There are numerous factors to consider when purchasing life insurance. Life insurance is one of the most important insurance policies to buy because it is the best way to safeguard your loved ones if you die. Life insurance from Scottish Widows definitely has a lot to offer. In this article, you’ll see the important considerations you should make before purchasing a life insurance policy from Scottish Widows. The contact information for cancellation of your life insurance policy from Scottish Widows, as well as the reviews, is also included.
About Scottish Widows
Scottish Widows has been assisting people in protecting their financial prospects since 1815, when it was established as a general fund to assist female widows financially. In 2000, the company was demutualized and became part of the Lloyds TSB Marketing Group, which is now part of the Lloyds Banking Group. It now has approximately 6 million customers.
The Benefits of the Scottish Widows Life Insurance policy
If you purchase life insurance from Scottish Widows, your policy will most likely include the following features:
#1. Guaranteed Premiums
The amount you pay in monthly life insurance premiums is guaranteed to remain the same throughout the duration of the policy.
#2. Guaranteed Insurability
This means you’d be able to raise your life insurance coverage if specific life events occurred. In a Scottish Widows policy, this includes: getting married or entering into a civil partnership; becoming a parent; receiving a big income increase; as well as taking out a new or increasing your mortgage.
#3. Benefit for terminal illness
If you become terminally sick while holding a Scottish Widows life insurance policy – that is, if a doctor tells you that you have 12 months or less to live – you can claim the lump sum as soon as you are diagnosed.
#4. Premiums are waived.
Most life insurance policies include this useful add-on, which means you won’t have to pay your monthly premiums if you’re unable to work due to medical reasons. You must normally be out of work for a specified period of time before you can collect this benefit.
Extra benefits from Scottish Widows life insurance
Scottish Widows life insurance policies also include additional advantages, which are detailed below. This is a ‘non-contractual’ benefit, which means it has nothing to do with the terms of your own policy. Everyone is eligible, albeit this is typically only accessible if you purchase your policy through an adviser.
Claim rate for Scottish Widows life insurance
Scottish Widows paid out 99 percent of all life insurance claims in 2020. Claims that are not paid out are mainly due to misrepresentation (giving misleading information while applying for the policy) or because the claim does not match the policy’s statutory definition.
What is the cost of Scottish Widows life insurance?
The big question now is how much life insurance you’ll require. Your response to this question (together with your age) will largely decide the cost of your life insurance:
However, the cost of your life insurance will be determined by a number of criteria, including:
- Your medical problems
- Whether you smoke or not
Here is a breakdown of the cost:
#1. Healthy male or female of 25 years
Level life insurance coverage: £150,000
Term: 10 yrs
Non-smoker: £5.20
Smoker: £8.70
Term: twenty years
Non-smoker: £5.20
Smoker: £8.40
Term: thirty years
Non-smoker; £6.10
Smoker: £10.20
#2. Healthy male or female 25 years
Level life insurance coverage of £250,000
Term: 10 yrs
Non-smoker: £7.20
Smoker: £11.70
Term: twenty years
Non smoker: £7.60
Smoker: £12.30
Term: thirty years
Non smoker: £9.80
Smoker: £15.50
#3. Healthy 35-year-old male or female
Level life insurance coverage of £150,000
Term: 10 years
Non-smoker: £7.50
Smoker: £12.50
Term: twenty years
Non- smoker: £8.50
Smoker: £16
Term: thirty years
Non smoker: £11.50
Smoker: £22.80
#4. Healthy 35-year-old male or female
Level life insurance coverage: £250,000
Term: ten years
Non-smoker: £10.60
Smoker: £19.10
Term: twenty years
Non smoker: £12.50
Smoker: £25.50
Term: thirty years
Non smoker: £17.10
Smoker: £37
Is Scottish Widows the right life insurance provider for you?
Here are a few things to consider before purchasing life insurance from Scottish Widows:
#1. Satisfaction with customer service, claims, and support
Defaqto gave it a five-star rating.
Policy materials can be found on the website.
Support services, such as Scottish Widows Care, are available.
A number of negative reviews about customer service experiences were also found on review websites.
TrustPilot gives it a 1.5/5 rating.
#2. Options for coverage
There are options for increasing and decreasing coverage.
There is also coverage for the rest of one’s life.
Before the policy is authorized, an accidental death benefit of up to £250,000 is offered for 90 days.
Children are automatically covered for critical illness.
If you do not pay your premiums, your insurance policy will then be revoked.
Price-to-value
Life term insurance provides coverage of up to £25 million.
For serious illnesses, cover in the amount of £3 million is available.
There are no gift cards provided.
If you stop paying your premiums with Scottish Widows, you will not receive any money back and your coverage will then be terminated.
#3. Financial stamina
Scottish Widows paid out £128.1 million in life insurance claims in 2019, assisting almost 7,900 households.
99 percent of claims were paid out, with cancer accounting for 46 percent of these.
#4. Applications and technologies
The website is simple to use.
The website contains a wealth of information.
Policy materials are easily accessible.
Quotes are not available online.
The chatbot is not available.
There is no option for live chat.
Scottish Widows Life insurance has a high safety rating.
The company has also received expert and client feedback.
Scottish Widows life Insurance Reviews and Ratings
Customer satisfaction with Scottish Widows Life insurance is high.
Trustpilot: 116 reviews yielded a rating of 1.6/5.
Defaqto: 5 star rating
Scottish Widows is rated by experts.
What are the different types of Scottish Widows life insurance policies?
When it comes to life insurance, you must make a number of critical considerations. You must choose among many different policy types to determine which one best meets your needs. So, as the first major decision, you must select between:
Term life insurance policy: Term insurance is classified into two types: level term insurance and declining term insurance. If you pick term insurance, you must again choose between these two options. There is sometimes a growing term insurance option.
Whole-life insurance Policy: protects you against death. When the policyholders die, the insurance will pay out. This type of coverage is not provided by all insurers.
What is term life insurance from Scottish Widows?
There are two types of term life insurance:
Level cover ensures that your loved ones will receive a payment if you die during a specified time period. You will receive the same amount for a set length of time. Depending on your needs, life insurance can be purchased for 5, 10, 20, or 30 years.
Decreasing cover ensures that your loved ones will receive a payment if you die during a certain time period. Over the course of the policy, the quantity diminishes. It is especially advantageous if you have a loan because the interest rate tends to fall over time. You can also select an increasing cover.
Life insurance that increases or decreases in value
Some providers also recommend growing life insurance, which is identical to lowering life insurance but with higher premiums rather than lowers.
The expanding cover function usually protects your insurance policy against inflation.
The amount you are covered for will rise in line with the Retail Prices Index each year (RPI). The rise will be at least 2% and can reach a maximum of 10%.
Can You take out Scottish Widows insurance with someone else?
Yes, you can get a single or joint policy with Scottish Widows.
Purchasing a combined policy covers two persons who are covered under the same policy. In the end, it is less expensive than two separate policies. It takes into account both of your contributions to the family. It only pays out once, and the money is given to the other partner if one of the partners dies. After the death of the first partner, the surviving member of the couple is then left without life insurance.
Purchasing a single policy only covers one person. It pays out the amount specified. Taking out two policies is more expensive, but you can select the amount of insurance you want, which is advantageous if the two spouses do not need to be protected at the same level.
Purchasing Critical Illness Coverage from Scottish Widows Life Insurance
What is critical illness insurance?
It is an optional coverage that can be added to your policy or coupled with your normal life insurance. It compensates you if you get an illness. Your policy contract must include information about the sickness that develops. Cancer and heart attacks are two of the most prevalent disorders covered. And if you become terminally sick, your insurance will pay out as if you had died.
Is Scottish Widows the greatest critical illness insurance provider?
When you purchase Scottish Widows life insurance with serious sickness, the following benefits are included:
#1. Overall life insurance Coverage
Scottish Widows’ Critical Illness Coverage includes the following benefits:
- Coverage ranging from £30,000 to 25% of the price paid
- If the policyholder is under the age of 45 and suffers from one of the neurological disorders listed, 150 percent of the cover amount will be paid. In this scenario, the highest sum that can be paid is £200,000.
- If the policyholder is on any UK hospital waiting list, an advance payment of the current amount of insurance available is made.
#2. Cover for Children
Coverage is available for children from 30 days to 22 years.
If a child is diagnosed with, or undergoes the precise operation mentioned for, one of the following critical conditions, the insurer will pay 50% of the cover amount, up to a maximum of £30,000.
There is also a funeral cover of £10,000 available.
What you need to know about Scottish Widows critical illness insurance
Scottish Widows paid out £128.1 million in life insurance claims in 2019. Thus, assisting almost 7,900 households. 99 percent of claims were paid out, with cancer accounting for 46 percent of these.
How can I Contact Scottish Widows life insurance?
All of the main phone numbers to contact Scottish Widows life insurance are listed below:
Telephone Numbers: 06240 0345 030 6240
Hours of operation: Monday through Friday, 10 a.m.–4 p.m.
Filing a Claim with Scottish Widows
Phone number: 0800 056 5590
Monday to Friday, 9.00 a.m. to 5.30 p.m.
General Contact Information for Scottish Widows Life Insurance
Postal address:
Morrison Street, 69
8BW EH3
Edinburg
The United Kingdom
Social Media Channels:
Twitter, Facebook, and YouTube
How to make a claim on Scottish Widows life insurance
When should you make a claim?
Claims must be filed as soon as possible.
Mail-in claim
Scottish Widows
Dalkeith Road, 15
EH16 5BU Edinburgh
Claim by phone
Phone number: 0800 056 5590
Scottish Widows Life Insurance Policy Cancellation
If you cancel your insurance policy within 30 days, you will receive a full refund of your money.
There will be no returns after 30 days of cancellation of the life insurance policy with Scottish Widows.
Cancel by mail
Scottish Widows
Dalkeith Road, 15
EH16 5BU Edinburgh
Cancel by email
It is not possible to cancel a policy through email.
Cancel online
It is not possible to cancel your policy online.
Cancel by phone: 06240 0345 030 6240
Geting a Scottish Widows Life Insurance Quote
Phone number: 06240 0345 030 6240
How do I access my Scottish Widows life insurance account?
On the Homepage, click the “Log in” button.
In Conclusion,
Scottish Widows was created in the 1800s by a group of Scotsmen who wanted to financially protect their wives, sisters, and other female relatives. They provide insurance up to £25 million and a variety of support services, such as Scottish Widow Care, which provides policyholders with access to a wide range of support and services. This service is provided by Scottish Widow in collaboration with RedArc. They have a Defaqto rating of 5 stars and a TrustPilot rating of bad. Their services are suggested since they have a strong financial capacity to pay claims.
To be eligible for a Scottish Widows life insurance policy, you must be a UK resident between the ages of 18 and 79 for life cover and between the ages of 18 and 64 for critical illness protection.
Frequently Asked Questions
Is Scottish Widows a Good Life Insurance?
Scottish Widows received five stars in the ‘Life and Pensions’ and ‘Investments’ categories of the 2020 Financial Adviser Service Awards. In addition, Scottish Widows level and decreasing life and critical illness insurance products received a 5-star defaqto rating in 2021.
What is Scottish Widows Lifetime Cover?
Life insurance can provide a safety net by helping to pay down a mortgage, letting you to keep your family home. If you die during the policy’s term, you may be entitled to a cash payout.
