Life Insurance Legal and General reviews.

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Legal and General Review
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Legal and General Insurance Review MSE

Is Legal and General Life Insurance Good? (2024 Update)

What's Legal & General Life Insurance like in 2024? Competitive UK Insurer ticks 7 boxes in 'Legal and General reviews life insurance'. (PROS) 1: Financial Strength 2: Reliable Reputable 3: Claims Payout 4: Family & Business Plans 5: Defaqto Rated 6: Rider Benefits 7: Broker Only Deals. (CONS) Customer Services?

  • Financial Strength S&P: Stable Life Insurance review
  • Is Legal and General a Good Insurance Company Life Insurance review
  • Good range of Family & Business Protection Life Insurance review
  • Broker Only Deals Life Insurance review
  • Is Legal and General Life Insurance any good Life Insurance review

Legal and General Life Insurance Claims Statistics:

Legal and General Insurance UK stats show their most common reasons for typical Critical Illness payouts were - Cancer, Heart attack and Stroke. Their most common reasons for typical Income Protection payouts were Musculoskeletal & Cancer.


Smart Money: 4/5

Defaqto: 5 stars

Moneyfacts: Award

Background - Legal and General (L&G):

Life Insurance Legal & General - was originally formed in June 1836 & was setup to help those in the legal profession. The name was then changed later to Legal & General Life Assurance Society, to reflect that policies were also available to the general public. Over the years L&G Life Insurance have become one of the UK's largest Financial Services Companies.

Legal and General are a FTSE 100 company, with their main headquarters based in London. In 2020, Allianz reportedly completed the purchase of L&G general insurance. Certain plans were also being transferred over to ReAssure.

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Legal in General Life Insurance
Legal and General Life Insurance Reviews UK 2024

'Legal and General Life Insurance Review' 2024

In our 'Legal and General Life Insurance reviews' below, we look at some broker only plans, legal and general protection key facts + FAQ. Most L&G protection products give access to various rider umbrella benefits …like

  • Fracture cover paid for options plus
  • Private Diagnosis access to top consultants re faster medical tests: cardiology, oncology or neurosurgery
  • Funeral Payment Pledge
  • Protection Trusts free access

Legal and General Well Being support

Legal and General Well Being support

What's Legal and General Umbrella Well Being Support?

Legal and General Wellbeing Support services are complimentary and are available from day one of the L&G protection policy (only if bought via a broker) and you don’t need to make a claim to use it.

These include the following benefits...

  • Support services for 2'nd medical opinion
  • Rehabilitation and recovery
  • Help with pre-existing conditions
  • Serious and chronic illness support
  • Mental health support
  • Dietary and lifestyle advice
  • Diagnosis understanding
  • Later life planning

Conclusion: Only available via policies sold through brokers - we would say this Legal and General Well Being support is an excellent inclusive feature & a valuable benefit in todays ongoing NHS over burdened work load situation.

They also say this Legal & General Well Being support complimentary additional service via RedArc could be withdrawn at any time in the future, should the Insurers so choose.


*What's Martin Lewis Legal and General Review?

Martin Lewis recommend Legal and General Life Insurance?

In terms of the range of Legal and General life insurance products, MoneySavingExpert (MSE) are fully impartial with all their best buy reviews. As you maybe aware neither Martin nor MSE never endorse products.

Yes, they mention individual products & services on MSE site, but they make it very clear don't 'support' them.

What does MSE Martin Lewis say on Legal & General Life Insurance?

Money Saving Expert Martin Lewis has reviewed over 50 life insurance Legal and General being amongst some of their best no medical Over 50's buys.

Note however overall he is not big fan of these no medical style Over-50's plans (unless he says you are in poor health, SO may have reduced life expectancy) where they make more sense. As brokers, we would agree here on that point.

Martin Lewis hasn't specifically commented on any other particular Legal and General Life Insurance policies & how it stacks up against the competition. But Legal & General Life and Critical cover plans are a discussed MSE forum topic.

The MoneySavingExpert however says that he does '100% recommend Life Insurance', especially if you have any dependants. MSE says YES it's a cheap financial lifeline but the ultimate monthly costs choice is always yours.

MSE says 'Thinking about how your family may cope financially if you were to die isn't a very cheerful topic, BUT it is an Important One'. 

So Martin Lewis agrees life insurance is important if anyone is reliant on your Income & would struggle financially without you around ie; an insurable interest.

He also discusses the value in other insurance plans if you were off sick, like income protection & critical illness.

Money Expert Martin Lewis for a good rule of thumb in 2024, his Best Life Insurance formula is 'THE 10 x RULE' ie; aim to cover 10 x the Annual income of the highest earner & the main breadwinner until at least any kids have finished their full-time education or other dependants.

To help you calculate a figure that works for you, Martin Lewis on Life Insurance says it's worth ensuring any policy covers:

  • Outstanding Debts: that need to be paid off eg; mortgage unless covered by a separate plan
  • Immediate Outgoings: regular bills dependants would need to pay
  • Future Spending: you may have wished to make eg; university fees
  • Additional Expenses: a death may trigger eg; funeral costs


Martin Lewis also suggests being the Money Expert - that you "NEVER BLINDLY BUY DIRECT" expensive policy offers either via your Bank or One Insurer ie; Shop around or use a Broker.

Lastly, MoneySavingExpert also said generally remember, not all insurers plans are featured on insurance comparison sites. As brokers, we would also agree here - so let us help you shop around for your best broker deals.

Life Insurance on Mortgage Protection | Legal and General life insurance reviews LEGAL & GENERAL MORTGAGE PROTECTION Review

Designed to cover a repayment mortgage on death or terminal illness (with optional earlier critical illness at extra cost). As the mortgage balance slowly decreases during its repayment mortgage term, a Legal and General mortgage insurance term policy is designed to help mirror the mortgage.

Key features

  • Guaranteed fixed level premiums [ no cash value ]
  • Decreasing loan rate flexibility from 7%
  • Terminal Illness means less than 12 months to live
  • Waiver of premium option with fixed deferred period
  • House purchase cover

Summary

Our 'life insurance legal and general reviews' of their decreasing mortgage insurance show it is often well priced. As such, if you were to sadly die during its term it helps protect the mortgage usually our biggest debt & to remain in the family home, our biggest asset.

Life Assurance Policy | Legal and General life insurance reviews LEGAL and GENERAL LIFE INSURANCE Reviews

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Offered also with optional earlier critical illness at extra cost. The 'Legal and General life insurance reviews' of their level term plan show it's available on either on single or joint life 1'st death basis.

Key features

  • Lump Sums or Family Income Benefits options
  • Guaranteed premiums [ no cash value ]
  • Terminal Illness means less than 12 months to live
  • Level or Increasing cover upto age 90
  • Life change and separation benefits
  • Waiver of premium option with fixed deferred period
  • Conversion or renewal options
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Summary

Part of its plan menu, 'Legal and General Reviews Life Insurance' of its term cover shows it is usually a strong market competitor in the term life insurance market.

Designed with many useful features to help protect your family & loved ones if you were to sadly die during its term. Range of complimentary online 'life insurance legal general' protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.

Whole-Life-Cover | Legal and General life insurance reviews LEGAL and GENERAL WHOLE OF LIFE INSURANCE

A whole of life policy that will always payout ( whenever death may occur ) and is available on either on single, joint life 1'st death or joint life 2'nd death basis. Legal and General Whole Life Insurance is as simple way to provide peace of mind life cover. Ideal for people looking for indefinate life insurance with no end or fixed term.

Key features

  • Guaranteed none reviewable premiums [ no cash value ]
  • Level or indexed cover
  • Care Cover option
  • Waiver of premium option with fixed deferred period
  • Life change, IHT and separation benefits

Summary

The Legal and General whole of life insurance plan offers a solution to those wishing to potentially mitigate IHT inheritance tax liabilities that an estate could be impacted by. It can also help you to provide a legacy gift for the family. Range of complimentary 'legal and general protection' trusts to help ensure the proceeds go efficiently to the correct beneficiaries. Some use this as Legal and General funeral insurance cover.

Legal and General life insurance reviews & Over 50's Whole Life LEGAL and GENERAL OVER 50 Plan

Legal and General Over 50 life cover is a no medical whole of life style policy that will always payout (with no end or fixed term) but after an initial period, and is available on single life basis only. Legal & General over 50's Life Insurance is reviewed as a cost effective way to help provide small lump sum lifecover as legacy or funeral funding.

Key features

  • There are no medical & lifestyle questions to qualify
  • 1 year exclusion period before any natural causes death claims
  • Accidental death cover during initial 1 year waiting period
  • May stop taking premiums from age 90 but still maintain your over 50's lifecover
  • Provider limit on total amount of Lifecover per person
  • Many use Over 50’s plans toward Funeral funding.
  • No cash in value. No advice given.

Summary

The Legal and General life insurance review of their Over 50 cover show it's usually a 'direct to customer' policy. It is an ideal solution for those with poor health lifestyle issues or unable to get an underwritten whole life insurance. Often Legal & General Over 50's plans sold with a free gift or once you have made several premiums via the provider.

UK Critical Illness Cover - Legal and General life insurance reviews LEGAL & GENERAL CRITICAL ILLNESS INSURANCE

Helps ease financial worries if you or one of your children are diagnosed with various listed critical illness, as specified by critical illness cover Legal and General Insurance policy. This Legal and General critical illness term plan is available on either on single or joint life 1'st claim and on a stand-alone protection basis.

Key features

  • Level, decreasing, increasing, family income cover (all available optional lifecover and critical illness.)
  • Guaranteed or reviewable premiums [no cash value]
  • Waiver of premium option with fixed deferred period
  • Various critical Illness cover options from standard to more comprehensive 'extra' version
  • Total permanent disability or option total disability
  • Additional critical illness benefit covers a percentage of further full payment conditions
  • Life change and separation benefits
legal in general life insurance critical illness cover

Summary

Legal and General critical illness reviews, show its dual offering is one of the better critical illness market offerings for either standard affordable cover or alternatively its more comprehensive package. Like most UK Critical Illness Insurers, Legal General critical illness terms & conditions often change regularly, so please call us for latest advice or check these updates out when doing your comparison quotes.

Legal and General Critical Illness - Client Story

PHI Income Protection Insurance Quote LEGAL & GENERAL INCOME PROTECTION  

Providing longer term security by way of a tax free monthly income if you are off longer term sick or have an accident or disability as specified by income protection Legal and General Insurance cover. Available as a longer term policy that pays out if you can't work and so suffer a loss of earnings due to illness or injury during the policy term.

Key features

  • Level or increasing cover
  • Risk class assessed based on occupation
  • Guaranteed premiums [ no cash in value ]
  • The cover amount paid tax free calculated on % of annual salary
  • Full cover to term or 2 year limited payment term
  • Initial multiple waiting, deferred periods of 4, 8, 13, 26, 52 weeks or dual deferred
  • Waiver of premium to tie in with income benefit
  • Hospital, Back to work benefits
  • Income guarantee for some NHS frontline staff

Summary

Legal & General Income Protection pays a split salary based proportion of monthly income tax free but is competitive when reviewed against other Income Protection PHI Insurers. Check their terms when doing a quote or call us as to whether PHI policy being offered to you is paid under own occupation, any occupation or specified work tasks.

Business Life - Protection LEGAL & GENERAL BUSINESS PROTECTION

Offering company protection for a variety of reasons (with optional earlier critical illness at extra cost). Key person cover, loan or share protection or an employee dies, is diagnosed with a critical or terminal illness during the term.

Key features

  • Legal and General Relevant life death in service
  • L&G business loan protection cover options
  • Legal & General relevant life cover has tax benefits
  • Guaranteed premiums [ no cash value ]
  • Lump sum level, Decreasing or Increasing cover with installment option
  • Waiver of premium option with fixed deferred period
  • Conversion or renewal options

Summary

Legal and General Business Protection offering is competitive and helps insure your business life & employees against life’s challenges during its policy term. Range of complimentary L&G business protection trusts to help ensure the proceeds go efficiently to the correct beneficiaries.

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legal general life insurance LIFE INSURANCE LEGAL and GENERAL Reviews - FAQ

People also ask...

Can you make changes to your L&G policy?

'Legal and General life insurance reviews around changing / amending your life insurance policy, often you can request some of the following:

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • remove a life assured from a joint policy eg; if a unmarried couple or new parents sadly split up

These life insurance legal and general reviews change could all be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

How do I cancel my 'Legal and General Life Insurance' Policy?

You may cancel your Legal in General Life Insurance plan at any time, if your circumstances change. If you are doing a legal and general life insurance review and then change your mind, you do have the right to change your mind within 30 days of your policy starting. The Insurers will then refund any premiums taken and your Life insurance cover would then end. 

However, if you should cancel the Legal & General review of your life insurance cover at any other time, you won't get anything back because your policy usually has no cash in values at anytime. This also means if your health changed adversely afterwards & you then tried to request your Legal & General life insurance policy is put back onto cover again, this maybe declined. 

We suggest you seek professional advice before taking this course of action if doing a 'legal and general life insurance review'.

Single v Joint Life Cover?

A single life insurance means it covers just that 1 person only. It then pays out the chosen amount of cover if the person dies, or is terminally or critically ill during the term of the policy or whenever the event occurs it occurs if whole life. The benefit of having 2 seperate plans (known as dual life insurance) if in a relationship & one partner claims, then the surviving partner still has their own seperate policy. 

Legal & General 'joint' life insurance policy means it jointly covers 2 lives but then usually pays out on '1st death insurance or claim' basis. This means once the chosen amount of cover is paid, the policy benefits would then end. This is usually the cheaper option for Insurers ( as it only pays benefits once ) but conversely leaving the surviving partner without any cover.

Should I put my Insurance policy into Trust?

When a life insurance policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.

Importance of Disclosure & Claims

All Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original Legal General policy out ie; being 100% as honest & accurate as possible. It is not always easy to remember all your historic health details when applying. The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. eg; Not disclose if you familial history of raised blood pressure or cholesterol (even if it costs more). If so, it may not payout !

Should you make a claim, your Insurers will send you a claim form for you to complete. Once received back, they will usually contact your GP to confirm any health details. They will then assess if your insurance claim is valid and cross check if you originally disclosed all the correct details. If you look at the Insurers recent claims payout, you will see that it is Good (but like most Insurers - not 100%).

What if my health or lifestyle changes after taking the policy out?

Any health or lifestyle changes since, usually does not void your existing L&G policy, if it wasn't relevant at that time of initial underwritten L&G application.

It maybe the Insurers request GP reports when you originally apply, to check any health details disclosed. Likewise any Legal & General reviews may not.

So take care to doubly re-check on your application what you initially disclosed to the Insurers, as this information then stands now and in the future re any 'life insurance legal and general reviews'. Please check your original T&C's.

Should I start smoking after taking out the 'Life Insurance Legal and General' do I tell them?

If you had legitimately quit smoking for over 12 months at that time of original Legal & General application, you may wish to advise them you have started smoking again. This should not affect the original legal in general life insurance policy terms which should still stand, as you were being honest. Also maybe suggest letting your GP know if this is the case.

Legal and General Share - What is the latest price?

For the latest Legal General share price - click on this investment link: Legal and General share price lse. Note: we do not give any investment or share advice.

Article on 'Legal and General Life Insurance Reviews' by Martyn Spencer Financial Adviser (2024)

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'Legal and General Reviews Life Insurance'

For reassurance re health for men & women – we review many of the best Life Insurers selling Life Insurance in UK (inc NI)