At Life Insurance Cover we search all of the Life Insurance providers in the UK. Comparing and providing Life protection quotes for our customers. Scottish Widows have been providing protection policies since 1815. Making them Scottish Widows one of the oldest Life Insurance providers in the UK. Within this guide we look into who they are and some of the policies they offer.
Who Are Scottish Widows?
Scottish Widows was set up in 1815 to take care of women and children who lost their fathers, brothers and husbands in the Napoleonic Wars. Scottish Widows took its name after the people it was founded to look after. The company opened its first office in Scotland under the original name of The Scottish Widows’ Fund and Life Assurance Society in 1815.
Some of the many policyholders in the early years include the novelist Sir Walter Scott and two fateful travellers aboard the Titanic. In 1986 Scottish Widows began their now iconic television advertising campaign which has had many famous faces. The first face of their advertising campaign was Deborah Moore (the daughter of Sir Roger Moore). Scottish Widows demutualised and joined the Lloyds TSB group in 2000. Which subsequently evolved into the Lloyds banking group in 2009.
Socttish Widows Life Insurance and the many other protection polices currently protect in excess of 6 million people. Throughout their history they have maintained a presence in Scotland including its offices today.
Scottish Widows Life Insurance products are available to people in the UK including the Channel Islands, Isle of Man and Gibraltar. Currently you are unable to obtain for Scottish Widows Life Insurance directly from them. However, you can obtain Scottish Widows Life Insurance through an FCA regulated broker, like Life Insurance Cover.
Scottish Widows Life Insurance Policy Types:
Term Life Insurance
Term life insurance protection is a popular choice when compared with different types of Life Insurance Cover that people buy. A Scottish Widows Term Life Insurance policy can either pay a lump sum or fixed amount per month to your family. If you pass away during the insurance period (term). But if you survive the length of the policy a claim payment will not be made.
A policy term with Scottish Widows can be selected from 1 year to a maximum of 52 years. They also have a term end date of the day before your 90th birthday. All Scottish Widows Term Life Insurance policies are available to people aged from 18 to a maximum age of 79. This includes both single and joint policy types.
Level Term Life Protection
A Level Term Life Insurance policy from Scottish Widows will pay an agreed fixed amount of money to your family. You are able to choose either a monthly payment or a lump sum. A claim payment will be made to your beneficiaries if you pass away during the length of the policy. The sum assured will remain the same (or level) throughout the length of the policy term.
Many people who choose a Level term Life policy do so to protect either an interest only mortgage. Or any potential outstanding debt that might require payment. A Level Term Policy can also be used for the family day to day living costs. This will allow the policy to protect your family after you have passed away. Another common reason why people choose a Level Term policy is to help to cover funeral costs. Or leave an inheritance for your family.
At Life Insurance Cover we can search all of the Life protection companies to find the best level term cover for you. Simply get a Life Insurance Quote today and let us compare Scottish Widows Life Insurance and many others for you.
Level Term Life Insurance With Critical Illness Cover
In addition to the benefits of having a Level Term Life insurance policy. Scottish Widows also provide a combined policy including Critical Illness Cover. Because the policy has two different types of protection, the monthly premiums might be slightly higher. It is also worth noting that because it is a combined policy. Once a claim is received for either Critical Illness Cover or the Life protection side of the policy it will lapse.
At Life Insurance Cover we compare the benefits of a combined Level Term Life Insurance policy with Critical Illness cover against all of the UK providers. Ensuring that your individual needs are met and if the cover is as beneficial as potentially two separate policies.
Decreasing Term Life Insurance
Another popular choice provided by Scottish Widows is a Decreasing Term Life Insurance policy. This policy type protects a repayment mortgage or a large financial outgoing. This is a common choice of policy because a Decreasing Term policy provides a cost effective solution. With reducing amount of protection to mirror a repayment mortgage. To buy a Scottish Widows Decreasing Term Policy you must be between 18 to a maximum age of 79.
It is important to remember that the amount you insure or sum assured will decrease. But the monthly premium will remain the same during the length of the policy. Decreasing Term Life Insurance policies is one the most cost effective policy types available. This is due to the level of risk to the insurer reducing over the length of the policy term.
Many first time house buyers choose to buy a Decreasing Term Life Insurance policy. Because the monthly cost is cheaper than many other Life Protection policies. When arranging a new mortgage or re-mortgaging a current property you may decide to have a repayment type mortgage. So a Decreasing Term Life Insurance policy might be beneficial for you.
Life Insurance Cover can help to save you time and money by comparing all of the providers. For the best available Decreasing Term Insurance protection for your future.
Decreasing Term Life Insurance With Critical Illness Cover
As detailed above, a Decreasing Term Life Insurance Policy has many benefits. Including premiums that are lower than many other policy types. Another cost effective protection policy type is a Decreasing Term Life Insurance with Critical Illness Cover combined policy. The level of cover reduces over the length of the policy. The reason for the reduced cost is because it has less risk for the insurer. Which provides a low risk premium price.
However it is worthwhile to note that because the level of protection reduces over time, the level of risk increases on the policyholder. If a policyholder survives the term of a Decreasing Term Life Insurance with Critical Illness Cover policy. It may leave them unprotected later on in life. At Life Insurance Cover we explain all of the benefits and shortfalls within all of the different policies available.
Family Income Benefit
A Family Income Benefit policy will pay a fixed monthly amount to your family each month, tax free. Instead of a standard policy payment which is paid in a lump sum to your family. However it is important to note that there are limitations on with this policy type.
A Family Income Benefit might be a suitable if you have dependants who rely on your monthly income. Protecting families who may need to budget for household outgoings and other living costs. A Scottish Widows Life Insurance Family Income Benefit policy is available for purchase to people aged from 18 to a maximum age of 79.
After choosing if Family Income Benefit is the best type of protection for your family. You can also decide if you would like Level Term or Decreasing Term. However the policy length must end the day prior to your 90th birthday.
Contact Life Insurance Cover to find out more about the many benefits of choosing a Family Income Benefit and compare Life Insurance quotes. Helping to protect you and your family for the future.
Family Income Benefit With Critical Illness Cover Policy
As an additional product which mirrors Life Insurance protection with Family Income Benefit. You are able to purchase a Critical Illness Cover policy with Family Income Benefit. This means if a claim was made against a policy for Critical Illness. The policyholder would receive a claim payment each month. The money that they receive could then be used for adaptions to the home. Ongoing medical care or spending time with your family.
It is important to note that with all protection policies, they are limited to only paying one claim incident per policy. With this policy type, it could pay for ongoing treatment or provide a monthly payment to your family after you have passed away.
Can I Buy Just Critical Illness Cover From Scottish Widows?
Scottish Widows offer a standalone Critical Illness Cover protection policy to their customers, unlike some Life insurers who only offer combined policies. Many of the common combined policy types include Level Term Life Insurance & Critical Illness Cover as well as Decreasing Term Protection. The benefit of having an individual policy means that the worry of closing down a combined policy because of a Critical Illness claim is no longer an issue.
The minimum age that you are able to buy a Scottish Widows Critical Illness Cover policy is 18 with a maximum entry age of 64. The Critical Illness Cover protection policy can remain in place until your 70ths birthday.
Critical Illness Cover is a very important level of Insurance protection. At Life Insurance Cover we have reviewed the subject extensively within The Critical Illness Cover Guide. This protection type will provide a tax-free lump sum if you receive a diagnosis of a non-life-threatening illness. Or if you decide that is more beneficial to you and your family to receive a monthly sum. Then the Family Income benefit choice would better suit your family’s requirements. A claim payment would be made directly to the policyholder to help them with their day to day needs. Unlike a Life Insurance policy which will make a payment to your family or beneficiaries.
A Claim Against A Critical Illness Cover Policy Could Pay For:
Ongoing long term care or private medical treatment
Adaptations to the home to make it more accessible
Replace income lost due to the inability to work
Scottish Widows Critical Illness Cover offers protection for many different illnesses or operations, including many different types of cancer, heart attack and stroke. Also if you have a Critical Illness Policy it will cover any of your children up to £30,000, at no additional cost.
Additionally Scottish Widows offers an additional protection benefit option to add to a Critical Illness Cover policy for a small increase to your monthly premium:
Total Permanent Disability: This benefit offers protection for permanent disability. This means your claim payment would be received for the full sum assured after 26 weeks.
Over 50s Life Cover
Over 50s plan, or also known as over 50s life insurance, guarantees a payment to your loved ones when you pass away. One of the most common reasons for people buying an over 50s Life Policy is to cover funeral costs. Or to clear any outstanding debt and potentially leave a legacy for the family.
Unfortunately Scottish Widows does not currently offer an over 50s Life cover policy. However, we search the entire life cover market in the UK for Life Insurance protection policies. We have many other providers who are able to offer Over 50s Life Insurance protection.
Scottish Widows Whole of Life Insurance
A Scottish Widows Whole of life insurance policy is referred to as Lifetime Cover is also known as whole of life assurance. A Scottish Widows Lifetime Cover policy will provide protection for the entirety of your life, rather than just a fixed term. The main key benefit of a Lifetime Cover policy is that it guarantees a payment to your family and loved ones when you pass away.
This policy type will be a little more expensive than a standard fixed term policy as the benefit payment made to family’s is usually higher. You may choose to purchase a Lifetime Cover policy from Scottish Widows if you would like to leave behind a guaranteed amount for your family which could help with:
Paying off a mortgage
Household bills and day to day family living costs
An inheritance for your family
A Scottish Widows Whole Of Life policy is available to customers aged 18 – 74 and can be taken out as single or joint life cover. They also offer a Whole of Life policy with either level or increasing cover. Many UK Life Insurance providers do not offer this option. A Level cover policy offers the reassurance of a fixed sum assured throughout the length of the policy. An Increasing cover policy will allow your policy sum assured to remain in line with the Retail Prices Index (RPI).
At Life Insurance Cover we compare all of the Life Insurance providers including Scottish Widows to get new Life Cover Quotes for Whole Of Life Insurance protection for you and your family.
How Much Does Scottish Widows Life Insurance Cost?
The monthly premium cost of getting your Life Insurance protection with Scottish Widows is calculated on many factors which include your age, overall health, smoking and your lifestyle. The biggest factor for your monthly premium cost will be the amount of Life Insurance protection that you need. With all of the many policy types available from Scottish Widows including Level term, Increasing Term, Critical Illness Cover, Whole Of Life and decreasing term. It can be quite a hard process to decide on which level of protection that you will need.
With Scottish Life Insurance policies starting from £5 a month it is worth getting your protection in place. As detailed in our many guides it is better to obtain Life Insurance before any potential problems, which may increase the premium cost. After you choose which policy you need, you can also add on other benefits including waiver of premium, Critical Illness Cover and Life cover buy back. Some of the additional benefits will add a little more to your monthly premium cost.
To get protected with Scottish Widows Life Insurance simply obtain a quote and we will help you compare the protection policies you need. We help to save you time and money on your Life Insurance Protection.
Making A Claim
When the time comes to make a claim against a protection policy with Scottish Widows, they make it as easy as possible. It will be a very distressing time for your family after you have passed away and Scottish Widows will help them with every step of the process. It is very important that you make your family aware that you have Life Insurance Cover and the location of your policy documents. When initially contacting Scottish Widows it is advisable to have all the relevant paperwork to hand. They will confirm some of the details of the policy including name of the policyholder, policy number and if the policy is in trust.
As the claim process continues, your family or loved ones will also need to provide a copy of the death certificate for the claim to be completed. If your family are making a critical illness claim, Scottish Widows will need your doctor’s contact details, details of treatments and any further details which will help from a medical professional.
The Claims team at Scottish Widows can be contacted by:
Telephone: 0345 601 4179
By letter: The Bereavement Team, Po Box 2805, 15 Dalkeith Road, Edinburgh, EH16 5WL
Terminal Illness Cover
Similar to all other Life Insurance protection policies provided through Life Insurance Cover, all protection policies provided by Scottish Widows come with terminal illness cover as standard. Terminal illness cover allows you and your family to make a claim on your Life Insurance prior to passing away. If you are diagnosed with a terminal illness whilst protected by a Life Insurance Policy and expected to pass away within 12 months, a claim payment will be made. Once you receive the claim payment, you can use the money in any way you choose, without any restrictions.
You may choose to hire a private carer or cover the cost for private medical care. Whilst planning your protection policies for the future, it is also possible with any policy secured with Life Insurance Cover to add other products like critical illness cover, for further protection. These add on products may add a few pounds to a monthly premium, but it will provide further protection for you and your family.
Also known as waiver of Premium, all of the protection policies available from Scottish Widows Life Insurance have the option to come with Premium Protection benefit. To enable this important benefit will mean an additional cost to your monthly premiums but, it will offer further level of protection if your employment or health status were to change.
If you lose your job or become too ill to work during the term of the policy and are unable to pay your premiums for a period of 26 weeks or more. A Premium Protection add on benefit will cover the payments for your Life Insurance until you are able to return to work or reach the age of 70.
Any missed monthly premium payments can place your policy at risk, by purchasing a Premium Protection add on benefit can protect your life insurance policy. To add this benefit to your policy with Scottish Widows, you will need to be aged 18 or over when the policy starts.
For further details on the Premium Protection benefit and the many other protection options available to you, simply compare Life Insurance Cover quotes.
Scottish Widows Life Insurance Benefits
There are many different benefits that come from all the different Life Insurance providers. As a Scottish Widows Life Insurance Policyholder you will have inclusive benefits and some that are additional products, every policy includes:
Accidental Death Benefit: This benefit provides cover from the date that you first apply and protects you during the application process and runs for 90 days. It offers protection until acceptance, being declined or postponed.
Replacement Cover: The benefit of replacement cover is included if you have a joint policy. This allows both people to receive Life Insurance Protection, if one person needs to claim. The surviving person will be offered a new policy with the same terms and conditions of the previous policy.
Children’s Critical Illness Cover: Is added automatically if you take a Critical Illness Cover Policy, the protection will remain in place until the age of 22. A Children’s Critical Illness policy offers 50% of your policy with a maximum benefit of £30,000
Scottish Widows Care: This benefit is provided by a third party who will offer long term practical advice and emotional support.
Childrens Life Insurance: Is provided for Life Insurance policies, Life Insurance with Critical Illness policies. This benefit will protect your children, if they pass away during the length of your policy. This benefit will pay £10,000 in the event of a death of a child.
Funeral Payment Pledge
This benefit is very useful for all Scottish Widows Life Insurance policies, they pledge that they will help meet policyholder’s funeral costs. Scottish Widows will pay a £10,000 advance payment to help with the cost of a funeral on all valid Life Insurance claims. This will help your family if there is a delay caused by probate. This will help your family during a very distressing time and help to alleviate some of the worry about these details in the immediate aftermath of a family member’s passing. Helping to smooth the grieving process as much as possible.
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