NatWest Bank Life Insurance Info
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NatWest Bank 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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NatWest Bank Life Insurance Info


National Westminster Bank, commonly known as NatWest, is a major retail and commercial bank in the United Kingdom. It was established in 1968 by the merger of National Provincial Bank and Westminster Bank. In 2000, it became part of The Royal Bank of Scotland Group, which was re-named NatWest Group in 2020. Following ringfencing of the Group's core domestic business, the bank became a direct subsidiary of NatWest Holdings; NatWest Markets comprises the non-ringfenced investment banking arm.


NatWest is considered one of the Big Four clearing banks in the UK, and it has a large network of over 960 branches and 3,400 cash machines across Great Britain and offers 24-hour Actionline telephone and online banking services. Today, it has more than 7.5 million personal customers and 850,000 small business accounts. In Ireland, it operates through its Ulster Bank subsidiary. In 2017, NatWest was awarded Best Banking App in the British Bank Awards.


NatWest Bank History


The bank's origins date back to 1658 with the foundation of Smith's Bank of Nottingham. Its oldest direct corporate ancestor, National Provincial Bank, was formed in 1833 as the National Provincial Bank of England. It merged with Union of London and Smith's Bank in 1918 to become National Provincial and Union Bank, shortening its name in 1924. Westminster Bank was formed in 1834 as London and Westminster Bank.


The creation of the modern bank was announced in 1968 and commenced trading on 1 January 1970 after the statutory process of integration had been completed in 1969. The District, National Provincial and Westminster banks were fully integrated in the new firm's structure, but private bankers Coutts & Co. (a 1920 National Provincial acquisition, established 1692), Ulster Bank in Northern Ireland (a 1917 Westminster acquisition, established 1836) and the Isle of Man Bank (a 1961 National Provincial acquisition, established 1865) continued as separate operations. Duncan Stirling, outgoing chairman of Westminster Bank, became first chairman of the fifth largest bank in the world.


NatWest Expansion

Deregulation in the 1980s, culminating in the Big Bang in 1986, also encouraged the bank to enter the securities business. County Bank, its merchant banking subsidiary formed in 1965, acquired various stockbroking and jobbing firms to create the investment banking arm County NatWest.


Completed in 1980, the bank built the National Westminster Tower (now known as Tower 42) in London to serve as its international headquarters. At a height of 600 feet (183 m) it was the tallest building in the UK until the topping-out of Canary Wharf Tower 10 years later.


Takeover


In 1999, the chairman, Lord Alexander of Weedon, announced a merger with Legal & General in a friendly £10.7 billion deal, the first between a bank and an insurance company in UK history.


Also in 1999, in response to the much reduced NatWest market capitalisation, the much smaller Bank of Scotland made a hostile takeover bid for NatWest. The Bank of Scotland's aim was to break up the NatWest Group and dispose of its non-retail assets. NatWest was forced to abandon its merger, but refused to agree to a takeover by a rival bank.


The Royal Bank of Scotland tabled another hostile offer and trumped the Bank of Scotland with a £21 billion bid. The takeover of NatWest in early 2000 was the biggest in UK history. Once Britain's most profitable bank, it was delisted from the London Stock Exchange and became, with its subsidiaries, component parts of the Royal Bank of Scotland Group.



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NatWest Life Insurance Offers


NatWest Life insurance is provided by AIG. Available to residents of the United Kingdom.


NatWest only offer access to life insurance from AIG Life Limited. It’s important to understand that you’ll be dealing directly with AIG, not NatWest.


Life Insurance


Life Insurance pays out a sum of money if, while you’re insured, you die or you’re diagnosed as terminally ill. It could help to pay off your mortgage or look after your family. You choose how much insurance you need, and how long you’d like it to last for. You can also insure just yourself or both you and your partner. Available to customers aged 17 – 86.


Critical 3 with Life Insurance


Pays a lump sum, if while you're insured, you suffer from certain forms of cancer of a specific severity, heart attack, stroke, terminal illness or if you die. You could use the money to help pay off your mortgage or help to pay for unforeseen costs due to your illness such as rehabilitation treatments or alterations to your home. Available to customers 17 – 75.


Guaranteed Sixty-Plus Life Insurance


Guaranteed Sixty-Plus Life Insurance pays out a lump sum when you die that could be used towards funeral expenses or to leave behind a gift for your loved ones. Available to customers aged 60 – 80.



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NatWest Bank 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...

NatWest Bank 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...

NatWest Bank 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.