Is Barclays Bank The Best Life Insurance Policy?

antoine fruchard Antoine Fruchard  updated on July 29, 2020

This is the ultimate review to guide you through the ins and outs of Barclays Bank life insurance. You might already know that Barclays Bank has several different contract options. 

Some are great. Some are less useful. Some are simply too expensive.

So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.

Let’s dive right in!

Is Barclays Bank the best life insurance for you?

When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you. 

Barclays Bank life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Barclays Bank. 

4 Safe overall rating for Barclays Bank

Rating CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

3 star rating on Defaqto
There is a messenger chat option available on the website
There is a video call option
No live chat or chat bot option
Complaints registered on third party websites centered around the amount of time it took for a customer care agent to respond

Coverage options

Barclays provides insurance for mortgage holders
It is easy to make changes to the policy online
The Critical Illness Cover covers up to 40 medical conditions
Cover is provided for terminal illness
Whole-of-life cover is not provided

Value for money

Cover can be gotten for as low as £6 a month
Cover of £300,000 is given in the case that the policyholder dies in the process of completing a property purchase
Free Life Cover and Accidental Death Benefit are included in the cover provided at no extra cost
No discounts or gift cards are offered

Financial strength

Legal & General which Barclays partnered with paid out 98.3% of life insurance claims in 2017

Apps and technologies

The website is user friendly
LIfe insurance calculator is available on the website
Use of mobile app
Quotes can be gotten online
Chatbot is not available
Live Chat option is not available

Safe rating for Barclays Bank Life insurance

Expert and customer satisfaction reviews for Barclays Bank

Review organisationConsumer satisfaction rates for Barclays Bank Life insurance
Trustpilot1,5/5 based on 2,370 reviews
Defaqto3
Experts rating for Barclays Bank

Barclays Bank insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with Barclays Bank. 

CriteriaBarclays Bank details
Minimum age18 years
Maximum age 75 years
Pay-out£500,000
Life insurance with free giftsNot stated
Extras

A life insurance calculator is available on the website.

Terminal illnessYes
Barclays Bank life insurance in a nutshell

What are Barclays Bank life insurance policy types?

When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between: 

  • Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option. 
  • Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage. 

What is Barclays Bank term life insurance? 

There are two term life insurance options:

  • Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs. 
  • Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.
CriteriaBarclays Bank life insurance
Minimum term5 years
Maximum term50 years
Pay-out£500,000
Minimum monthly premium£6
Extras or any interesting facts 

Bereavement Support is provided

Barclays Bank term life insurance

Should you take level or decreasing term life insurance?

Barclays Bank offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance. 

CriteriaProvider Details
Barclays Bank term life insurance (level)
  • Barclays provides life insurance for people who are up to 18 years old
  • Cover is provided in the case that the policyholder has been diagnosed with a terminal illness within the duration of the policy
  • Accidental death benefit included as standard
    -There is an option to include the Critical Illness cover to an already existing insurance policy
  • Life Insurance is provided for Mortgage Holders
Barclays Bank decreasing term life insurance, also known as life insurance for mortgage
  • The Decreasing Life Insurance that Barclays in conjunction with Legal and General offers does not have a fixed interest rate
  • The rate of the insurance policy can be designed to match the same decrease rate as your repayment mortgage
  • A minimum of £6 can be paid per month
Level or decreasing life insurance

Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.

Barclays does not offer Increasing cover

Whole life insuranceBarclays Bank whole life insurance details 
Barclays Bank whole life insurance 
Barclays Bank whole life insurance

Can you take out a Barclays Bank insurance with someone else?

Yes, you can either have a single or a joint policy at Barclays Bank.

Taking out a joint policy covers two people that are together under the same policy. In the end, it is cheaper than two single policies. It covers both of your contributions to the family. It only pays out once, and the sum will be given to the other partner if one dies. It leaves the surviving member of the couple without life insurance after the death of the first partner. 

Taking out a single policy pays for one person only. It pays out the amount chosen. Taking out two policies is more expensive, but you can choose the level you want, and it’s beneficial if the two partners don’t need to be insured at the same level. 

 What are Barclays Bank life insurance extras? 

You can add these extras at additional cost to your Barclays Bank life insurance: 

Details Reviews
Accidental death benefit

Free accidental death cover benefit worth £300,000 is provided for up to 90 days while the insurance application is being processed.

Bereavement Support

Support is provided to the family members of policyholders in the case that he/she dies.

Free Mortgage Cover

Aviva provides the policyholder with 90 days free cover which starts when the insurance application has been accepted and the future start date coincides with the completion of your house purchase.

Accident Hospitalisation Benefit

Barclays will pay £5,000 if the life insured is admitted to hospital with physical injuries for 28 days after an accident.

Family Accommodation Benefit
  • In the case that your child has been diagnosed with a critical illness, after a 3 months period, a sum of £100 is given per hospital stay to cater for any accommodation needs the family may have.
  • A maximum of £1000 is given
Barclays Bank life insurance extras

Should you take out Barclays Bank life insurance critical illness cover?

What is critical illness cover? 

It is an extra that can be added to your policy, or can be combined with your standard life insurance. It pays out if you contract a disease. The illness developed must be specified in your policy contract. The most common illnesses covered are cancer and heart attacks, etc. If you become really ill, your insurance will pay out exactly as if you’ve passed away. 

Is Barclays Bank the best critical illness cover? 

Here are the main features when you take out Barclays Bank life insurance with serious illness:

CriteriaOverall life insurance and critical illness cover
Coverage

The Critical illness cover that Barclays provides is offered by Legal and General and it offers the following:

  • Accident Hospitalisation Benefit is provided and in the case that the policyholder stays in the hospital for up to 28 days, a sum of £5000 is payed.
  • Children’s Critical Illness cover is provided.
  • Childcare benefit is provided
  • Additional cover of up to £25,000 is provided for critical conditions like carcinoma in situ of the breast and low grade prostate cancer.
Children’s Cover
  • The children cover provided by Barclays is valid from when the child is 30 days old till when the child is 21 years old.
  • This cover provides up to £25,000 or 50% of the amount of cover in the case that the child is diagnosed with one of the critical conditions.
  • A sum of £5,000 is provided in the case that a child is hospitalised for up to 28 days as a result of an accident.
  • A sum of £1,000 is provided to cater for accommodation for every night an insured child spends in hospital, in the three months after being diagnosed with a critical condition.
What should you know about Barclays Bank critical illness cover?

Insurance is provided for up to 40 critical conditions.

Barclays Bank life insurance

How much is Barclays Bank life insurance?

The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:

However, your life insurance price will also depend on several factors: 

  • Your medical conditions
  • Whether or not you are a smoker 
  • Which add-ons you add to your life insurance 
  • Your salary
  • The coverage you want
  • Whether you take out a joint policy or not 

So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection? 

How to contact Barclays Bank life insurance?

Here are all the important phone numbers for contacting Barclays Bank life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at Barclays Bank0370 010 4080Monday to Friday 9am – 5pm
How to claim at Barclays Bank0800 008 3032Monday to Friday 9am – 5pm
How to cancel at Barclays Bank

0370 010 4080

Monday to Friday 9am – 5pm
Barclays Bank phone numbers

What are Barclays Bank general contact details? 

You will find in this table all the general contacts that you would need if you want to reach Barclays Bank life insurance: 

General contacts
Mailing address

Barclays Life Insurance
1 Churchill Place
London
E14 5HP

Social media 

Twitter

Chatbot

No

Barclays Bank general contacts

How to claim at Barclays Bank life insurance? 

You will find on this table the different possibilities for reporting a claim on your Barclays Bank life insurance: 

How to claim on your life insurance at Barclays Bank?
When to claim?

Claims should be made as soon as possible.

Claim by mail

Not Available

Claim by email[email protected]
Claim online

Not Available

Claim by phone0800 008 3032
Claim at Barclays Bank life insurance

How to cancel my Barclays Bank life insurance? 

You will find on this table the different ways to cancel your Barclays Bank life insurance: 

How to cancel your life insurance at Barclays Bank
Fees
  • If the insurance policy is cancelled within 30 days, the premium paid would be refunded fully
  • If the insurance policy is cancelled after 30 days, no refunds would be made
Cancel by mail

Legal & General Assurance
Society Limited
City Park
The Droveway
Hove
East Sussex
BN3 7PY

Cancel by email

Not available

Cancel onlineNot available
Cancel by phone

0370 010 4080

How to cancel my Barclays Bank life insurance?

How do I get Barclays Bank life insurance quotes? 

Here are the different ways to get a life insurance quote at Barclays Bank: 

How to get a life insurance quote at Barclays Bank
Quote online
  • On the Home Page, select the life insurance option
  • Click on the "Get a quick quote" option
Quote phone0370 010 4080
Get a quote at Barclays Bank

How do I log into Barclays Bank life insurance?

Click on the "Log in" option on the Homepage

Do we recommend Barclays Bank life insurance?

Barclays partners with Legal & General to provide life insurance services and they offer two main types of insurance which are the Barclays Simple Life insurance and Barclays Life Insurance for Mortgage Holders. Both types of insurance offered will pay out a particular sum in the case that the policyholder dies or is diagnosed with a terminal illness. Accidental Benefit cover is provided as a standard with the life insurance policy. The ratings are quite low however as Barclays has a 3 stars Defaqto rating and a 1.5 TrustPilot rating. However, as they partner with Legal and General that paid out 98.3% of life insurance claims in 2017, their financial capacity to pay out claims is quite high. Their services are recommended.

What is life insurance? 

Life insurance is a contract between an insurance company and the policyholder. In exchange for an annual or monthly premium, the insurance company agrees to give out to a designated beneficiary a lump sum if the policyholder were to pass away. 

How does life insurance work in the UK?

Like with other types of insurance, it is a standard procedure: the policyholder pays a premium to a provider, with an agreed level of cover. 

Is life insurance worth getting?

Yes, it is worth getting life insurance when people depend on you financially, like your family.

What are the best life insurance with free gifts?

Lots of life insurance providers offer free gifts: 
– Royal London
– Legal & General
– Aviva
– Shepherds Friendly 
– OneFamily 
– British Seniors Insurance Agency

How much is life insurance in the UK? 

How much life insurance in the UK is depends on a lot of factors. However, with our data, we calculate that the average monthly cost of life insurance is £15. Of course, the price will depend on whether you take out joint or single life insurance, and the term of your insurance if you are not taking out  a whole life insurance policy. 

What is the best life insurance in UK?

There are lot of life insurance policy that have interesting features. Depending on these features, you can decide if this life insurance suits you. 
To find what is the best life insurance for you, use our tool to compare prices and offers from all the insurers on the market instantly.