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What is Legal & General?
Founded in 1836 by six lawyers, Legal & General (L&G) is a multinational financial services company with its headquarters in London.
L&G has expanded significantly over the years and today offers a wide range of financial services and products, including investments, pensions, later life mortgages and life insurance.
L&G life insurance policies are provided by Legal & General Assurance Society Limited which is a subsidiary of Legal & General Group and regulated by the Financial Conduct Authority (FCA).
What types of life insurance policies does L&G offer?
L&G offers the following types of life insurance policies:
- Level term life insurance, where the pay-out remains the same no matter when a claim is made, so long as it is within the specified term
- Decreasing term life insurance, where the pay-out reduces over the term of the policy, in line with an outstanding debt you want to pay off, usually a capital and interest repayment mortgage
- Increasing term life insurance, where the size of the pay-out increases over time to protect your policy against inflation. With L&G policies, the amount of cover will rise in line with the changes in the Retail Prices Index (RPI) over a 12-month period or, if the RPI cannot be used, an index comparable to it will be used instead
- Over 50s life insurance, allowing you to leave money for your loved ones after you die which can be used to cover unpaid bills or funeral costs. Anyone aged between 50 and 80 has guaranteed acceptance, with no medical required
- Whole of life cover, which is designed to cover you for your whole life. The policy will pay out no matter when you die, rather than within a set term
- Critical illness cover, which will pay out if you’re diagnosed with a serious illness or disability, can also be added to a L&G life insurance policy for an additional cost.
Single and joint policies are available and premiums can be paid either monthly or annually.
How much life insurance do I need?
When calculating how much life insurance you require, there are a range of factors to consider, including your income, how much debt you have, how much you have in savings and investments and how long your dependents might need financial support.
To give you a helping hand, our life insurance calculator will guide you through the process of working out how much cover you need in three easy steps.
How much does life insurance cost?
Life insurance premiums can cost from under £10 a month (based on a 30-year old single applicant in full health for £200,000 worth of level term cover spanning 25 years, according to quotes carried out through Lifesearch, March 2024).
However, the amount you’ll pay will depend on several factors personal to you. These include how much cover you choose and the policy type, as well as your age, health, occupation and lifestyle. Generally, the younger and healthier you are, the less you will pay for life cover. Find out more with our Cost Of Life Insurance guide.
Is Legal & General a good life insurer?
According to Fairer Finance’s latest ratings (March 2024) Legal & General comes with a customer experience rating of 74%. It scores highly (85%) for dealing with customer complaints, but less well for claims pay-out rates (71%) and transparency (66%).
On the Trustpilot review platform, Legal & General life cover scores 4.4 stars (out of 5) from 282 reviews, while it has a 5-star defaqto rating.
In 2022, L&G paid out 96% of life insurance claims, amounting to a total of £509 million.
Should I consider Legal & General for life insurance?
Before applying for life insurance, it’s worth checking whether you already have cover elsewhere. Your employer might offer death-in-service cover, for example, which will pay out a tax-free lump sum to your family if you pass away while working for the company.
But even if you have this cover, it can still be worth buying a separate life insurance policy to ensure you’re adequately protected.
As with any insurance policy, always shop around and compare life cover from a number of different insurers to check you’re getting the cover you need at the best price. Bear in mind that some life insurance policies offer additional benefits such as accidental death benefit and terminal illness cover which you might want to factor into your comparison.
How do I contact L&G?
Customers with life insurance queries can contact L&G between 9am and 6pm Monday to Friday. Existing customers can log into the MyAccount section online to manage their policy. Alternatively, L&G can be found on Twitter as @landg_uk, as well as on Facebook.
Frequently Asked Questions (FAQs)
How do I claim on Legal & General life insurance?
If the policyholder dies during the life insurance term, the beneficiaries can claim on the policy.
Get in contact with L&G straightaway to start the process.
Claims can be made by emailing life.claims@landg.com or by phoning the claim line on 0800 137 101 (phone lines are open Monday to Friday from 9am to 5.30pm.
If you’re calling from abroad call +441273 374 665.
Alternatively you can write to:
Legal & General Claims Department,
City Park
The Droveway
Hove
BN3 7PY
You will need your policy number and death certificate to hand, if possible, as well as details about the policyholder (including cause and place of death, if known).
L&G will guide you through the process and keep you updated on your claim.
Can you write Legal & General life policies in trust?
Yes, a Legal & General policy can be written in trust for your beneficiaries.
If you do this, the pay out from the life policy goes directly to the beneficiaries, rather than into your estate for probate.
This means it won’t be taken into account when inheritance tax (IHT) is calculated.
Life insurance payouts are always paid free of income or capital gains tax.
Who underwrites Legal & General life insurance?
All underwriting and claim handling is carried out by Legal & General.
This means you won’t have to deal with any third parties in the event of a claim.
How do I cancel Legal & General life insurance?
Get in touch with L&G if you want to cancel your cover. You can cancel at any time and your monthly premiums will stop.
If you cancel within the first 30 days of the policy you’ll get a refund of any premiums paid.
It’s important to weigh up the risks verus the monthly saving however.
If the insurance is cancelled the protection will stop immediately and your beneficiaries won’t receive a payout if you die.
