Life insurance helps you protect those you love, even when you're no longer around. Get your free no obligation quotes.
Life insurance pays out a lump sum of cash upon your death, so that your loved ones can carry on their lives, without added financial burden.
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There are various types of life insurance policy available. Standard life insurance, critical illness, mortgage cover, single or joint policies over various years. Request a call back from our advisors if you'd like some help.
It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love. Life Insurance will provide a lump sum to help with the mortgage and other household bills.
It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love - and this is exactly what Life Insurance is for.
Life Insurance provides financial protection to your loved ones in the event of your death. No one likes to think about dying, which is why many of us either delay or fail to take out a policy when the time is right.
Without life insurance, the income you once provided for your family goes with you when you die. This could leave your family in a financial crisis at a time when they already have so much to cope with.
What length of life insurance policy should I choose?
Most people usually take out life insurance that lasts until some key date in the future. It could be when they intend to retire, when their mortgage is paid off, or when they feel their children may leave home.
Should I get a joint life or single life insurance policy?
Joint life insurance policies are available, but advisers will typically recommend two single life insurance policies as they usually cost hardly any extra and will provide double cover. (This means that if both people die together, both policies pay out, rather than just one joint policy).
Policies that include critical illness cover are almost certainly better split into two separate life insurance plans. For example, if one person is diagnosed with an illness like cancer, their partner will not want their insurance to be lost, which would be the case on a joint life, first claim policy.
Critical Illness Cover
If you are looking for a life insurance policy, then you might also want to consider adding critical illness cover. It’s a very popular option. Sadly, at least one in five men and one in six women will suffer from a serious medical condition at some stage in their lives.
How does critical illness insurance work?
Critical illness cover provides a lump-sum payment should you become seriously ill with a condition covered by your policy. Cover can be added to a life insurance or mortgage protection policy.
Most critical illness policies cover at least seven major medical conditions including cancer, heart attack, multiple sclerosis, stroke, major organ transplants and kidney failure.
The benefit is tax free and can be used to replace your income, help pay off your mortgage, help you cope with bills and living expenses and let you concentrate on getting better.
Mortgage Protection Insurance
If you have a partner, loved ones or dependents who rely on your income, and the house you live in is covered by a mortgage, then making plans as to how it will be paid in the event of your death is crucial. The solution to this problem is mortgage protection insurance.
Mortgage protection insurance, also known as mortgage life insurance and decreasing term life insurance, is designed to repay the outstanding balance of a standard repayment mortgage if you were to die during the period of cover. This means your family won't have to worry about continuing to pay the mortgage following your death.
What is the difference between decreasing term and level term life assurance?
Decreasing term life assurance is the cheapest form of life assurance. As time passes, and your mortgage debt reduces, the payout on death also reduces leaving your dependants with the money to pay the rest of the mortgage. Level term cover, which tends to be more expensive, pays out a set lump sum during the mortgage term.
Legal & General Group plc, commonly known as Legal & General, is a multinational financial services company headquartered in London, England. Its products and services include investment management, lifetime mortgages (a form of equity release), pensions, annuities, and life assurance. As of January 2020, it no longer provides general insurance following the sale of Legal & General Insurance to Allianz.
Legal & General was formed by Sergeant John Adams and five other lawyers in June 1836 in a Chancery Lane coffee shop. Originally called the New Law Life Assurance Society, the society was restricted to those in the legal profession. The name was changed to Legal & General Life Assurance Society to reflect that policies were available to the general public but with share ownership restricted to those in the legal profession. The group expanded in the UK and soon began to acquire overseas life assurance companies
The society became a wholly owned division of Legal & General Group plc in the 1970s.
The umbrella logo used today was introduced by former Chief Press Officer Gordon Macdonald in June 1984.
This policy is provided by Legal & General Assurance Society Limited.
Legal & General Life insurance
You will be covered if before the end of the policy: you die, you are diagnosed as being terminally ill, and in the opinion of your hospital consultant and their medical officer, the illness is expected to lead to death within 12 months.
They will pay out your amount of cover once. After this happens, the policy will end and you'll no longer have any cover.
Legal & General Critical illness cover
If you choose to add critical illness cover alongside your life insurance as a separate policy (also referred to as additional or independent critical illness cover), you will be covered if before the end of the policy: · You are diagnosed with or undergo a medical procedure for one of the critical illnesses we cover and you survive for 14 days from diagnosis.
They will pay out your amount of cover in full once. After this happens, the policy will end and you'll no longer have any cover.
Legal & General Life Insurance * Maximum age for buying a policy is 77. Minimum length of the policy is 1 year. Maximum length of the policy is 50 years but, Your policy must end before age 90.
Legal & General Decreasing Life Insurance * Maximum age for buying a policy is 74. Minimum length of the policy is 5 years. Maximum length of the policy is 50 years but, Your policy must end before age 90.
Legal & General Critical Illness Cover * Maximum age for buying a policy is 67. Minimum length of the policy is 2 years. Maximum length of the policy is 40 years but, Your policy must end before age 70.
The minimum age to take out a policy is 18. The policy must not end before your 29th birthday.
Legal & General Level cover
If you choose level cover, your amount of cover will stay the same unless you change it .
If the policy is to help repay a mortgage, you need to ensure that your amount of cover matches your outstanding mortgage. The policy may not completely pay off your outstanding mortgage, if you change the mortgage you have in any way and you don't adjust your cover to match your new arrangements.
Legal & General Decreasing cover
If you choose decreasing cover it is often used to help protect a repayment mortgage.
Therefore the amount of cover reduces roughly in line with the way a repayment mortgage decreases.
You need to ensure that your amount of cover matches your outstanding mortgage. The policy may not completely pay off your outstanding mortgage, if:
you change the mortgage you have in any way and you don’t adjust your cover to match your new arrangements. Or if the interest rate on your mortgage becomes higher than the rate applied to the policy. The rate will be shown in your Personal Quote or the Policy Booklet.