Exploring the Features and Benefits of Barclays’ Life Insurance Products

Barclays Life Insurance product offerings include:

Barclays Life also provides critical illness (as underwritten by Legal & General) for mortgage holders.

Why Go with Barclays?

Here are some reasons to go with Barclays:

Quick Facts

  Life Term Mortgage Life Insurance Over 50s Life Insurance
Primary Purpose of Product

Protect the family against the death or terminal illness of the Person Insured.

Ensure that the mortgage is paid up upon the death or terminal illness of the Person Insured (who is the breadwinner and is named in the mortgage).

Provides a guaranteed cash sum upon the Person Insured’s death.

The lump sum can be used to cover funeral and other end of life costs.

Plan Basics

Pays out a lump sum upon the death or terminal illness of the Person Insured

Provided by Aviva for Barclays.

The cover can be:

  • Level term
  • Decreasing term
  • Family decreasing term

Term insurance to cover a mortgage.

Cover can be:

  • Level term (for interest only mortgages)
  • Decreasing term (for repayment mortgages)

Optional critical illness cover is provided

Provided by Legal and General for Barclays.

Pays out a lump sum upon the death of the Person Insured (after the first year of the policy)

For the over 50s.

Guaranteed acceptance, without any medical exams or health questionnaires

For accidental deaths:

  • First year: full Sum Insured
  • Succeeding years: twice the Sum Insured

For deaths due to other causes:

  • First year: refund of premiums paid
  • Succeeding years: the full Sum Insured
Cover Limits

£500,000 for all policies with Aviva

No maximum (for life cover only), maximum limits for each benefit/option applies

Critical illness cover: up to £2,000,000

Limits depend on the maximum allowable premium

Cash-In Value None None None
Eligibility
Minimum Age at entry

16

16

50

Maximum Age at entry

68

66 (for basic mortgage life cover)

59 (if critical illness cover is included)

54 (if premium protection or mortgage payment protection is included)

80

Other eligibility requirements

Must be a resident of the UK

Must be a resident of the UK who have a mortgage or is applying for a mortgage

Must be a resident of the UK

Length of Cover
Minimum Term

1 year

3 years for life cover only

5 years if mortgage payment protection is included

6 years if critical illness with renewable premiums is included

Not applicable

Maximum Term

51 years

40 years

Not applicable

Maximum Age

69 (cover stops when at 70 years old)

75 years for life or life with critical illness cover

69 years old if premium protection is included

64 years old if mortgage payment protection is included

Not applicable

Joint Life cover

Yes, joint life first death

Yes, joint life first death

No

Premiums

Premium payments are tiered according to the age the cover was taken out:

  • 50 – 64: payments for 20 years
  • 65 – 75: payments until the policy anniversary on the Person Insured’s 85th birthday
  • 76 – 80: payments for 10 years
Minimum Premium

£6 monthly

£5 monthly
£50 yearly

£5 monthly

Maximum Premium

Depending on premium amount for the maximum coverage at the Person Insured’s age and medical condition

Depending on premium amount for the maximum coverage at the Person Insured’s age and medical condition

£100 monthly

Guaranteed premiums

Yes

Yes

Yes

Reviewable premium

No

No

No

Other benefits
  • Free life cover
  • Guaranteed insurability option
  • Replacement benefit
  • Separation benefit
  • Free life cover
  • Guaranteed insurability option
  • Replacement benefit
  • Separation benefit
  • Repayment guarantee

None

Exclusions
  • Conditions that don’t meet the definitions of the terminal illness
  • Material fraud (during cover applications and claims process)
  • Conditions that don’t meet the definitions of the critical illness/terminal illness
  • Material fraud (during cover applications and claims process)
  • Critical illness cover if the Person Insured has been living outside the UK, countries in the European Union, USA, Canada, Australia, New Zealand, the Isle of Man or the Channel Islands so that there is no confirmation that the claim is valid.

For accidental deaths, no payments will be made if death is due to:

  • Involvement in a criminal activity
  • Involvement in certain hazardous pursuits
  • Self-inflicted injury or suicide
  • Alcohol or drug abuse
  • Flying (except as a passenger in a commercially licensed aircraft)
  • War
  • Accidents that happen while living outside Europe, the USA, Canada, Australia or New Zealand

Plan Details

Types of cover. Life cover has three types, depending on the need of the Person Insured:

Payment of Benefit. The policy pays out the sum insured (depending on the type of cover) for the death, terminal illness or critical illness of the Person Insured. Once the sum insured is paid, the cover stops and there will be no further payments on the policy. For mortgage life cover, the policy is guaranteed to cover the outstanding loan, subject to terms and conditions.

Joint cover. Level term and decreasing term can be taken on a joint life first death basis.

Additional Benefits/Options

Terminal illness. This is paid out when the Person Insured is diagnosed as having a terminal illness. This means that the Person Insured is not expected to survive for more than one year due to the advanced stage or incurability of his illness. Once this benefit is paid, the policy will cease to be effective and no further claims can be made on the policy.

Critical Illness Cover. For mortgage life cover, this provides another instance by which the Sum Insured will be paid out. This pays out the sum insured when the Person Insured is diagnosed of a covered critical illness.

Other details:

Additional benefits:

Payment for claims on the above additional benefits will not affect the main benefit.

Protection Promise (Underwriting Cover). Free life cover given when the life insurance application is being evaluated. During the period the Protection Promise is effective, it will pay the Sum Insured upon the death or terminal illness of the Life Insured.

Other details:

Life change benefit (Guaranteed Insurability Option). This allows the Person Insured to increase the Sum Insured by up to 100%, following a specific life event. This increase can be applied for without the need to show further medical proof.

Other details:

Replacement benefit. This is for joint life policies. This allows the surviving Person Insured to get a replacement life policy when the other life covered dies or is terminally ill and the policy pays out for this claim. The policy will be issued without the need to submit additional medical evidence.

Other details:

Separation benefit. This is for joint life policies. When the two lives covered separate or divorce, the existing policy will be replaced with two separate life plans (with the same Sum Insured), where the policies will not be subject to underwriting. This is mainly for mortgage life cover taken on a joint life basis.

Other details:

Repayment guarantee. This is for mortgage life cover. This benefit guarantees that the outstanding loan amount of the mortgage will be paid off on the death of the Person Insured.

Other details:

This benefit applies only when:

How to Make a Claim

Death claims. When making a death claim, the beneficiary will usually need to prepare:

Terminal illness claims. When making a death claim, the beneficiary will usually need to prepare:

Medical certificates must also be provided by doctors who are practicing in the UK or in countries belong to the European Union, the United States, Canada, Australia, New Zealand, Andorra, The Channel Islands, The Faroe Islands, Gibraltar, The Isle of Man, Liechtenstein Norway, Monaco, San Marino, Switzerland or Vatican City.

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.
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