Frequently Asked Questions
You're guaranteed to be accepted for the Over 50s Life Insurance Plans if you are aged between 50 and 80 and a UK resident. You must reside in the UK for at least 183 days per year.
No, Legal and General won't ask you to have any medical assessments when you apply for our Over 50s Life Insurance Plans.
You can take out as many policies as you like as long as the total initial monthly premiums you pay do not exceed £50. This includes any existing Legal & General Over 50s plans you may have.
Your partner can also apply for a plan providing they are aged 50 to 80 and a UK resident and reside in the UK for at least 183 days per calendar year. However, as the plans are set up individually, they cannot be held in joint names.
You have 30 days to change your mind after Legal and General have received your application. A Cancellation Notice will be sent once the plan has started confirming your right to cancel. If you decide to cancel your plan they will return any premiums paid. You can cancel your plan after the 30 day period by writing to us. However, as the plan has no cash-in value at any time you will not get any money back.
If you die within the first two years of your plan we will not pay the benefit but Legal and General will return all the premiums paid. If you do not place your plan benefits in Trust, then these premiums will be paid to your estate and may be subject to Inheritance Tax.
However, if you die within the first two years of the plan, as a result of an accident, then the full benefit will be paid. Exclusions and limitations will apply, please refer to the section titled 'What exactly does accidental death mean?' in the Policy Summary.
This depends on the type of Over 50s plan you choose.
With The Fixed Plan, premiums are guaranteed never to go up, and so this plan is ideal if you want the reassurance of a fixed premium.
The Increasing Plan is reviewed in line with inflation, which is measured by the Retail Prices Index (RPI). Legal and General will review your premiums and benefit each year and inform you in writing about any changes to your policy.
The premiums are reviewed and will increase by 1.5% for every 1% increase in your benefit. If RPI ever rises to over 10%, the maximum increase in benefit will be 10% and the maximum increase in premium will be 15%. The premium increases will continue until you reach the age of 90 or decline the annual review. Although you stop paying premiums on your 90th birthday, your cover continues to be reviewed for the rest of your life. You can choose not to accept the annual review. In this instance, your premium and benefit will remain fixed at the value at that time and could provide a contribution towards the cost of a funeral.
Why does the premium increase by more than the benefit on the Increasing Plan?
As life insurance costs more as you get older, the rate of increase in your premium is higher than that of your benefit.
If you have an Increasing Plan then your plan will be subject to an 'annual review'. This means that each year Legal and General will review your premiums and benefit to ensure they keep up with the cost of living. The review will take place three months before the anniversary of your plan.
You can choose to decline this review when Legal and General write to you each year. If you choose to decline the opportunity to increase the benefit and premium, you will not be able to restart the review of your plan. This means that inflation may reduce the benefit of your plan. Your plan and benefit will remain fixed at the value at that time.
The Fixed Plan is not subject to the 'annual review' process as the premium and benefit are fixed from the start of the plan.
As the plan has no cash in value, you will get nothing back if you decide to cash in the plan after the first thirty days of applying.