Scottish Widows Life Insurance Info
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Scottish Widows 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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Scottish Widows Life Insurance Info


Scottish Widows is a life insurance and pensions company located in Edinburgh, Scotland, and is a subsidiary of Lloyds Banking Group. Its product range includes life assurance and pensions. The company has been providing financial services to the UK market since 1815.


Scottish Widows sells products through independent financial advisers, direct to customers and through Lloyds Banking Group bank branches.


The well-known investment and asset management arm (Scottish Widows Investment Partnership) was sold in 2013 to Aberdeen Asset Management


In March 1812, a number of prominent Scotsmen gathered in the Royal Exchange Coffee Rooms in Edinburgh. They were there to discuss setting up 'a general fund for securing provisions to widows, sisters and other female relatives' of fundholders so that they would not be plunged into poverty on the death of the fundholder during and after the Napoleonic Wars.


Scottish Widows' Fund and Life Assurance Society opened in 1815 as Scotland's first mutual life office.


In 1999, Lloyds TSB agreed to buy the society for £7 billion. The society demutualised on 3 March 2000 as part of the acquisition.


In April 2009, Lloyds Banking Group announced that the sales team of Clerical Medical would be merged into that of Scottish Widows, and the Clerical Medical brand would eventually be phased out



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Scottish Widows Life Insurance Offers


Scottish Widows Protect Personal Protection is provided by Scottish Widows Limited.


Scottish Widows Protect Personal Protection is a life and critical illness insurance plan that you can take out for a period of time you choose


You can choose one or more of the following life and critical illness insurance policies:


• Scottish Widows Life Cover


• Scottish Widows Critical Illness Cover


• Scottish Widows Life with Critical Illness Cover


When you apply you must be a UK resident (excluding the Channel Islands and the Isle of Man) and you must have a UK bank account. You must be at least 18 years of age. Depending on the type of policy you choose, you can apply up to the following age:


• 79 for Life Cover


• 64 for Critical Illness Cover or Life with Critical Illness Cover


• 60 for Premium Protection


The minimum initial amount of cover you can choose for your first policy is £10,000 and depending on the type of policy you choose the maximum amount is:


Maximum for level and decreasing cover. Life Cover £25,000,000, Life with Critical Illness Cover £3,000,000*, Critical Illness Cover £3,000,000*


Maximum for increasing cover.Life Cover £15,000,000, Life with Critical Illness Cover £3,000,000*, Critical Illness Cover £3,000,000*


If you choose a monthly income, the maximum amount will be divided by the number of months in the term. Once you have one policy, you can add more policies to your plan with a lower minimum amount. The amounts are £2,000 for lump sum and £5,000 for monthly income. *The maximum amount we will pay for a claim for Total Permanent Disability is £1.5 million. This is based on the ‘Own Occupation’ definition, where you are no longer able to do your own occupation ever again.


WHAT COVERS CAN I CHOOSE?


Scottish Widows Life Cover


This pays a lump sum or monthly income if you die or are diagnosed with a terminal illness before the policy’s end date.


Scottish Widows Critical Illness Cover


This pays out a lump sum or monthly income if you are diagnosed with one of the illnesses we cover before the policy’s end date. Life with Critical Illness Cover This pays out a lump sum or monthly income if you are diagnosed with one of the illnesses we cover, are diagnosed with a terminal illness or die. It will pay out on whichever happens first before the policy’s end date. For all types of cover you can choose between level, decreasing or increasing cover. If the policy you choose is for two people, it will pay out once a claim has been accepted and the policy will end.


WHEN DO YOU PAY OUT ON TERMINAL ILLNESS?


If your illness has no known cure or it has reached a point where it can’t be cured, we’ll pay a claim for terminal illness. We’ll only do this if your consultant doctor thinks your death will happen within 12 months. You must tell us about the diagnosis before the policy’s end date and the policy will end if we pay a terminal illness claim


Types of Cover


Scottish Widows Level cover The amount of cover you choose stays the same until the policy ends.


Scottish Widows Decreasing cover This would typically be chosen to protect a repayment mortgage. The amount you are covered for will decrease slightly each month in a similar way to the amount owed on a standard repayment mortgage. You can choose a fixed rate of interest between 0% and 18%. To work out the rate of decrease, we’ve assumed a set mortgage rate of 8% a year. In some cases, what Scottish Widows pay out might not be enough to pay off what you owe on your mortgage.


For example if: • your mortgage interest rate goes above the rate of interest you choose for your policy • the amount you’ve borrowed is more than the amount of cover you choose • the period of time you are covered for under the policy doesn’t match the term of the mortgage • your mortgage repayments go in to arrears. What you pay each month will never change.




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Scottish Widows 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...

Scottish Widows 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...

Scottish Widows 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.