Is Barclays Bank The Best Life Insurance Policy?
verified information
Information verified by Adeline Harmant
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 Barclays Bank life insurance. You might already know that Barclays Bank 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 Barclays Bank 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.
Barclays Bank life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Barclays Bank.
4 Safe overall rating for Barclays Bank
| Rating Criteria | Safe Rating | Our Review |
|---|---|---|
| Customer service satisfaction, claims and support |
3 star rating on Defaqto | |
| Coverage options |
Barclays provides insurance for mortgage holders | |
| Value for money |
Cover can be gotten for as low as £6 a month | |
| Financial strength | Legal & General which Barclays partnered with paid out 98.3% of life insurance claims in 2017 | |
| Apps and technologies |
The website is user friendly |
Expert and customer satisfaction reviews for Barclays Bank
| Review organisation | Consumer satisfaction rates for Barclays Bank Life insurance |
|---|---|
| Trustpilot | 1,5/5 based on 2,370 reviews |
| Defaqto | 3 |
Barclays Bank insurance in a nutshell
In summary, here are the main features you need to know when taking out life insurance with Barclays Bank.
| Criteria | Barclays Bank details |
|---|---|
| Minimum age | 18 years |
| Maximum age | 75 years |
| Pay-out | £500,000 |
| Life insurance with free gifts | Not stated |
| Extras | A life insurance calculator is available on the website. |
| Terminal illness | Yes |
What are Barclays Bank 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 Barclays Bank 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 | Barclays Bank life insurance |
|---|---|
| Minimum term | 5 years |
| Maximum term | 50 years |
| Pay-out | £500,000 |
| Minimum monthly premium | £6 |
| Extras or any interesting facts | Bereavement Support is provided |
Should you take level or decreasing term life insurance?
Barclays Bank offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance.
| Criteria | Provider Details |
|---|---|
| Barclays Bank term life insurance (level) |
|
| Barclays Bank 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.
Barclays does not offer Increasing cover
| Whole life insurance | Barclays Bank whole life insurance details |
|---|---|
| Barclays Bank whole life insurance |
Can you take out a Barclays Bank insurance with someone else?
Yes, you can either have a single or a joint policy at Barclays Bank.
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 Barclays Bank life insurance extras?
You can add these extras at additional cost to your Barclays Bank life insurance:
| Details | Reviews |
|---|---|
| Accidental death benefit | Free accidental death cover benefit worth £300,000 is provided for up to 90 days while the insurance application is being processed. |
| Bereavement Support | Support is provided to the family members of policyholders in the case that he/she dies. |
| Free Mortgage Cover | Aviva provides the policyholder with 90 days free cover which starts when the insurance application has been accepted and the future start date coincides with the completion of your house purchase. |
| Accident Hospitalisation Benefit | Barclays will pay £5,000 if the life insured is admitted to hospital with physical injuries for 28 days after an accident. |
| Family Accommodation Benefit |
|
Should you take out Barclays Bank 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 Barclays Bank the best critical illness cover?
Here are the main features when you take out Barclays Bank life insurance with serious illness:
| Criteria | Overall life insurance and critical illness cover |
|---|---|
| Coverage | The Critical illness cover that Barclays provides is offered by Legal and General and it offers the following:
|
| Children's Cover |
|
| What should you know about Barclays Bank critical illness cover? | Insurance is provided for up to 40 critical conditions. |
How much is Barclays Bank 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 Barclays Bank life insurance?
Here are all the important phone numbers for contacting Barclays Bank life insurance:
| Service | Phone Numbers | Opening Hours |
|---|---|---|
| Get a quote at Barclays Bank | 0370 010 4080 | Monday to Friday 9am – 5pm |
| How to claim at Barclays Bank | 0800 008 3032 | Monday to Friday 9am – 5pm |
| How to cancel at Barclays Bank | 0370 010 4080 | Monday to Friday 9am – 5pm |
What are Barclays Bank general contact details?
You will find in this table all the general contacts that you would need if you want to reach Barclays Bank life insurance:
| General contacts | |
|---|---|
| Mailing address | Barclays Life Insurance |
| Social media | |
| Chatbot | No |
scottish widows life insurance contact number
How to claim at Barclays Bank life insurance?
You will find on this table the different possibilities for reporting a claim on your Barclays Bank life insurance:
| How to claim on your life insurance at Barclays Bank? | |
|---|---|
| When to claim? | Claims should be made as soon as possible. |
| Claim by mail | Not Available |
| Claim by email | [email protected] |
| Claim online | Not Available |
| Claim by phone | 0800 008 3032 |
Here are all the important Barclays Bank life insurance contact number!
How to cancel my Barclays Bank life insurance?
You will find on this table the different ways to cancel your Barclays Bank life insurance:
| How to cancel your life insurance at Barclays Bank | |
|---|---|
| Fees |
|
| Cancel by mail | Legal & General Assurance |
| Cancel by email | Not available |
| Cancel online | Not available |
| Cancel by phone | 0370 010 4080 |
How do I get Barclays Bank life insurance quotes?
Here are the different ways to get a life insurance quote at Barclays Bank:
| How to get a life insurance quote at Barclays Bank | |
|---|---|
| Quote online |
|
| Quote phone | 0370 010 4080 |
How do I log into Barclays Bank life insurance?
Click on the "Log in" option on the Homepage
Do we recommend Barclays Bank life insurance?
Barclays partners with Legal & General to provide life insurance services and they offer two main types of insurance which are the Barclays Simple Life insurance and Barclays Life Insurance for Mortgage Holders. Both types of insurance offered will pay out a particular sum in the case that the policyholder dies or is diagnosed with a terminal illness. Accidental Benefit cover is provided as a standard with the life insurance policy. The ratings are quite low however as Barclays has a 3 stars Defaqto rating and a 1.5 TrustPilot rating. However, as they partner with Legal and General that paid out 98.3% of life insurance claims in 2017, their financial capacity to pay out claims is quite high. Their services are recommended.
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.
