Scottish Widows Life Insurance dates all the way to 1812 with an original remit of setting up a general fund to protect the assets of widows and the female relatives of fund-holders.
Three years later, Scotland’s first mutual life office was open for business under the name ‘The Scottish Widow’s Fund and Life Assurance Society’.
In 2000, Scottish Widows was demutualised and became part of the Lloyds TSB Group and in 2009 became part of the Lloyds Banking Group.
Today, Scottish Widow has nearly 6 million customers, providing a range of pension and protection products, including Scottish Widows Life Insurance.
Scottish Widows Life Insurance is backed by the heft of Lloyds Banking Group, the third-biggest bank in the UK by assets as of March 31, 2017.
Overview of Key Policy Details
Level Term / Decreasing Term / Whole of Life / Family Income Benefit
Single / Joint Life Insurance
Full Medical Underwriting
Terminal Illness Cover
Optional Critical Illness Cover
Critical Illnesses Covered
Children’s Critical Illness Cover
Waiver of Premium
Minimum Entry Age
18 years old
Maximum Entry Age
Available if the policyholder:
Self inflicted injury or suicide within 12 months of the policy start date.
Scottish Widows make their policies highly flexible by providing a range of policy options that can be changed at nearly any time, even after your policy has started.
With all Scottish Widows Life Insurance policies, they give policyholders and their families access to a free nurse advice service provided by RedArc, known as Scottish Widows Care.
If the policyholder or any of their family members have experienced or are experiencing a traumatic situation, they can contact a personal nurse. Personal nurses are able to provide support for serious illness, bereavement, trauma, disability and recovery after being discharged form hospital.
If the situation requires, a personal nurse is also able to provide a face-to-face second medical opinion from a UK-based specialist or a course of therapy if you are diagnosed with a serious illness.
For up to 90 days while your application is being assessed, you will be covered in the event of accidental death before your application has been either accepted or rejected. Your benefit amount for your Accidental Death Cover can be up to £250k or the sum-assured that you applied for if it is less.
This additional cover is included automatically and covers you for up to 90 days while you’re in the process of buying a new home. Between the day of finalising your contract until the start date of your mortgage, you can receive up to £1,000,000 in Life Insurance cover and £500,000 for Critical Illness cover. Exclusions apply to this benefit and not everyone will be eligible to claim.
This is automatically included with all Scottish Widows Life Insurance policies with Critical Illness Cover. If your child is under the age of 22, a one-off payment of £5,000 will be paid in the event of their death.
We try to find out everything there is to know about the policies we advise on to ensure that we are in the best position to match you with the most appropriate policy. Below, we have answered a few frequently asked questions given to us by our customers about Scottish Widows Life Insurance policies. If you need any further help, please do not hesitate to call us on 02084327333.
Independent Protection Expert at Drewberry
A. If you are diagnosed with a critical illness from the main list consisting of 41 conditions, you will be entitled to the full benefit amount. If you are diagnosed with one of the 8 ‘additional’ conditions, however, you will be entitled to either 25% of the claim amount or a maximum of £25,000.
A. Yes. If you take out a Joint Life Insurance policy from Scottish Widows, it will only pay out upon the first death before ending. However, Scottish Widows will allow the surviving partner to renew the policy on a single person basis to cover themselves.
If they apply for a new policy within 3 months of their Joint Life policy ending, Scottish Widows will reinstate the policy with all of the same terms to cover the surviving person, with only the premiums of the Life Insurance policy being changed.
As you can see, there are a lot of points to consider when comparing insurers. With so many factors in play, it can be time-consuming to pull up key information across every single insurer in the market, so why not ask an adviser for help?
We started Drewberry because we were tired of being treated like a number and not getting the service we all deserve when it comes to things as important as protecting our health and our finances. Below are just a few reasons why it makes sense to talk to us.
If it is all getting a little confusing and you want to talk you through your options to make sure you find the most suitable cover please don’t hesitate to get in touch.
Pop us a call on 02084327333 or email firstname.lastname@example.org.
Independent Protection Expert at Drewberry
I had the pleasure of dealing with Jake Mills in organising my insurance. Jake was fantastic to deal with — his patience and understanding really helped.