Legal & General is the 7th-largest insurer in the world and has been around since 1836. The company offers term life and Universal Life (term conversion only) life insurance policies with coverage up to $10m. Term life insurance is available with terms as long as 40 years, while universal life insurance is available for conversions from a term policy and will cover you for your entire life.
Legal & General is suitable for anyone looking for comprehensive and flexible insurance policies. The company offers term insurance policies. Legal & General term life policies are available with several riders and can be converted into permanent life insurance (Universal Life) policies at the end of your term. Universal life policies can be customized for your financial needs, and offer flexible premiums over time.
Legal & General is also suitable for high earners who want life insurance policies with significant death benefits. The company’s term life policies are available with coverage up to $10m. In addition, universal life policies have cash value, so you can increase your death benefit by paying more than your minimum policy premium.
Some life insurance policies issued by this company require a medical exam. However, you can get a quote for a term life insurance policy online in less than a minute. Legal and General allows users to apply online and for some policies, offers instant decision without the need for a medical exam.
Legal & General offers two types of life insurance policies: term life insurance and universal life insurance (available for term conversions only).
Term life insurance policies are available with terms of 10, 15, 20, 25, 30, 35, or 40 years. You can choose coverage from $100,000 to $10m. Term life insurance quotes are available online, but you must speak with an insurance agent to apply. Policy premiums start as low as $8 per month.
Legal & General offers several riders for term life policies. A term rider offers additional coverage for the first 10, 15, or 20 years of your policy. This rider could be useful if you want a longer-term life policy, but anticipate that your financial obligations will decrease in the next 10-20 years.
A children’s life insurance rider provides life insurance for your children up until they reach age 25. This rider covers all your children and provides a death benefit of $5,000 or $10,000. It can also be converted to a permanent life insurance policy when your children reach age 25.
All term life insurance policies from Legal & General include an accelerated death benefit rider. This enables policyholders to access a portion of your death benefit early if you’re diagnosed with a terminal illness.**
Universal life insurance policies from Legal & General cover you for your entire life, as long as you continue paying your premiums. They include a cash account, so your policy can accumulate value above and beyond your death benefit if you pay more than your premium. You can also use the cash account to pay your premiums later in life, making your premium cost flexible over time.
Legal & General insurance policies are available in all 50 US states. You must be between 20-75 to qualify for a term life policy, and when you convert your term coverage to a universal life policy, your coverage will last until age 121. Legal & General provides convenient online quotes for term life policies, but you must speak with an insurance agent to get a quote for a universal life policy.
To apply for a Legal & General life insurance policy:
Legal & General is the 7th-largest insurer in the world and has been around since 1836. The company’s subsidiaries, Banner Life Insurance Company and William Penn Life Insurance Company, have been offering life insurance in the US for more than 70 years.
Legal & General has more than 1.5 million policyholders in the US and has earned an A+ financial stability rating from AM Best*. The company also has a 4.2-star rating on Trustpilot.
Legal & General provides a return of premium if you cancel a term life insurance policy within 30 days. Universal life insurance policies are subject to a surrender fee if you cancel your policy, which reduces the cash value you’ll get back. You must contact Legal & General’s customer service team to cancel a policy.
Legal & General offers customer support by phone and email from 8am-5pm (ET) Monday-Friday. Customers in all states except New York can contact Legal & General’s subsidiary Banner Life Insurance. Customers in New York can contact William Penn Life Insurance Company.
To file a claim with Legal & General, your loved ones should get in touch with the company’s customer support team to request a proof of death claimant’s statement. They will also need to provide a valid death certificate and the original policy. For claims worth less than $10,000, Legal & General offers a fast-track claims process.
Legal & General offers comprehensive and flexible term life and universal life insurance policies with coverage up to $10m. The company’s term life policies offer terms up to 40 years and can be customized with riders. You must contact an insurance agent to apply, and most policies require a medical exam. Legal & General has been in business for more than 180 years, and offers excellent support for purchasing a new policy or making a claim.
Legal & General America, 3275 Bennett Creek Avenue, Frederick, Maryland 21704
CN07102023-1
* A.M. Best – A+ (Superior) – 2nd Highest out of 15 categories. Ratings are as of November 3, 2022 and apply to Legal & General America Group and its subsidiaries Banner Life Insurance Company and William Penn Life Insurance Company of New York. Ratings are subject to change.
**May affect eligibility for Public Assistance programs such as medical assistance (Medicaid), Aid to Families with Dependent Children, Supplemental Security Income (SSI) and drug assistance programs. May be taxable and tax laws relating to accelerated death benefits are complex. Consultation with a qualified tax advisor is advised.
Legal & General America life insurance policies are underwritten and issued by Banner Life Insurance Company, Urbana, MD and William Penn Life Insurance Company of New York, Valley Stream, NY. Banner products are distributed in 49 states and in DC. William Penn products are available exclusively in New York; Banner is not authorized as an insurer in and does not do business in New York. The Legal & General America companies are part of the worldwide Legal & General Group.
OPTerm 10, 15, 20, 25, 30, 35 and 40 are term life insurance policies. OPTerm 10 issue ages are 20-75 all classes. OPTerm 15 issue ages are 20-75 all classes. OPTerm 20 issue ages are 20-70 for nontobacco classes and 20-65 for tobacco classes. OPTerm 25 issue ages are 20-60 for non-tobacco classes and 20-55 for tobacco classes. OPTerm 30 issue ages are 20-55 for non-tobacco classes and 20-50 for tobacco classes. In New York, the following issue ages apply: OPTerm 10 issue ages 20-75 non-tobacco classes; 20-75 tobacco classes. OPTerm 15 issue ages 20-71 non-tobacco classes; 20-71 tobacco classes. OPTerm 20 issue ages 20-65 for non-tobacco classes, 20-64 for tobacco classes. OPTerm 25 issue ages are 20-58 for non-tobacco classes and 20-55 for tobacco classes. OPTerm 30 issue ages 20-51 for non-tobacco classes; 20-50 for tobacco classes. OPTerm 35 issue ages 20-50 for non-tobacco classes; 20-45 for tobacco classes. OPTerm 40 issue ages 20-45 for non-tobacco classes; 20-40 for tobacco classes. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$499,999, $500,000-$999,999, $1,000,000 and above. Premiums quoted include a $60 annual policy fee. Initial premiums remain level for 10, 15, 20, 25, 35 and 40 years respectively. After the initial level term period, premiums increase annually to age 95. OPTerm 10, 15, 20, 25, 30, 35 and 40 can be issued in preferred plus non-tobacco, preferred non-tobacco, standard plus non-tobacco, standard non-tobacco, preferred tobacco, and standard tobacco rates. Substandard policies can be issued through table 12 subject to underwriting discretion. Policies can be returned without obligation within 30 days of receipt. OPTerm policy form # ICC21-DTCV and state variations. In New York, OPTerm policy form #DTCV21-WP. Rates as of 5.6.22.
An Accelerated Death Benefit Rider, policy form # ICC10 ADB and state variations, is included with all policies. If the Accelerated Death Benefit is paid, it may affect the policy's cash value, death benefit, premium and policy loans or liens. Additional Insurance Riders, form # ICC11 AIR and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term Riders issue ages vary from base plan. A Waiver of Premium Benefit Rider is available, policy form # ICC09 WPTR and state variations. Children’s Life Insurance Rider, form # ICC16-CLIR and state variations, can provide life insurance coverage on eligible children. Children’s Life Insurance Rider is not available in New York and is not available on base plans with Term Riders or in conjunction with A-List Term. Children’s Life Insurance Rider premiums are guaranteed to stay level. Coverage expires at the earlier of the insured child’s 25th birthday, the base policy insured’s 65th birthday or base policy termination.
Two-year contestability and suicide provisions apply. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.
Additional Insurance Riders, form # ICC11 AIR and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term Riders issue ages vary from base plan. A Waiver of Premium Benefit Rider is available, policy form # ICC09 WPTR and state variations. Children’s Life Insurance Rider, form # ICC16-CLIR and state variations, can provide life insurance coverage on eligible children. Children’s Life Insurance Rider is not available in New York and is not available on base plans with Term Riders or in conjunction with A-List Term. Children’s Life Insurance Rider premiums are guaranteed to stay level. Coverage expires at the earlier of the insured child’s 25th birthday, the base policy insured’s 65th birthday or base policy termination.
Banner Life A-List Term policy form # ICC12OPT and state variations; William Penn A-List Term policy form # OPT-NY.
Banner Life policy form #ICC19 ULS20 and state variations. William Penn policy form #ULS20-NY.
Claims paid based on unaudited statutory/GAAP financial statements; all other statistics based on 2019 year-end results. Satisfied customer quotes are from actual correspondences.