Review: Legal and General Life Insurance

David Woodfield By David Woodfield

SUMMARY

Legal & General is one of the largest insurance providers in the UK offering life insurance to protect you against death or critical illness.

You can compare Legal & General life insurance quotes with specialist comparison site www.activequote.com.

OVERVIEW OF LIFE COVER PROVIDED BY LEGAL & GENERAL INSURANCE UK

Founded in 1836, Legal & General now operates across the world and is listed on the London Stock Exchange. In 2014, Legal & General life insurance paid out on 98.3% of all life assurance claims made.

Legal & General offer life assurance to protect your family. It is typical to combine life insurance with a critical illness cover benefit.

Life assurance protects your family in the event of you your death and can help with outstanding mortgage repayments and living costs. To apply you must be a UK resident and at least 17 years of age (if you wish to apply at age 17 you must write your plan in trust). The maximum age you can apply for life cover is 77 years and it must be a level term life assurance policy with no critical illness benefit.

You can choose a level term or decreasing term policy for life cover depending on your circumstances and needs. A level term policy pays out a lump sum if you die within the specified term, the amount that is paid to your family remains the same throughout the cover. With Legal & General a level term life cover policy must be at least one year long and a maximum length of 40 years. You can apply between ages 17 and 77 and your premiums are guaranteed for the whole policy.

A decreasing term policy has a lump sum that decreases over time, possibly in line with a mortgage repayment or until your children turn 18 years old. These policies will generally be cheaper as the amount your family receives decreases during the policy. The maximum age you can apply for decreasing term cover is 74 years of age and the minimum length of a decreasing term cover is five years. Like a fixed term policy premiums are guaranteed for the whole of the insurance policy.

The maximum amount of cover for both and level term policies is unlimited.

By comparing life assurance policies with www.activequote.com you can receive free advice from FCA-authorised advisors who can assist you find the right policy for you.

CAN I ADD CRITICAL ILLNESS COVER WITH LEGAL & GENERAL LIFE ASSURANCE?

If you buy a life insurance policy with Legal & General you can include critical illness cover at an additional cost.

If you are diagnosed with one of a list of critical illnesses during your policy term you can be paid a lump sum to assist with the effects of the illness. The lump sum paid out is usually much less than a life insurance pay out but it can still be a significant amount. For example, you may wish to take out £200,000 life assurance to protect your mortgage but have critical illness cover of £50,000. You can choose the amount of critical illness cover you wish as part of your life insurance policy.

Legal & General cover 40 conditions and these range from blindness to cancer to Alzheimer’s disease, it is important to read the full list of illnesses on the policy documents so you know exactly what is covered.

WHAT ARE THE ACCEPTANCE CRITERIA FOR LEGAL & GENERAL INSURANCE COVER?

To be accepted for Legal & General life cover it is assumed that you’re healthy, you do not have a dangerous job and you do not partake in any dangerous hobbies. You must be aged between 17 and 77 years of age and you must be a UK resident.

Once your application for life assurance has begun you may be required to give your doctor’s details and a process of medical underwriting may be required for some but not all policies.

WHAT HAPPENS IN THE EVENT OF THE DIAGNOSIS OF A TERMINAL ILLNESS?

Terminal illness cover is included on all life assurance policies with Legal & General. This enables the policyholder and their family to make a claim on the policy that can pay out upon the diagnosis of a terminal illness.

A terminal illness is a medical condition that is expected to lead to death within 12 months. Usually a Medical Officer from Legal & General may need to confirm a terminal illness for a successful claim.

HOW MUCH DOES LEGAL & GENERAL INSURANCE COVER COST?

The cost of life assurance from Legal & General will depend on the type of policy you want the amount you wish to be covered for. Premiums can start from as little as £6 a month but your own premiums will depend on your own needs and circumstances.

WHAT DO LEGAL & GENERAL INSURANCE REVIEWS BY CUSTOMERS SAY?

According to online review company Reevoo, Legal & General have an overall 98% rating from 472 respondents who would buy from Legal & General again. They hold an excellent rating from money.co.uk, with 86% of customers recommending Legal & General life insurance.

WHAT DO LEGAL & GENERAL INSURANCE REVIEWS FROM THE EXPERTS SAY?

Legal & General life insurance has a five star rating from Defaqto for their level term assurance policy and their multi protection policy. In 2014, they were voted the Best Life Insurance Provider at the Personal Touch Awards and in 2013 they were voted the Protection Provider of the Decade at the LifeSearch Awards.

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