Life insurance can offer you peace of mind that your loved ones will be looked after should the worst happen.
Maybe you want some protection while you pay off a debt like a mortgage? Or you want to leave a sizeable gift for your family? Whatever the case, life insurance can help out.
With so much choice it can be hard to choose though. So we’ve analysed all the life insurance options from Barclays to help you work out if it’s the right provider for you and your family.
Who is Barclays?
With a history dating back over 300 years Barclays is best known as one of the major high street banks in the UK.
Yet it is a major global company which offers a wide range of financial services – and Brits can get life insurance through Barclays too.
For its life insurance policies Barclays works in partnership with Legal & General, which has 5-star Defaqto ratings for its life insurance products.
Although, a word of warning. Barclays itself generally scores 3-stars for this sort of cover, which isn’t the highest score around.
What types of life insurance does Barclays offer?
Barclays offers two broad types of life insurance cover: Barclays Simple Life insurance and Barclays Life Insurance for Mortgage Holders.
Both will payout a lump sum if you die or are diagnosed with a terminal illness. This means your loved ones will have some financial protection should you pass away during the policy term.
As the name suggests its Barclays Simple Life Insurance is pretty basic. You can only get what is called level cover.
The policy for Mortgage Holders has a touch more choice, offering both level and decreasing cover. Here’s how they work.
Level cover, where both your monthly payments and the cover amount stays the same over time.
Decreasing cover, where your payments stay the same but the level of cover decreases over time.
This term life insurance policy can cover you for a period from 5 to 50 years, and will payout if you die or are given a terminal illness diagnosis.
A policy like this can help your loved ones manage your debts when you’re gone, so you won’t have to worry about leaving a sizeable mortgage behind.
Or it can help your family with day-to-day expenses, ensuring they can maintain their standard of living.
This is another type of term life insurance, which in essence simply means it will cover you for an agreed period – or “term” – of between 5 and 50 years.
The idea behind Barclays Mortgage Life Insurance is that it will help your partner or other loved ones pay off your mortgage in the event of your death.
Given your mortgage could be the biggest financial commitment you make, it makes sense to get a financial safety net.
So you’ll need to get an appropriate level of cover, one which accurately reflects what it will cost to repay the mortgage.
What would happen to you and your family if you were suddenly too sick to work? Critical illness cover can help in a situation like this, paying out a lump sum if you’re diagnosed with an illness that your Barclays policy deems “critical.”
Barclays Simple Life Insurance customers can’t actually take out this additional policy, so you’ll have to take out Mortgage Life Insurance if you want this extra level of protection.
Optional add-ons include:
You can also take out Critical Illness Cover for Children with a Mortgage Life Insurance policy, which will payout if a child suffers from an insured condition.
Accidental death benefit included as standard, so your loved ones will get a full payout if you die from an accident within 90 days of applying for Barclays life insurance.
Drawbacks of Barclays life insurance
Barclays doesn’t have too much choice when it comes to types of cover. You can only get “level cover” with a Simple Life Insurance policy for example.
Defaqto have only given Barclays a 3-star rating for life insurance, which isn’t spectacular.
Barclays life insurance exclusions
Each life insurance provider will have its own set of exclusions. To find out the exact reasons Barclays won’t payout, you should check your policy handbook. Here are some standard exclusions though:
Failing to answer questions truthfully and accurately when you sign up could invalidate your policy. If you smoke, you have to tell Barclays!
Suicide and self-inflicted injuries generally won’t be covered, particularly within the first year of your policy.
You suffer from a critical or terminal illness which isn’t listed in the policy agreement.
Barclays won’t payout if you stop paying your premiums.
What’s the claims process for Barclay’s life insurance?
You can claim by phone (0800 008 3032) or by email (life.claims@landg.com). It might feel traumatic to discuss your loved one’s passing so soon, so you might consider asking a friend or family member to help you out.
To ensure the whole process goes smoothly you should have the following information to hand too:
The policy number
Details of the person who died
Details of how they died
The death certificate
The details of the person’s GP
Details of the next of kin
Frequently asked questions
The amount you will have to pay in Barclay’s life insurance premiums depends on a whole host of factors.
One main thing is the level of cover you apply for and the type of cover too. So if you want a sizeable payout you’ll pay more than someone asking for a minimal level of protection.
Personal details play a big part too. Your age, your health, your job and your lifestyle choices will affect what Barclays charges.
If you smoke you will invariably pay more in life insurance premiums, for example.
Yes, although you will have to ask Barclays for approval.
It’s only natural to want to amend your policy if a major life event happens – moving into a bigger house or having another kid for example.
However your premiums will probably change to reflect your increase or decrease in protection.
Life insurance payments are currently free from income and capital gains tax for UK residents, but may be subject to inheritance tax, depending on the value of your estate. It’s also worth noting that tax rules could change in the future, which might affect the tax implications on your payout.
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Esther Wolffowitz was a publisher at finder.com specialising in insurance. Esther holds an MSc in Media and Communication Governance from the London School of Economics and Political Science (LSE). See full bio
Read our review of Vitality’s life insurance, critical illness cover and mortgage insurance to find out if they’re likely to meet the needs of you and your family.
Find out more about Legal & General, the financial services giant, and its life insurance policies.
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