Legal & General life insurance review 2020
Formerly Banner Life, L&G is known for its lenient underwriting and is ideal for high-risk applicants.
finder.com's rating: 3.5 / 5
★★★★★Bottom line: Legal & General is more accepting of seniors, smokers or people with a preexisting health condition for term life insurance, though you can only get universal permanent life insurance.
20 to 75
$100,000 to $10,000,000
Medical Exam Required
|Free quote||Online, Phone|
|Policies||Term, Universal, Final Expense|
|Term lengths||10, 15, 20, 25, 30, 35, 40 years|
|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|
|Medical exam required||Yes|
|Available states||Available in all states except NY|
|Issue age||20 - 75 years old|
- Lenient underwriting that accepts those with diabetes, a history of smoking and other health risks
- Flexible payment options
- Priority claims payment up to $10,000 and payouts within one business day of approval
- Medical exam required for most policies
- Unusual $60 annual fee
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If you’re in the market for term, whole and universal life insurance, Legal & General is a strong contender with competitive rates, comprehensive plans and more lenient underwriting. But you’ll pay an annual fee to maintain your policy, and almost all products require a full medical exam.
Legal & General life insurance rates
We quoted for sample monthly premiums with a $500,000, 20-year term life insurance policy from Legal & General for a man and woman in good health.
*Rates are provided by Quotacy and are valid in all states except New York and Montana.
What affects my rate with Legal & General?
Legal & General rewards excellent health and habits with lower rates using categories called the standard plus, preferred and preferred plus rate classes. To get the best rates:
- Alcohol and substance use. The best rates go to those with no history of abuse, with more lenient years-based requirements for standard plus and preferred tiers.
- Blood pressure. Requirements range from numbers no higher than 152/92 to 136/86 in the past two years, depending on the tier.
- Driving record. Your history shouldn’t include DWIs, DUIs, suspensions or other convictions in the past five years and no more than two moving violations in the past three years.
- Family health. Requires no cardiovascular disease or cancer in parents or siblings before age 60.
- History of tobacco use. Better rates go to applicants who haven’t smoked in the past three years, two years or 12 months, depending on the tier.
- Occupation or hobbies. High-risk careers or hobbies like flying may require an exclusion rider.
- Personal health. Your personal history shouldn’t include specific diseases or impairments.
- Residency. You must be a U.S. resident or permanent citizen for the past two to three years, depending on the tier.
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.
Compare life insurance ratesCompare quotes for life insurance policies starting at $15/month.
How to apply for Legal & General life insurance
You can’t sign up for life insurance online with Legal & General, so you’ll need to work with an insurance agent.
- Use the Find An Agent tool, or call 888-984-3393 to speak with a licensed agent.
- Work with your agent to choose your policy type, coverage and term length.
- If you’re approved, the insurer will send you a copy of your policy.
- Once you sign and return it with your first payment, your coverage is activated.
What types of life insurance does Legal & General offer?
Legal & General’s lineup includes a mix of term and permanent policies:
- Final expense. The insurer issues a final expense policy worth $15,000 with guaranteed acceptance for people 50 to 80 years old.
- Term life. This policy is available in 10- to 40-year lengths, and it’s renewable up to age 95 at an adjusted rate. Legal & General issues coverage up to $1 million and takes in high-risk applicants like seniors, smokers or those with diabetes.
- Universal life. This policy offers a guaranteed death benefit with an interest-earning cash value feature. It comes with flexible premiums and the ability to borrow against your policy once you’ve built enough cash value.
What riders can I add to my policy?
To supplement your policy’s coverage, Legal & General offers a variety of riders, including:
- Accelerated death benefit rider. Collect the lower of $500,000 or 75% of your policy’s value if you’re diagnosed with a terminal illness.
- Accidental death benefit rider. Your beneficiaries receive an additional benefit if you die in an accident rather than of natural causes.
- Child rider. You can use your policy to cover children under 25 years old, until you reach age 65.
- Conversion rider. Convert your term policy to universal insurance that covers your entire life.
- Critical illness benefit rider. Receive a lump-sum payment if you suffer a critical illness, such as a stroke.
- Decreasing term rider. Decrease your death benefit at specified times throughout your policy, to assure you aren’t overinsured as you pay off loans.
- Guaranteed insurability rider. Purchase additional insurance at specified dates without having to go through medical underwriting.
- Policy split option rider. Convert your policy to a survivorship policy after a specified event, like divorce.
- Waiver-of-premium rider. Policies with this benefit stay in force without payment if you’re fully disabled for at least six months.
Legal & General life insurance reviews and complaints
Legal & General isn’t accredited with the Better Business Bureau (BBB), but it holds an A+ rating for its customer interaction as of October 2020. The BBB has only recorded four complaints since 2017, 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.
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Frequently asked questions about Legal & General
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