Go paper-free
Amend paper-free preferences for your statements and correspondence.
Life Insurance FAQs
Find answers to the most common questions about life insurance.
Life Insurance
-
Life insurance pays out a cash lump sum if you die before your policy ends. It's designed to help your loved ones cope financially when you can't be there.
When you apply for your policy, you’ll choose the size of the cash lump sum that will get paid out when a claim is made. You’ll also choose how long you want to be covered.
You’ll pay a fixed amount each month by Direct Debit, until your policy ends. Your policy doesn’t have a cash-in value. This means that if it ends without a claim, then you won’t get the money back.
-
Both of these can help support your loved ones after your death, but there are some differences.
Life insurance covers you for a fixed period. It pays out a cash lump sum if you die before the policy ends. After the policy ends, it won't pay out when you die.
Life assurance usually covers you for your whole life, so it's sometimes called 'whole of life cover'. It tends to cost more than life insurance.
We don’t offer life assurance to Lloyds Bank customers just now.
-
This kind of cover is also called ‘life assurance’ and is different to life insurance. It pays out after your death and there's no policy end date, so it covers you for your entire life. It tends to cost more than life insurance.
Things to consider
-
Some lenders might ask you to get life insurance when you apply for a mortgage. In any case, you should think about what's best for you and your loved ones. If you were to die, life insurance could help pay off your mortgage and allow your loved ones to keep their home.
-
You can’t change your policy after it has started. So make sure the amount and duration are right for you.
-
Scottish Widows might not be able to help if you have a pre-existing condition. But if they can't offer you a policy, they’ll let you know how to get more help or advice.
-
If you’d like advice, contact our Lloyds Bank protection experts. They can help find cover that’s right for you and your loved ones.
They'll give you advice on Scottish Widows life and/or critical illness policies.
They won't charge you for their advice and you do not need to take the product as a result of speaking to them.
Call:
Lines are open Monday to Thursday, 9am – 7pm, Friday 9am – 6pm.
Lloyds Bank Insurance Services Limited provides this service, which is also part of Lloyds Banking Group.
Applying
-
This cover is available for both new and existing Lloyds Bank customers. You need to be between 18-59 and live in the UK to apply.
-
We will only ask you a few essential questions about your health and lifestyle. You won’t need to have a medical check-up or send any extra info. Make sure your answers are true and complete. If anything you tell us is wrong, we might not be able to pay your claim.
-
No, you just need to answer a few questions online.
-
You will get an instant decision.
-
If your application is successful, It'll start the same day you apply.
-
This policy is arranged by Scottish Widows, who are a part of Lloyds Banking Group, like us. They’re life insurance experts, and they’ve been protecting what matters most for over 200 years.
Claims
-
We want to make sure it’s as easy as possible to make a claim. Your policy documents will explain how. To start a claim, just go to our existing customers page
-
The policy will only pay out when a claim is made. So for life insurance, it only pays out if you die while you're covered. For critical illness cover, it only pays out if you are diagnosed with an illness covered by your policy.
-
No. Your policy only pays out if a claim needs to be made. If your policy ends without a claim, then your cover will end and you won’t get money back.
Make sure you pay each month on time, or your cover will stop and you’ll get nothing back.
-
The cash lump sum your policy pays out is free from income and capital gains tax. It might be liable for inheritance tax (IHT). You can set up your policy to avoid IHT by writing it in trust. A solicitor can help you to do this.
Get protected by experts
Scottish Widows provide our life insurance policies. They're a part of Lloyds Banking Group, like us. Scottish Widows are experts, and they've been protecting what matters most for over 200 years.
Here are a few reasons why they could be the right choice to protect you and your loved ones:
Scottish Widows life insurance products have no cash-in value at any time. So if the policy ends without a claim, you won't get any money back. If you don't make payments on time, your cover will stop, your policy will end and you'll get nothing back.