Barclays Bank: Life Insurance Options And Benefits

Barclays offers life insurance to its customers, providing financial security for their loved ones in the event of their death or terminal illness. The bank has partnered with Legal & General to offer a simple, high-quality life insurance product with premiums starting from £6 per month. This insurance provides a lump-sum payment to the policyholder's family, helping them cover essential living costs, mortgage payments, rent, and education expenses. Barclays' life insurance also includes Terminal Illness Benefit at no extra cost, ensuring support for customers facing a terminal diagnosis. The bank's insurance services are authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Barclays Simple Life Insurance

This insurance plan is underwritten by Legal & General Assurance Society Limited and offers several benefits. You are in control of the length of coverage, and you can easily change your policy if your circumstances change. The monthly payments and coverage amount remain consistent throughout the policy unless you choose to make adjustments. The policy also includes Terminal Illness Benefit at no extra cost, ensuring a full payout if you are diagnosed with a terminal condition.

To get started, you can use their cover calculator to determine the recommended coverage amount based on your needs. The application process involves answering a few questions about your health and lifestyle, followed by a final application with Legal & General to secure your personalised quote.

For added convenience, Barclays is offering a £75 e-voucher for those who get a quote for Barclays Simple Life Insurance between 1 June 2024 and 30 June 2025 and subsequently take out an insurance policy. This offer is valid until 30 June 2026.

Barclays Life Insurance for Mortgage Holders

Barclays offers life insurance for mortgage holders, which can help give your loved ones financial security with a single payout towards your mortgage in the event of your death or terminal illness. This insurance is underwritten by Legal & General Assurance Society Limited, which has over 180 years of experience and paid out 97% of life insurance claims in 2018.

The life insurance for mortgage holders offers peace of mind for your home and can help protect your family's future. It can help make life a little easier for the people you leave behind, giving them the reassurance that they could stay in the home they love and pay any debts or expenses.

You can choose between different types of cover to protect your mortgage and loved ones, including single or joint policies and level or decreasing term insurance. A single policy covers one person and pays out if the policyholder dies, while a joint policy covers two people and pays out once after the first person dies. Level term life insurance helps with interest-only and repayment mortgages, keeping the payout amount the same throughout the policy. On the other hand, decreasing term life insurance assists in repayment mortgage, with the payout amount decreasing over time.

Additionally, Barclays offers a £75 e-voucher promotion for those who get a quote for mortgage protection life insurance between 1 June 2024 and 30 June 2025 and then take out an insurance policy before the quote expires.

Terminal illness cover

Barclays offers life insurance to help protect the future of your loved ones should anything happen to you. This includes terminal illness cover.

Barclays' life insurance, provided in partnership with Legal & General, includes terminal illness cover. If you are diagnosed with a terminal illness and are expected to die within a year, your loved ones will receive a single payout to help cover costs. This can include mortgage payments, rent, education, and other living expenses.

The cost of Barclays' life insurance starts at £6 per month, and you can increase your cover amount without re-applying. The process of evaluating your application will involve reviewing your medical information and lifestyle, as well as taking your age into consideration.

It is important to note that there are certain conditions and exclusions to the terminal illness cover provided by Barclays and Legal & General. For example, your diagnosis must meet their definition of a terminal illness, and incorrect information provided during the application process may result in a denied payout.

Critical Illness Cover

Barclays offers critical illness cover as an optional add-on to its life insurance policies. This cover is underwritten by Legal & General Assurance Society Limited, who are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

If you have a mortgage protection policy, you can add critical illness cover for an additional fee. This will cover you until you are 75 years old, but you must be between 18 and 67 years old to apply for a level life insurance policy with critical illness cover, and between 18 and 64 years old for a decreasing policy.

It is important to note that critical illness cover for a mortgage protection policy does not include all critical illnesses. You will only be covered if you are diagnosed with one of the critical illnesses specified by Legal & General.

On the other hand, if you have Barclays' Simple Life Insurance, you cannot add critical illness cover. However, this policy still provides financial protection for your loved ones if you die or become terminally ill, with a single payout to cover living costs and other essentials.

Claiming on a policy

Barclays offers life insurance to protect the future of your loved ones should anything happen to you. This life insurance is underwritten by Legal & General Assurance Society Limited.

If you need to make a claim on a Barclays life insurance policy, you can do so by contacting Legal & General using the following details:

• Phone: 0800 0083 0322. Lines are open Monday to Friday, 9am to 5:30 pm.
• Email: [email protected]
• Address: Legal & General Claims Department, City Park, The Droveway, Hove, BN3 7PY

When making a claim, you will need to provide the following information:

• The name of the person who has died
• The cause, date and place of death (if known)
• A death certificate (if you have it)
• Your name and your relationship to the person who has died
• Who the legal next of kin is (if known)

You may be asked to provide additional information, and Legal & General may contact the GP, coroner, or other involved parties for more details. If your claim is accepted, the payment will be sent to the bank account provided on the payment instruction form.

Terminal illness claims

If you have been diagnosed with a terminal illness, you can also make a claim by contacting Legal & General using the details provided above. You will need to provide details of your diagnosis and illness, as well as your GP's contact details. Any letters or correspondence from your hospital or GP relating to your illness may help to speed up the process.

Increasing your cover amount

You can increase your cover amount without providing medical evidence or answering health questions. However, you must have been under 45 when you took out the policy, and your application must have been accepted on standard terms. You can make changes to your policy up to three times, and you must make the changes within six months of an event.

Frequently asked questions