At Final Expense Benefits, we only partner with top-rated insurance carriers including Legal & General America Life Insurance.
Following over 70 years of history in the United States, Legal & General America Life Insurance has a proven track record of success and commitment to quality for customers. Legal & General America is one of our trusted carriers and we will break down what makes them stand out.
If you are looking for a plan for you and your loved ones, call our expert agents at (866) 786-0725, Monday through Friday, 9 A.M. – 5 P.M. E.T. Get started now with our free quoting tool.
The Origin Of Legal & General America Life Insurance
Legal & General America Insurance (LGA) was founded in 1836 by six lawyers. They met in a coffee shop in London and discussed life insurance and the need for a company that could provide people with exemplary coverage. They eventually formed an association named Legal & General Life Assurance Society. Fast forward to the 1980s and the company expanded overseas due to their overwhelming success.
In the United States, the Government Employees Life Insurance Company (GELICO) eventually became Banner Life Insurance Company and was chartered in 1949. Fast forward to 1981, GELICO was acquired by Legal & General Group, and in 1983, the name was officially changed to Banner Life Insurance Company.
Today, LGA is the second largest term life insurance provider in the United States with 1.5 million life insurance customers and over 650 employees.
Types of Insurance Offered
Legal & General America Insurance offers various types of insurance, but they are known for their term insurance. LGA is ranked second for term life insurance providers in the United States. More than 1.4 million families and businesses across all 50 states use LGA for their insurance needs and every year, LGA pays more than $1 billion in claims. Some of the different types of insurance offered by Legal & General America include:
- Life Insurance
- Decreasing Life Insurance
- Over 50s Life Insurance
- Critical Illness Cover
- Universal Life Insurance
Term Life
Legal & General America is most known for its term life insurance. This type of insurance is best for temporary protection and covers financial obligations such as a mortgage, education, or supplement income.
You can usually get term life coverage anywhere from 10 to 30 years, but LGA is one of the few insurance companies that offers up to 40 years of term coverage.
When you purchase a term life policy, you agree to pay the insurance company a regular payment over a certain period. As long as payments are made, the insurer will ensure that your beneficiary will receive a payout if you pass away during the policy’s term.
The most popular type of term life insurance is a level term, meaning that your premium and the payout will stay level until the end of the term period as long as payments are made on time. The payout is typically a lump-sum, tax-free cash payment.
Sample Rates from Legal & General America
| Amount of Time | Rate Per Month | Rate Per Year |
|---|---|---|
|
10 Years |
$14.66 |
$172.49 |
|
15 Years |
$14.71 |
$173.11 |
|
20 Years |
$18.24 |
$214.59 |
|
25 Years |
$24.15 |
$284.17 |
|
30 Years |
$27.96 |
$328.99 |
|
35 Years |
$34.57 |
$407.94 |
|
40 Years |
$60.57 |
$712.64 |
Rates from Legal & General America Life Insurance Website
Universal Life Insurance
Universal Life Insurance is a permanent life insurance that provides lifelong coverage. This type of insurance is a great medium between term life and whole life coverage.
No matter what changes in life with your health, a universal life policy remains active as long as your premiums are paid.
With LGA, the guaranteed universal life insurance guarantees you will be protected up to age 121. Their policy will also give you flexibility with premium payments and provides an option to decrease your death benefit, should you need to make any changes.
After you pass away, your beneficiary will receive a cash lump sum that is typically tax-free. The money from a universal life-death benefit can be used to pay for anything, such as funeral expenses, home payments, medical bills, and more.
Universal Life Insurance
Decreasing Life Insurance is a term life policy with a death benefit that decreases over time. It is beneficial if you estimate that your loved ones will need less financial support over time. As the policy’s payout decreases over time, this type of insurance is more affordable than other term life insurance policies.
You can pick a period, typically between five and 30 years, and the starting death benefit amount. The payout your beneficiaries will receive will decrease a certain amount each month or year, depending on the policy terms.
Over 50s Life Insurance
Over 50s life insurance is a type of insurance policy for people between the ages of 50 and 85. It is also known as “whole of life” coverage because it lasts for your lifetime, rather than a specific period. This policy is guaranteed acceptance and there are no medical questions or exams. The payout from this type of insurance is great for paying bills, everyday necessities, or the cost of a funeral.
Critical Illness Coverage
Critical Illness Coverage is an insurance policy that pays out a cash sum if you are diagnosed with one of the covered critical illnesses. You will receive a lump-sum payment upon receiving the diagnosis to help pay for medical costs or other bills. The illnesses included in this policy are:
- Heart attacks of a certain severity
- Strokes that last over 24 hours
- Most types of cancer
- Aorta graft surgery
- Benign brain tumors
- Bacterial meningitis that results in permanent symptoms
- Aplastic anemia with permanent bone marrow failure
Popular Types of Insurance from Legal & General America Life Insurance
Who Would Legal & General America Life Insurance Be Best For?
Legal & General America is great for those seeking insurance options that do not require a medical exam. Additionally, they offer competitive rates for term life insurance for many health conditions. There are also affordable rates for smokers and those with a variety of health conditions.
What Makes Legal & General America Life Insurance Stand Out?
LGA offers competitive rates for not only smokers but individuals with the following conditions:
- Diabetes
- Bipolar Disorder
- High Blood Pressure
Legal & General America was found to be one of the cheapest life insurance options for people with hypertension. Those with higher blood pressure rates may still be eligible for the lower price point typically reserved for individuals in exemplary health.
LGA also has affordable rates for those with diabetes. If you have type 1 diabetes and you can control your condition with fewer than 50 daily units of insulin, you will most likely be approved, whereas other insurance companies will likely turn your application down. Additionally, if you have type 2 diabetes and you were diagnosed at or after age 50 and you can control your blood sugar levels, LGA will most likely approve your application.
Ratings For Credit And Customer Service Satisfaction
A.M. Best Rating
A.M. Best utilizes a rating system similar to the letter ratings given in school. This rating is meant to help you understand their overall quality. A.M. Best will assign credit ratings based on the financial strength of a company.
In 2024, A.M. Best gave Legal & General America a rating of A. This rating indicates the company is in a strong financial position.
Fitch Ratings
Fitch Ratings ranks companies based on the company’s ability to meet financial commitments. The ratings also indicate the future of a company’s ability to make payments towards any obligations they have entered.
In 2024, Fitch gave Legal & General a score of AA-, meaning that the company is stable. This score indicates they have strong financial backing and a low risk level.
Pros and Cons of Legal & General America Life Insurance
Pros
- Competitive rates for a variety of health conditions.
- Approve plans for those with pre-existing conditions that other companies would likely deny.
- Variety of term lengths up to 40 years.
- Plans available that do not require medical exams or questionnaires.
Cons
- Application underwriting can take longer than normal wait times
- LGA does not have the most competitive rates for older applicants.
Legal & General America Life Insurance
The Grays
Great Britain
5/5
After collating many pensions with different providers but from past experiences decided to consolidate with L&G because a human being is always on the line, never have to wait for more than 5 mins and their level of customer service is 2nd to none.
Laura
Great Britain
5/5
Got through on the phone pretty quick, my query was dealt with quickly & efficiently – they treated me really well but I haven’t had a problem or claim with them so can’t answer for that side of the table.
MOA
Great Britain
5/5
Easy process. Informative throughout and all timeline promises met. Felt they were always on the case in my interest.
Conclusion
Legal & General America Life Insurance is a legitimate and trustworthy option according to our research and evaluation.
LGA is also a great option for those with certain health conditions that may otherwise be turned down by a different insurance company.
Additionally, the company offers up to 40 years of term life coverage, which makes them stand out from the rest. LGA has a proven record of success and was listed as one of the World’s Best Life Insurance Firms by Forbes.
Final Expense Benefits only works with the best carriers to ensure you and your loved ones have the necessary coverage.
Because LGA provides great options for those with health conditions and extended term life timelines, we are proud to say that the company is one of the many carriers we partner with. Here are a few more that provide:
If you are interested in a policy with LGA, call our expert agents Monday through Friday, 9 A.M. – 5 P.M. ET at (866) 786-0725. Get started with our free quoting tool and find the best insurance policy for you and your loved ones.
