What your Legal & General contract says

In short

This is a term life insurance policy from Legal & General (L&G), one of the UK's biggest life insurers. It pays out a lump sum to your chosen beneficiaries if you die during the policy term. You pick how long the cover lasts (e.g., 10, 20, 25 years) and how much the payout should be. Your premium stays the same for the whole term (it is guaranteed not to go up). If you survive the full term, the policy simply ends and nothing is paid out. L&G is authorised by the PRA and regulated by the FCA, and your policy is protected by the FSCS.

What you agree to do

• You must pay your premium every month without fail (if you stop paying, your cover will lapse).
• You must answer all health and lifestyle questions honestly when you apply.
• You must tell L&G if you take up a hazardous occupation or hobby after the policy starts.

What you can ask for

• You can cancel within 30 days of receiving your policy and get a full refund of any premiums paid.
• You can choose and change your beneficiaries at any time during the policy.
• You can write the policy in trust so the payout goes directly to your beneficiaries without probate delays.
• You are protected by the FSCS (if L&G goes bust, the FSCS would cover 100% of your claim).
• You can add critical illness cover to your policy for an extra premium.

Points worth knowing

• No payout if you outlive the termThis is pure protection, not an investment. If you are still alive when the policy ends, you get nothing back. All premiums paid are gone.
• Suicide exclusion in the first yearMost L&G policies will not pay out if you take your own life within the first 12 months of the policy. After that, suicide is typically covered.
• Lapsing due to missed paymentsIf you miss premium payments, L&G gives you a grace period (usually 30 days). After that, your cover ends and you cannot get it back on the same terms (you would need to reapply, possibly at a higher price or with new exclusions).
• Cover amount does not increase with inflationUnless you choose an increasing cover option, the payout stays the same for the whole term. Over 20-25 years, inflation will significantly reduce the real value of your payout.

Dates and deadlines

Monthly premium

Due monthly by direct debit; the amount is guaranteed not to change for the full term

Cooling-off period

30 days from receiving your policy (cancel for a full refund)

Policy term end

The exact date you chose when you applied (e.g., 25 years from start) (cover stops and no payout is made)