Legal and General Critical Illness Review
This article was last updated:
Our experts review costs, policy features, and customer feedback on Legal and General's range of Critical Illness policies.
This article was last updated:
Our experts review costs, policy features, and customer feedback on Legal and General's range of Critical Illness policies.
Legal and General is a leading insurance company in the United Kingdom.
Learn how L&G's critical illness cover compares with cover from the UK's best-known insurers.
In this guide:
Legal and General Group plc, commonly known as Legal & General, is a British multinational financial services company headquartered in London. As of May 2019, it is the sixth-largest life insurance company in the United Kingdom. It has operations in the United States, Canada, Europe, Asia and the Middle East. Legal & General was floated on the London Stock Exchange in October 1987.
Legal and General offers Critical Illness cover in the UK which can pay out a lump sum if you're diagnosed with a specified serious illness during the policy term.
Cover is available for adults aged 18-64 and you can choose cover terms of 2, 5 or 10 years. You can also choose to add on extras such as Cancer Cover Plus or Children's Critical Illness Cover.
The cost of Critical Illness from Legal and General will depend on the age of the customer, with younger customers typically paying less than older customers. For example, a 30-year-old customer in the UK might pay around £10 per month, while a 60-year-old customer might pay around £30 per month.
In general, Legal and General's UK customers are happy with their Critical Illness policies. They feel that the coverage is adequate and that the claims process is fair. A few customers have had issues with the company's customer service, but overall, they are satisfied with their experience.
There are a few key things to consider when thinking about taking out a critical illness policy with Legal and General. The first is that the cover is only available to UK residents aged 18-59. This means that if you are not a UK resident, or you are outside of this age bracket, you will not be able to take out this policy. Another thing to bear in mind is that Legal and General will only pay out on a policy if you are diagnosed with a specified critical illness. This means that if you are diagnosed with an illness that is not covered by the policy, you will not receive a pay-out. It is important to check the list of specified illnesses before taking out a policy, to make sure that it covers the illnesses that you are most at risk of.
One of the main advantages of taking out a critical illness policy with Legal and General is that they have a very high success rate when it comes to paying out on claims. In fact, they have one of the highest success rates of any critical illness provider in the UK. This means that you can have peace of mind knowing that if you do need to make a claim, there is a good chance that it will be successful. Another advantage of Legal and General's policies is that they offer a wide range of cover levels, so you can choose a policy that suits your needs and budget.
They also offer some unique features, such as their 'Second Chance' cover, which gives you cover for a second critical illness if you make a successful claim on your first policy. This can give you valuable peace of mind knowing that you are still covered even if you do become ill again in the future.
However, there are also some disadvantages to taking out a critical illness policy with Legal and General. One of the main ones is that their premiums can be quite expensive compared to other providers. This means that it is important to shop around and compare quotes from different providers before taking out a policy, to make sure that you are getting the best value for money.
Another disadvantage is that Legal and General's policies have quite strict eligibility criteria. This means that if you do not meet all of the criteria, you will not be able to take out a policy. It is important to check the criteria carefully before applying, to make sure that you are eligible. Overall, Legal and General's UK critical illness policies have both advantages and disadvantages. However, they are generally considered to be one of the best providers in the UK, thanks to their high success rate when it comes to paying out on claims, and their wide range of cover levels.
In 2021, the most recent data available, Legal and General paid out 99% of all critical illness claims made. See how that measures up against the average pay out rate for UK critical illness insurers.
"I'm so glad I bought Critical Illness insurance from Legal and General. I never thought I would need it, but when I got sick, it was a huge relief to know that I was covered. The policy paid for all of my medical expenses and I was able to focus on getting better, without worrying about how I was going to pay for everything. I would recommend this coverage to anyone."
Life insurance can be a tax deductible business expense in certain cases. For example, if the life insurance policy is taken out on a key employee, the premiums can be deducted as a business expense. Additionally, if the life insurance policy is used as collateral for a business loan, the
Our experts review costs, policy features, and customer feedback on LV='s range of Life Insurance policies.
Get the low-down on Royal London's life insurance policies, from prices to customer feedback to claims.
Copyright © 2023 itsforlife.co.uk