Does Barclays bank do life insurance?

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

Anyone aged 18 - 75 can take out life insurance from Barclays and 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 has their life insurance administrator. However, they’re currently using Legal & General.

Our FCA regulated broker service can compare quotes on your behalf from Legal & General and many more leading life insurance providers to find you the 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 life insurance isn’t rated as highly as you may think.

Barclays life insurance only scores 1.5 stars on Trustpilot and 3 stars on Defaqto.

This is compared to Reassured who scored 5 stars from over 34,000 independent Trustpilot reviews.

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.

How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.

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£121,687 is the estimated average outstanding mortgage per household in the UK.

Our property is generally the largest financial commitment any of us will make.

Your life insurance should cover this significant debt should you no longer be around.

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According to Money Advice Service, full-time childcare in the UK now costs £242 a week.

The loss of a parent could result in the need for additional childcare whilst the surviving parent increases their hours to account for lost income.

Your life insurance cover should factor in this additional required outgoing.

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The average level of debt (minus a mortgage) in the UK is £15,385.

Factoring in any outstanding debts in your name when arranging life insurance ensures this burden is not passed to loved ones.

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You may wish to leave your loved ones an inheritance or lump sum gift upon your passing.

Factoring in the gift amount when arranging your cover will ensure the pay out amount will be sufficient to provide your loved ones with this selfless gesture.

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According to SunLife, the average cost of a UK funeral is now £4,417, whilst the total cost of dying is £9,493.

This is a 130% increase over the past 16 years and shows no signs of slowing down.

A significant cost which should be factored into the amount of life insurance you secure.

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If you are one of the 65% of the UK who are lucky enough to have savings, this could be used as protection if you were to pass away.

Any pay outs from existing life insurance policies and investments can also be used as financial protection for your loved ones if you were no longer around.

Factor this into your required cover amount.

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Your total cover estimate

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Let us find your best quote.

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 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 the best 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 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.

You’ll 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 for paying 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 cover is best suited for 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 your best option.

Barclays life and critical illness insurance

Critical illness cover can only be added to Barclays life insurance for mortgage holders.

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 multiple 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 become detached from your estate, this means that it’s not subject to 40% inheritance tax (and avoids the probate process for a faster pay out).

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

Not only can we compare quotes from the UK's leading insurers, but our customer service team can help you write your policy in trust 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 the most cost-effective 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 a form of free cover with their life insurance for mortgage holders.

Death benefit comes with both simple and mortgage policies.

This means that you’ll be covered (for up to 90 days) while Barclays receive your application.

If you pass away within this time frame a pay out will be made of the amount you asked for in your application.

Barclays life insurance for mortgage holders comes with free cover.

This means you will be covered for a maximum of 90 days. If you pass away during the exchange of contracts and completion of your property purchase, a pay out will be made.

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 finding the best life insurance policy for your unique needs.

This can seem like a daunting task but, at Reassured, we work with a panel of insurers (including Legal & General).

Our award-winning team can find quotes on your behalf to save you time and money.

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

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