Since 1815, Scottish widows life insurance has helped people protect their financial futures. It was founded as a general fund to assist female widows financially.
Scottish widow’s life insurance could be the most important financial product you ever purchase.
It’s difficult to contemplate, but having a plan in place could mean the difference between your family maintaining their lifestyle and paying off their mortgage, or losing their home.
You can help ensure that you and your family have the financial security they require by purchasing life insurance. With practical and emotional support, you can get more than just financial peace of mind.
In this article, we will learn about Scottish Widows life insurance and its various offers.
What is Scottish widows life insurance?
Scottish life insurance is a company that pays a lump sum to your dependents if you die while the contract is active.
If you pass away, life insurance can assist your partner or children in meeting any financial obligations that may fall to them if you are no longer alive. You may also read the basics of whole life insurance to have a broad understanding.
Why get Scottish Widows’ life insurance plans
The following are the main benefits of these plans, which may make Scottish Widows life insurance quotes appealing:
- They are a well-known and long-established British provider with a long history in Scotland and the United Kingdom;
- Despite the fact that they are no longer mutual, they still have a strong social dimension and a commitment to public service.
- Scottish Widows makes their life insurance payout rates, which are among the highest in the industry, public.
- In the event of the death of a child with a critical illness, Scottish Widows will pay a one-off benefit of £5,000;
- Scottish Widows’ life insurance policies come with an automatic terminal illness and total permanent disability coverage.
- If needed, life and critical illness insurance is available as a family income benefit.
- You have the option of selecting the interest rate for your decreasing life insurance coverage. You have the option of selecting a percentage between 0% and 18%.
What types of life insurance does Scottish Widows offer?
Individuals looking to purchase life insurance from Scottish Widows have a variety of options. There are several factors to consider when determining how much coverage you require.
These factors include outstanding mortgages or debts, how much your family would need to live comfortably without your income, and how much you want to pay in monthly premiums.
There are three types of life insurance policies offered by Scottish Widows:
- Level cover
- Decreasing cover
- Increasing cover
Level cover
You choose the amount of coverage and the length of the term when you buy a level term policy. You choose the coverage and term before you buy the policy, so you know exactly how much financial protection you’ll get.
The monthly premium, as well as the amount of coverage, will remain the same for the duration of the policy. Your family will receive a one-time lump sum payment if you die during the policy’s term.
Decreasing cover
Decreasing term life insurance, also known as mortgage insurance, is a policy in which the amount of coverage decreases over time. The coverage decreases in proportion to outstanding debt, most commonly a repayment mortgage.
Even though the coverage amount decreases, the monthly premium you pay remains the same throughout the policy term.
Increasing cover
Increasing your insurance coverage is a way to combat the effects of inflation by increasing your coverage in line with the Retail Prices Index (RPI). Each year, the number of coverage increases, and as a result, the monthly premium you pay increases.
When you buy a life insurance policy, you get terminal illness cover as standard. This means that if you’re diagnosed with a terminal illness with a one-year or less life expectancy, your policy will pay out the entire lump sum amount.
Scottish Widows life insurance policy features
If you purchase life insurance from Scottish Widows, you can expect your policy to include the following features:
Guaranteed premiums:
For as long as you own the policy, the amount you pay in monthly premiums is guaranteed to remain the same.
Guaranteed insurability:
This means that if your circumstances change, you may be able to increase your life insurance coverage. Getting married or entering a civil partnership; becoming a parent; receiving a significant pay raise, and taking out a new mortgage or increasing your mortgage are all covered under a Scottish Widows policy.
Terminal illness benefit:
If you become terminally ill while covered by an insurance policy – that is, a doctor has told you that you have 12 months or less to live – you can receive a lump sum payment as soon as you are diagnosed.
Waiver of premium
Most life insurance policies include this useful feature, which means you won’t have to pay your monthly premiums if you’re out of work due to illness. Before you can claim this benefit, you usually have to be out of work for a certain amount of time.
How to apply for scottish widows life insurance
Once you’ve decided which Scottish Widows policy is right for you, you’ll need to think about how to apply for each one. There are some rules in place, and you must follow them –
- 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 those requirements, Scottish Widow plans are only available with the assistance of a financial advisor, who can ensure that you choose the best policy for your financial situation.
scottish widows life insurance also provides a LifeSearch protection advice service, which can help with both critical illness and insurance policies.
How to claim scottish widows life insurance
Scottish Widows liability life insurance also takes pride in having a simple claimant process, which begins with you or your loved ones calling them between the hours of 9 a.m. and 5:30 p.m., Monday through Friday.
They promise a simple process from here as long as you have important policy information on hand, such as:
- Policy number
- The name of the person who has died
- The cause of death
You’ll then need to show proof of a death certificate, as well as the name and contact information for the deceased’s doctor.
Best time to get scottish widows life insurance
Life’s major transitions can provide an excellent opportunity to consider how you can protect yourself and your loved ones from the unexpected with Scottish life insurance cover.
Here is the best time to get a cover:
- Changing jobs
- Having children
- Getting a mortgage
- Getting married
- Planning your funeral
Changing jobs
If your income fluctuates, consider how this might affect the coverage you and your family require.
Having children
If you have a child, getting insurance can ensure that they are protected if something happens to you.
Getting a mortgage
If something were to happen to you, your insurance could pay out a cash lump sum to your loved ones to help them pay off the mortgage.
Getting married
This is a good time to consider how insurance can help protect your partner in the event of an emergency.
Planning your funeral
We don’t want to think about it, but funerals can be quite costly. Your coverage may be able to assist your loved ones with these expenses.
Scottish widows life insurance contact and phone number
Speak with a financial adviser to learn more about Scottish Widows liability life insurance. Collaborates with LifeSearch, a life insurance broker, to provide assistance and advice on the most appropriate protection products for your personal and family needs. For free advice, call LifeSearch at 020 3764 0295.
Conclusion
When purchasing life insurance, it is critical to make an informed decision – which is where Scottish widow’s life insurance can assist. Scottish searches all of the major insurance plans to match you with the products that are best suited to your specific needs. The company gives you peace of mind about who to go with (especially if your best policy is from an insurer you’ve never used before).
FAQs about scottish widows life insurance
How to make a life insurance claim with Scottish Widows?
To make a claim on your Scottish Widows life insurance policy, your family (or whoever is in charge of your finances after you die) must contact the insurer directly. To begin, they will need your name, cause of death, and policy number. Also, you’ll need your death certificate, a policy document, and a completed claims form.
How long does it take to get the Scottish widows life insurance payout?
The speed with which a life insurance payout is made is determined by whether or not your life insurance is held in trust. If you have placed your life insurance policy in trust, the payout can be made immediately after the claims process is completed. This should only take a few weeks. If you didn’t, it will have to go through probate with the rest of your estate, which could take months.
Does Scottish Widows life insurance pay for suicidal death?
Suicidal death is covered by Scottish Widows life insurance, but only if it occurs within the first 12 months of taking out the policy.
