Can I Have Multiple Life Insurance Policies At The Same Time
Yes, there is nothing to stop you having more than one life insurance policy. In fact, you can have as many policies as you want. However, if you find your situation changes in the future it’s sometimes possible to adapt your existing policy. For example, if you have a life insurance policy with us you may be able to increase your cover without the need for further medical information on certain life events. You can also request to make other changes, such as changing the term, the amount of cover, removing a name from a joint policy or even changing your premium payments from monthly to annually.
So there is nothing to stop you from taking out more than one life insurance policy, but given our flexible approach, its by no means necessary. Terms and conditions apply.
Term Life Insurance Riders
Legal & General allows you to customize your term life insurance policy through policy riders which add coverage to your policy.
- Stacking term rider: You can add additional time to your policy. For example, you can add a 20-year rider to your 40-year term life insurance plan if you need extra funds for things like college tuition for your children.
- Childrens life insurance rider: Protection for your children
- Accelerated death benefit rider: Advance payment of a portion of your benefits if you are diagnosed with a terminal illness.
- Accidental death and dismemberment pays out for unintentional death or dismemberment.
- Critical illness insurance pays a cash benefit to help with expenses for critical illnesses such as heart attacks or cancer treatment.
Final expense insurance: Legal & General also offers final expensive insurance in addition to its other life insurance products. Legal & General Insurance final expenses policies offer guaranteed acceptance regardless of health for members aged 50 to 80. This means that no matter your health, the cost of your insurance will not increase.
Waiver of premium rider: For an additional fee, you can add on a waiver of premium rider which suspends your premium payments for up to six months if you become disabled.
We Provide Complete Cover For:
Whose Products Do We Sell?
- We offer products from a range of insurers for life insurance and critical illness cover.
- We offer protection products from a limited number of insurers for Whole of Life and Over 50s plans. A list of insurers we offer insurance from is available on request.
- As were not tied to any ONE provider we are able to search our panel of insurers and find you the best price available to us.
- We sometimes get preferential rates on selling policies which we pass on to you.
- We are paid a commission by each insurer for setting up your policy it costs you nothing to use our service.
What Service Do We Offer?
- We are authorised by the FCA to advise our client on their protection needs. Our advisers will assess your demands and needs and recommend a suitable product that will protect you and your family. We get to know our clients and help them to decide on the right cover for the right price from a panel of leading UK insurers.
- We will ask you a number of questions designed to make you think about the shortfall in your income in the event of the death of a partner or breadwinner. Our questions are simple and our advisers avoid jargon making it easy for clients to understand.
How Much Does Our Service Cost?
- NOTHING We do not charge a fee for our service however, if you take a policy out through us we will be paid by commission from the insurer, but it still costs you nothing.
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Constant Issues No Resolutions
I’ve never struggled to pay an insurance company before, normally they snap my arm off for every last penny but Legal and General have managed to provide me with a litany of firsts.- First company ever to force me to reset my password to something new, Read more
I’ve never struggled to pay an insurance company before, normally they snap my arm off for every last penny but Legal and General have managed to provide me with a litany of firsts.- First company ever to force me to reset my password to something new, literally every time I log in. I’m up to 7 times in a two month period.- First company to enforce the special characters I can use in my password, presumably because their IT team is not up to scratch and cannot setup their website properly.- First company to not be able to provide me access to my account because someone else at my address also has a policy with them.Also the only company I’ve ever dealt with that take my money via direct debit and return it, consistently, two days later, before sending a message to complain I haven’t paid.Then you try and get in contact and wait and wait and wait. Don’t bother, I’ve cancelled the account. Based on what I’ve seen of their IT, I’ve also asked them to remove all my data, I’m sure they’ll be the next company in the news about a data breach.
Reviewed on 11th April 2021
Advantages Of Legal And General
Legal and Generals product options shine 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, which sets Legal and General apart from its competitors. Because of this type of underwriting, Legal and General can offer a wide variety of products to individuals who would otherwise not qualify.
For example, one of the major highlights of this company is its age flexibility. While many other companies might reject an older individual depending on the persons age, Legal and General offers term policies for clients as old as 95, twenty years later than most competitors.
Here are some more examples of the flexibility provided by Legal and General:
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Three Names One Promise
More than 1.5 million policyholders in the US trust our brands to protect their family because at the heart of our business is a genuine concern for people. We deeply believe in the value of life insurance protection because we know how beneficial it can be. You can count on us to help provide financial security for your loved ones in the event you are no longer here to do that yourself. We are financially strong, fiscally responsible and committed to business practices that will make sure we will be here when you need us most.
Home Pet And Landlord Products No Longer Sold Or Managed By Us
In January 2020, Legal & General Insurance Limited was bought by Liverpool Victoria General Insurance Group Limited .
Home and Landlord Insurance policies are now sold and managed by Liverpool Victoria General insurance Group .
For any queries, including claims, please contact Liverpool Victoria General insurance Group on 0330 678 5206.
Lifestyle Insurance policies are now sold and managed by Wessex on behalf of AmTrust Europe Limited.
For any queries, including claims, please contact Wessex directly on or refer to your recent documents from Wessex .
Pet Insurance policies are now sold and managed by Liverpool Victoria General insurance Group . For any queries, please contact Liverpool Victoria General insurance Group on 0330 1009 712. For claims, please call 0330 1009 831.
As of 28th November 2022, youll no longer be able to access your policy documents through My Insurance. Please call Liverpool Victoria General insurance Group on: 0330 678 5206 if you have any questions regarding your policy documents.
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How Do I Make A Bereavement Claim
If youre looking to make a bereavement claim, youll need to provide us with the following:
- Your policy number
- The name of the person who has died
- The cause, date and place of death
- Who you are and your relationship to the deceased
- The identity of the legal next of kin
What happens next?
- Please call us on 0800 137 101. Lines are open 9am to 5pm, Monday to Friday.Then our team will carry out some basic policy checks
- When you call us, have the death certificate to hand , or details about the circumstance of the death
- Our team will assess your claim this may include writing to the GP, Coroner and any other involved parties so we can obtain additional information
- Throughout the process, well keep you updated
You can also read our Bereavement Claim FAQs for more information and support.
Why Choose Legal & General Life Insurance
L& G offers free Accidental death benefit while your application is being processed
Terminal illness cover is included with life policies
If youre buying life insurance to cover a mortgage, you will receive free life cover between exchange of contracts and completion of property purchase
Critical illness insurance policies include Childrens critical illness cover for no extra charge
In 2019, L& G paid out 97% of all life claims and 92% of all critical illness claims
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What Types Of Life Insurance Does Legal & General Offer
L& G offers a number of life cover products to suit different needs:
Also known as level term cover, this is the simplest form of life insurance.
You choose the amount of protection you would like and the term you would like the cover to last. You will pay a fixed monthly or annual premium for the cover, and once the term is up, the protection will end.
Should you die during the term, your dependants will receive the cash lump sum. The Legal and General life insurance payout can be used to pay off your mortgage and ease your familys financial burden at a difficult time.
Legal & General life insurance can also be taken out as a joint policy with a partner, in which case it will pay out after the first death only.
Also known as mortgage life insurance, decreasing term life insurance is designed to protect a repayment mortgage.
You select the amount of cover required and the term, which matches the amount and term outstanding on your mortgage, and you will pay a fixed monthly premium for your cover.
Should you die during the term, your Legal and General decreasing term assurance policy will pay your dependants the cash lump sum, which should match your outstanding mortgage.
The lump sum decreases roughly in line with your mortgage, so decreasing life insurance premiums tends to be cheaper than level term insurance.
If you are buying a property and taking out decreasing term insurance, L& G offers free life cover between exchange and completion of your property purchase.
Legal And General Funeral Plan
If you plan to use the money from a Legal and General over 50s fixed plan to help pay for your funeral, you may consider adding the Funeral benefit option to your cover.
At the time of the claim, L& G will pay the cash sum directly to Dignity Funerals, who will contribute an extra £250 to the final cost of your funeral.
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What Is Life Insurance
Life insurance is a contract between you and an insurance provider who will pay a death benefit upon death and is funded through premium payments. Think of it as a kind of financial safety net that allows you to live your life fully while being financially protected for the unexpected.
The policy is purchased for a set amount of coverage, which is the amount the insurance provider will pay your beneficiary. This payout, called a death benefit, can be used to cover funeral costs or large medical bills, or expenses like housing, food, education, and anything else they might need.
What Should You Consider Before Purchasing Life Insurance From Legal And General
When considering purchasing life insurance from Legal and General, there are a few key things you should take into account.
First, youll want to make sure that Legal and General is a reputable and trustworthy company.
There are many life insurance companies out there, so youll want to be sure that youre choosing one that will be there for you when you need them.
Second, youll want to make sure that the life insurance policy youre considering is right for you.
There are many different types of life insurance policies, so youll want to make sure that the one youre considering is the right fit for your needs.
Finally, youll want to make sure that youre getting the best possible price for your life insurance policy.
Life insurance is a big purchase, so youll want to make sure that youre getting the best possible deal.
What are the different riders available with Legal and General life insurance policies?
Different riders are available with Legal and General life insurance policies, each providing different levels of coverage and benefits.
The most common riders are the death benefit rider, which pays out a death benefit to the policyholders beneficiaries in the event of the policyholders death.
And the living benefits rider, which provides policyholders with access to some of the death benefit while they are still alive, in the event that they are diagnosed with a terminal illness or become disabled.
What are some of the common misconceptions about life insurance?
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Legal & General Life Insurance Extra Benefits
Legal & General life insurance policies often come with a number of extra benefits, which weve listed below. These features are what’s known as non-contractual, meaning theyre not related to the contractual conditions of your own policy, and are usually provided by a third party. Everyone is eligible for them . Bear in mind they may be subject to change in the future.
|Second medical opinion||This service, provided by Healix Health Services Ltd., entitles you to a face-to-face or phone-based consultations with a consultant specialist for a second medical opinion, as well as a supporting report to be shared with your GP.|
|Advance payments for funeral costs||An advanced payment of up to £10,000 to help cover your funeral costs if there was a delay in your life insurance paying out due to probate. The money goes straight to the funeral home/director.|
|Nurse support services||This service, provided by RedArc, gives you access to advice and support from trained nurses. This include bereavement support mental health support second medical opinions carer support help at home after hospital stays and elderly care.|
Which life insurer is right for you? Find out by taking our assessment
Things You Should Know About Legal & General Life Insurance
- Life insurance is not a savings or investment product and has no cash value, unless you make a valid claim.
- If you stop paying premiums when due, your policy will be cancelled and you wont get anything back from it.
- You wont be covered within the first year of the policy if you die as a result of suicide or intentional and serious self-injury.
- You wont be covered if your terminal illness does not meet Legal & Generals definition. If your life insurance is to cover your mortgage, your policy may not completely pay off your outstanding mortgage unless you make sure your amount of cover is adjusted to match any new mortgage arrangements.
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How Does Life Insurance Work
There are a wide variety of life insurance coverages. In general, your life insurance policy remains active as long as the contract terms are met. This usually means a death benefit is payable upon death as long as the premium or funding requirements are met.
Premiums and other policy characteristics can vary by many factors including the amount of coverage you need, as well as your age and health. If death occurs while the coverage is active, your beneficiaries can submit a claim to receive the payout.
When Should I Get Life Insurance
Once youre 18, you can apply for your own life insurance policy at any time. While there is no strict rule about when you should take out life cover, many people decide to get life insurance when they buy a property, get married or have children.
If you were to die during the length of the policy, a life insurance pay out can support those who rely on you financially such as a partner, children or your own parents with ongoing living costs like mortgage or rent and bills.
Getting life insurance sooner is usually cheaper, provided youre in good health, as insurers base their premiums on age as well as health and lifestyle factors. Everyones situation is different, but the best time to consider life insurance is when other people rely on youfinancially.
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What Does Life Insurance Not Cover
You wont be covered if you die within the first year of your policy as a result of suicide, death caused by intentional and serious self-injury, or an event where in our reasonable opinion, the insured person took their own life.
We won’t pay out if you are diagnosed with a terminal illness which doesn’t meet our definition. Terminal Illness Cover can’t be claimed:
- after your death
- if the length of the policy is less than two years
There could be some circumstances where we are not able to provide full cover based on the answers you gave in your application. If there are any exclusions to your cover, these will be explained in your Policy Booklet.
Your cover will end if you stop paying your premiums when due and it’s important to remember that life insurance is not a savings or investment product and has no cash value unless a valid claim is made.
See the Policy Summary PDF for the full list of exclusions.