Barclays life insurance review

Despite being a well-known and well trusted UK bank, Barclays score just 1.7 stars on Trustpilot across all of their financial services.

Their life insurance is rated 3 stars on Defaqto.

This is compared to Reassured who score 4.8 stars from over 80,000 independent Trustpilot reviews.

We can arrange cover from providers who have 3+ star Defaqto ratings.

Barclays simple life insurance is level term life insurance, starting from £6 a month.

With level term life insurance, your sum assured (the amount paid out) will remain fixed (or level) throughout the lifetime of your policy.

You can obtain cover from 5 to 50 years, (the term must finish before your 90th birthday).

This cover is to be used to protect your loved ones from your death or falling terminally ill.

Terminal illness cover comes as standard with this policy, as it does with all term policies from Reassured.

Terminal illness cover allows you to make an early claim if you’re diagnosed with a terminal illness and predicted to pass away within 12 months.

When you make a terminal illness claim, your full sum assured will be paid out.

You can use this policy pay out to help cover medical fees or to simply enjoy with your loved ones.

However, Barclays simple life insurance policy doesn’t allow you to add critical illness cover.

Critical illness cover can be added to any term policy taken out through Reassured for an additional cost to add an extra safety net if you were to be diagnosed with a critical illness and unable to work.

To compare multiple level term policies to find a great deal, get in touch.

Critical illness cover can only be added to Barclays life insurance for mortgage holders (for an additional cost).

This covers a list of over 30 critical illnesses including stroke, heart attack and some forms of cancer.

For a critical illness pay out to be made, your illness must meet the definitions of Legal & General and must be verified by a healthcare consultant.

To find out more about what illnesses are covered and to read Barclay's definitions, you can read this booklet.

Terminal illness cover

Both Barclays simple and mortgage insurance include terminal illness cover at no extra charge.

When Barclays worked in partnership with Aviva, they offered over 50s plans.

This product is no longer sold by Barclays as they now work in partnership with Legal & General.

If you have an active over 50s policy purchased through Barclays, you can still make enquiries or claims by contacting Aviva directly on 0800 158 3066.

At Reassured we can compare over 50s plans to find a policy that meets your needs.

Barclays simple and mortgage policies can be written in trust.

Writing your policy in trust allows your loved ones to benefit the most out of your policy.

When you write your policy in trust it can be detached from your estate, this means that it may not be subject to 40% inheritance tax (and can avoid the probate process for a faster pay out)

After you’ve passed away your trustee will be in charge of your pay out and ensures it’s distributed as per your wishes.

Not only can we compare quotes from some of the UK's best life insurance providers, but our customer service team can also help you write your policy in trust for most policies we arrange, at no cost.

Barclays offer free cover in the form of death benefits with their life insurance policies.

Accidental death benefit is provided at no additional cost to you with both their simple and mortgage policies.

This means that Barclays will cover you from when they receive your application, for up to 90 days or up until they accept, postpone or decline your application.

If you pass away due to an accident during the 90 days, Barclays will pay out the amount you’ve asked to be insured for, up to a maximum of £300,000.

In addition, Barclays death benefit for their mortgage policies also includes coverage if you pass away between exchanging contracts and completing your property purchase.

This is up to a maximum of 90 days (provided you’re accepted on standard terms and Barclays have everything they need to start your policy).

https://www.barclays.co.uk/insurance/life-insurance/

The information in this article, regarding Barclays life insurance, is correct as of 12/11/24. Please be aware that, while we will aim to keep this article as up to date as possible, Barclays have the right to make changes to the terms and conditions of their policies