Getting Insured with Legal & General: A Review

With so many different life insurance providers offering you rates, it can be difficult to determine which one is best for you. We at will certainly help you narrow it down, but it always helps to have some inside knowledge of your own. For example, you may not know that Legal & General is not an entirely separate company, but is instead the head company of Banner Life and William Penn.

Legal & General has a long, solid history and a variety of coverage options. Before deciding that this is the company for you, however, it is important to get as much information as possible ahead of time. We offer many company reviews on our site, such as reviews for AICPA Life Insurance, Mutual of Omaha and AARP.

There are over 800 insurance companies on the market. All of the have different products and rates that they are going to offer. When you’re shopping for life insurance, it’s important that you find the perfect company for you. Instead of wasting hours research, we are here to help. This post is going to look at Legal & General and give you the information that you need to find the perfect life insurance company.


Founded in the 1800s, Banner Life was originally called “GELICO” and was part of what is now GEICO, but Legal & General purchased it in 1981. William Penn was then acquired in 1989 as a wholly owned subsidiary of Banner Life. Legal & General has consistently received top ratings from A.M. Best, and these ratings extend to Banner and William Penn.

What Life Insurance Products Legal & General Offers

There are two types of policies that they offer: term and universal life insurance. Both of these are excellent options for coverage, but they are very different in the protection and benefits. It’s important that you compare both of them (and the other options) before you apply for a policy.

A term policy is the standard type of coverage. You buy one of them for a certain length of time (with Legal & General, anywhere from 1 – 30 years), and after that point, they are no longer active. Because they are temporary, they are much more affordable than other kinds of coverage. If you want to get the cheapest life insurance, term is going to be the best choice.

The other kind of life insurance that they offer is universal life insurance. This is a permanent form of coverage (meaning it never expires) and these plans offer some flexibility in their coverage. These policies allow you to change the coverage limit and the premiums for the plan. Because they have some of the unique benefits, they are going to be much more expensive than other types of coverage.

What Kind of Rates You Can Expect

Life Insurance rates through both William Penn and Banner Life are very competitive. Here is an example:

Let’s say Ted is a 30-year-old nonsmoker looking to get a $250,000 term life policy for a period of 20 years. If Ted lives in New York, William Penn will likely offer him rates between $14 a month (Preferred Plus) and $24 a month (Standard). If Ted lives in any state outside New York, he will get the same rates, however through Banner Life.

The rates listed here are examples only, for the purpose of giving you an idea of what to expect. Your exact rates will vary, especially if you are considered high risk.

There are dozens and dozens of factors that the insurance company is going to review when determining what your rates will be. Everything from your age to your job. It’s difficult to give an accurate quote without having more information.

For example, if you’re a smoker or you use chewing tobacco, you can expect those rates to double. If you have a severe health complication, you’re going to pay more than Ted above.

Is Legal & General for Me?

The kind of life insurance products from Legal & General that are available to you may also vary depending on your location. For example, the individual life insurance products from William Penn are only sold in New York through independent insurance agents, while Banner Life does not do business there.

One area where Legal & General shines, is with applicants that are in less than perfect health. They have a history of giving affordable life insurance to people with health problems, like diabetes or a previous heart attack. There are a lot of companies that won’t accept high-risk applicants with health problems. But Legal & General (Banner) continues to be one of the lowest rates time and time again. Their medical underwriting and rates tend to be much more favorable towards people with health complications compared to other big name companies on the market.

Keep in mind that while Legal & General (and subsequently, Banner Life and William Penn) is a competitive company for term life insurance, they may not be the best life insurance company for you. You can compare rates below using our quote tool to find the best life insurance rates.

You can compare rates below using our quote tool to find the best life insurance rates. Because every company has different medical underwriting and rating systems, the quotes that you get could vary wildly depending on who you contact. Instead of wasting hours and hours calling companies, let one of our independent insurance agents do all of that hard work for you. Give us a call or use the quote form when you’re ready to get started.

You never know what life is going to throw at you tomorrow, which means that you shouldn’t wait another day to get the insurance protection that your family deserves. If you have any questions about Legal & General, please contact one of our experienced agents today. We would love to answer those questions and ensure that you’re getting the best life insurance policy for you and your loved ones.