As whole of market broker, we search all of the Life Insurance providers in the UK. At Life Insurance Cover we compare and provide Life protection quotes for our customers. Legal & General have been providing protection policies since June 1836. This makes them one of the oldest and most established Life Insurance providers in the UK. Within this guide we take a look into who they are and some of the protection policies they offer.
Who Are Legal & General?
Legal & General was initially formed by Sergeant John Adams and five other solicitors in June 1836 in a Chancery Lane coffee shop. Originally called the New Law Life Assurance Society, the society was restricted to those in the legal profession. Subsequently the name was changed to Legal & General Life Assurance Society to reflect that policies were available to the general public. As the company evolved they have become more generally known as Legal & General.
The very first policyholder for the newly formed company was a solicitor called Thomas Smith. Who purchased a protection policy in 1836. A claim against that policy was successfully paid in 1840 for £1000, after Thomas Smith passed away.
In 1929 Legal & General decided to remove the restrictions on only providing protection policies to the legal profession. By lifting the restrictions, Legal & General now provide protection policies to over 10 million customers today. Making them one of the largest UK providers of Life Insurance. They have many offices within the UK including London, Hove, Cardiff, Birmingham and Bristol.
Legal & General Life Insurance and the many other protection polices they offer currently protect in excess of 10 million people in the UK. They also provide protection policies to many other countries around the world.
Legal & General Life Insurance
All of the Legal & General Life Insurance products are available to people in the UK. Including the Channel Islands, Isle of Man and Gibraltar. You can either buy a policy directly from Legal & General or through an FCA regulated broker, like Life Insurance Cover. However, by using a broker to compare policies will help you discover if Legal & General are the life provider for you.
Legal & General Life Insurance Policy Types:
Term Life Insurance
A Term life insurance protection policy is a very popular choice when you compare it against the different types of Life Insurance Cover that people buy. A Legal & General Term Life Insurance policy can either pay your family and loved ones either a lump sum or fixed amount per month. If you pass away during the length of the insurance period (term). However, if outlive the length of the policy a claim payment will not be made.
A term based policy with Legal & General can be selected from 1 year to a maximum of 50 years. Also a term based policy must expire the day before your 90th birthday. All Legal & General Term Life Insurance policies are available to people aged from 17 to a maximum age of 77 for level term and 74 for decreasing term. This includes both single and joint policy types.
Level Term Life Protection
A Level Term Life Insurance policy from Legal & General will pay an agreed fixed amount of money to your family and loved ones. When you buy a policy, you will have the choice of either a monthly payment or a lump sum. A claim payment against your policy will be made to your family if you pass away during the length of the policy. The amount you choose known as the sum assured will remain the same (or level) throughout the length of the policy term.
Many people use a Level Term policy to protect either an interest only mortgage or any potential outstanding debt that may require payment. Another us for a Level Term Policy could be to provide for the family day to day living costs. This will allow the protection policy to protect your family after you have passed away. Other most common reasons for people buying a Level Term policy is to help to cover funeral costs or leave a legacy for your family.
At Life Insurance Cover we search all of the Life protection polices available. From all of the providers to find the best Level Term cover for you. Simply get a free Life Insurance Quote today. Let us compare Legal & General Life Insurance and many others for you.
Level Term Life Insurance & Critical Illness Cover
Another level of protection including having a Level Term Life policy could the addition of Critical Illness Cover. Legal & General provide a combined policy including Level Term Life Cover & Critical Illness Cover. Because the policy has two very different types of protection, the monthly premiums will be slightly higher. Because it is a combined policy type once a claim is received. For either Critical Illness Cover or the Life protection side of the policy. It will cease to offer cover and lapse.
At Life Insurance Cover we compare the many benefits of having a combined Level Term Life Insurance policy & Critical Illness cover against all of the UK protection providers. Ensuring that your individual family needs are met. Also if a combined policy is as beneficial as potentially two separate policies.
Decreasing Term Life Insurance
Another very popular choice for people provided by Legal & General is a Decreasing Term Life Insurance policy. This policy type will protect a repayment mortgage or any other large financial outgoing which reduces over time. This is a common choice of protection because a Decreasing Term policy will provide a cheaper monthly premium. To buy a Legal & General Decreasing Term Policy you must be between 17 to a maximum age of 74, with a minimum term of 5 years.
It is also important to remember that the amount you initially insure or sum assured will decrease over time. However, the monthly premium will remain the same during the length of the policy. Decreasing Term Life Insurance policies are one the most cost effective policy types available in the UK. This is because the level of risk to the insurer reduces over the length of the policy term.
Many people who are getting onto the property ladder first time choose to buy a Decreasing Term Life Insurance policy. This is because the monthly premium cost is much cheaper than other Life Protection policies. When choosing to arrange a new mortgage or re-mortgaging a current home you may decide to have a repayment type mortgage. A Decreasing Term Life Insurance policy could be a beneficial choice for you and your family.
At Life Insurance Cover we can help you to save time and money by comparing all of the UK providers.
Decreasing Term Life Insurance & Critical Illness Cover
As detailed in the section above, a Decreasing Term Life Insurance Policy has many benefits. This Includes premiums that are much lower than many other policy types. Another cost efficient policy type is a Decreasing Term Life Insurance & Critical Illness Cover combined policy. The level of protection reduces over the length of the policy. The reason for the reduced monthly cost is because it has less risk for the insurer.
However it is very important to remember that because the level of protection reduces over time, the level of risk increases for the policyholder. If a policyholder outlives the term of a Decreasing Term Life Insurance & Critical Illness Cover policy. It may leave them unprotected later on in life, which could mean trying to obtain protection at a much higher price later on. At Life Insurance Cover we go into detail to explain all of the benefits and shortfalls within all of the different policy types available.
Family and Personal Income Plan
Also known as Family Income Benefit in the wider industry, this policy type will pay a fixed monthly amount to your family and loved ones each month, tax free. Instead of a standard policy claim payment method which is paid in a lump sum. However, it is very important to remember that there are limitations with this policy type.
This policy type could be suitable if you have people who rely on your monthly income. A Family and Personal Income plan helps to protect families who may need to budget for household outgoings and other living costs. This policy type is available from Legal & General for purchase to people aged from 18 to a maximum age of 64.
After choosing if Family Income Benefit is the best type of policy for you and your family. You can also decide if you would like Level Term or Decreasing Term. However the policy length must end the day prior to your 70th birthday.
Contact Life Insurance Cover today to find out more about the many benefits of choosing a Family Income Benefit and compare all Life Insurance quotes available.
Family Income Benefit & Critical Illness Cover Policy
Because Family and Personal Income Plan from Legal & General is a type of claim payment rather than a lump sum payment. You are able to choose either a Level Term or Decreasing Term policy type.
This means if a claim was made against a policy for a Critical Illness. The policyholder would receive a claim payment from Legal & General each month. The money they receive could be used for adaptions to the home, ongoing medical care or spending time with your family.
It is important to note that with all protection policies, they are limited to only paying one claim incident per policy. With this policy type, it could pay for ongoing treatment or provide a monthly payment to you. Once you receive a claim payment against a Critical Illness Cover policy, you are able to choose how to use the money.
Can I Buy Just Critical Illness Cover From Legal & General?
Legal & General offer a standalone Critical Illness Cover protection policy to all of their customers, unlike some Life insurers who offer combined policies. Many of the combined policy types include Level Term Life Insurance & Critical Illness Cover and Decreasing Term Protection. The main benefit of having an individual protection policy means that the worry of claiming on a combined policy because of a Critical Illness is no longer an issue.
The minimum age that you are able to buy a Legal & General Critical Illness Cover policy is 18 with a maximum entry age of 64. The Critical Illness Cover protection policy must expire on the day before your 70ths birthday.
A Critical Illness Cover policy is a very important level of Insurance protection. At Life Insurance Cover we have done an in depth review and created an extensive guide on Critical Illness Cover. This policy type will provide, either a tax-free lump sum or monthly payment if you receive a diagnosis of a non-life-threatening illness. A claim against a Critical Illness Cover policy would make a payment directly to the policyholder to help them with their day to day needs. Unlike a Life Insurance protection policy which would make a payment to your family and loved ones.
A Claim Against A Critical Illness Cover Policy Could Pay For:
Continuing long term care or private medical treatment
Changes to the home to make it more accessible for you
Replace your income that had been lost due to the inability to work
A Legal & General Critical Illness Cover policy offers protection for many different illnesses, conditions or operations, including many different forms of cancer, heart attack and stroke. Also by having a Critical Illness Policy it will protect any of your children at no additional cost.
Additionally Legal & General offers a few additional protection benefit options to compliment a Critical Illness Cover policy for a small increase to your monthly premium:
Total Permanent Disability: This benefit will offer protection for permanent disability. This means your claim payment would be received for the full sum assured after 26 weeks.
Over 50’s Life Cover
Over 50’s plan, which is also known as over 50’s life insurance. Guarantees a payment to your family and loved ones when you pass away. One of the many common reasons for people buying an over 50’s Life Policy is to cover funeral costs, pay any outstanding debt and leave an Inheritance for the family.
A Legal & General over 50’s policy is available to individuals who are aged between 50 years old to 80 years old at the time of purchase. All of the Over 50’s policies available do not require any medical information.
One of the factors of an Over 50’s policy is the monthly premium cost, usually this policy type will be more expensive as there is an increased risk to the insurer. However, because we search the entire life cover market in the UK for Life Insurance protection policies. So we can help to find cost effective over 50’s protection for you.
Whole of Life Insurance
A Whole of life Insurance policy from Legal & General is also known as whole of life assurance. This policy type will provide protection for the entirety of your life, rather than just a fixed period of time. The main benefit of a Whole of Life policy is that it provides a guaranteed payment to your family when you pass away.
Of the different policy types available, a Whole Of Life policy will be more expensive than a standard fixed term protection policy. You may decide to purchase a Whole Of Life policy from Legal & General if you would like to leave a guaranteed amount for your family which could help with:
Settling a mortgage
Any household bills and day to day family costs
A Financial safety net for your family
A Legal & General Whole Of Life policy is only available through financial advisors and brokers, like Life Insurance Cover. This policy type is available to customers aged 18 – 84 and can be taken out as either single or joint life cover. Also Legal & General offers a Whole of Life policy with either level or increasing cover. A Level cover protection policy offers the reassurance of a fixed sum assured throughout the duration of the policy. An Increasing Life cover policy will allow your policy sum assured to remain in line with the Retail Prices Index (RPI).
At Life Insurance Cover we search and compare all of the Life Insurance providers including Legal & General to get new Life Cover Quotes for Whole Of Life Insurance protection for you and your loved ones.
How Much Does Legal & General Life Insurance Cost?
The monthly premium cost of getting a Life Insurance protection policy from Legal & General is calculated on many individual factors which include your age, health, smoking and your lifestyle. The largest factor for your monthly premium will be the amount of Life Cover that you need. With all of the many different policy types available from Legal & General including Level term, Increasing Term, Critical Illness Cover, Whole Of Life and Decreasing term. It can be quite a daunting process to decide on which type of protection that you will need.
Because Legal & General Life Insurance policies start from £5 a month it is definitely worth getting your protection in place. As detailed within our many guides it is much better to obtain Life Insurance before any potential problems arise. Which may increase the monthly premium cost. After you choose which policy you may need. You can then also add on additional benefits including waiver of premium, Critical Illness Cover and many other benefits. Some of the many additional benefits will add a little more to a monthly premium.
To get your protection with a Legal & General Life Insurance policy simply obtain a quote and we will help you compare the policies you need. We will help you to save time and money on your Life Insurance Protection.
Making A Claim
When the time comes to make a claim against a protection policy from Legal & General, they try to make the process as easy as possible. It will be a very distressing time for your family after you have passed away and Legal & General will help them through each step of the process. It is extremely important that you make your family aware that you have Life Insurance Cover and where you keep your policy documents. When initially contacting Legal & General it is advisable to have all the relevant policy documents to hand. They will need to confirm some of the details of the policy including name of the policyholder, policy number and if the policy is in trust.
As the claim process continues, your loved ones will need to provide a copy of the death certificate for the claim to be completed. If you or your family are making a Critical Illness claim, Legal & General will need your doctor’s contact details, details including any treatments and any further details which could help from a medical professional.
The Claims team at Legal & General can be contacted by:
Telephone: 0800 137 101
Email: [email protected]
By letter: Legal & General Claims Department, City Park, The Droveway, Hove, BN3 7PY
Terminal Illness Cover
Similar too many other Life Insurance policies compare and provided through Life Insurance Cover. All protection policies provided by Legal & General come with terminal illness cover as standard. Terminal illness cover allows you and your family to make and process a claim on your Life Insurance policy prior to passing away. If you receive a diagnosis of a terminal illness whilst protected by a Life Insurance Policy with an expectation that you will pass away within 12 months, a claim payment will be made. Once you receive the claim payment from Legal & General, you can choose how to use the money in any way you want to, without any restrictions.
You could choose to hire a private carer or pay for the cost of private medical care. Whilst planning any protection policies for the future. It is possible with any policy secured with Life Insurance Cover to add other products like critical illness cover. The additional products may add a few pounds to your monthly premium. But it will provide a further level of protection for you and your family.
Waiver Of Premium
All of the protection policies available from Legal & General have the option to come with a Waiver of Premium benefit. To add this important benefit will mean an additional cost to your monthly premium cost. But it will offer an increased level of protection if your employment or health status were to change.
If you were to lose your job or become too ill to work during the policy term. Unable to pay your premiums for a period of 26 weeks or more. A Waiver of Premium additional benefit will cover the payments for your Life Insurance. Until you are back at work or reach the age of 70.
Any potential missed monthly premium payments can place your Life Cover at risk, by purchasing a Waiver of Premium benefit can protect your Life Insurance policy. To add this benefit to your policy with Legal & General, you will need to be aged 18 or over when the policy starts.
For further more details on the Waiver of Premium benefit and the many other protection options available. Simply compare Life Insurance Cover quotes.
Legal & General Life Insurance Benefits
There are many various benefits provided by all the different Life Insurance providers. As a Legal & General Life Insurance Policyholder you will have inclusive benefits and some that are additional products, every policy includes:
Accidental Death Benefit: This benefit will provide protection from the date that you first apply for a policy and protect you during the process of applying and runs for 90 days. It also offers protection until acceptance, being declined or postponed.
Replacement Cover: This benefit allows the replacement of a policy if you have a joint policy. This allows both people to receive Life Insurance Protection, if one person needs to claim. The surviving person will be offered a potential new policy with the same terms and conditions of the previous policy.
Children’s Critical Illness Cover: Is added automatically if you take a Critical Illness Cover protection policy. The protection will remain in place until the age of 22.
Legal & General After Care: This benefit is provided by a third party who offers long term practical advice and emotional support.
Funeral Payment Pledge
This benefit is very useful for all Legal & General Life Insurance policies. They pledge that they will help with a policyholder’s funeral costs. Legal & General will pay a £10,000 advance payment. To help with the cost of a funeral on all valid claims against a Life Insurance Policy. This will help your family if a delay is caused by probate. This will also help during a very distressing time. Helping to alleviate some of the worry about these details in the immediate aftermath of a family member’s passing.
Compare Legal & General Life Cover Quotes
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