Legal & General Life Insurance
Term Assurance
|
Founded |
1836 |
Documents
|
|
Company Type |
Public Limited Company |
|
|
Company Overview |
Legal & General was formed by Sergeant John Adams and five other lawyers in June 1836 in a Chancery Lane coffee shop. L&G have become a leader in the protection market with over 7 million customers for their life assurance, pensions, investments and general insurance plans. |
Life Insurance Overview
Legal & General are the UK’s number one individual Term Assurance provider with many awards for their services to their clients and the industry.
They offer a level or decreasing term life insurance policy which pays out a lump sum on the event of your death or terminal illness.
Legal & General also provide a variety of additional options with their life insurance products including; critical illness cover, accidental death benefit, a premium waiver and the ability to change your options throughout the policy.
Legal & General paid out 98% of life insurance claims in 2014.
The premiums are guaranteed to stay fixed throughout the length of your policy providing you do not want to alter the policy during the term.
A Critical Illness Cover option is available, which could protect you against 41 serious illnesses such as heart attack, cancer or stroke.
Legal & General offer a 4% discount for annual premiums.
Legal & General Policy Conditions
An overview of the key policy details of Legal & General’s Life Insurance proposition.
|
Overview of Key Policy Details
|
|
|---|---|
|
Policy Type |
Life Insurance |
|
Policy Options |
Level Term Life Insurance, Decreasing Term Life Insurance, Family Income Benefit and Whole of Life cover. |
|
Policy Coverage |
|
|
Underwriting |
Full Medical Underwriting |
|
Premium Type |
Guaranteed and Reviewable |
|
Terminal Illness Cover |
Yes |
|
Optional Critical Illness Cover |
Yes |
|
Critical Illnesses Covered |
41 critical illnesses are covered |
|
Children’s Critical Illness Cover |
Yes |
|
Indexation |
No |
|
Waiver of Premium |
Optional |
|
Maximum Cover |
|
|
Minimum Cover |
Determined by the minimum premium which is £1 |
|
Max. Policy Term |
40 years |
|
Min. Policy Term |
1 year |
|
Min. Entry Age |
17 years old |
|
Max. Entry Age |
|
|
Guaranteed Insurability |
|
|
Policy Exclusions |
There are partial exclusions for alcohol or drug abuse for specific conditions. Suicide is excluded within the first 12 months of the policy |
|
Application Process |
We can arrange for a paper application, however we would recommend that you complete your application with one of our independent insurance experts over the telephone on 0208 432 7333. This is to ensure that you have not missed anything and will not risk any failed claims due to non-disclosure in the future |
|
Claims Telephone Number |
There are a range of telephone lines available Mon-Fri 9-5pm including:
|
|
Other L&G Policies |
|
Other Insurers
Drewberry reviews Legal & General Life Insurance…
Their life insurance policies are particularly flexible and Legal and General will allow you to change your options throughout the policy.
You can opt for a level or decreasing term life insurance policy which pays out a lump sum should you pass away or be diagnosed with a terminal illness.
Legal & General also allow you to add on a range of additional benefits including;
- Critical Illness Cover – Pays out a lump sum should you suffer one of the 40+ serious illnesses as defined in the policy terms.
- Accidental Death Benefit – Included automatically on all term assurance applications at no extra charge, and will pay out if you die as a result of an accident while your application is being underwritten.
- A Premium Waiver – means they will waive your premiums, if you are unable to work due to incapacity, caused by an illness or accident.
Legal & General Life Insurance – Questions and Answers
A series of commonly asked questions with regards to the policy coverage of the L&G Life Insurance plans.
Q. Can I change my life insurance policy with Legal & General at any time?
A. A unique feature of the Legal & General life insurance policies is that yes, you can change your policy at any time during the cover term. You can request any of the following changes to your policy;
- Increase or decrease the amount of cover,
- Extend or reduce the period of cover,
- Remove a life assured,
- Change the frequency of your premiums between annually and monthly.
Q. I eventually plan to have a family. Can I increase my life insurance cover with Legal & General if I have children?
A. Yes. Legal & General have a range of guaranteed insurability options including the ability to increase you cover due to a new child from birth or adoption. The same option is available should you get married, increase your mortgage or earn more money.
