Is Natwest 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 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!

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 CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

Support Services are provided
3 star rating on Defaqto
Policy documents are readily available on the website
No live chat option
1.4/5 rating on TrustPilot

Coverage options

Whole life cover is provided
Increasing and Decreasing Covers are provided
Home Purchase insurance is provided
Cover for children is not included in the policy document
The Critical illness cover offered provides cover only 3 critical medical conditions

Value for money

A £75 gift voucher is available for policyholders
Cover can be gotten for as low as £5 a month
The payout amount is not stated

Financial strength

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
An online Smart Health option is available for all covers
Natwest has a mobile app
No livebot or chatbot option

Safe rating for Natwest Life insurance

Expert and customer satisfaction reviews for Natwest

Review organisationConsumer satisfaction rates for Natwest Life insurance
Trustpilot1,4/5 based on 2067 reviews
Defaqto3
Experts rating for Natwest

Natwest insurance in a nutshell

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

CriteriaNatwest details
Minimum age17 years
Maximum age 86 years
Pay-outNot Stated
Life insurance with free gifts£75 gift card for Argos, B&Q or M&S is given to policyholders.
Extras

A life insurance calculator is available on the website.

Terminal illnessYes
Natwest life insurance in a nutshell

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.
CriteriaNatwest life insurance
Minimum term 3 years
Maximum term70 years
Pay-outNot Stated
Minimum monthly premium£5
Extras or any interesting facts 

The Smart Health app and website gives easy access to a 24/7 virtual GP

Natwest term life insurance

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. 

CriteriaProvider Details
Natwest term life insurance (level)
  • AIG provides Term Insurance which is a type of life cover that lasts for a particular time frame and protects against death and critical illnesses.
  • Accidental Death Benefit is provided for the policyholder’s family in the case that the policyholder dies.
  • AIG also provides Increasing and Decreasing cover
Natwest decreasing term life insurance, also known as life insurance for mortgage
  • The rates proposed for the Decreasing Life Insurance that AIG offers are tailored to match the interest rate of your mortgage
  • An annual interest rate of 8% is used
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.

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 insuranceNatwest whole life insurance details 
Natwest whole life insurance 
  • Natwest proposes an over 60 whole of life insurance
  • Funeral Benefits are offered in the case that the policyholder dies
  • Guaranteed acceptance, no medical questions are asked
  • This cover is available for people between the ages of 60 – 80
  • Access to a 24/7 virtual GP with Smart Health is provided
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: 

Details Reviews
Smart Health App

This support service provides policyholders with 24/7 access to medical practitioners.

Funeral Pledge

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.

Natwest life insurance extras

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:

CriteriaOverall life insurance and critical illness cover
Coverage

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:

  • Insurance for three specific conditions, in addition to your life insurance
  • Cover is provided for only three critical conditions which are Stroke, Cancer and Heart attack
Children’s Cover

Not stated

What should you know about Natwest critical illness cover?
  • The Critical Illness Cover provided by AIG has won many awards. An example is the 2017’s Moneyfacts’ ‘Best Critical Illness Provider’ award.
Natwest life insurance

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: 

ServicePhone NumbersOpening Hours 
Get a quote at Natwest0345 600 6820Not available
How to claim at Natwest0345 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
Natwest phone numbers

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: 

General contacts
Mailing address

250 Bishopsgate
London
EC2M 4AA.

Social media 

Facebook, Twitter, LinkedIn

Chatbot

Yes

Natwest general contacts

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

Claims Team,
AIG Life Limited,
PO Box 12010,
Harlow,
CM20 9LG

Claim by email[email protected]
Claim online

Not Available

Claim by phone 0330 390 0511
Claim at Natwest life insurance

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
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

Customer Services Team,
AIG Life Limited,
Box 12010,
Harlow,
CM20 9LG

Cancel by email

[email protected]

Cancel onlineNot available
Cancel by phone

0345 600 6820

How to cancel my Natwest life insurance?

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 online
  • On the Home Page, Click on the "Get a quote" option
Quote phone 0345 600 6820
Get a quote at Natwest

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.

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.