected L&G will annually increase your benefit by the Retail Price Index whilst the premium will rise by 1.5 times the Retail Price Index.

Waiver of Premium

Automatically Included

Maximum Cover

60% Gross Taxable Earnings to a maximum of £200,000 per year.
The maximum monthly benefit is 60% of gross earnings up to £60,000 per year or 50% of gross earnings over £60,000.
Index-linked policies are limited to a maximum of £100,000 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

  • Mortgage Increase
  • Salary increase
  • Marriage or Civil Partnership
  • Every Third Policy Anniversary

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.

Drewberry’s Legal and General Income Protection Review…

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.

Key Comparison Points

  • If you work less than 16 hours a week, are not receiving a regular wage, or are unemployed at the time that you claim, you may still be eligible to receive benefits providing your incapacity extends to everyday activities.
  • If you want an index linked Income Protection policy then you may be better off with a different provider. L&G limit any increases in your monthly benefit to a maximum of 10% and will not increase your benefits if the change in RPI is 1% or less. In addition, your premiums will increase by 1.5 times any increase in RPI.
  • Legal & General offer a Second Medical Opinion service to receive a second medical opinion to give you peace of mind. They will give you access to an expert relating to your condition and donate up to £300 to cover your consultation. You will receive a face-to-face consultation with a supporting report, which will be sent to you and your GP.

Additional Benefits

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).

Financial strength

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

Legal and General Income Protection Insurance: FAQs

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.

Q. Can I claim on my Legal and General Income Protection policy if I am overseas?

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.


Q. What happens if I want to return to work but I’m still not well enough to work full time?

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.


Q. How is ‘Activities of Daily Living’ different from Own Occupation cover?

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.

Need Expert Income Protection Advice?

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?

Why Speak to Us…

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.

  • There is no fee for our service
  • We are independent and impartial
    Drewberry isn’t tied to any insurance company, so we can provide completely impartial advice to make sure you get the most appropriate policy based solely on your needs.
  • We’ve got bargaining power on our side
    This allows us to negotiate better premiums for you than you going direct yourself.
  • You’ll speak to a dedicated expert from start to finish
    You will speak to a named expert with a direct telephone and email. No more automated machines and no more being sent from pillar to post – you’ll have someone to speak to who knows you.
  • Benefit from our 5-star service
    We pride ourselves on providing a 5-star service, as can be seen from our 2335 and growing independent client reviews rating us at 4.92 / 5.
  • Gain the protection of regulated advice
    You are protected. Where we provide a regulated advice service we are responsible for the policy we set-up for you. Doing it yourself or going direct to an insurer won’t provide this protection, so you won’t benefit from these securities.
  • Claims support when you need it the most
    You have support should you need to make a claim. The most important thing when it comes to insurance is that claims are paid and quickly. We are here to support you during the claims process and make sure it’s as smooth and stress free as possible.
Tom Conner Director at Drewberry

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

Extremely satisfied with the help and advice from Drew, since the beginning him understood what I was looking for and have the patience to help me out with all my questions and doubts. Didn’t tried to be push or annoying calling me all the time like so many did before. At the end we find the perfect medical policy for me and my daughter that covers everything that we need. I more than recommend them and if in the future I need something else for sure I will contact them again. Giving only 5 stars because I can’t give 6!!!!

Natasha Caversan Mucci
07/06/2019
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