Nationwide Life Insurance Info
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Nationwide Life Insurance
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Life insurance lets you leave a lump sum behind should you pass away within the policy term.

Money never replaces a family member, but it can help knowing that it won't be a worry.

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Nationwide Life Insurance Info


Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world with over 15 million members. Its headquarters are in Swindon, England.


Nationwide is the result of over a hundred mergers, the most notable of which are its merger with Anglia Building Society in 1987 and Portman Building Society in 2007. It is now the second largest provider of household savings and mortgages in the UK and has a 7.7% market share of current accounts.


For the financial year 2015/2016, Nationwide had assets of around £208.9 billion compared to £331 billion for the entire building society sector, making it larger than the remaining 44 British building societies combined.


It is a member of the Building Societies Association, the Council of Mortgage Lenders and Co-operatives UK.


Nationwide History


The Society's origins lie in the Northampton Town & County Freehold Land Society (1848) and the Southern Co-operative Permanent Building Society, London (1884).


The Co-operative Permanent, based at New Oxford House in the London Borough of Camden, changed its name to Nationwide Building Society in 1970, reflecting an organisation that had coverage throughout the country, after a decision by the British Co-operative Union in August 1970.


The new name was put to a member vote, with members voting 135,675 to 15,585 in favour.


Former logo as Nationwide Anglia Building Society


In 1987, the Northampton-based Anglia Building Society merged with Nationwide. The new society was known as Nationwide Anglia Building Society at first, but the Anglia name was dropped in 1992.


Nationwide launched an early UK internet banking service on 27 May 1997.


In 1999, Nationwide, together with various UK tabloid newspapers and media, launched a campaign against controversial cash machine fees. The campaign reached a peak when Barclays Bank announced a plan to charge all customers of rival banks and financial providers, including those of Nationwide, £1 for every cash machine withdrawal made from a Barclays-owned cash machine.


This prompted Nationwide to warn Barclays that it would take legal action against the bank if it did not back down. Nationwide claimed Barclays had broken the rules of the LINK network of cash machines, which the bank had joined earlier in the year. The following year, withdrawals from most cash machines owned by UK banks were made free for customers of all banks and building societies throughout the UK.


Nationwide completed a merger with Portman Building Society on 28 August 2007, creating a mutual body with assets of over £160 billion and around 13 million members. Portman's earliest component was the Provident Union Building Society founded in Ramsbury, Wiltshire in 1846.


In the financial crisis of 2007–2008, the Nationwide acted to safeguard the mutual sector, acquiring the ailing Cheshire and Derbyshire building societies in September 2008, followed by the Dunfermline Building Society on 30 March 2009.


On 24 March 2009 Nationwide opened a direct savings branch in Dublin, Ireland called Nationwide UK (Ireland), to distinguish it from the unconnected and now-defunct Irish Nationwide Building Society. However, Nationwide ceased all operations in the Irish Republic in 2017.


In 2012, the society announced that it would integrate the Cheshire, Derbyshire and Dunfermline building societies into Nationwide. The societies had operated under their own brands as divisions of the society. The rebranding of each business was phased, with the Dunfermline first to be merged in June 2014. The Cheshire and Derbyshire followed in October and November 2014 respectively.


On 22 May 2015, it was announced that the Society's Chief Executive, Graham Beale, intended to retire. On 16 November 2015, Nationwide announced that Joe Garner, CEO of Openreach, would succeed Graham as Nationwide CEO in Spring 2016. Joe Garner joined the Society as Chief Executive on 5 April 2016.


In May 2016, the society confirmed that it would be closing its subsidiary on the Isle of Man, Nationwide International, following a review of its business. The branch, based in Douglas, provided a range of offshore savings accounts in euros, pound sterling and US dollars. It held assets in excess of £2.76 billion as at 31 March 2008, increasing to £3.69 billion by 31 March 2009, making it one of the largest deposit takers in the Isle of Man. Nationwide confirmed it would close on 30 June 2017.


On 1 October 2016, Carillion began providing services for Nationwide's headquarters in Swindon, 'specifically aligned to Nationwide's sustainability strategy'. This contract was expected to be worth approximately £350 million, building on an existing partnership of nearly nine years. When Carillion went into liquidation in January 2018, Nationwide took on 250 staff previously employed by the contractor.


In April 2017, the society confirmed that it would be closing its subsidiary on the Republic of Ireland, Nationwide UK (Ireland), following a review of its business. Its branch at 13 Merrion Row, Dublin 2 closed on 31 May 2017. The remainder of the business closed at the end of the year.


Nationwide Mutual status


Nationwide is committed to staying mutual and is keen to emphasise that it has members rather than shareholders. However, it has had challenges against its mutual status in the past.


Nationwide was by far the largest British building society that did not convert to a bank in the wave of demutualisations that occurred from the late 1980s to the late 1990s.


In 1998, society members seeking a windfall, branded as carpetbaggers by the UK media, meant Nationwide members had to vote on whether to demutualise the society and float on the London Stock Exchange. The attempt failed, despite media reports of possible pay-outs to members of around £1,000 to £1,500 each, as Nationwide members voted by a narrow margin of 33,700 against converting the building society into a bank.


Society members again proposed a resolution in 2001 for another vote by Nationwide members to convert the society to a bank. The resolution was rejected by the Nationwide board on legal grounds.


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Nationwide Life Insurance Offers


Nationwide Life Insurance


This policy is provided by Legal & General Assurance Society Limited.


Premiums start from just £6 a month - depending on your personal circumstances.


Early Days Advance Payment


Nationwide life insurance offers a payment of up to £5,000, to help bring some early financial relief while the full claim is processed.


Waiver of premium


Cover yourself if you can't work. This benefit pays your premium after 26 weeks if you become too ill or incapacitated due to sickness or injury to carry out your normal occupation (available for an additional premium).


Add Nationwide Critical Illness Cover


You'll be helping to financially protect your family if you were diagnosed with one of the specified critical illnesses during the length of the policy (available for additional premium).


Nationwide Life Insurance * Maximum age for buying a policy is 77. Minimum length of the policy is 1 year. Maximum length of the policy is 50 years but, Your policy must end before age 90.


Nationwide Decreasing Life Insurance * Maximum age for buying a policy is 74. Minimum length of the policy is 5 years. Maximum length of the policy is 50 years but, Your policy must end before age 90.


Nationwide Life Insurance with Critical Illness Cover * Maximum age for buying a policy is 67. Minimum length of the policy is 2 years. Maximum length of the policy is 40 years but, Your policy must end before age 70.


Nationwide Decreasing Life Insurance with Critical Illness Cover * Maximum age for buying a policy is 64. Minimum length of the policy is 5 years. Maximum length of the policy is 40 years but, Your policy must end before age 70.


The minimum age to take out a policy is 18. The policy must not end before your 29th birthday.


*Guaranteed premiums


Your Cover


Nationwide Level Cover


If you choose level cover, your amount of cover will stay the same unless you change it. If the policy is to help repay a mortgage, you need to ensure that your amount of cover matches your outstanding mortgage.


The policy may not completely pay off your outstanding mortgage, if you change the mortgage you have in any way and you don't adjust your cover to match your new arrangements.


Nationwide Decreasing Cover


If you choose decreasing cover it is often used to help protect a repayment mortgage. Therefore the amount of cover reduces roughly in line with the way a repayment mortgage decreases.


You need to ensure that your amount of cover matches your outstanding mortgage. The policy may not completely pay off your outstanding mortgage, if:


1. you change the mortgage you have in any way and you don’t adjust your cover to match your new arrangements.


2. the interest rate on your mortgage becomes higher than the rate applied to the policy. The rate will be shown in your Personal Quote or the Policy Booklet.


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Nationwide Life Insurance Rates

Critical Illness Cover

Critical illness cover is a type of insurance that pays out a tax-free lump sum if you're diagnosed with, or undergo surgery for, a critical illness specified in the terms of the policy. Tell me more...

Nationwide Life Insurance Calculator

Mortgage Protection

As you pay off your mortgage over time, the amount of life cover you would get if the worst were to happen goes down – just as the outstanding balance of your mortgage does. Tell me more...

Nationwide Life Insurance Quotes

Over 50s Life Cover

Taken out between the ages of 50 and 80, paid out as a lump sum and can be used for financial commitments when you pass away, such as funeral costs, outstanding bills. Tell me more...

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How much life insurance do I need?

The amount of life insurance you take out should ideally be enough to cover your mortgage repayments and the needs of your family if you were no longer around. The average cover amount is £140,000.

Do you need life insurance to take out a mortgage?

Life insurance isn’t a legal requirement, but most mortgage lenders will ask you to take out appropriate cover. You don’t need to take out life cover from your lender – you can buy it elsewhere.

What will life insurance cost?

The cost of life insurance can be as little as £5 per month, but your premiums will depend on your individual needs and circumstances, your age, if you smoke could affect the overall cost.

Do I need life insurance?

Life insurance is for your peace-of-mind, so you know your family will be financially protected in the event that you're no longer around. Life insurance is a form of security to provide for dependants such as children or spouses.

What is term insurance?

Term insurance is the most common type of life insurance and pays out only if you die within the term. For example, you might take out a 25-year policy so your family could claim if you were to die within 25 years.

When should I buy it?

Whatever your age, as an adult it’s always a good time to start thinking about life insurance. In particular, people with loans, mortgages and financial dependants should consider getting a life insurance policy.