Legal and General Life Insurance was first formed in 1949 under Government Employees Life Insurance (GELICO). Later, it became a subsidiary of Legal and General Group PLC in 1981. Further, the name of the insurance was changed to Banner Life in 1983 when it became the flagship company within Legal and General. After eight years, William Penn Life Insurance of New York became a part of Banner Life’s corporation group. Since then, the management for both companies has been consolidated at the senior level.
Advantages of legal and general
Typically, legal and general’s products are for those who want low rates and may be older or have a pre-existing condition. These rates are offered through flexible payment options and term limits; this stands up legal and general apart from its competitors. And, this type of underwriting, legal and general, can offer a wide variety of products to individuals who would otherwise not qualify.
For example, the age limit offered by the legal and general company. Generally, the legal and general company provides a broader range of age flexibility. When all other companies stop offering term policies at the age of 75, this company continues to provide term policies even at age 95, twenty years older than all other companies. This stands out legal and general company apart from others. Age flexibility is the only first example of the flexibilities provided by the legal and general. Its other flexibilities include –
Waiver of premium
Skip from paying a premium when you cannot earn anything or have no employment.
Policy conversion
With the help of policy conversion, you can exchange your term policy for a universal life insurance policy with the same underwriting class as your current term.
Flexible payment schedule
While other companies offer only monthly or annual premium payments, legal and general offers a more flexible payment schedule to match your financial needs, you can submit payments monthly, quarterly, semi-annually, and annually.
Accelerated death benefit
This is a rider that can help you to add your policy for increased flexibility. With accelerated death benefit in the case of the onset of a terminal illness.
Disadvantages of legal and general
We have dealt with several benefits of legal and general. But, it didn’t mean that legal and general didn’t have any demerit. Consider these before buying a plan –
- Legal and general require a medical exam before purchasing any policy. If you don’t want to give a medical examination or think you might not qualify for the exam, it would be better to consider another company that may provide a better option. A medical exam life insurance is generally for those who do not want to undergo any medical exam to receive the coverage after just a few brief health questions.
- Though the products are more flexible than any other company, the number of products available is somewhat smaller than others.
- The low prices for the policies offered by legal and general are beneficial but at the cost of time. While some other procedures can be approved only in a few days, legal and general take quite a long to get approval due to a thorough underwriting process.
Available products
Term life insurance
One of the most primary advantages of legal and general is inexpensive term life insurance. They not only cover up the health of an individual at a meagre price, but they also can provide below-average rates for individuals with conditions such as diabetes. With the payment premium, you can lock your payment for the term period. And, if you want to renew your insurance afterwards, you can expect the premium rate to rise.
Universal life insurance
The universal life product provided by legal and general is called Life Step UL. Like any other permanent policy, it provides coverage for the policyholder’s entire life and accumulates cash value. It is widely known for its flexibility. That means you can choose to get a reduced premium if you decide for a short-term period. For example, if you are healthy, you can also choose lower rates and arrange to have your policy expire at age 100 rather than for your entire life.
Conclusion
So, we can say that legal and general are attractive options for specific individuals. For those who are confident of pre-existing conditions and older clients, the flexibility offered by this company allows obtaining coverage feasibly. On the contrary, it is also an excellent option for younger and healthier clients. They can be benefitted from its lower term rates. Make sure to do some research on life insurance companies that offer various insurance along with different factors. After doing adequate research, it is essential to work with an independent or company that has access to more than one insurance carrier.
It is quite an overwhelming experience to purchase life insurance. They are available in several options to choose from and factors to consider. It cannot be easy to make the right decision. Here you can take the help of an independent consultant or company who has a better idea of various insurance offered by different companies, better quote, and available premium. It will also help you to find shopping for the policy that will help you protect your loved ones in the long term. It will work hard to get you the best solution possible.
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