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finder.com's rating: 3.5 / 5 ★★★★★
Bottom line: Legal & General is more accepting of seniors, smokers or people with preexisting health conditions for term life insurance, but it has few permanent life options.
20 to 75
Issue Age
$100,000 to $10,000,000
Coverage
Yes
Medical Exam Required
Policies | Term, Universal, Final Expense |
---|---|
Coverage maximum | $10,000,000 |
Term lengths | 10, 15, 20, 25, 30, 35, 40 years |
Medical exam required | Yes |
Available states | Available in all states except NY |
Issue age | 20 - 75 years old |
Riders |
Accelerated death benefit rider Accidental death benefit rider Child rider Conversion rider Critical illness benefit rider Decreasing term rider Guaranteed insurability rider Policy split option rider Waiver-of-premium rider |
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Review by
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
If you’re looking for term or universal life insurance, Legal & General offers comprehensive plans with many term lengths, nine rider options and policy types that aren’t available everywhere.
While L&G offers low rates overall, you’ll pay a $60 annual maintenance fee that other companies don’t require. The company also gets average overall customer satisfaction.
Legal & General might work well for high-risk people or those looking for term life insurance with long terms. Compare your options to make sure you’ve found the best fit.
We pulled sample rates from Quotacy for a $500,000, 20-year term life insurance policy from Legal & General for a man and woman in good health. Its rates cost below average for this policy and coverage.
Age | Male | Female |
---|---|---|
20 | $19.69 | $16.68 |
25 | $19.69 | $16.68 |
30 | $20.12 | $17.11 |
35 | $21.84 | $18.49 |
40 | $32.68 | $25.49 |
45 | $49.36 | $38.70 |
50 | $74.39 | $55.47 |
55 | $119.54 | $89.44 |
60 | $205.97 | $145.00 |
65 | $394.73 | $372.38 |
70 | $804.87 | $730.14 |
Legal & General rewards excellent health and habits with lower rates for its standard plus, preferred and preferred plus rate classes. To get the best rates:
If you pay your policy upfront, you may qualify for a 5% discount off your premiums. The company does charge an annual $60 policy fee as part of its premium.
You can’t sign up for life insurance online with Legal & General, so you’ll need to work with an insurance agent. While this means more personalized coverage, competitors let you start your application online.
Legal & General’s lineup includes options that you can’t find everywhere, such as universal life or a 40-year term life policy:
To supplement your policy’s coverage, Legal & General offers a wider variety of riders than most life insurers:
Since this company has offered insurance for over 50 years, its long-standing financial history proves its likely ability to pay claims. Legal & General isn’t accredited by the Better Business Bureau (BBB), but it holds an A+ rating for customer interaction as of October 2020.
The BBB has recorded four complaints from 2017 to 2020, a low number for an insurance company.
On TrustPilot, Legal & General has earned 3.3 out of 5 stars from over 10,000 reviews. Most customers leave positive reviews about its competitive pricing and efficient application process.
AM Best financial rating |
A+ |
BBB accredited | Yes |
BBB rating | A+ |
Trustpilot score | 4.3/5 out of 1,314 customer reviews |
Customer reviews verified as of | 21 January 2021 |
Legal & General offers a few types of policies, including universal life and term life with terms up to 40 years. These options aren’t available everywhere. Plus, L&G’s nine riders offer more customization than most companies that offer four or five riders.
The company also sees a low number of complaints and high business ratings, though customers give it an average score for customer satisfaction.
Legal & General also stays competitive in its rates. It charges about $20 a month for a $500,000, 20-year term life policy to insure a healthy, 30-year-old man, according to our sample rates. On average, the same person would pay $26 for that coverage level.
See how Legal & General fares against other companies’ coverage and benefits. Check the Compare box to compare up to four companies side by side.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry. Legal & General gets three and a half out of five stars for more than the average number of complaints.