Does Barclays bank do life insurance?

The answer is yes, Barclays Bank does provide life insurance.

You must be at least 18 years old, but no older than 74 years old, at the time of applying.

You don’t need to be a Barclays Bank account holder.

Unfortunately, Barclays no longer provide over 50s plans but you can apply for one of their standard plans up to the age of 74.

In the past, Barclays have used Aviva as their life insurance administrator. However, they’re currently using Legal & General.

At Reassured, we can’t arrange Barclays life insurance.

However, our FCA-regulated broker service can compare quotes from Legal & General and many more leading life insurance providers to help you find our best deal.

Continue reading to find out if Barclays life insurance is right for you…

Barclays life insurance review

Despite being a well-known and well trusted UK bank, Barclays score just 1.4 stars on Trustpilot across all of their financial services.

Their life insurance is rated 3 stars on Defaqto.

This is compared to Reassured who score 4.8 stars from over 70,000 independent Trustpilot reviews.

We can arrange cover from providers who have 3+ star Defaqto ratings.

Who underwrites Barclays life insurance?

As discussed, Barclay’s life insurance is currently underwritten by Legal & General.

If you’ve previously taken out a Barclays simple life insurance or life insurance for mortgage holders’ policy, it’ll be underwritten by Legal & General.

If you have a standard life insurance policy, over 50s plan or a mortgage policy (taken out before September 2018), it’ll be underwritten by Aviva.

To compare quotes from Legal & General and other market leaders, contact our team today.

Life Insurance Calculator

Calculate how much life insurance you may need by filling in the costs you’d like your policy to cover.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk

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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk

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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk

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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk

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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org

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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk

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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net

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Barclays simple life insurance

Barclays simple life insurance is level term life insurance, starting from £6 a month.

With level term life insurance, your sum assured (the amount paid out) will remain fixed (or level) throughout the lifetime of your policy.

You can obtain cover from 5 to 50 years, (the term must finish before your 90th birthday).

This cover is to be used to protect your loved ones from your death or falling terminally ill.

Terminal illness cover comes as standard with this policy, as it does with all term policies from Reassured.

Terminal illness cover allows you to make an early claim if you’re diagnosed with a terminal illness and predicted to pass away within 12 months.

When you make a terminal illness claim, your full sum assured will be paid out.

You can use this policy pay out to help cover medical fees or to simply enjoy with your loved ones.

However, Barclays simple life insurance policy doesn’t allow you to add critical illness cover.

Critical illness cover can be added to any term policy taken out through Reassured for an additional cost to add an extra safety net if you were to be diagnosed with a critical illness and unable to work.

To compare multiple level term policies to find a great deal, get in touch.

Barclays mortgage life insurance

Barclays life insurance for mortgage holders starts at just £6 a month.

It’ll provide a lump sum pay out that can be used by your loved ones to help pay off the remainder of the mortgage.

This cover gives you more flexibility as you can choose between a single or joint policy, as well as level or decreasing terms.

Level term

With level term life insurance, your sum assured remains the same throughout your policy.

This means your loved ones will always receive the amount that was agreed when you first took the policy out.

Personal factors such as your age, health, smoking status, sum assured and length of cover will determine how much your monthly premium will be.

Your loved ones will receive a pay out if you pass away during the term.

If you don’t pass away, no pay out is made and your cover will expire.

Level term is best used to help pay off an interest only mortgage as your pay out amount remains fixed.

Decreasing term

With decreasing term life insurance your sum assured will reduce over time.

As with level term, you’ll be covered for a specific period of time and your premiums will be based on personal factors such as your age, health and wellbeing, as well as your smoking status.

This policy is best suited for helping to cover a repayment mortgage as you can have your pay out amount decrease in line with your mortgage balance.

Joint life insurance

Joint life insurance covers two lives simultaneously.

You’ll only need to make one application and the price you pay for your premiums will be based on information about both parties.

The main advantage of joint life insurance is that you can save on average 25% compared to two single policies.

Despite covering two lives, joint life insurance will only pay out once - usually after the first death.

This means that the surviving partner will need to find new cover.

Use our free, award-winning brokerage service to compare single and joint policies to find our best option for you.

Barclays life and critical illness insurance

Critical illness cover can only be added to Barclays life insurance for mortgage holders (for an additional cost).

This covers a list of over 30 critical illnesses including stroke, heart attack and some forms of cancer.

For a critical illness pay out to be made, your illness must meet the definitions of Legal & General and must be verified by a healthcare consultant.

To find out more about what illnesses are covered and to read Barclay's definitions, you can read this booklet.

Terminal illness cover

Both Barclays simple and mortgage insurance include terminal illness cover at no extra charge.

Barclays Aviva life insurance

Barclays worked in partnership with Aviva to provide Barclays life insurance.

This service is no longer available to purchase by new customers.

If you currently have an Aviva policy with Barclays, you can find more information about your policy here or you can contact Aviva directly.

At Reassured we can compare quotes from leading life insurance companies to save you money.

Barclays life insurance over 50s

When Barclays worked in partnership with Aviva, they offered over 50s plans.

This product is no longer sold by Barclays as they now work in partnership with Legal & General.

If you have an active over 50s policy purchased through Barclays, you can still make enquiries or claims by contacting Aviva directly on 0800 158 3066.

At Reassured we can compare over 50s plans to find a policy that meets your needs.

How to cancel Barclays life insurance?

You can cancel your Barclays life insurance policy at any time.

  • If you cancel within 30 days of taking your policy out, you’ll be refunded any premiums that you’ve paid
  • If you cancel after 30 days, you won’t receive any money back
  • To cancel a policy that is underwritten by Legal & General, you can call 0370 010 4080
  • To cancel a policy that is underwritten by Aviva, you can call them directly on 0800 158 3066
  • Once you’ve cancelled your policy you’ll no longer be covered

Barclays life insurance in trust

Barclays simple and mortgage policies can be written in trust.

Writing your policy in trust allows your loved ones to benefit the most out of your policy.

When you write your policy in trust it can be detached from your estate, this means that it may not be subject to 40% inheritance tax (and can avoid the probate process for a faster pay out)

After you’ve passed away your trustee will be in charge of your pay out and ensures it’s distributed as per your wishes.

Not only can we compare quotes from some of the UK's best life insurance providers, but our customer service team can also help you write your policy in trust for most policies we arrange, at no cost.

How much is Barclays life insurance?

Both Barclays simple and mortgage life insurance policies start from £6 a month.

The price you pay for your policy will be based on a few factors. These include:

Knowing this information will allow insurers to calculate the risk that you’ll pose.

The bigger the risk, the higher the premium (as a pay out is more likely).

To find a suitable solution it’s important to compare quotes from different providers.

You can do this quickly and easily by using an FCA-regulated broker, like Reassured.

Do banks offer free life insurance?

Barclays offer free cover in the form of death benefits with their life insurance policies.

Accidental death benefit is provided at no additional cost to you with both their simple and mortgage policies.

This means that Barclays will cover you from when they receive your application, for up to 90 days or up until they accept, postpone or decline your application.

If you pass away due to an accident during the 90 days, Barclays will pay out the amount you’ve asked to be insured for, up to a maximum of £300,000.

In addition, Barclays death benefit for their mortgage policies also includes coverage if you pass away between exchanging contracts and completing your property purchase.

This is up to a maximum of 90 days (provided you’re accepted on standard terms and Barclays have everything they need to start your policy).

Barclays life insurance quotes

While Barclays life insurance may seem like an appealing option, it’s essentially cover provided by Legal & General.

There are many ways to secure cover from Legal & General.

You can go direct, use a comparison site or you can compare quotes using an FCA regulated broker service, like Reassured.

Comparing quotes is essential to see if you can save money on your monthly premium.

At Reassured, can help you source multiple quotes from a panel of top UK insurers (including Legal & General).

Our award-winning team are on hand to help you find the right cover to suit your needs.

What’s more, we don’t charge a fee for our FCA-regulated service.

Sources:

https://www.barclays.co.uk/insurance/life-insurance/

The information in this article, regarding Barclays life insurance, is correct as of 18/05/23. Please be aware that, while we will aim to keep this article as up to date as possible, Barclays have the right to make changes to the terms and conditions of their policies

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