Is NFU Mutual The Best Life Insurance Policy?
verified information
Information verified by Adeline Harmant
Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodology
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 Criteria | Safe Rating | Our Review |
|---|---|---|
| Customer service satisfaction, claims and support |
4 star rating on Defaqto | |
| Coverage options |
Whole life cover is provided by AIG | |
| Value for money |
NFU/AIG has flexible cover options which can be tailored specifically to suit the needs of policyholders | |
| 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 |
Expert and customer satisfaction reviews for NFU Mutual
| Review organisation | Consumer satisfaction rates for NFU Mutual Life insurance |
|---|---|
| Trustpilot | 2/5 based on 159 reviews |
| Defaqto | 4 |
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.
| Criteria | NFU Mutual details |
|---|---|
| Minimum age | 17 years |
| Maximum age | 86 years |
| Pay-out | Not stated |
| Life insurance with free gifts | Not stated |
| Extras | Not stated |
| Terminal illness | Yes |
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.
| Criteria | NFU Mutual life insurance |
|---|---|
| Minimum term | 2 years |
| Maximum term | 70 years |
| Pay-out | Not stated |
| Minimum monthly premium | Not stated |
| Extras or any interesting facts | Not Available |
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.
| Criteria | Provider Details |
|---|---|
| NFU Mutual term life insurance (level) |
|
| NFU Mutual 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.
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 insurance | NFU Mutual whole life insurance details |
|---|---|
| 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. |
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:
| Criteria | Overall life insurance and critical illness cover |
|---|---|
| Coverage | The Critical illness cover that AIG provides for NFU offers the following:
|
| Children's Cover |
|
| What should you know about NFU Mutual critical illness cover? |
|
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:
| Service | Phone Numbers | Opening Hours |
|---|---|---|
| Get a quote at NFU Mutual | 0800 622 323 | Monday to Thursday: 8.30am to 8.00pm Friday: 8.30am to 5.30pm |
| How to claim at NFU Mutual | 0345 600 6815 | Monday 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 |
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: AIG: |
| Social media | Facebook, Twitter, LinkedIn |
| Chatbot | No |
scottish widows life insurance contact number
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 |
| Claim by email | [email protected] |
| Claim online | Not Available |
| Claim by phone | 0345 600 6815 |
Here are all the important NFU Mutual life insurance contact number!
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 |
|
| Cancel by mail | Customer Services Team, |
| Cancel by email | |
| Cancel online | Not Available |
| Cancel by phone | 0345 600 6820 |
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 phone | 0800 622 323 |
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.
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.
Yes, it is worth getting life insurance when people depend on you financially, like your family.
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.
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.
Lots of life insurance providers offer free gifts:
- Royal London
- Legal & General
- Aviva
- Shepherds Friendly
- OneFamily
- British Seniors Insurance Agency
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.
