Conduct a comprehensive life insurance comparison using our…
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:
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 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 score||Complaints performance||Transparency rating||Customer experience rating|
Reassured offer fee-free quotes from highly rated providers. Our broker service is also rated ‘Excellent’ based on 70,000+ customer reviews.
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.
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.
Here are the key points for the two Nationwide term life insurance options:
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.
Nationwide is the largest building society in the UK, 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.
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.
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.
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 age||Term||Benefit||Defaqto rating|
|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)
(end on 91st birthday)
|Free access to Aviva DigiCare+ app|
(end on 90th birthday)
|Free access to Smart Health|
|17-84 for level|
17-84 for decreasing
(end on 90th birthday)
|Free access to LV= doctors service|
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:
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.
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 .
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.
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.
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.
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.
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?
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry