Understanding Legal & General Life Insurance
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About Legal & General

Legal & General is a British multinational financial services and asset management company headquartered in London. With over 185 years of experience, Legal & General has emerged as a global leader in protection, serving more than 10 million customers worldwide.

History of Legal & General

Founded in June 1836 by Sergeant John Adams and five lawyers in a London coffee shop, Legal & General was originally named the New Law Life Assurance Society. The company expanded across the UK and internationally, becoming a wholly owned division of Legal & General Group plc in the 1970s.

Legal & General Life Insurance Policy Review

Legal & General offers a comprehensive Life Insurance policy with unlimited maximum benefit. You can add Critical Illness cover to the policy for an additional fee, which includes automatic child cover.

Legal & General Life Insurance Overview

  • Cover Includes: Life cover and terminal illness cover.
  • Critical Illness Cover: Optional add-on for an additional cost.
  • Policyholders Age: Between 18 and 77 years.
  • Types of Cover Available:
    • Level Term
    • Decreasing Term
    • Increasing Term
    • Family Income Benefit
  • Policy Term: 1 to 50 years.
  • Maximum Age: Policy must end before age 90.

Awards and Ratings

  • 5-star Rating: Independent rating firm Defaqto.
  • Life Insurance Provider of the Year:
    • 4-time winner of Moneyfacts Awards (2020 & 2023).
    • Moneyfacts Consumer Awards 2023 for Product and Service Innovation.

Legal & General Life Insurance Cover

Available Options

  • Types of Cover Offered:
    • Term Life Insurance
    • Decreasing Term Life Insurance
    • Increasing Term Insurance
    • Family Income Benefit
  • Minimum Age Entry: 18 years old.
  • Maximum Age Entry:
    • Level or Increasing Life Insurance: 77 years old.
    • Decreasing Life Insurance: 74 years old.
    • Level or Increasing Life and Critical Illness Cover: 67 years old.
  • Maximum Benefit:
    • Life Insurance: Unlimited.
    • Terminal Illness Cover: Yes (after 2 years of policy).
  • Premium Type:
    • Guaranteed
    • Renewable
    • Annually Increasing

How to Make a Claim

To initiate a claim with Legal & General, call:
  • Phone: 0800 009 3506
  • Operating Hours: 9am to 5pm, Monday to Friday

Frequently Asked Questions (FAQs)

Key Questions Addressed

  • Outliving Term Life Insurance: Explains that no cash sum is provided if policyholder outlives the term.
  • Difference between Over 50's and Whole of Life Cover: Clarifies cost differences and coverage details.
  • Adding Critical Illness to Life Insurance: Explains the benefits and options available.
  • Beneficiary Designation for Children: Discusses setting up a policy in trust for minors.
  • Effect of Smoking and Vaping on Premiums: Details impact of nicotine use on insurance premiums.
  • Premium Stability: Describes fixed and reviewable premium options.
  • Tax Implications of Life Insurance Payouts: Assures that insurance payouts are not taxable.

Legal & General Life Insurance offers comprehensive coverage with flexible options tailored to individual needs and preferences. With an illustrious history and multiple accolades, Legal & General stands as a trusted provider in the insurance industry. Contact Legal & General for expert advice on life insurance solutions.

One of the most effective ways to protect family's finances

Many UK families still don’t realise that life, income protection and critical illness insurance is one of the most effective and efficient ways to protect their family's finances

Benefits offered by income protection, life and critical illness insurance

Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.

Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.

If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.

Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.

In a world where 1 in 4 of us would struggle financially after just four weeks without work, the stark reality hits hard – a mere 7% of UK adults possess the vital shield of income protection. The urgency of safeguarding our financial well-being has never been more palpable.

Let's face it – relying on savings isn't a solution for everyone. Almost 25% of people have no savings at all, and a whopping 50% have £1,000 or less tucked away. Even more concerning, 51% of Brits – that's a huge 27 million people – wouldn't last more than one month living off their savings. That's a 10% increase from 2022.

And don't even think about state benefits being a safety net. The maximum you can expect from statutory sick pay is a mere £109.40 per week for up to 28 weeks. Not exactly a financial lifeline, right?

Now, let's tackle a common objection: "But I have critical illness insurance. I don't need income protection too." Here's the deal – the two policies apply to very different situations. In a nutshell:

  • Critical illness insurance pays a single lump sum if you're diagnosed with or undergo surgery for a specified potentially life-threatening illness. It's great for handling big one-off expenses or debts.
  • Income protection, on the other hand, pays a percentage of your salary as a regular payment if you can't work due to illness or injury. It's the superhero that tackles those relentless monthly bills.

Types of life insurance policies

Common reasons for getting a life insurance policy are to:
✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs

Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.

Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.

Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.

Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.

Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.

Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.

Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.

What do I need to get a life insurance quote?

To get a life insurance quote, you’ll just need to tell us:

  • your name
  • date of birth
  • whether you are a smoker or use nicotine substitutes
  • who do you want to protect
  • and your preferred contact details

The options our advisers provide will also address extras you might want to consider, such as critical illness or income protection cover

It's as easy as 1, 2, 3!

1. Complete a brief form

2. Our experts will find and discuss your quotes

3. Enjoy your protection!



Get free consultations about the best life insurance for you

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The guidance contained within the website is subject to the UK regulatory regime and is therefore targeted at customers in the UK. A FCA regulated expert will contact you after you submit your details to discuss further. WeCovr is a trading style of Political And Credit Risks Ltd which is authorised and regulated by the Financial Conduct Authority. FCA Number 735613.