Scottish Widows was set up over 200 years ago to help keep families from being plunged into poverty. And in essence, that’s what it’s still doing.
Life insurance is still a vital form of protection today and is designed to give your loved ones financial help should you pass away. It means they can focus on grieving rather than stressing about mortgage payments or living expenses.
In this guide we analyse all the different life insurance policies Scottish Widows offers – so you can work out if it’s the right provider for you and your family.
Scottish Widows was founded in the early 1800s by a group of Scotsmen to financially protect their wives, sisters and other female relatives.
These days it is part of the Lloyds Banking Group and has nearly 6 million customers, which it sells a wide range of pension and insurance products to.
Scottish Widows’ life insurance products pay out a lump sum if you pass away or are diagnosed with a terminal illness. Should you pass away this injection of cash could really help your family out financially in their time of emotional distress.
Scottish Widows offers three broad types of policies to protect your family in the event you die or develop a serious illness. We explore them below.
Depending on your situation you will have to decide whether you want level, increasing or decreasing cover.
Lifetime Cover is a type of whole life insurance, which means it will protect you until the day you die. So as long as you keep paying your premiums, it is guaranteed to pay out to your nearest and dearest.
And if you live beyond 90, your coverage will continue but you won’t have to pay any more in premiums. It’s worth bearing in mind that should you decide to take out a joint policy then Scottish Widows will pay out when the last person dies.
This means you’ll be covered not only in the event of your death, but also for critical illnesses such as a heart attack or stroke. Meanwhile your children will be covered for critical illness at no extra cost too.
So if you are left unable to work due to a serious condition or because you need to look after your sick child, this lump of cash could really help out financially.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Like all insurers, Scottish Widows will have a set of reasons it won’t pay out for. Check your policy document to confirm your potential exclusions, but here are some key ones:
You can claim by calling 0800 849 6089. You will need relevant information such as the policy number, the name of the person who died and the cause of death.
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