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Legal & General life insurance review 2020

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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

Issue Age

$100,000 to $10,000,000

Coverage

Yes

Medical Exam Required

Details

Free quote Online, Phone
Monthly cost $7/month
Policies Term, Universal, Final Expense
Coverage maximum $10,000,000
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

Pros

  • 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

Cons

  • Medical exam required for most policies
  • Unusual $60 annual fee

Expert review

Julia Cameron

Review by


Julia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.

Expert review

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.

Best of 2020
Finder experts pick Legal & General as a 2020 best brand for life insurance.

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.

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

*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 rates

Compare 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.

  1. Use the Find An Agent tool, or call 888-984-3393 to speak with a licensed agent.
  2. Work with your agent to choose your policy type, coverage and term length.
  3. If you’re approved, the insurer will send you a copy of your policy.
  4. 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.

Compare alternatives to Legal & General

See how Legal & General fares against other companies’ coverage and benefits. Check the Compare box to compare up to four companies side by side.

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Prudential
18 - 75 years old
$100,000
$10,000,000
10, 15, 20, 30 years
Yes
Customize your term life insurance with a long list of life and disability riders. Get a free quote on Policygenius.
Transamerica
18 - 75 years old
$25,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase a policy worth anywhere from $25,000 to $10 million, with the option to skip the medical exam. Get a free quote on Policygenius.
MassMutual
18 - 80 years old
$2,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on policy
Purchase term life insurance up to age 80 with Finder's #1 ranked company. Get a free quote from this A+ rated insurer on Policygenius.
AIG
AIG
20 - 85 years old
$5,000
$2,000,000
10, 15, 20, 25, 30, 35 years
Yes
Buy term life insurance all the way up to age 85, and choose a policy that lasts up to an incredible 35 years. Get a free quote on Policygenius.
John Hancock
18 - 65 years old
$25,000
$1,000,000
10, 15, 20 years
Depends on policy
Score a low rate on term life insurance with discounts and rewards for your healthy habits. Get a free quote on Policygenius.
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Compare up to 4 providers

Frequently asked questions about Legal & General

Life insurance ratings

★★★★★ — 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.

Learn more about our methodology here.

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