Legal & General Life Insurance
The Legal and General Group (otherwise known as L & G) dates back to 1836 and is one of the major financial services companies in the UK. As well as life insurance L & G has a range of pensions, investments and general insurance policies. Latest figures show that the company’s investments total 370 billion and it has branches in the UK, USA, Egypt, the Netherlands, Germany, France, India and the Gulf.
L & G Life Insurance
L & G insurance company has two types of life insurance plans, which are called Level Term Assurance and Decreasing Term Assurance. With Level Term Assurance the premiums stay the same throughout the period insured. The level of premiums is dependent on the amount of life cover, but starts from £6 per month. Cover is for a fixed term, which the policy holder chooses when taking out the policy.
With Decreasing Term Assurance the amount of cover decreases over the period of the life insurance policy. This type of life insurance is often used with a repayment mortgage, because the amount owing on a repayment mortgage also decreases as the policy holder continues to pay the premiums.
With both of these types of L & G Life Insurance, the company offers the option of paying premiums either monthly or annually. Payment annually attracts a discount off the premium.
L & G also gives additional options with its life insurance cover, one of which is Critical Illness Cover. This pays out a lump sum in the event of the policy holder developing a particular illness whilst the life cover is in force. Another option is for a waiver of premium if the policy holder cannot work for a period in excess of 26 weeks due to illness or injury. This means that no premiums will have to be paid during this period.
L & G Mortgage Life Insurance
The two types of L & G Mortgage Life Insurance are also Level Term Assurance and Decreasing Term Assurance, and these life insurance plans work in the way described above. With Decreasing Term Assurance the amount of cover will be reduced at roughly the same rate as the policyholder’s mortgage. However, there are some circumstances under which the benefits may not meet the amount of the outstanding mortgage. This may happen, for instance, if the mortgage interest rate is continually high during the term of the life insurance policy.
In addition to the optional extras described above, L & G also offers a couple of other advantages with their Mortgage Life Insurance plans. One of these is a service called SmoothMove and this is free of charge to policy holders. This service provides assistance in the event of an emergency when moving house. The help provided could consist of car recovery or legal advice, for example.
The other advantage with L & G Mortgage Life Insurance is free life cover between exchanging contracts and completion of the property purchase. This is for an amount of either £300.000, the sum insured, or the amount of the mortgage loan, depending which is the lowest.
L & G over 50’s Life Insurance
L & G have three different types of over 50’s life insurance plans, as follows:
The Fixed Plan
Under this life insurance plan monthly premiums are fixed as is the amount of cover, and the premiums start from as low as £5 per month. Acceptance is guaranteed for people who are aged 50-80 and reside in the UK, and a medical examination is not required.
The Increasing Plan
This plan is designed so that the level of life cover increases to keep pace with inflation. L & G review the life insurance plan each year in line with inflation, which is measured according to the Retail Prices Index (RPI).
The Funeral Plan
The purpose of this plan is to provide for funeral or cremation costs. L & G use a funeral service provider called Dignity and benefits are paid direct to Dignity who organise the funeral.
You can find out more about the range of life insurance plans that we can offer, through L & G or one of the many other life insurance companies that we deal with, by filling in our online form. We will then we able to get back to you with some life insurance quotes.