Founded in 1836, Legal & General is now a top 20 global asset manager and the UK’s largest provider of individual life assurance products, with over £1 trillion in assets.
Topics
Life Insurance
Legal & General’s life insurance policy provides a one-off cash sum for your loved ones after you die. You’ll be covered if you die or if you’re diagnosed with a terminal illness (with a life expectancy of less than 12 months) within the length of the policy. You choose the amount of cover you need and how long you need it for; this will stay fixed unless you change your policy. You can take out life insurance under joint or single names and you can pay your premiums monthly or annually. Monthly premiums are from £6 a month depending on your individual circumstances. To qualify you must be a UK resident aged at least 18 years old and must have spent at least 183 days in the UK in the last tax year.
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Over 50s Life Insurance
This Over 50s Fixed Life Insurance helps you leave some money for your loved ones after you die. It could be used to help settle unpaid bills, as a gift or to help towards the cost of a funeral. You choose a premium you want to pay, from £5 each month depending on age, to provide a cash sum that meets your needs. You stop paying premiums at age 90. Acceptance is guaranteed with no medical for UK residents aged 50-80. Full cover commences after just one year, and cover is immediate for accidental death.
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Mortgage Life Insurance
Decreasing Life Insurance is a type of insurance that’s designed to help protect a repayment mortgage. It could pay out a cash sum if you die or diagnosed with a terminal illness with a life expectancy of less than 12 months, during the length of your policy. With this type of insurance, the amount of cover reduces roughly in line with the way a repayment mortgage decreases. Monthly premiums start from £6 a month depending on your needs and circumstances.
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Critical Illness Cover
Critical Illness Cover can help minimise the financial impact on you and your family if you become critically ill. This policy covers a long list of illnesses including many types of cancer, heart attack and stroke. Children’s critical illness cover is automatically included in this policy as well. Critical illness cover is an option that can be added for an extra cost when you take out Life Insurance or Mortgage Life Insurance with Legal &General. Monthly premiums are guaranteed to stay the same unless you alter your policy.
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Whole Life Insurance
Legal & General does not offer whole of life insurance.
Income Protection Insurance
This policy means you’ll receive a regular monthly benefit if you can’t work due to incapacity caused by an illness, or an injury which results in a loss of earnings. It pays out until you return to work, retire, die or your plan ends, whichever happens first. The maximum monthly benefit allowed is £20,000 per month. To qualify you must be at least 18 years old, and the policy must end after your 50th birthday but before your 70th birthday or your planned retirement date, whichever is earlier.
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Other Services
Legal & General has a large range of individual life assurance products including investments products, retirement plans, mortgages and home, pet and landlord insurance.
Legal & General Reviews and Ratings
Online reviews for Legal & General are quite mixed. Many customers have been pleased with how straightforward, quick and easy it is to arrange life insurance, with helpful staff and good value products. Others however, have had bad customer experiences, long waiting times and found the company’s website difficult to use.
Trust Pilot – 3.4/5 (based on 9799 reviews)
Pros
- A popular, trusted brand
- One of the UK’s largest provider of life insurance
- 5 Star Defaqto rated
- 2020 Moneyfacts award winner
- A large range of individual life assurance products to choose from
- Competitive premiums from £5 per month
- Acceptance is guaranteed with no medicals required
- Critical illness policy covers a long list of illnesses
- Helpful online life insurance calculator
- A well informed website with decent FAQs and supporting information
- Free £100 M&S or Amazon gift card for new customers
Cons
- Reviews only available on Trust Pilot, not elsewhere
- Some instances of poor customer service
- Whole of life insurance not offered
- Cover not eligible within the first year of the policy
- Claims centre not open on weekends
Website: Legal & General