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Legal & General Life Insurance Review


ConsumersAdvocate.org Rating: 5 / 5 (Excellent)
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Legal & General America’s insurance products are sold in all 50 states, including D.C., through their companies, Banner Life Insurance Company and William Penn Life Insurance Company of New York. Legal & General America has been in the business of protecting Americans with life insurance for more than 70 years and are a proud part of the ninth-largest insurer in the world. Their parent company, Legal & General Group Plc, is one of the world’s leading multinational financial services companies – and has been since 1836. Headquartered in London, the firm has over $1.5 trillion in total assets under management. The Legal & General footprint spans the US, Europe, and Asia.
 
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How is Legal & General rated?

Breakdown

5.0/5
Company Stability
5.0/5
Reputation
5.0/5
Policies & Coverage

Overall Rating: 5 / 5 (Excellent)

Legal & General America is worth a closer look if you're interested in term life insurance. Its policies are flexible and you can purchase up to $10 million in coverage. They offer a selection of riders to help you customize your policy. Policies are underwritten by either Banner Life Insurance Company or William Penn Life Insurance Company of New York, both of which have been around for decades and have a strong reputation in the industry.

Financial Strength

Key Details

Underwriter
Banner Life Insurance Company
Marketshare
0.8%
Premiums Written 2019
$1,020,746,466
Standard & Poor's Financial Rating
AA-
AM Best Financial Rating
A+
Fitch Ratings
AA-
Additional Financial Information
Life insurance policies are underwritten and issued by William Penn Life Insurance Company in New York. In all other states, Banner Life Insurance Company underwrites and issues the company's policies.

Company Stability - 5 / 5

The Legal & General America operating companies are among the most financially sound life insurers. Its investment portfolio is conservatively positioned and prudently managed. Legal & General America is a top five provider of term life insurance in the US, with over $759 billion of coverage in force.
*The above information reflects the market share, premiums, and financial strength of the issuer of the Legal & General life insurance policies: Banner Life Insurance Company.

Reputation & Customer Experience

National Association of Insurance Commissioners

NAIC Complaint Ratio 2017
0.02
NAIC Total Complaints 2017
1
*The NAIC complaint ratio (in this case 0.02) is a ratio of the number of complaints a company received for the total premiums written in a calendar year. The median complaint ratio across all companies is 1. A score below 1 means the company received fewer than average complaints. A score above 1 means the company received a higher number of complaints than average.

Customer Ratings

Trust Pilot Rating
4.5 out of 5
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
0
Date Collected
2020-03-04

Reputation - 5 / 5

Legal & General America has received surprisingly few complaints from customers, suggesting that most people are satisfied with the service they received. This isn't something you can say of most insurers, so it shouldn't be overlooked when deciding which company you're going to work with.

Legal & General Policies

Legal & General offers customers the following life insurance policies: Term and Universal, but Term Life Insurance is usually the best choice for customers. , Universal Life.

Term Life Insurance

Minimum Age
20
Maximum Age
75
Minimum Death Benefit
$100,000
Available Terms
10 year
15 year
20 year
25 year
30 year
35 year
40 year

Key Term Policy Features

  • Guaranteed Level Premiums
  • Waiver of Premium

Universal Life

Minimum Age
20
Maximum Age
85
Minimum Death Benefit
50,000

Policies & Coverage - 5 / 5

Legal & General America offers customers can apply for term life insurance ranging from $100,000 to $10 million in coverage. It also has flexible term lengths at seven intervals ranging from 10 to 40 years Legal & General America has more choices than any other national carrier with the addition of 25, 35, and 40-year terms. Policies are available to adults between 20 and 75 years of age.

Flexibility and Available Riders

Available Term Life Riders

  • Child Protection Rider
  • Accidental Death Benefit Rider
  • Waiver of Premium Rider
  • • Term Riders: This type of additional coverage allows a buyer to get temporary coverage for a desired amount of time allowing customized coverage to provide more coverage when customers need it most.

Available Carriers

Banner Life Insurance Company, William Penn Life Insurance Company

Flexibility & Available Riders - 4.3 / 5

Legal & General America's life insurance policies can be upgraded with a number of available riders, including less prevalent options like children's riders, which protects families with teenage children. There are also more common options, like accidental death benefit and waiver of premium riders available.

Additional Company Information

Homepage URL
https://www.lgamerica.com/
Company Phone
(855) 914-9127
Headquarters Address
3275 Bennett Creek Ave., Frederick, MD, 21704
Year Founded
1949

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Our Partner
  • Approval in less than 15 minutes for as little as $7 a month
  • Term periods ranging from 10 to 40 years
  • Policies available to adults 20 to 75
  • Coverage available in all 50 states
  • 1.3 million policies written in the US
  • Highly-rated for financial stability
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