This is the ultimate review to guide you through the ins and outs of Lloyds Bank life insurance. You might already know that Lloyds 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!
Table of Contents
Is Lloyds 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.
Lloyds Bank life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Lloyds Bank.
2 Safe overall rating for Lloyds Bank
|Rating Criteria||Safe Rating||Our Review|
|Customer service satisfaction, claims and support|
Contact details are provided on the website
Level term and decreasing cover are provided
|Value for money|
No cash in value option
Lloyd bank has been functional since June, 1765.
|Apps and technologies|
Quotes can be taken out online
Expert and customer satisfaction reviews for Lloyds Bank
|Review organisation||Consumer satisfaction rates for Lloyds Bank Life insurance|
|Trustpilot||1.6/5 based on 86 reviews (General reviews)|
Lloyds Bank insurance in a nutshell
In summary, here are the main features you need to know when taking out life insurance with Lloyds Bank.
|Criteria||Lloyds Bank details|
|Minimum age||18 years|
|Maximum age||59 years|
|Pay-out||Up to £500,000|
|Life insurance with free gifts||Not stated|
A life insurance calculator is available on the website.
What are Lloyds 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 Lloyds 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.
|Criteria||Lloyds Bank life insurance|
|Minimum term||5 years|
|Maximum term||Not stated|
|Pay-out||Up to £500,000|
|Minimum monthly premium||Not stated|
|Extras or any interesting facts|
Should you take level or decreasing term life insurance?
Lloyds Bank offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance.
|Lloyds Bank term life insurance (level)|
|Lloyds Bank decreasing term life insurance, also known as life insurance for mortgage|
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.
Lloyds Banks does not propose increasing cover.
What are Lloyds Bank life insurance extras?
You can add these extras at additional cost to your Lloyds Bank life insurance:
Cover is provided in the case that a policyholder is diagnosed with an illness that has advanced to the extent that it can no longer be cured and the illness is expected to lead to the policyholder’s death in 12 months.
|Life insurance calculator|
The amount of insurance needed can be calculated on the website.
How much is Lloyds 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 Lloyds Bank life insurance?
Here are all the important phone numbers for contacting Lloyds Bank life insurance:
|Service||Phone Numbers||Opening Hours|
|Get a quote at Lloyds Bank||0345 300 4455||Mon–Fri 8am–6pm|
|How to claim at Lloyds Bank||0800 849 6089||Mon–Fri 9am–5:30pm|
|How to cancel at Lloyds Bank|
0800 849 6089
What are Lloyds Bank general contact details?
You will find in this table all the general contacts that you would need if you want to reach Lloyds Bank life insurance:
Lloyds Bank Plc
Facebook, Twitter, YouTube
How to claim at Lloyds Bank life insurance?
You will find on this table the different possibilities for reporting a claim on your Lloyds Bank life insurance:
|How to claim on your life insurance at Lloyds Bank?|
|When to claim?|
Claims should be made as soon as possible.
|Claim by mail|
|Claim by email||Not Available|
|Claim by phone||0800 849 6089|
How to cancel my Lloyds Bank life insurance?
You will find on this table the different ways to cancel your Lloyds Bank life insurance:
|How to cancel your life insurance at Lloyds Bank|
|Cancel by mail|
|Cancel by email|
|Cancel online||Not Available|
|Cancel by phone|
0800 849 6089
How do I get Lloyds Bank life insurance quotes?
Here are the different ways to get a life insurance quote at Lloyds Bank:
|How to get a life insurance quote at Lloyds Bank|
|Quote phone||0345 300 4455|
How do I log into Lloyds Bank life insurance?
Click on the "Log on" option on the Homepage
Do we recommend Lloyds Bank life insurance?
Lloyds Bank was founded in 1765, and has been serving the households, businesses and communities of Britain since then. Lloyds Bank offers only two types of life insurance, which are the Level Cover term insurance and Decreasing Cover term insurance. No cover is offered for critical illness and the only details available about the services provided are the ones listed on the website. They however have poor ratings on both Defaqto and TrustPilot and their maximum age of insurance which is 59 years is on the low side compared to other insurers. They have however been in service for a long time which indicates reliability. Although their services are recommended for this reason, there are other life insurance companies that can be used.
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.
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.
Yes, it is worth getting life insurance when people depend on you financially, like your family.
Lots of life insurance providers offer free gifts:
– Royal London
– Legal & General
– Shepherds Friendly
– British Seniors Insurance Agency
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.
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.