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Legal & General life insurance review (formerly Banner Life)

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
Avatar

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).

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.

Best of 2021
Finder experts pick Legal & General as a 2021 best brand for life insurance.

Legal & General life insurance rates

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. Based on these average premiums, Legal & General’s rates are more competitive than most major insurers in the US.

AgeMaleFemale
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

What affects my rate with Legal & General life insurance?

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, 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.

What discounts can I get on my Legal & General life insurance?

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.

How to get a quote from Legal & General life insurance

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.

  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 coverage does Legal & General offer?

Legal & General’s lineup includes options that you can’t find everywhere, such as universal life or a 40-year term life policy:

  • 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 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.

What riders can I add to my Legal & General life insurance policy?

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 does Legal & General life insurance compare?

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, permanent and final expense 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.

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Policygenius
18 - 85 years old
$50,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on provider and policy
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
Bestow
18 - 60 years old
$50,000
$1,500,000
10, 15, 20, 25, 30 years
No
Get a quote in less than 10 minutes with on-the-spot approval and no medical exam.
Everyday Life
20 - 75 years old
$100,000
$10,000,000
10, 15, 20, 25, 30, 35 and 40 years.
No
Ladder multiple life insurance policies to save on the coverage you need for all your debts.
Ladder
20 - 60 years old
$100,000
$8,000,000
10, 15, 20, 25 or 30 years
No, for coverage up to $3M
Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
Sproutt
18 - 60 years old
$50,000
$4,000,000
5, 10, 15, 20, 25 and 30 years
No
Compare 40+ insurers and apply online to get the lowest possible price — no medical exam required.
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Compare up to 4 providers

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.

Learn more about our methodology here.

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