Life cover
Learn about Scottish Widows life cover and how it works. Compare cover options and get a quote.
What is life cover?
Life cover can help give your family financial protection if you die during the term of your policy.
It can pay out a lump sum of money to help those you love to maintain their standard of living and keep paying the bills.
To be eligible for life insurance, you need to be a UK resident and be 18 or older.
There are a number of things you’ll need to consider when you’re taking out life cover. Here are some of the options available to you. Your adviser will be able to help you decide what is most suitable to meet your protection needs.
| COVER OPTION | WHAT THIS MEANS | WHY YOU MIGHT NEED IT |
|---|---|---|
| Level cover | The amount of cover you choose and your premium will remain the same through the term of your policy. | The amount of cover won’t change over time so you and your family know how much will be received in the event of a claim. |
| Decreasing cover | The amount of cover you choose reduces each month, but your premium remains the same. | This is normally chosen to cover a repayment mortgage. |
| Increasing cover | The amount of cover you choose increases each year in line with the Retail Prices Index (RPI). Your premium will also increase for this type of cover. This means that your cover amount stays in line with inflation. | As this type of cover stays in line with inflation, it is designed to combat price rises, maintaining its real value throughout the term. |
| Premium Protection | This cover means you won’t have to pay your premiums if you’re unable to work because of an accident or disability. | This means that you won’t lose your cover if you can’t pay your premiums if you’re unable to work. |
| Trusts | A trust is a legal arrangement that lets the owner of something ‘gift’ ownership to someone else, this could include cash, property, shares or a life insurance policy. | This means that you can make sure that the money from your policy goes to the people that you choose. |
You can find out more about our current life cover from Scottish Widows in our policy summary (PDF, 2MB). If you already have a policy with us then please check the Policy Provisions you were sent when you took out your policy, or speak to your financial adviser.
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There are several reasons why life insurance may be important to you. If you die, it can, for example, help provide for your partner, family or dependants or pay off your mortgage or other outstanding loans.
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It depends on your personal circumstances. There are some things you may need to consider, which your adviser will go through with you. These could include:
- how much your family would need to support themselves without your salary
- the size of your mortgage and how long it’s got to run
- any other outstanding loans or debts you have
- the amount you want to pay each month.
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Yes, you can take out life insurance with critical illness. Life with critical illness life cover can provide a cash sum on death or on diagnosis of a terminal illness or specified critical illness within the policy term.
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Yes, you can choose to each have your own individual policy or you can have a joint policy. For a joint policy when one of you is diagnosed with one of the illnesses covered by the policy the cover ends for both of you. The payout will normally go to the person who has been diagnosed.
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You may wish to put your policy in trust, where you can specify who should benefit (the beneficiaries). You should speak to your adviser if you would like to do this. You can also find information on putting policies in trust from MoneyHelper, who offer free and impartial help.
It’s also important to have a will in place to protect your assets and your loved ones. Learn more about writing a will.
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Yes. When you apply you can:
- start it as soon as possible
- choose ‘Not known yet’ (if you are unsure when you would like your policy to start)
- give a specific date.