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Legal & General Equity Release

Founded in 1836, Legal & General is one of Europe’s largest insurance and asset management groups, with over £1 trillion in assets, as well as being the UK’s largest provider of individual life assurance products. The company has helped over 10 million people globally with saving, investing, building retirement income and insuring.

Topics

  • Pension Annuity
  • Fixed Term Retirement Plan
  • Cash Out Retirement Plan
  • Lifetime Mortgage
  • Flexible Lifetime Mortgage
  • Optional Payment Lifetime Mortgage
  • Income Lifetime Mortgage
  • Other Services
  • Legal & General Reviews & Ratings

Pension Annuity

The Pension Annuity offers a guaranteed income for life, set at the amount you want to receive, which can also be protected for when you die.

Fixed Term Retirement Plan

The Fixed Term Retirement Plan, like an annuity, lets you use your pension pot to buy a guaranteed income, but for between three and 25 years, with a lump sum at the end.  This product is suitable for those wanting a guaranteed income for now and the ability, after the plan ends, to make new choices. Payments can be made monthly, quarterly, half-yearly or yearly, and you can set the plan length, the regular income amount and the lump sum ‘maturity’ value.

Cash Out Retirement Plan

The Cash-Out Retirement Plan lets you use your pension pot to get regular income payments for between 3 and 25 years. It may be a tax-efficient way to withdraw your whole pension pot, rather than taking it all in one go or it may be a  ‘bridge’ to see you through to a future date, when you’re expecting another source of income to begin. Payment options include monthly, quarterly, half-yearly or yearly.

Lifetime Mortgage

The lifetime mortgage product is a loan secured against your home. You can take a lump sum all at once, a series of lump sums when it suits you or a regular income. You don’t have to repay anything back until you die or move out of your home into long-term care. Interest rates are fixed so they will never change during the life of the loan

Flexible Lifetime Mortgage

The Flexible Lifetime Mortgage is a type of equity release loan secured against your home. It allows you to borrow against the value of your home while continuing to live there. The amount you receive is tax free. Interest is charged on the loan plus any interest already added. The loan is usually repaid when the last borrower dies or moves out of the home into long-term care

Optional Payment Lifetime Mortgage

The Optional Payment Lifetime Mortgage is a loan secured on your home which allows you to borrow against the value of your home while continuing to live there. You get a tax-free cash sum, and could save interest by making monthly interest payments. You can stop interest payments at any time, but you won’t be able to restart them. This is a good solution if you‘re approaching the end of an interest-only mortgage and need to repay it.

Income Lifetime Mortgage

The Income Lifetime Mortgage gives you tax-free cash, as a monthly income. It is a loan secured on your home which allows you to borrow against the value of your home while continuing to live there. It gives you a regular monthly income over a fixed term. You can choose to take the income over 10, 15, 20 or 25 years, with a minimum initial cash sum.

Other Services

Legal & General offer a range of related services including investments opportunities and ISAs, pension schemes, life cover, insurance and mortgages.

Legal & General Reviews & Ratings

Online reviews for Legal & General are fairly poor, with users complaining about a lack of customer service, slow response times and the frustration of waiting for a long time on the phone and having to listen to extensive recorded messages. Many have complained of being overcharged or that their premiums have since doubled.

Trust Pilot – 3.4/5 (based on 9,641 reviews)
Reviews.co.uk – 1.9/5 (based on 387 reviews)

Pros

  • The UK’s largest provider of individual life assurance products
  • A well-established company with a rich history
  • Easy-to-use online equity release and lifetime mortgage calculators
  • A good range of products and related services
  • Online account management area for quick access to customer history
  • Member of the Equity Release Council

Cons

  • Many negative reviews
  • Reports of poor customer service
  • Occasional lack of transparency regarding the premiums and rising costs

Website: Legal & General

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Disclaimer: OurLifePlan.co.uk is a retirement and end of life information website only. We are not an insurer, financial planer, financial advisor, broker and/or other financial institution and as such we are not authorised or regulated by the FCA to offer financial advice. We can't recommend any of the products and/or services featured on the site. We strongly urge you to seek independent professional advice before buying any financial product and/or service. Companies are ranked in no particular order and higher ranking does not imply one company is better than another. We do our best to make it clear when information was published and try to keep it up to date and correct. However, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, prices, products and/or services. You use this website at your own risk and we accept no liability for any loss suffered. We work with FCA authorised and regulated firms who may pay us a commission for referring you to them but this has no impact on our content and helps keep this website free to use and will be fully disclosed. OurLifePlan.co.uk is the trading name of Brilliant British Ltd (Company number 10490224)