Review of Legal and General Life Insurance
If you are thinking of getting life cover from Legal and General then read our review of their products and offers.
Legal and General have been offering excellent life insurance for people for many years and in 2008 paid out 98.1% of all claims on this type of policy.
Legal and General offer three main types of life insurance as follows :
- Over 50s life insurance – like many of the television adverts you see during the day where if you are aged between 50 and 80 you are guaranteed to be accepted. There are three options in this product which offer fixed cover, increasing cover and funeral expenses cover. Plans start at £6 per month and the most you can pay is £50 per month. No payout is made in the first two years of a policy
- Decreasing term insurance – which means the cover and sometimes the premiums descrease over the term of the plan. This is mainly to cover the outstanding balance of a mortgage because the loan decreases in value as you pay it off each month so in 10 years time you need less as the loan decreases. There are also specialist mortgage life products which come with options to help you if you need to move home in an emergency. This is called “Smooth Move” and is provided by an external partner Inter Partner Assistance
- Fixed or level term insurance – this simply means that the cover you buy is fixed for the duration of the policy you take out.
For all plans none of them can be in operation after your 80th birthday and are really set to pay out if you die early and either need to pay off a mortgage loan or simply provide enough money for your family if you cease to be the main income provider.
Other options available
Of course there are add ons that you can take out with Legal and General such as critical illness cover if perhaps you are self employed and want a fixed amount to be paid if you can’t work due to illness or an accident. Additionally you can take out a waiver of premium policy as well which means you are allowed to stop paying your premiums for up to six months if you have an illness or accident which prevents you from working. Both of these are available at an additional cost which you can get a quote for at the time of getting quotes for your life insurance (although you can’t get quotes for these using their online system and website).
Getting a Quote
It’s very easy to get a quote and begin your life insurance with Legal and General. You can either go to their website and get an instant quote online and buy the product over the internet or call their customer telephone call centre for more information or if you need to discuss these products with their professional advisers.
If you are thinking of getting any insurance product then you should always seek professional advice before buying a Legal and General life insurance product or any other financial services related products.