Life insurance lets you leave a lump sum behind should you pass away within the policy term.
Money never replaces a family member, but it can help knowing that it won't be a worry.
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Legal & General Group plc, commonly known as Legal & General, is a multinational financial services company headquartered in London, England. Its products and services include investment management, lifetime mortgages (a form of equity release), pensions, annuities, and life assurance. As of January 2020, it no longer provides general insurance following the sale of Legal & General Insurance to Allianz.
Legal & General was formed by Sergeant John Adams and five other lawyers in June 1836 in a Chancery Lane coffee shop. Originally called the New Law Life Assurance Society, the society was restricted to those in the legal profession. The name was changed to Legal & General Life Assurance Society to reflect that policies were available to the general public but with share ownership restricted to those in the legal profession. The group expanded in the UK and soon began to acquire overseas life assurance companies
The society became a wholly owned division of Legal & General Group plc in the 1970s.
The umbrella logo used today was introduced by former Chief Press Officer Gordon Macdonald in June 1984.
This policy is provided by Legal & General Assurance Society Limited.
Legal & General Life insurance
You will be covered if before the end of the policy: you die, you are diagnosed as being terminally ill, and in the opinion of your hospital consultant and their medical officer, the illness is expected to lead to death within 12 months.
They will pay out your amount of cover once. After this happens, the policy will end and you'll no longer have any cover.
Legal & General Critical illness cover
If you choose to add critical illness cover alongside your life insurance as a separate policy (also referred to as additional or independent critical illness cover), you will be covered if before the end of the policy: · You are diagnosed with or undergo a medical procedure for one of the critical illnesses we cover and you survive for 14 days from diagnosis.
They will pay out your amount of cover in full once. After this happens, the policy will end and you'll no longer have any cover.
Legal & General Life Insurance * Maximum age for buying a policy is 77. Minimum length of the policy is 1 year. Maximum length of the policy is 50 years but, Your policy must end before age 90.
Legal & General Decreasing Life Insurance * Maximum age for buying a policy is 74. Minimum length of the policy is 5 years. Maximum length of the policy is 50 years but, Your policy must end before age 90.
Legal & General Critical Illness Cover * Maximum age for buying a policy is 67. Minimum length of the policy is 2 years. Maximum length of the policy is 40 years but, Your policy must end before age 70.
The minimum age to take out a policy is 18. The policy must not end before your 29th birthday.
Legal & General Level cover
If you choose level cover, your amount of cover will stay the same unless you change it .
If the policy is to help repay a mortgage, you need to ensure that your amount of cover matches your outstanding mortgage. The policy may not completely pay off your outstanding mortgage, if you change the mortgage you have in any way and you don't adjust your cover to match your new arrangements.
Legal & General Decreasing cover
If you choose decreasing cover it is often used to help protect a repayment mortgage.
Therefore the amount of cover reduces roughly in line with the way a repayment mortgage decreases.
You need to ensure that your amount of cover matches your outstanding mortgage. The policy may not completely pay off your outstanding mortgage, if:
you change the mortgage you have in any way and you don’t adjust your cover to match your new arrangements. Or if the interest rate on your mortgage becomes higher than the rate applied to the policy. The rate will be shown in your Personal Quote or the Policy Booklet.
Critical illness cover is a type of insurance that pays out a tax-free lump sum if you're diagnosed with, or undergo surgery for, a critical illness specified in the terms of the policy. Tell me more...
As you pay off your mortgage over time, the amount of life cover you would get if the worst were to happen goes down – just as the outstanding balance of your mortgage does. Tell me more...
Taken out between the ages of 50 and 80, paid out as a lump sum and can be used for financial commitments when you pass away, such as funeral costs, outstanding bills. Tell me more...
The amount of life insurance you take out should ideally be enough to cover your mortgage repayments and the needs of your family if you were no longer around. The average cover amount is £140,000.
Life insurance isn’t a legal requirement, but most mortgage lenders will ask you to take out appropriate cover. You don’t need to take out life cover from your lender – you can buy it elsewhere.
The cost of life insurance can be as little as £5 per month, but your premiums will depend on your individual needs and circumstances, your age, if you smoke could affect the overall cost.
Life insurance is for your peace-of-mind, so you know your family will be financially protected in the event that you're no longer around. Life insurance is a form of security to provide for dependants such as children or spouses.
Term insurance is the most common type of life insurance and pays out only if you die within the term. For example, you might take out a 25-year policy so your family could claim if you were to die within 25 years.
Whatever your age, as an adult it’s always a good time to start thinking about life insurance. In particular, people with loans, mortgages and financial dependants should consider getting a life insurance policy.