This is the ultimate review to guide you through the ins and outs of Natwest life insurance. You might already know that Natwest 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 Natwest 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.
Natwest life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Natwest.
3 Safe overall rating for Natwest
|Rating Criteria||Safe Rating||Our Review|
|Customer service satisfaction, claims and support|
Support Services are provided
Whole life cover is provided
|Value for money|
A £75 gift voucher is available for policyholders
AIG which is in charge of Natwest’s Life Insurance was first founded and has been in operation since in 1919
|Apps and technologies|
Quotations can be gotten online
Expert and customer satisfaction reviews for Natwest
|Review organisation||Consumer satisfaction rates for Natwest Life insurance|
|Trustpilot||1,4/5 based on 2067 reviews|
Natwest insurance in a nutshell
In summary, here are the main features you need to know when taking out life insurance with Natwest.
|Minimum age||17 years|
|Maximum age||86 years|
|Life insurance with free gifts||£75 gift card for Argos, B&Q or M&S is given to policyholders.|
A life insurance calculator is available on the website.
What are Natwest 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 Natwest 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||Natwest life insurance|
|Minimum term||3 years|
|Maximum term||70 years|
|Minimum monthly premium||£5|
|Extras or any interesting facts|
The Smart Health app and website gives easy access to a 24/7 virtual GP
Should you take level or decreasing term life insurance?
Natwest offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance.
|Natwest term life insurance (level)|
|Natwest 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.
AIG life insurance propose increase life cover:
- Every year on the day that the insurance policy was taken out, the insurance amount to be paid increases with regards to the Retail Prices Index, up to a maximum annual increase of 10%.
Should you take Natwest whole life insurance?
The Whole of life insurance also known as the Guaranteed 60+ Life insurance policy and it is provided by AIG.
|Whole life insurance||Natwest whole life insurance details|
|Natwest whole life insurance|
Can you take out a Natwest insurance with someone else?
Yes, you can either have a single or a joint policy at Natwest.
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 Natwest life insurance extras?
You can add these extras at additional cost to your Natwest life insurance:
|Smart Health App|
This support service provides policyholders with 24/7 access to medical practitioners.
A sum of up to £10,000 is paid in advance towards the cost of a funeral.
|Accidental Death Benefit|
The policyholder is entitled to a sum in the case that he/she dies accidentally while in the process of taking out a Life Insurance policy with AIG and waiting to have his/her policy underwritten.
|Terminal Illness benefit|
Cover is provided in the case that a policyholder dies as a result of a terminal illness
|Home Purchase Insurance|
Free insurance between when the policyholder exchanges contracts and when the purchase of the home is completed.
Should you take out Natwest 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 Natwest the best critical illness cover?
Here are the main features when you take out Natwest life insurance with serious illness:
|Criteria||Overall life insurance and critical illness cover|
The Critical illness cover that Natwest provides is called Critical 3 and it can only be added to an already existing insurance policy and it offers the following:
|What should you know about Natwest critical illness cover?|
How much is Natwest 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 Natwest life insurance?
Here are all the important phone numbers for contacting Natwest life insurance:
|Service||Phone Numbers||Opening Hours|
|Get a quote at Natwest||0345 600 6820||Not available|
|How to claim at Natwest||0345 600 6815||Monday to Thursday from 9:00am – 6:00pm |
Friday 9.00am – 5:30 pm
|How to cancel at Natwest|
0345 600 6820
|Monday to Thursday from 9:00am – 6:00pm |
Friday 9.00am – 5:30 pm
What are Natwest general contact details?
You will find in this table all the general contacts that you would need if you want to reach Natwest life insurance:
Facebook, Twitter, LinkedIn
How to claim at Natwest life insurance?
You will find on this table the different possibilities for reporting a claim on your Natwest life insurance:
|How to claim on your life insurance at Natwest?|
|When to claim?|
Claims should be made as soon as possible.
|Claim by mail|
|Claim by email||[email protected]|
|Claim by phone||0330 390 0511|
How to cancel my Natwest life insurance?
You will find on this table the different ways to cancel your Natwest life insurance:
|How to cancel your life insurance at Natwest|
|Cancel by mail|
Customer Services Team,
|Cancel by email|
|Cancel online||Not available|
|Cancel by phone|
0345 600 6820
How do I get Natwest life insurance quotes?
Here are the different ways to get a life insurance quote at Natwest:
|How to get a life insurance quote at Natwest|
|Quote phone||0345 600 6820|
How do I log into Natwest life insurance?
Click on the "Log in" option on the Homepage
Do we recommend Natwest life insurance?
NatWest life insurance is provided by AIG and it is valid for UK residents age 18 to 64. It provides coverage options like term life insurance (increasing and decreasing) and over 60’s cover (which is also referred to as the whole-of-life cover). Critical illness cover is also provided and it offers cover for 25 major conditions or illnesses, including stroke, heart attack, and certain cancers. The ratings of 3 for Defaqto and 1.4 on TrustPilot are not on the high side. There are other better life insurance services that can be recommended, and adequate research should be made to find one that would suit your needs as a policyholder.
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.