Legal & General Life Insurance Review
This article was last updated:
The low-down on L&G's life insurance policies, from prices to customer feedback to claims.
This article was last updated:
The low-down on L&G's life insurance policies, from prices to customer feedback to claims.
Founded in 1836, Legal & General was named Best Life Insurance Provider at the 2021 Moneyfacts awards.
Legal & General was ranked No.1 in for both Term Insurance and Over 50s Life Insurance in recent independent research on the UK's Top 10 Best Life Insurance Companies. Its Whole of Life Insurance also made the list.
In this in-depth review article, we look at:
Legal & General Group Plc is one of the UK’s oldest and best-known financial services companies, selling through advisers / intermediaries and online direct to the public. It has been providing life insurance policies since 1850 and today offers a wide range of other financial products to suit different needs and budgets, including pensions and mortgages.
Legal & General offers four main types of life insurance: level term, decreasing term, whole of life and over 50 life insurance.
In addition, Legal & General offer critical illness cover, which we have also reviewed.
Life insurance from Legal & General is available from £5 per month for level term life insurance, £7 per month for decreasing term life insurance, £9 per month for whole of life insurance and £10 per month for over 50 life insurance. To get a personalised quote, simply login to Legal & General's website.
When taking out life insurance with Legal & General, you will need to answer some health and lifestyle questions. Your answers to these questions will affect the price of your premiums.
Customers are generally happy with the service they receive from Legal & General. The company has a Trustpilot score of 3 out of 5, based on over 11,000 reviews.
The main advantages of Legal & General life insurance are that it is a well-established company with a good reputation, it offers a wide range of life insurance products and it is competitively priced. The main disadvantage of Legal & General life insurance is that, like all life insurance providers, it uses medical underwriting, which means that people with certain health conditions or lifestyles may be declined cover or charged higher premiums.
In recent years, Legal and General has typically paid out on around 97% of life insurance claims. Find out how that compares to the life insurance industry average.
Here are L&G's pay out rates:
Source: Company website
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
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