Legal and General Life Insurance
Legal and General was established in 1836 and Legal and General life insurance product is 5* rated according to an independent product quality assessor Defaqto. As at 31 December 2014, the total value of assets across the group was £709 billion. They currently have over nine million customers in the UK for life insurance, pensions, investments and general insurance plans. For the year ending 31 December 2014 Legal and General paid out £520 million in claim payments to 9,636 families. On death benefit they paid 98.3% of life insurance claims totaling £271 million with the largest payout of £2 million and for terminal illness they paid 96.9% of claims totaling £86 million.
Why Choose Legal and General Life Insurance?
- We are the UK’s number one term assurance and critical illness cover provider, according to Swiss Re’s 2015 report based on individual term insurance and critical illness insurance sales,
- Last year they won 17 awards including life insurance provider of the year 2015 and best protection provider 2015. The rest of the awards can be found here.
- They offer customers peace of mind with their Second Medical Opinion service. This service offers policy holders expert advice in the relevant field, should they need to make a claim on a condition covered under their policy.
- Access to a UK database of Consultant Specialists
- A face-to-face consultation (telephone consultations will be considered if necessary).
- A supporting report which is sent to your clients and their GP.
- A contribution of up to £300 for the cost of the consultation (average consultation cost is £250).
What is Terminal Illness Cover?
Legal and General Life insurance comes with free terminal illness benefit. This means that the policy will pay out if you are diagnosed with a terminal illness within the policy term that meets the policy definition and aren’t expected to live for more than 12 months. Aviva pay out on terminal illness benefit right until the last day of the policy term. If you are paid out on a terminal illness claim your policy ceases, however if you make a full recovery you do not have to pay the insurance company back.
How does Legal and General’s Critical Illness Insurance Compare?
Legal and General’s critical illness insurance is a 5* rated product (according to an independent product quality assessor) and currently covers 42 conditions (39 full payment conditions, 2 partial payment conditions and terminal illness). They include children’s benefit as standard which pays out an additional lump sum if your child is diagnosed with one of the children’s critical illnesses they cover between the ages of 30 days to 18 years old (21 if in full time education). The payout is 50% of your cover up to a maximum of £25,000 e.g if you are covered for £50,000 your children are automatically covered for £25,000. For 2014 Legal and General paid out £161 million in critical illness claims to 2,575 families in the UK, with 92.2% of received claims being paid out. Top 5 conditions paid out on we’re;
- Cancer 63.9%
- Heart attack 10.4%
- Stroke 5.6%
- Multiple Sclerosis 5.4%
- Total and permanent disability 4.0%