Barclays Life Insurance
Barclays life insurance provides customers in the UK with a variety of different life insurance options, offered by one of the biggest and most trusted banks in the country. Barclays offer a range of different insurance products and their life insurance is just one of the sorts of life insurance they offer.
Barclays life insurance comes in three main different types. Term life insurance, which is also the most popular form of life insurance sold in the UK, whole life insurance, which provides customers with a lifetime of life insurance and is more expensive than term life insurance, and investment-type life insurance, a policy which will pay out a lump sum based on the value of the investment pot at the time of a customer’s death
Barclays life insurance – Term
The most popular type of Barclays life insurance is their term life insurance, and this provides customers with insurance for a certain term. It is usually offered alongside a mortgage, but can also be taken for a certain number of years, with 15 and 20 year stints popular. Term life insurance at Barclays is offered in four different varieties, something which is not offered by all life insurance providers.
The level term policy works in the same way as a traditional term life insurance policy, and pays out the same level of payment at whatever stage of the policy a customer dies. They then have a decreasing term life insurance policy, which pays out a decreasing amount over time, as the customers mortgage reduces and the family do not need as much money. This form of life insurance will be cheaper than level term.
Barclays life insurance also offer family income benefit, which will pay the family an annual income, rather than a lump sum, so they can carry on receiving the equivalent of a customer’s income even after they have died.
Barclays life insurance – Whole
Barclays whole life insurance works in the same way as any whole life insurance policy, and will cover a customer for their whole life, paying out whether they die at 30 or 130.
Barclays life insurance – Investment type
Barclays also sell an investment type life insurance, which provides customers with an investment pot, which may or may not make money. When a customer from the pot dies, their payout will be calculated based on the success of the pot at the current moment in time. This policy has no guarantees, but could pay out more than a standard term life insurance policy.