Is Lloyds Bank The Best Life Insurance Policy?

This is the ultimate review to guide you through the ins and outs of Lloyds Bank life insurance. You might already know that Lloyds 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 Lloyds 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.

Lloyds Bank life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Lloyds Bank.

2 Safe overall rating for Lloyds Bank

Rating Criteria	Safe Rating	Our Review
Customer service satisfaction, claims and support		Contact details are provided on the website 2 star rating on Defaqto 1.6/5 rating on TrustPilot Detailed policy documents available
Coverage options		Level term and decreasing cover are provided Terminal illlness cover is provided No critical illness cover is provided Only one added extra option is provided No mention of children's cover
Value for money		No cash in value option No amount will be refunded at the end of the policy term in the case that no claim is made No mention of discounts or gift cards on the website
Financial strength		Lloyd bank has been functional since June, 1765.
Apps and technologies		Quotes can be taken out online A life insurance calculator is available on the website Little or no information is provided on the website No livebot or chatbot option

Expert and customer satisfaction reviews for Lloyds Bank

Review organisation	Consumer satisfaction rates for Lloyds Bank Life insurance
Trustpilot	1.6/5 based on 86 reviews (General reviews)
Defaqto	2 stars

Lloyds Bank insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with Lloyds Bank.

Criteria	Lloyds Bank details
Minimum age	18 years
Maximum age	59 years
Pay-out	Up to £500,000
Life insurance with free gifts	Not stated
Extras	A life insurance calculator is available on the website.
Terminal illness	Yes

What are Lloyds 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 Lloyds 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	Lloyds Bank life insurance
Minimum term	5 years
Maximum term	Not stated
Pay-out	Up to £500,000
Minimum monthly premium	Not stated
Extras or any interesting facts	Not stated

Should you take level or decreasing term life insurance?

Lloyds Bank offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance.

Criteria	Provider Details
Lloyds Bank term life insurance (level)	The term life insurance can range for a minimum period of 5 years The cover is available for policyholders between the ages of 18 and 59 The premiums to be paid is constant throughout the duration of the policy
Lloyds Bank decreasing term life insurance, also known as life insurance for mortgage	The amount of cover chosen will decrease each month over the policy term An annual interest rate of 10% is charged for the duration of the insurance

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.

Lloyds Banks does not propose increasing cover.

What are Lloyds Bank life insurance extras?

You can add these extras at additional cost to your Lloyds Bank life insurance:

Details	Reviews
Terminal Illness	Cover is provided in the case that a policyholder is diagnosed with an illness that has advanced to the extent that it can no longer be cured and the illness is expected to lead to the policyholder's death in 12 months.
Life insurance calculator	The amount of insurance needed can be calculated on the website.

How much is Lloyds 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 Lloyds Bank life insurance?

Here are all the important phone numbers for contacting Lloyds Bank life insurance:

Service	Phone Numbers	Opening Hours
Get a quote at Lloyds Bank	0345 300 4455	Mon–Fri 8am–6pm
How to claim at Lloyds Bank	0800 849 6089	Mon–Fri 9am–5:30pm
How to cancel at Lloyds Bank	0800 849 6089	Mon–Fri 9am–5:30pm

What are Lloyds Bank general contact details?

You will find in this table all the general contacts that you would need if you want to reach Lloyds Bank life insurance:

	General contacts
Mailing address	Lloyds Bank Plc 25 Gresham Street London EC2V 7HN
Social media	Facebook, Twitter, YouTube
Chatbot

scottish widows life insurance contact number

How to claim at Lloyds Bank life insurance?

You will find on this table the different possibilities for reporting a claim on your Lloyds Bank life insurance:

	How to claim on your life insurance at Lloyds Bank?
When to claim?	Claims should be made as soon as possible.
Claim by mail	Scottish Widows PO Box 1140 St Albans, AL1 9UQ
Claim by email	Not Available
Claim online	Not Available
Claim by phone	0800 849 6089

Here are all the important Lloyds Bank life insurance contact number!

How to cancel my Lloyds Bank life insurance?

You will find on this table the different ways to cancel your Lloyds Bank life insurance:

	How to cancel your life insurance at Lloyds Bank
Fees	If the insurance policy is cancelled within 30 days, the premium paid would be refunded fully If the insurance policy is cancelled after 30 days, no refunds would be made
Cancel by mail	Scottish Widows PO Box 1140 St Albans, AL1 9UQ
Cancel by email	Not Available
Cancel online	Not Available
Cancel by phone	0800 849 6089

How do I get Lloyds Bank life insurance quotes?

Here are the different ways to get a life insurance quote at Lloyds Bank:

	How to get a life insurance quote at Lloyds Bank
Quote online	On the Home Page, Click on the "Get a quote" option Quotes can only be made online if the policyholder is registered for Internet Banking.
Quote phone	0345 300 4455

How do I log into Lloyds Bank life insurance?

Click on the "Log on" option on the Homepage

Do we recommend Lloyds Bank life insurance?

Lloyds Bank was founded in 1765, and has been serving the households, businesses and communities of Britain since then. Lloyds Bank offers only two types of life insurance, which are the Level Cover term insurance and Decreasing Cover term insurance. No cover is offered for critical illness and the only details available about the services provided are the ones listed on the website. They however have poor ratings on both Defaqto and TrustPilot and their maximum age of insurance which is 59 years is on the low side compared to other insurers. They have however been in service for a long time which indicates reliability. Although their services are recommended for this reason, there are other life insurance companies that can be used.