LIFE INSURANCE


LIFE INSURANCE.

Most people insure their home, car & mobile phone but what about providing financial security to those who mean the most? Life Insurance could provide a lump sum if you die, helping to ensure your loved ones aren’t left in financial difficulty. It could pay off the mortgage as well as any outstanding loans or bills.

  • Pays out if you die - My Life Insurance, arranged and provided by Scottish Widows, pays a lump sum if you die during the term of your policy or if you’re diagnosed with an illness where you’re expected to die within 12 months. Scottish Widows will NOT pay out if you live to the end of your policy with no claim made.
  • Provide financial support - Having My Life Insurance can help to give you peace of mind by providing financial support for your loved ones if you die, for example by helping to repay a mortgage or other outstanding debts.
  • Think about a Will – if taking out My Life Insurance, you should consider speaking to a solicitor about making a Will otherwise any money paid out if you die during the term of the policy may not go to the intended people. You may also want to consider placing your policy in Trust which could help to reduce any potential Inheritance Tax.
  • 30 days cancellation period – any premiums paid will be refunded if you cancel in the first 30 days.

What cover is right for you?

  • Level Cover - The amount of cover you have selected stays at the same level throughout the term you have chosen and the premiums you pay stay the same too.
  • Decreasing Cover - The amount of cover you have selected decreases each month over the policy term, in a similar way to how the outstanding balance of a repayment mortgage or loan decreases over time.  The premiums you pay stay the same.

Want some advice?

We are committed to helping you meet your protection needs and giving you peace of mind that you are covered.

Whilst we cannot provide you with advice, you can contact LifeSearch, who can provide you with advice on your protection needs over the phone. LifeSearch is not part of Lloyds Banking Group.

You can call them on 0800 804 6825 (Mon – Thurs 8am – 8pm, Fri 8am to 6pm).


How much cover do I need?

Work out how much life cover you may need in a few simple steps using our cover calculator.


Important information

    • The policy does not have a cash-in value at any time.
    • You will not receive any money back at the end of your chosen term if no claim is made.
    • The policy only pays out on death or on diagnosis of an illness with less than 12 months to live.
    • My Life Insurance only covers your life.
    • If you don’t already have a Will, you should consider creating one to help ensure any proceeds go to the intended people.
    • No changes to the policy are possible and premiums are fixed.
    • 30 day cancellation rights.
    • You can apply for My Life Insurance if you are a UK resident, 18 or over, and under 60
    • Maximum sum assured of £500,000 across all My Life Insurance policies.
    • Consider placing your policy in Trust which could help to reduce any potential Inheritance Tax.

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