Legal and General is the UK’s biggest provider of life insurance. It was founded in 1836 and has since grown to be one of Europe’s biggest insurance and asset management companies, with over 10 million customers around the world. The company’s mission is to purpose is ‘to improve the lives of customers, build a better society for the long term, and create value for shareholders’.

If you buy life insurance through L&G, your policy is likely to come with the following features:

Guaranteed premiums The amount you pay every month in life insurance premiums is guaranteed to stay the same for as long as you hold the policy.
Guaranteed insurability This means you’d have the opportunity to increase your life insurance cover after certain life changes. In an L&G policy, this includes: getting married or entering a civil partnership; becoming a parent; getting a significant pay rise; and taking out a new mortgage or increasing your mortgage.
Reinstatement If you accidentally miss a monthly insurance payment and your life insurance policy gets cancelled, you can reinstate it without having to apply again – as long as you do so within a set period of time. This is a good thing because it means you won’t have to go through medical underwriting again (which could lead to your policy being more expensive).
Terminal illness benefit If you fall terminally ill while you hold an L&G life insurance policy – in other words, a doctor has said you have 12 months or less to live – you can claim the lump sum early, on diagnosis.
Waiver of premium Most life insurance policies come with this handy add-on that means you won't be required to pay your monthly premiums if you're off work for medical reasons. You usually need to be off for a certain amount of time before you can claim this benefit.
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Legal & General life insurance policies often come with a number of extra benefits, which we’ve listed below. These features are what's known as ‘non-contractual’, meaning they’re not related to the contractual conditions of your own policy, and are usually provided by a third party. Everyone is eligible for them (though they’re only made available if you buy your L&G policy through an adviser). Bear in mind they may be subject to change in the future.

Second medical opinion This service, provided by Healix Health Services Ltd., entitles you to a face-to-face or phone-based consultations with a consultant specialist for a second medical opinion, as well as a supporting report to be shared with your GP.
Advance payments for funeral costs An advanced payment of up to £10,000 to help cover your funeral costs if there was a delay in your life insurance paying out due to probate. The money goes straight to the funeral home/director.
Nurse support services This service, provided by RedArc, gives you access to advice and support from trained nurses. This include bereavement support; mental health support; second medical opinions; carer support; help at home after hospital stays; and elderly care.
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In 2018, Legal & General paid out 97% of life insurance claims, a total of £333m. In the same year, 97% of terminal illness benefit claims were also paid out – a feature which allows the life insurance lump sum to be paid out early if you’re diagnosed with a terminal illness (i.e. a doctor says you have 12 months or less to live).

The following prices are based on:

  • Healthy 25-year old male or female
  • £250,000 of level life insurance cover
Term Non-smoker Smoker
10 years £7 £9.60
20 years £7.10 £10.60
30 years £7.90 £12.60
  • Healthy 35-year old male or female
  • £250,000 of level life insurance cover
Term Non-smoker Smoker
10 years £9.80 £16.40
20 years £11.40 £19.70
30 years £14.20 £28.80

Quoted on 14/02/2020

It’s important to make an informed decision when buying life insurance – which is where Anorak can help. We scan all the major insurers to match you to the products most suitable for you, based on your unique needs. We give you peace of mind about who to go with (especially if your most suitable policy is from an insurer you’ve not used before).
What is life insurance?
An insurance policy that pays out a tax-free lump sum to your partner or family if you die. It’s designed to make sure your loved ones would be financially secure without you and your income.
Who needs life insurance?
Anyone who has financial dependents. In other words: other people who rely on your income. If you have a partner or children who’d be financially affected by you dying, you should consider having some life insurance in place.
How much does life insurance cost?
Life insurance is often very affordable, but the cost will be different per person. This is because it depends on the cover you buy and how much of a risk you are to insure (based on your age, health and lifestyle). Generally speaking, it's cheapest when you’re young, fit and healthy.
Does life insurance always pay out?
Life insurance will pay out if you die while you’re insured and you were honest about your health when you applied. It won’t pay out if you die after your policy runs out or you cancel it – and might not if you meet an exclusion (e.g. many insurers exclude death by suicide within the first year).
Is it easy to claim?
Claiming on a life insurance policy is straightforward – your partner or family simply claim directly with your insurance company. Making sure they know about your policy and have the details in case the worst happens can be helpful.

This review is intended for informative purposes only and does not constitute advice.