Life cover is designed to pay a lump sum in the event of your death. If you provide financial support to help another it is wise to consider how that person would support themselves without you.
Even if you don't work, if you spend time caring for your children or other dependant, you're an invaluable resource that would be surely missed. Life cover could help provide care and protect your dependants financial future in the event of your death.
You may be able to request the following changes to be made to your plan depending on when you bought it:
To find out more about what changes you are able to request on your plan contact one of the following numbers:
If you took out your plan prior to 25 January 2008 please contact: 08457 30 20 14.
If you took out your plan from 5 February 2008 please contact: Legal & General Helpdesk on 0800 137 101.
Calls may be recorded and monitored. Call charges will vary.
These changes may affect the premiums that you pay. Legal & General will assess all requested changes based on your circumstances and health at the time. They'll let you know whether and on what conditions they can make a requested change to your plan.
They'll also let you know if the change you ask for will mean that your existing plan has to be cancelled and a new plan set up. A new plan may have different terms and conditions.
The minimum period for Level Term Assurance is one year, and the maximum, depending on your age, is 40 years.
The amount, type and length of cover will all have a major effect on your payments. The answers to the questions in your application will also have an effect. These include: age, sex, occupation, health, height, weight, medical history and lifestyle.
A joint plan covers two named people at the same time but will only pay out on the death of the first person to die. If there are two separate plans, each will cover an individual on their own and will pay out only on that person's death. Both joint and single life plans will end either when a claim is made or the plan reaches the end of its term.
If you are diagnosed with a terminal illness and given less than 12 months to live, the lump sum under the plan will be paid if you are eligible. The plan will then end, with nothing payable on death. A terminal illness is defined as an advanced or rapidly progressing illness, with life expectancy based on the opinion of your hospital consultant and a Legal & General Medical Officer. However, Legal & General will not ask for the money back in the event of survival beyond 12 months. This cover does not apply if the plan term is less than 2 years or within the last 12 months of the plan's term.
You can apply for Critical Illness Cover at the same time as Life Insurance which is also provided by Legal & General.
You can cancel your plan at any time. If you cancel within the first 30 days Legal & General will give back any premiums that you have already paid. If you cancel after this or your plan reaches the end of its term without a claim being made, nothing will ever be paid out.
Your contract will be with Legal & General. All claims, amendments or other communications should be made with Legal & General.
The information you provide will be used by Nationwide and Legal & General to provide a quote, form part of the underwriting process, as part of statistical analysis or as part of the claim process. The details will be kept for the duration of a policy and a period after the policy has finished. Your data will not be passed on to any undeclared third party for any marketing purpose.