The story begins over 178 years ago.
In 1836, six respected lawyers met in a London coffee house where life insurance was the topic of discussion. They decided to form an association under the chairmanship of John Adams which was eventually named Legal & General Life Assurance Society. Those founders had the same attitudes toward innovation and risk taking as those which characterize the Legal & General Group today. The financial skills of those six lawyers laid the foundation for L&G’s worldwide business.
With its headquarters still in London, Legal & General has expanded its presence outside of the United Kingdom. It has operations in the United States, France, the Netherlands, India and the Gulf. Legal & General is a leading provider of risk, savings and investment management products in the UK. Its long history not only gives it credibility but it demonstrates the company’s experience in every kind of economic climate. It currently has over 10 million customers for its life insurance, pensions, investments and general insurance plans.
Legal & General America is born.
Legal & General Group formed Legal & General America as a holding company in 1981, and bought Government Employees Life Insurance Company (GELICO) and its NY affiliate. The GELICO name changed to Banner in 1983. William Penn was purchased by Legal & General Group Plc as a wholly-owned subsidiary of Banner Life Insurance Company in 1989. While Banner and William Penn remain the companies that underwrite and issue its policies, we go to market under a single name, Legal & General America.
Legal & General America is financially strong, fiscally responsible and committed to the business practices that will allow the company to keep its promises to you. Keeping life insurance affordable, protecting your retirement, and providing high quality, efficient customer service are just the fundamentals.
By the Numbers.
93% Investment Grade Portfolio
The Legal & General America operating companies are among the most financially sound life insurers. Its investment portfolio is conservatively positioned and prudently managed. It’s made up of highly liquid, well-diversified, 93% investment grade corporate bonds and very highly rated structured securities.2
Nearly 1,150,000 U.S. Customers
That’s the number of policy owners counting on Legal & General America to help provide financial security for the people it has so carefully chosen to protect.2
New Coverage Ranks Us 5th In U.S.
The company issued more than $73 billion in new coverage in 2014. That ranked us 5th in the U.S., higher than many life insurance companies with more familiar names.1
$624 Billion of Coverage In Force
Legal & General America is growing; its life insurance in force is $624 billion big.2
Over $6.2 Billion In Assets
Another testament to its financial strength, the Legal & General America operating companies had over $6.2 billion in assets at year-end 2014.3
Capitalization is Nearly Triple Industry Average
The capitalization level of a company is particularly meaningful when considered in the context of the variability of the valuation of its liabilities and the variability in returns and value of its assets. On this basis, we are particularly strong. The “Pure” Capital Ratio measures the cushion a company has against a decline in the value of its assets. Its “Pure” Capital Ratio was 31%, nearly triple the industry average of 12.3%.4
Net Income of $82.5 Million
Profitability matters to the Legal & General America operating companies; its 2014 GAAP net income was $82.5 million.3
- Year-end 2014 LIMRA study; rankings based on survey participants.
- Year ending 2014.
- GAAP consolidated basis for year ending 2014.
- Industry average data derived from ALIRT Insurance Research.
Visit Legal and General America’s website at https://www.lgamerica.com/.
*The Banner term life insurance premiums quoted here are based on the information provided for this quote. The quote is based on the assumption of excellent health and does not take into consideration occupational risks or other avocations. Approval and actual premiums will be based upon the entire underwriting process, including but not limited to, information provided on the application, exam results and specific underwriting requirements and criteria. OPTerm 10 issue ages are 20-75 all classes. OPTerm 15 issue ages are 20-75 all classes.
OPTerm 20 issue ages are 20-70 for non-tobacco classes and 20-65 for tobacco classes. OPTerm 30 issue ages are 20-55 for non-tobacco classes and 20-50 for tobacco classes. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$499,999, $500,000-$999,999, $1,000,000 and above. Premiums quoted include $60 annual policy fee. Premiums are guaranteed to stay level for 10,15, 20 or 30 years, respectively, and increase annually after initial guarantee period. OPTerm policies can be issued in preferred plus non-tobacco, preferred nontobacco, standard plus non-tobacco, standard non-tobacco, preferred tobacco and standard tobacco classes. OPTerm 10, 15, 20 and 30 substandard policies can be issued through Table 12, subject to underwriting discretion. Coverage can be renewed to age 95. Policies can be returned without obligation within 30 days of receipt in most states. Rates as of 08.10.15.
Additional Insurance Riders, form AIR (1-11) and state variations, can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term riders are not available in all states; issue ages vary from base plan. Waiver of Premium Benefit Rider, policy form # ICC09 WPTR and state variations, is available. A cost-free Accelerated Death Benefit Rider, policy form # ICC10 ADB and state variations, is included with all policies in states where approved. Children’s Life Insurance Rider, form ICC14-CLIR and state variations, can provide life insurance coverage on eligible children. Coverage expires at the earlier of the insured child’s 25th birthday, the base policy insured’s 65th birthday or base policy termination. Forms and policy provisions may vary by state. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.
The William Penn OPTerm life insurance premiums quoted here are based on the information provided for this quote. The quote is based on the assumption of excellent health and does not take into consideration occupational risks or other avocations. Approval and actual rates will be based upon the entire underwriting process, including but not limited to, information provided on the application, exam results and specific underwriting requirements and criteria. Please refer to the policy form for full disclosure of benefits and limitations.
OPTTerm 10, 15, 20 and 30 are term life insurance policies. OPTerm 10 issue ages 20-75 non-tobacco classes; 20-75 tobacco classes. OPTerm 15 issue ages 20-71 non-tobacco classes; 20-71 tobacco classes. OPTerm 20 issue ages 20-65 for non-tobacco classes, 20-64 for tobacco classes. OPTerm 30 issue ages 20-51 for non-tobacco classes; 20-50 for tobacco classes. Premium rates vary by coverage amount: $100,000-$249,999, $250,000-$499,999, $500,000-$999,999, $1,000,000 and above. Premiums quoted include $60 annual policy fee. Initial premiums remain level for 10, 15, 20 and 30 years respectively. After the initial level term period, premiums increase annually to age 95. OPTerm 10, 15, 20 and 30 can be issued in preferred plus non-tobacco, preferred nontobacco, standard plus non-tobacco or standard non-tobacco, preferred tobacco and standard tobacco rates. Substandard policies can be issued through Table 12, subject to underwriting discretion. Policies can be returned without obligation within 30 days of receipt. Rates as of 08.10.15.
Additional Insurance Riders, form AIR (1-11), can provide temporary life insurance coverage for 10, 15 or 20 years after which coverage ceases. Term riders are not available in all states; issue ages vary from base plan. A Waiver of Premium Benefit Rider, policy form # WPTR, is available. A cost-free Accelerated Death Benefit Rider, policy form # ADB(07-10), is included with all policies. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations.
