Lloyds Bank Life Insurance
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Lloyds Bank life insurance
Founded in 1765 by button maker John Taylor and iron producer and dealer, Sampson Lloyds, the first private banking business opened in Birmingham. At the time, the symbol chosen by Taylors and Lloyds was a beehive, as a representation of hard work and industry. The iconic black horse would not become the symbol of Lloyds bank until the end of the 19th century when Lloyds finally took over the Lloyds Banking Company Limited at the end of the association with the Taylor family. With 16 million current account customers, Lloyds Banking Group Retail has become the largest provider in the UK. Many banking customers are also choosing to keep their financial decisions and insurance plans at the same place.
As a result, if you are already a Lloyds Bank customer, you may be considering taking Lloyds Bank life insurance or Lloyds Bank over 50 life insurance.
For those who don’t hold a Lloyd Bank account, the brand’s media communication that focuses on placing the customers at the heart of their operations could be appealing. If you are unsure what to expect from your life insurance plan, here’s a brief overview of what Lloyds Bank life insurance and Lloyds Bank over 50 life insurance plans can offer.
Who is Lloyds Banks?
Lloyds bank teams praise themselves on having been the financial partners to the British population for over 250 years. In reality, while the bank was first founded in 1765, it’s only during the 19th and 20th centuries that the bank fully expanded its range of operations and services to support its customers. Nevertheless, it remains the largest retail bank in Britain, making it a great choice for business accounts.
For personal customers, Lloyds Bank has become an active and vocal mental health supporter. The bank promotes awareness through the charity partnership with Mental health UK. Media campaigns that highlight the connection between financial stability and mental health are part of the bank’s most recent marketing communication. As a result, it’s understandable that customers considering life insurance would want to investigate Lloyds Bank life insurance.
Reviews on insurance performance for the provider are mixed. Trustpilot, unfortunately, doesn’t provide insight into their insurance business only. The poor reviews that can be found online tend to refer to car or home insurance, and may not tell the whole story. Instead, those who want to gain an overview of Lloyds Bank life insurance plans will need to refer to the provider’s website, where information is sparse.
The provider makes it clear that objective information and calculations can be available from a third party, Life Search, which isn’t part of Lloyds Banking Group. The policy, provided by Scottish Widows for Lloyds Bank, includes the following elements:
- 30 days cancellation period during which any premiums that have already been paid are guaranteed to be refunded to the policymaker in the event of a cancellation.
- A free policy cover calculator tool to help potential buyers decide on their monthly premiums and understand what can be included in the Lloyds Bank life insurance plan.
- Fixed premiums throughout the policy.
- Serious illnesses with 12 months or less to live are included in the Lloyds Bank life insurance plan. The online information provided on Lloyds Bank’s website doesn’t detail which specific illnesses are included in the plan, and it’s likely that potential buyers will have to provide personal contact details via an online quote to receive the information.
Two types of Lloyd’s bank life insurance cover
Lloyds Bank life insurance provides two specific payout covers, for policyholders under and over 50. The payout cover will need to be defined at the time of taking the life insurance plan. Regardless of your choice, however, the premiums stay the same.
The level cover remains at the same level during the whole of the chosen term, if the policyholder dies.
On the other hand, the decreasing cover provides a payout which decreases gradually over time. It’s a popular cover for policyholders who are worried about outstanding balance payments after their death, such as mortgage repayment, for instance.
Customers are urged to compare cover types before making up their mind. Lloyds Bank life insurance and Lloyds Bank over 50 life insurance plans can’t be changed once they’ve been agreed on.
99% of Lloyds Bank life insurance claims paid in 2018
According to figures published in 2019 by Scottish Widows, who provide the insurance cover for Lloyds Bank, over 99% of life claims were paid out. Additionally, over 94% of critical illness claims were also paid out in 2018. Critical illness is available at an additional cost for policyholders and is not included in the standard Lloyds Bank life insurance plans.
The most common critical illness claims refer to the following elements:
- Multiple sclerosis
- Heart attack
This is a standard procedure with most life insurance providers. The average critical illness claim on Lloyds Bank life insurance and Lloyds Bank over 50 life insurance plans was £45,593 in 2018. The highest individual claim for critical illness was shy of £622,000. Failure to add critical illness to your policy means you can’t claim on the list of illnesses mentioned above.
Lloyds Bank life insurance plan starts below £7
According to its marketing communication, Lloyds Bank offers life insurance payouts as high at £200,000, starting from £7 per month. After a quick search on Google, another advertising message promotes up to £100,000 Lloyds bank life cover starting from 15p a day, which is below £5 a month. For potential life insurance buyers, the disparity of information can be confusing.
Lloyds Bank life insurance offers welcome individuals aged 18 to 60, which would also include those who need to buy Lloyds Bank over 50 life insurance. These disparities in audiences can explain the different basic premiums that are available online. However, it’s fair to mention that in 2018, the average life claim paid was below £44,000, while the highest individual life claim was over £1.2 million. The insurance provider highlights that the difference in payouts is determined by the monthly premiums, the amount sum that is to be assured, and the unique circumstances of each policyholder.
If you want to find out more about Lloyds Bank life insurance and whether it’s the best option for your needs, give our team at Discount Life cover a call. Our experts are ready to provide objective guidance and responsible advice for all.
Discount Life Insurance…Why Use Us
We are an online advice service and as such have little overheads which enables us to give away more commission enabling us to me extremely competitive on price.
Having said all this, life insurance is not always about price and there are differences in the types of cover offered by providers. So we also provide an “advised sale” which means that we take on responsibility to make sure the policy you take is the right one and the most suitable for your circumstances.