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Scottish Widows Life Insurance
With Edinburgh origins that date back to 1812, it's hardly surprising that Scottish Widows is now a company we all know and recognise. Initially set up as a fund for the support of widows, sisters, and other females, the company joined the Lloyds Banking Group back in 2009, a move that means they now enjoy around 6 million customers.
Despite these changes, Scottish Widows claim that they remain as committed as ever to empowering their customers’ financial futures. That's a goal their strong brand image and wide range of insurance offerings are certainly helping them to achieve. But, what exactly do Scottish Widows offer on the life insurance front, and how could you benefit from one of their policies?
What does Scottish Widows life insurance look like?
Like the majority of providers, Scottish Widows life insurance UK is available in a range of packages depending on your needs. Their advisors will talk you through each of these options to help you decide which would be your best bet, and the choices you can expect to face include -
- Level cover
- Decreasing cover (with interest rates between 0% and 18%)
- Increasing cover
- Premium protection
Such policies can also apply to either single life or dual coverage, with the promise of a lump sum payment if all premiums are met. Beneficial extras are also available, including a best doctors' service and unique to Scottish Widows, a no-fee 'Scottish Widows Care' plan that offers emotional support as well as taking financial needs into account.
Perhaps best of all is the fact that Scottish Widows currently boast some of the best payout rates on the UK market, with payments for an impressive 99% of claims that rounded up to £135.9 million in life insurance alone.
What does Scottish Widows critical illness cover look like?
Scottish Widows critical illness packages also have plenty to offer and have led to payouts that added up to £72.5 million in 2018 alone. Available alongside life insurance policies or as a free-standing package, children's critical illness cover is also included at no extra cost.
Whether purchased alone or as part of a life insurance package, critical illness cover comes with maximum increases of £3,000,000, with total disability payments up to £1.5 million based on the 'own occupation' definition.
The Scottish Widows care package is also offered as standard with this offering and proves especially beneficial thanks to a full range of support services, including -
- Personal nurse advisors
- Secondary medical opinions
- Therapy/counselling services
- Telephone support
Access to these additions is offered either during the claim stage or during a traumatic event itself. Even better, these are services that you would typically need to pay extra for from the majority of providers.
How to apply
Once you've settled on which Scottish Widows policy would best suit, it's also vital that you consider how to go about applying for each. Some regulations are in place, and you must be -
- Between 18-79 for life insurance, or 18-64 for critical illness cover
- Residing in England, Wales, Scotland or Northern Ireland
- Owner of a UK bank account
Even if you meet that criteria, Scottish Widow plans are only available with the help of a financial advisor, who can guarantee that you settle on the best possible policy for your finances.
Scottish Widows themselves also offer a LifeSearch protection advice service, which provides advice on both their critical illness and life insurance policies.
How to claim
Scottish Widows also pride themselves on a simple claimant process, which begins with you or your loved ones contacting them by phone between the hours of 9 am to 5:30 pm throughout the week. From here, they promise a simple process as long as you keep crucial policy information to hand such as -
- Policy number
- The name of the person who has died
- The cause of death
You will then need to provide proof of a death certificate, as well as potentially needing to provide the details of the deceased's doctor.
Scottish Widows reviews
Scottish Widows life insurance reviews are generally favourable, with five-star Defaqto ratings the most notable benefit that helps them to stand above other, less-favoured leading UK insurance companies.
This, alongside those high payout rates mentioned above, means that Scottish Widows is undoubtedly one of the most well-reviewed and recommended insurance companies operating the UK market right now.
While their policies may be more simplistic than many on the surface, they are, therefore, a company that's well worth attention on the life insurance market.
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.