Is NFU Mutual 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 NFU Mutual life insurance. You might already know that NFU Mutual 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 NFU Mutual 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. 

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

4 Safe overall rating for NFU Mutual

Rating CriteriaSafe RatingOur Review
Customer service satisfaction, claims and support

4 star rating on Defaqto
Policy documents are available
Customer feedback rates the company as reliable and easy to deal with
Low rating of 2/5 on TrustPilot

Coverage options

Whole life cover is provided by AIG
Permanent disability cover is provided as an optional extra
Cover for children is automatically provided
Family Income Benefit is provided
The maximum duration for the cover term is 70 years

Value for money

NFU/AIG has flexible cover options which can be tailored specifically to suit the needs of policyholders
No discounts listed on the wensite
The insurance rates per month are not stated

Financial strength

AIG which administers the life insurance services of NFU has been active in the UK insurance market for over 50 years

Apps and technologies

Policy documents can be easily accessed
Information is provided on the website
Quotes cannot be gotten online
The website is very congested and useful information is hard to sort out
No life chat option

Safe rating for NFU Mutual Life insurance

Expert and customer satisfaction reviews for NFU Mutual

Review organisationConsumer satisfaction rates for NFU Mutual Life insurance
Trustpilot2/5 based on 159 reviews
Defaqto4
Experts rating for NFU Mutual

NFU Mutual insurance in a nutshell

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

CriteriaNFU Mutual details
Minimum age17 years
Maximum age 86 years
Pay-outNot stated
Life insurance with free giftsNot stated
Extras

Not stated

Terminal illnessYes
NFU Mutual life insurance in a nutshell

What are NFU Mutual 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 NFU Mutual 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.
CriteriaNFU Mutual life insurance
Minimum term2 years
Maximum term70 years
Pay-outNot stated
Minimum monthly premiumNot stated
Extras or any interesting facts 

Not Available

NFU Mutual term life insurance

Should you take level or decreasing term life insurance?

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

CriteriaProvider Details
NFU Mutual term life insurance (level)
  • NFU’s Life Insurance cover is administered by AIG and it provides Term Assurance which is a type of life cover that lasts for a particular time frame (between 2 and 70 years) and protects against death and critical illnesses.
  • Family Income Benefit is provided for the policyholder’s family in the case that the policyholder dies.
    -AIG offers both Single and Joint Life Insurance Policies
NFU Mutual 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
  • There is the option to choose from a wide array of decrease ranging from 5%, 6%, 7%, 8%, 10%, 11%, 13% or 15%
  • The Decreasing Cover is not available on joint life policies
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.

NFU/AIG life insurance propose increase life cover:

  • The sum insured increases each year by 5%.

Should you take NFU whole life insurance?

The Whole of Life insurance is cover provided by NFU is administered by AIG and it is tailored to last for the duration of the policyholder’s life. In the event that the policyholder dies, a lump sum is given to the family members.

Whole life insuranceNFU Mutual whole life insurance details 
NFU Mutual whole life insurance 
  • Lifelong protection is offered
  • Guaranteed pay out to the family of the policyholder after he/she dies
  • Single and Joint life policies are available
  • Terminal illness cover is provided
  • The Whole life insurance that AIG provides on behalf of NFU has a 5 stars on Defaqto
NFU Mutual whole life insurance

Can you take out a NFU life insurance with someone else?

Yes, you can either have a single or a joint policy at NFU Mutual.

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 NFU Mutual life insurance extras? 

You can add these extras at additional cost to your NFU Mutual life insurance: 

Details Reviews
Waiver of premium

With the Waiver of Premium benefit that AIG offers, your insurance premiums will be paid on your behalf if you can’t work due to illness or injury for up to 26 weeks.

Funeral Pledge

A sum of up to £10,000 is paid in advance towards the cost of a funeral.

Terminal illness cover

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.

Total Permanent Disability

In the case that the policyholder has been permanently disabled as a result of an accident and is unable to work again, financial support will be provided with the cover paid out at once.

Family Income Benefit

AIG pays a regular monthly income to either the policyholder or his/her family members following a terminal illness diagnosis or in the event of the policyholder’s death during the policy term.

NFU Mutual life insurance extras

Should you take out NFU Mutual 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 NFU Mutual the best critical illness cover? 

Here are the main features when you take out NFU Mutual life insurance with serious illness:

CriteriaOverall life insurance and critical illness cover
Coverage

The Critical illness cover that AIG provides for NFU offers the following:

  • Waiver of Premium in the case that the policyholder is unable to work due to an illness or accident
  • Total Permanent Disability is provided in the case that the policyholder cannot work again as a result of a disability
  • Pregnancy cover is provided
  • Total Permanent Disability cover is provided as an optional extra and with this, a particular amount is given to the policyholder every month in the case that he/she is disabled and cannot work for up to 26 weeks
  • Cover is provided for children
Children’s Cover
  • The children cover provided by AIG is valid from from birth till when the child is 22 years old.
  • This cover provides up to £35,000 or 50% of the amount of cover worth of critical illness benefit for children
  • Children are also covered for additional child specific conditions like Cerebral palsy, Cystic fibrosis, Down’s syndrome.
  • Child life cover benefit of £10,000 is provided
  • Pregnancy cover is provided and a sum of £5,000 is given in the case that complications arise in the fetus
What should you know about NFU Mutual critical illness cover?
  • The Critical Illness Cover provided won the 2017’s Moneyfacts’ ‘Best Critical Illness Provider’ award.
NFU Mutual life insurance

How much is NFU Mutual 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 NFU Mutual life insurance?

Here are all the important phone numbers for contacting NFU Mutual life insurance: 

ServicePhone NumbersOpening Hours 
Get a quote at NFU Mutual0800 622 323Monday to Thursday: 8.30am to 8.00pm
Friday: 8.30am to 5.30pm
How to claim at NFU Mutual0345 600 6815Monday to Thursday: 8.30am to 8.00pm
Friday: 8.30am to 5.30pm
How to cancel at NFU Mutual

0345 600 6820

Monday to Thursday: 8.30am to 8.00pm
Friday: 8.30am to 5.30pm
NFU Mutual phone numbers

What are NFU Mutual general contact details? 

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

General contacts
Mailing address

NFU:
NFU Insurance
Tiddington Road
Stratford upon Avon
Warwickshire
CV37 7BJ

AIG:
Beech House, 35 London Road
RH2 9HZ
Reigate
United Kingdom

Social media 

Facebook, Twitter, LinkedIn

Chatbot

No

NFU Mutual general contacts

How to claim at NFU Mutual life insurance? 

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

How to claim on your life insurance at NFU Mutual?
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 phone0345 600 6815
Claim at NFU Mutual life insurance

How to cancel my NFU Mutual life insurance? 

You will find on this table the different ways to cancel your NFU Mutual life insurance: 

How to cancel your life insurance at NFU Mutual
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 NFU Mutual life insurance?

How do I get NFU Mutual life insurance quotes? 

Here are the different ways to get a life insurance quote at NFU Mutual: 

How to get a life insurance quote at NFU Mutual
Quote online

There is no option to get quotes online on the website

Quote phone0800 622 323
Get a quote at NFU Mutual

How do I log into NFU Mutual life insurance?

There is no Login option available on the wesite.

Do we recommend NFU Mutual life insurance?

Mutual has a long history having been formed initially in 1910 with the name of Midlands Farmers Mutual Insurance Society by a group of farmers to support the National Farmers Union. Although the Society first offered life insurance cover in the 1920s, it wasn’t until the 1980s that it began to serve the wider community rather than only the farming industry.

The life insurance cover that NFU provides is administered by AIG was founded in 1919 and offers a wide range of insurance services in more than 80 countries. They offer a wide range of services ranging from critical illness cover, family income benefit, term insurance (level, increasing and decreasing) and whole of life insurance. They have high ratings on both Defaqto and TrustPilot and their effectiveness in terms of customer service was recorded from third party review websites. 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.