Does Nationwide sell life insurance?

Yes, Nationwide sell level term life insurance and decreasing term life insurance, as well as the option to add on critical illness cover to your policy.

Nationwide life insurance and critical illness cover is provided by Legal & General UK.

It’s possible to get a quote and apply for a policy online or through a Nationwide financial advisor, depending on your needs and circumstances.

Securing life insurance is important as it financially protects loved ones if the worst were to happen to you, but should you secure a policy through Nationwide?

Read this Nationwide building society life insurance review to find out, as we cover all you need to know:

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Nationwide life insurance main points

Nationwide main points:

  • Rated 4 stars and 5 stars from experts at Defaqto
  • Life insurance is provided by Legal & General UK
  • No price rises (payments will stay the same)
  • Optional critical illness cover
  • Free critical illness cover for your children (if you add critical illness cover to your policy)
  • Terminal illness cover included
  • Joint cover available
  • Policies start from £5 a month

Whilst Reassured doesn’t provide life insurance policies from Nationwide, we do offer quote comparisons from top UK insurers, including Nationwide’s partner, Legal & General.

Get in touch today to discover our best quote - fee-free.

Nationwide life insurance reviews

Nationwide are rated highly by experts with 5 stars on Defaqto for their online life insurance and 4 stars for their term insurance policies.

In terms of customer reviews, there aren’t many available. However, Nationwide life insurance is highly rated by major expert rating companies, which helps give an honest insight into how good they are.

As well as Defaqto, Fairer Finance is another expert rating website which has evaluated Nationwide’s life insurance services by these 4 categories:

Fairer Finance claims scoreComplaints performanceTransparency ratingCustomer experience rating
Fairer Finance logo 73%85%57%72%


Reassured offer fee-free quotes from highly rated providers. Our broker service is also rated ‘Excellent’ based on 70,000+ customer reviews.

What life insurance policies do Nationwide sell?

Nationwide offer the option of level term life insurance or decreasing term life insurance and the option to add critical illness cover.

Term life insurance is a type of policy that provides your loved ones with a lump pay out if you pass away during the policy term.

The amount of cover you take out can be determined by which financial commitments you would need the policy to cover.

For example, having a level term or decreasing term policy can help cover the following costs:

  • Mortgage repayments & rental payments
  • Household bills
  • Other financial debts
  • A small inheritance
  • Funeral costs

Both level and decreasing term life insurance could be suitable policy options for young families or couples who have secured a mortgage and would like to protect their home in case the unexpected happened.

They could also be good options for those who have young children as you could use the pay out to help with childcare costs or future education fees.

Nationwide level or decreasing term life insurance policies could cover you until your 90th birthday. If you choose to add critical illness cover, then the term for this cover must end when you reach the age of 75.

Nationwide term life insurance

Here are the key points for the two Nationwide term life insurance options:

Nationwide level term life insurance

Level term life insurance

  • The lump sum stays the same throughout the length of time you are insured for
  • Suitable if you want to cover yourself with a specific amount
  • If you die during the policy term, it could cover things like: An interest only mortgage, living costs and bills
  • The required age to apply is between 18 and 77 years old
  • Policy term from 1 - 50 years
  • Sum assured up to £10,000,000
  • Pays out if you pass away during the policy term
  • Accidental death benefit included
  • Unless you make a change to your policy, your payments will stay the same for the length of your policy
Nationwide decreasing term life insurance

Decreasing term life insurance

  • The lump sum you’re insured for reduces over the length of your policy
  • Could be suitable if you have a repayment mortgage
  • Your level of cover could go down over time with the amount you owe on your mortgage
  • The required age to apply is between 18 and 74 years old
  • Policy term from 1 - 50 years
  • Sum assured up to £10,000,000
  • Pays out if you pass away during the policy term
  • Accidental death benefit included
  • Unless you make a change to your policy, your payments will stay the same for the length of your policy

Accidental death benefit

With all life insurance policies from Nationwide, the accidental death benefit is included.

This means you’ll be covered if you pass away due to an accident in the time your application has been received, for up to 90 days or until your application has been accepted, declined or postponed.

A pay out of the amount you’ve asked to be insured for (up to a maximum of £300,000 for all applications) will be received by loved ones if this were to happen.

Get Quotes for Term Life Insurance »

Who is Nationwide?

Nationwide is the largest building society in the UK[1], selling a variety of financial services including; residential mortgage loans, savings, general insurance, personal banking products and financial planning.

They were founded in 1884 and are currently headquartered in Swindon (UK).

Nationwide are run for the benefit of their members and not for shareholders, unlike most other banking companies and has approximately 15 million members today.

Nationwide take pride in running a social investment where they give 1% of pre-tax profits to charities and so far have awarded over £40 million to more than 3,000 UK charitable causes[2].

Nationwide life insurance calculator

It's important to work out how much life insurance you may need to help you apply for the right cover, to ensure that your family are adequately protected.

You need to consider your current and future financial responsibilities, as well as financial burdens you don’t want to leave behind.

How much life insurance do I need?

Enter the fields which apply to you to calculate the level of life insurance you might require to help cover key costs:

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According to Uswitch, it’s estimated that 23,000 people in the UK will still be paying off their mortgage by age 75.

Although an over 50s plan can’t cover the full cost of a mortgage (as cover is capped at £20,000), it could help to contribute some funds towards keeping your family in their home.
£
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Research by Saga shows that nearly 6 million over 50s owe money on credit cards and loans, with average debt amongst this age group totalling £12,000.

Depending on your personal circumstances, an over 50s plan may not be able to cover all debts (as cover is capped at £20,000) but it could allow you to cover some debts in your name.
£
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SunLife’s Cost of Dying 2023 report found that the average cost of a basic funeral is £3,953, with the overall cost of dying totalling £9,200.

A pay out from life insurance can help to cover all or some of these costs.
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Age UK have found that many over 50s and 60s will be reliant on their pension to get by.

Life insurance can provide your partner with a helping hand on top of their pension.
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An inheritance can provide your loved ones with a cash gift to spend as they wish.

Alternatively, you could leave a portion of your pay out to a charity that’s close to your heart.
£
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If you already have a life insurance (or other financial protection) policy in place, and/or you have your own savings, factoring these into your sum assured could reduce the level of cover you require - helping you to save money.
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Your total cover estimate

£ 0

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How much is Nationwide life insurance?

According to the Legal & General website, life insurance with Nationwide can start from £5.

The price of your life insurance premiums will also vary due to your own health and lifestyle. For example, premium costs can be calculated by the below factors:

The cost of your life insurance through Nationwide or any other insurer is based on the level of risk you pose (the likelihood of a claim on your policy).

If you're a non-smoker and in good health, then you should be offered cover with standard premiums (no price increases).

Whilst you shouldn’t stop doing what you enjoy in life, you can prevent inflated premiums by leading a healthier lifestyle.

It's important to compare quotes before buying a policy as going directly to Nationwide/another insurer won't necessarily provide you with the best prices.

Comparing quotes could help you to find a great deal because you can see what the market has to offer.

Reassured can compare quotes from a range of UK insurers including Legal & General, with prices starting from £5 a month.

Term life insurance comparison

Does Nationwide have more to offer than other insurers on the market for term life insurance?

Below is a table comparing some of the main features you may consider when looking for a policy:

Min / Max ageTermBenefitDefaqto rating
Nationwide logo 18-77 for level
18-74 for decreasing		1-50 for level
5-50 for decreasing
(end on 90th birthday)		Early days advance payment
(on terminal or critical claims only)		 Defaqto 5 stars
Aviva 18-771-50 years
(end on 91st birthday)		Free access to Aviva DigiCare+ app Defaqto 5 stars
AIG logo 17-862-70 years
(end on 90th birthday)		Free access to Smart Health Defaqto 4 stars
LV= 17-84 for level
17-84 for decreasing		5-50 years
(end on 90th birthday)		Free access to LV= doctors service Defaqto 5 stars

Information in the table has been taken directly from each of the provider’s websites and is correct as of 18/10/23

Reassured offer no-obligation term life insurance quotes from Aviva, AIG, LV= and many other UK leading insurers.

Nationwide critical illness cover

For an additional cost, you can add critical illness cover to your nationwide life insurance policy.

Critical illness cover pays out a cash lump sum if you’re diagnosed with a specified life-changing (but not terminal) illness. You can choose a cover amount that suits your needs and budget.

Some of the illnesses covered by Nationwide critical illness cover include:

  • Most types of Cancer
  • Heart attack
  • Coma
  • CJD
  • Deafness
  • Dementia
  • Kidney or liver failure
  • Loss of a hand or foot
  • Aorta Graft surgery
  • Bacterial Meningitis
  • Brain tumours
  • Blindness

As well as many other illnesses, which will be specified in the policy terms and conditions.

Nationwide also offer a pay out if one of your children became ill with one of the conditions covered in the policy.

Key features:

  • You must be between the ages of 18 and 64 if you would like to add critical illness cover to a life insurance policy
  • Critical illness cover is separate to the life insurance policy, so you could claim on both
  • Nationwide’s critical illness cover is also rated 5 stars by Defaqto
  • For joint life cover with critical illness cover, both lives insured will be able to claim
  • Receive £5,000 pay out if you are in hospital with physical injuries for a minimum of 28 days
  • Children’s critical illness cover is also included (pays out 50% of your original amount of cover up to a maximum of £25,000)
  • £5,000 Accident Hospitalisation Benefit for children as well as a family Accommodation Benefit

The lump sum could go towards mortgage/rent payments, everyday expenses or to make necessary house modifications (depending on your illness).

Reassured can arrange critical illness cover as part of your life insurance policy with other insurers from just £8 a month º .

Nationwide’s early days advanced payment benefit

The early days advanced payment is offered by Nationwide to help bring some early financial relief for your loved ones while a full claim is being assessed/processed.

It's an advance payment of up to £5,000, although if your cover is lower then a lower sum will be paid out.

This can help support you and your loved ones with day to day costs (such as bills and food supplies) while you’re not earning an income.

The early advance payments are only available for when a terminal illness or critical illness claim is made.

Do you need life insurance for a nationwide mortgage?

No, it's not a legal requirement to take out life insurance when getting a mortgage.

This is a frequently asked question when associating with Nationwide. Although it's not legally required, taking out life insurance (as a couple or individually) can help protect your mortgage in the event of you passing away.

Term life insurance can be the best option for helping to protect your mortgage until it’s paid off. The type of mortgage you have will influence whether you may need a level term or decreasing term policy.

For example, if you have an interest-only mortgage you may want to look at a level term policy, whereas if you have a repayment mortgage, a decreasing policy may be more fitting.

If you do need life insurance and you've taken out a mortgage with Nationwide, then you don't necessarily have to take out life insurance through them.

You can shop around and choose a policy from any provider to help cover your remaining mortgage balance.

At Reassured, we can help you find a suitable policy from a panel of top UK providers, including Nationwide’s life insurance partner Legal & General.

How to cancel Nationwide life insurance

If you feel like you need to cancel or change your policy, you can book an appointment online with Nationwide to speak to an advisor, free of charge.

This can help to guide you on a decision as to what you would like to do with your policy.

As a partner of Legal & General, you will need to log in to 'My Account’ on the Legal & General UK website to cancel.

If you cancel your policy within 30 days of it starting, Legal & General will return any payments you have made and if you have a joint policy, both parties will need to complete written authorisation.

An alternative to cancelling online is by cancelling by phone. You can do this by calling up Legal & General UK.

You will also not need to pay an authorisation fee if you do feel the need to cancel your policy.

Compare life insurance quotes

It's important to shop around the market for life insurance quotes, as prices vary between different insurers.

By finding a policy that fits your budget and helps to cover your main financial commitments, you will have the peace of mind that loved ones will be secure when you are no longer around.

Reassured can compare term life insurance quotes for free and with no-obligation, from a selection of top UK providers.

If you are unsure on what policy is best suited for you, get in touch with one of our professional agents who can talk you through our available options and find our best deal for you.

Reassured have two ways of getting quotes and applying for a policy:

By phone - Speak to one of our professionals who can guide you through your application and talk you through any details you’re unsure of.

-OR-

Online - Compare quotes and go through the application at your own pace, although this option may only be suitable if you know exactly which policy you are looking to secure and if you’re in good health with no high-risk factors.

It's best to take out life insurance sooner rather than later, as the younger you are the cheaper your premiums tend to be. So why not get in touch today?

Compare Level Term Life Insurance from Leading Insurers »

Sources:

[1] https://www.crunchbase.com/organization/nationwide-building-society-llc/

[2] https://www.nationwide.co.uk/about-us/building-a-better-society/

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