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Legal & General life insurance review (formerly Banner Life)
This insurer offers low rates and lenient underwriting, making it ideal for high-risk applicants.
finder.com's rating: 4 / 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
Details
| 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 |
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
| Riders |
No info available |
|---|
Review by
Katia Iervasi
katia.iervasi@finder.comKatia 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).
Expert review
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.
This article was reviewed by Andrew Flueckiger, a member of the Finder Editorial Review Board and certified insurance counselor and licensed insurance agent in five states.
Finder experts pick Legal & General as a 2021 best brand for life insurance.
Legal & General life insurance rates
We pulled 2021 samples rates from Legal & General’s online quote tool for a $500,000, 20-year term life policy for a healthy man and woman. Legal & General’s rates are mostly lower than average for a policy of this size and policy length. With one exception, 60-year old men pay more than average with Legal & General.
| Age | Male | Female |
|---|---|---|
| 20 | $19.21 | $16.40 |
| 25 | $19.80 | $16.43 |
| 30 | $20.40 | $16.86 |
| 35 | $22.71 | $19.34 |
| 40 | $33.12 | $27.00 |
| 45 | $51.99 | $40.87 |
| 50 | $79.30 | $61.92 |
| 55 | $130.35 | $94.59 |
| 60 | $256.11 | $159.40 |
| 65 | $286.50 | $238.00 |
Legal & General charges an annual $60 policy fee on top of your premiums. However, if you pay your policy upfront for the year, you may qualify for a 5% discount on your premiums.
Legal & General’s rates are based on your health, history and habits
Legal & General calculates your rates based on factors like your health and family history. It rewards excellent health and habits with lower rates for its standard plus, preferred and preferred plus rate classes. To get the best rates, you’ll need to check these boxes:
- Alcohol and substance use. Those with no abuse history get the best rates, with lenient criteria for standard plus and preferred tiers.
- Blood pressure. Your readings should be no higher than 152/92 or 136/86 in the past two years, based on the tier.
- Driving record. You shouldn’t have DWIs, DUIs or suspensions in the past five years or more than two moving violations within three years.
- Family health. Requires no cardiovascular disease or cancer in parents or siblings before age 60.
- History of tobacco use. Applicants get better rates if they haven’t smoked within 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 US resident or permanent citizen for the past two to three years, based on the tier.
Legal & General only offers quotes through an agent
You can’t sign up for life insurance coverage 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.
- 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.
Legal & General offer term and permanent life insurance
Legal & General’s lineup includes options that you can’t find everywhere, such as universal life or a 40-year term life policy:
- Term life. This term policy comes in 10- to 40-year lengths with up to $1 million in coverage. Legal & General accepts high-risk applicants like seniors or smokers, and the policy is renewable up to age 95.
- Universal life. This policy offers flexible premiums, guarantees the death benefit and earns interest on part of the premium, letting you borrow money once you’ve built up the cash value.
Legal & General offers more riders than many competitors
To supplement your policy’s coverage, Legal & General offers a wider variety of riders than most life insurers:
- 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 get an extra benefit if you die in an accident rather than of natural causes.
- Child rider. You can add coverage for children under 25 years old until you reach age 65.
- Conversion rider. Convert your term life to universal insurance that covers your entire life.
- Critical illness benefit rider. Get a payout if you suffer a critical illness like a stroke.
- Decreasing term rider. Lower your death benefit during your policy to match your needs.
- Guaranteed insurability rider. Purchase additional insurance at specified dates without going through medical underwriting.
- Policy split option rider. Convert to a survivorship policy after certain events like divorce.
- Waiver-of-premium rider. Keep your policy active 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 has a B+ rating from the organization for its customer interaction. On TrustPilot, Legal & General holds a high star rating, with many customers commenting on its competitive pricing, excellent customer service and efficient application process.
| AM Best financial rating |
A+ |
| BBB accredited | No |
| BBB rating | B+ |
| Trustpilot score | 4.3/5 out of 1,319 customer reviews |
| Customer reviews verified as of | 30 June 2021 |
How Legal & General compares to other companies
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, Legal & General’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.
Find term and permanent insurance from similar companies 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.
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. Legal & General gets three and a half out of five stars for more than the average number of complaints.