Is Scottish Widows The Best Life Insurance Policy?
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Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodologyThis is the ultimate review to guide you through the ins and outs of Scottish Widows life insurance. You might already know that Scottish Widows has several different contract options.
Some are great. Some are less useful. Some are simply too expensive.
So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.
Let’s dive right in!
Is Scottish Widows the best life insurance for you?
When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you.
Scottish Widows life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Scottish Widows .
3 Safe overall rating for Scottish Widows
| Rating Criteria | Safe Rating | Our Review |
|---|---|---|
| Customer service satisfaction, claims and support |
5 star rating on Defaqto | |
| Coverage options |
Increasing and Decreasing cover are provided | |
| Value for money |
Cover of up to £25 million is provided for life term insurance | |
| Financial strength |
In 2019, Scottish Widows paid out £128.1 million in life cover claims, helping over 7,900 families | |
| Apps and technologies |
The website is user friendly |
Expert and customer satisfaction reviews for Scottish Widows
| Review organisation | Consumer satisfaction rates for Scottish Widows Life insurance |
|---|---|
| Trustpilot | 1,6/5 based on 116 reviews |
| Defaqto | 5 |
Scottish Widows insurance in a nutshell
In summary, here are the main features you need to know when taking out life insurance with Scottish Widows .
| Criteria | Scottish Widows details |
|---|---|
| Minimum age | 18 years |
| Maximum age | 79 years |
| Pay-out | Up to £25,000,000 |
| Life insurance with free gifts | Not stated |
| Extras | Scottish Widow Care |
| Terminal illness | Yes |
What are Scottish Widows life insurance policy types?
When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between:
- Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option.
- Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage.
What is Scottish Widows term life insurance?
There are two term life insurance options:
- Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs.
- Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
| Criteria | Scottish Widows life insurance |
|---|---|
| Minimum term | 5 years |
| Maximum term | 40 years |
| Pay-out | Up to £25,000,000 |
| Minimum monthly premium | Not stated |
| Extras or any interesting facts | Scottish Widow Care |
Should you take level or decreasing term life insurance?
Scottish Widows offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance.
| Criteria | Provider Details |
|---|---|
| Scottish Widows term life insurance (level) |
|
| Scottish Widows decreasing term life insurance, also known as life insurance for mortgage |
|
Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.
- The increasing cover performs the function of protecting your insurance policy against inflation
- The amount you are covered for will increase each year in line with the Retail Prices Index (RPI). The increase will be at least 2%, up to a maximum of 10%.
Can you take out a Scottish Widows insurance with someone else?
Yes, you can either have a single or a joint policy at Scottish Widows .
Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner.
Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level.
What are Scottish Widows life insurance extras?
You can add these extras at additional cost to your Scottish Widows life insurance:
| Details | Reviews |
|---|---|
| Premium Protection | In the case that the policyholder has been injured or involved in an accident and is unable to work, the premiums will be protected found after 26 weeks, the premium is paid till either the policyholder turns 70 or the policy term ends. |
| Accidental death cover | Free accidental death cover is provided while the insurance application is being processed. |
| Free Mortgage Cover | Free Mortgage cover is provided while the insurance application is being processed. |
| Scottish Widows | This is a service that gives the policyholders access to a wide range of support and services. Scottish Widow works with RedArc to provide this service |
| Life Cover Buyback | This feature allows the policyholder to buy back their life cover after the critical illness claim has been paid. |
Should you take out Scottish Widows life insurance critical illness cover?
What is critical illness cover?
It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away.
Is Scottish Widows the best critical illness cover?
Here are the main features when you take out Scottish Widows life insurance with serious illness:
| Criteria | Overall life insurance and critical illness cover |
|---|---|
| Coverage | The Critical illness cover that Scottish Widows provides offers the following:
|
| Children's Cover |
|
| What should you know about Scottish Widows critical illness cover? | In 2019, Scottish Widows paid out £128.1 million in life cover claims, helping over 7,900 families. 99% of claims were paid out and 46% of these was for cancer. |
How much is Scottish Widows life insurance?
The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:
However, your life insurance price will also depend on several factors:
- Your medical conditions
- Whether or not you are a smoker
- Which add-ons you add to your life insurance
- Your salary
- The coverage you want
- Whether you take out a joint policy or not
So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection?
How to contact Scottish Widows life insurance?
Here are all the important phone numbers for contacting Scottish Widows life insurance:
| Service | Phone Numbers | Opening Hours |
|---|---|---|
| Get a quote at Scottish Widows | 0345 030 6240 | Mon to Fri 10am–4pm |
| How to claim at Scottish Widows | 0800 056 5590 | Monday to Friday 9.00am – 5.30 pm |
| How to cancel at Scottish Widows | Not available | Not available |
What are Scottish Widows general contact details?
You will find in this table all the general contacts that you would need if you want to reach Scottish Widows life insurance:
| General contacts | |
|---|---|
| Mailing address | 69 Morrison Street |
| Social media | Facebook, Twitter, YouTube |
| Chatbot | No |
scottish widows life insurance contact number
How to claim at Scottish Widows life insurance?
You will find on this table the different possibilities for reporting a claim on your Scottish Widows life insurance:
| How to claim on your life insurance at Scottish Widows ? | |
|---|---|
| When to claim? | Claims should be made as soon as possible. |
| Claim by mail | Scottish Widows |
| Claim by email | Not Available |
| Claim online | Not Available |
| Claim by phone | 0800 056 5590 |
Here are all the important Scottish Widows life insurance contact number!
How to cancel my Scottish Widows life insurance?
You will find on this table the different ways to cancel your Scottish Widows life insurance:
| How to cancel your life insurance at Scottish Widows | |
|---|---|
| Fees |
|
| Cancel by mail | Scottish Widows |
| Cancel by email | Not possible to cancel policy by email |
| Cancel online | Not possible to cancel policy online |
| Cancel by phone | 0345 030 6240 |
How do I get Scottish Widows life insurance quotes?
Here are the different ways to get a life insurance quote at Scottish Widows :
| How to get a life insurance quote at Scottish Widows | |
|---|---|
| Quote online | Not available |
| Quote phone | 0345 030 6240 |
How do I log into Scottish Widows life insurance?
Click on the "Log in" option on the Homepage
Do we recommend Scottish Widows life insurance?
Scottish Widows was founded in the 1800s by a group of Scotsmen with the intention to protect their wives, sisters and other female relatives financially. They offer three broad types of policies which are the level term, decreasing or increasing cover and the critical illness cover. They offer insurance of up to £25 million and have a number of support services offered like the Scottish Widow Care which is a service that gives the policyholders access to a wide range of support and services. Scottish Widow works with RedArc to provide this service. They have a 5 stars rating on Defaqto and a poor rating on TrustPilot. Their services are recommended as they have a high financial capacity to pay out claims.
Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away.
Yes, it is worth getting life insurance when people depend on you financially, like your family.
How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out a whole life insurance policy.
Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover.
Lots of life insurance providers offer free gifts:
- Royal London
- Legal & General
- Aviva
- Shepherds Friendly
- OneFamily
- British Seniors Insurance Agency
There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you.
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.
