NatWest life insurance UK [2025]

NatWest bank offers a variety of financial products and services, including life insurance, to customers throughout the UK and Ireland[1].

Life insurance from NatWest is provided by Aviva and can be purchased online via the NatWest website.

In this review, we delve into the key features and benefits of NatWest life insurance, to help you decide if they offer the right policy for you.

At Reassured, we can’t compare NatWest life insurance quotes. However, we can compare quotes from a panel of leading insurers, including Aviva.

This can help you to choose from a wide range of policy options and compare quotes to find the best price we can offer.

We also have a team of experts on hand to provide you with any support or guidance if you need it.

Life insurance quotes start from just 20p-a-day † through Reassured.

NatWest life insurance highlights

  • NatWest life insurance is provided by Aviva
  • Policy options include term life insurance, critical 3 with life assurance and guaranteed sixty-plus life insurance
  • Get free quotes and apply for your chosen policy online via the NatWest website
  • 99.3% of Aviva life insurance claims were paid out in 2023 totalling £761.7 million[2]
  • Customers receive free access to Smart Health app and 24/7 virtual GP
  • Claim a gift card up to £100 if you take out a policy online by 30/01/25
  • Free terminal illness cover with all term life insurance policies
  • NatWest and Aviva are regulated by the Financial Conduct Authority (FCA)
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NatWest life insurance reviews

As mentioned, NatWest life insurance is provided by Aviva which is a well-known and trusted insurer.

The table below shows Defaqto ratings for each of the Aviva policies. Defaqto provides expert ratings for financial products and services to help customers make informed decisions[3].

PolicyDefaqto rating (out of 5 stars)
Term life insurance5 stars
Critical illness cover5 stars
Decreasing term life insurance5 stars[4]

Correct as of 21/11/24

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What is NatWest life insurance?

Life insurance which is available through NatWest and provided by Aviva is designed to provide a financial safety net for your family should anything happen to you.

It pays out a cash lump sum if you pass away during a set period (known as the ‘policy term’).

You’ll need to pay a monthly premium to Aviva while your policy is in place. If your family need to make a claim, then this will also go through Aviva.

Life insurance can be used to help cover the following:

  • Mortgage repayments - The average mortgage debt in 2024 is £132,378[6]. Life insurance could help to pay off your outstanding mortgage and ensure your loved ones can remain in their home
  • Family living expenses - UK households spend on average £32,500 a year on transport, clothing, food and drink, utility bills (gas, electric, water) and council tax[7]
  • Unpaid debts in your name - This could include credit cards, personal loans and car finance. The average unsecured debt per adult in the UK is £4,287[8]
  • Childcare costs - For a couple, the average cost of raising a child (including nursery fees) from birth to the age of 18 is £157,562. This increases to £208,735 for a lone parent
  • Funeral costs - The average cost of a basic funeral in the UK is £4,141 and the average cost of dying is £9,658[9]. A life insurance pay out could help towards these expenses during a difficult time for your loved ones
  • An inheritance - You could leave a cash gift to your loved ones or to a charity close to your heart, allowing them to spend the money as they wish

If you have a partner and/or children who rely on you financially, it could be essential to take out life insurance.

You may also consider taking out life insurance later in life as your financial legacy, perhaps to help your loved ones cover funeral costs or to provide an inheritance.

As mentioned, Reassured can’t compare NatWest life insurance quotes however we can compare quotes for other types of life insurance, including policies provided by Aviva.

Make the most of our award-winning, fee-free service today.

How much life insurance do you need?

Work out how much life insurance you may need based on your current financial commitments and what you want your policy to cover. Simply fill in the fields which apply to you for an instant calculation.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
£
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
£
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
£
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
£
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
£
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Your total cover estimate

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NatWest life insurance policy options

NatWest offer three main policy options, these include:

  1. Term life insurance
  2. Critical 3 with life assurance (critical illness insurance with life assurance)
  3. Guaranteed sixty-plus life insurance

The option that’s right for you will depend on your personal circumstances, your budget and what you want your policy to protect.

See the different policy types explained below:

NatWest term life insurance

NatWest term life insurance

Term life insurance, also known as family life insurance, is suited to those who have financial dependents and/or a mortgage.

It’s usually the cheapest form of cover, depending on your personal circumstances.

Policy key features:

  • Pays out a cash lump sum if you pass away during a set term (3 - 70 years)
  • Choose between level, decreasing and increasing sum assured (cover amount)
  • Available to applicants aged 17 - 86
  • Free terminal illness cover included
  • Could help to cover a mortgage and/or family living expenses
  • Available as a joint policy
NatWest critical illness insurance with life assurance

NatWest critical illness insurance with life assurance

Also named ‘critical 3 with life assurance’, this is a term-based policy, but it includes additional cover for cancer, heart attack and stroke.

It will pay out once if you pass away or if you’re diagnosed with one of the specified illnesses during the policy term.

Policy key features:

  • Pays out a cash lump sum if you pass away during a set term (3 - 50 years)
  • Will pay out if you’re diagnosed with cancer, heart attack or stroke
  • Will only pay out once for one claim
  • Available to applicants aged 17 - 75
  • Free terminal illness cover included
  • Available as a joint policy
NatWest life insurance over 60

NatWest life insurance over 60 (‘Guaranteed sixty-plus life insurance’)

The guaranteed sixty-plus life insurance policy is an option for people aged 60 - 80 who want to leave a small sum of money to their loved ones when they pass away. It’s similar to over 50s life insurance, as you don’t need to provide any medical information when you apply.

Policy key features:

  • Available to applicants aged 60 - 80
  • Guaranteed acceptance & no lifestyle or medical questions
  • Premium payments until age 90
  • Choose between a fixed sum assured or an increasing sum assured (to protect your cover amount from inflation)
  • Could help to cover funeral costs or be left as a small inheritance
  • Premiums between £5 - £50 a month

At Reassured, we can’t help you arrange a NatWest life insurance policy however we can help you arrange the following policies from other leading providers.

Term life insurance

  • Choose between level and decreasing term cover
  • Pays out if you pass away during a set term (1 - 40 years)
  • Free terminal illness cover
  • Premiums from 20p-a-day through Reassured

Term life insurance + critical illness cover

  • Pays out if you pass away or if you’re diagnosed with a critical illness during a set term (1 - 40 years)
  • Covers a wide range of illnesses
  • Premiums from 33p-a-day º through Reassured

Whole of life insurance

  • Provides cover for the rest of your life
  • Guarantees a pay out when you pass away
  • Leave an inheritance and help cover funeral costs
  • Premiums from 27p-a-day ± through Reassured's advised team

Over 50s life insurance (over 50s plan)

  • Guarantees to pay out after an initial waiting period (usually 12 or 24 months)
  • Guaranteed acceptance to those aged 50 - 85
  • No medical questions
  • Premiums could start from + through Reassured

Income protection insurance

  • Provides monthly payments if you’re unable to work due to sickness or injury
  • Choose between short or long-term cover
  • Helps to cover your mortgage repayments and other essential costs
  • Premiums from 20p-a-day ‡ through Reassured's advised team

Contact Reassured for your free, no-obligation quotes for any of the policies above (if you're 18 and over).

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How much does NatWest life insurance cost?

The amount you pay for life insurance will depend on your personal circumstances and the policy you choose.

Factors which will affect the cost of your monthly life insurance premium include:

  • Your age at the point of application
  • Your health, lifestyle & smoking status
  • Your policy type, term length & cover amount

Below you’ll find example quotes for term life insurance which is available through Reassured.

Quotes are based on a non-smoker in good health taking out a sum assured of £200,000 over a 20 year term:

AgeLevel term life insurance monthly premiumDecreasing term life insurance monthly premium
20£4.48£3.94
25£6.01£5.45
30£7.32£6.06
35£9.56£6.44
40£13.23£8.50
45£19.34£11.92
50£30.70£19.13


Life insurance quotes vary significantly between insurers. For this reason, it’s essential to compare quotes, which could help you save money.

At Reassured, we can help you source multiple quotes within minutes from some of the UK’s best life insurance providers.

Make the most of our award-winning, fee-free broker service today.

What is NatWest mortgage life insurance?

Mortgage life insurance is simply a term life insurance policy that you can take out to help cover your mortgage.

Term life insurance will pay out a cash lump sum to your loved ones if you pass away during a set term (such as 25 years).

It’s ideal for helping to protect a mortgage because you can choose the lump sum (cover amount) to reflect that of your total mortgage debt.

You can also choose a set term that ends when your mortgage term ends, and when the debt is fully paid off.

There are three types of term life insurance available through NatWest which could be used to cover a mortgage. You can choose whether your lump sum amount stays the same or changes during the term:

Level term life insurance

  • The lump sum amount stays the same
  • Ideal for covering an interest-only mortgage
  • Could also be used for helping to cover other large debts and/or family living expenses
  • Fixed monthly premiums

Decreasing term life insurance

  • The lump sum amount decreases each month throughout the term until it reaches £0 when the term ends (and your mortgage debt also reaches £0)
  • Ideal for helping to cover a repayment mortgage
  • Fixed monthly premiums
  • Typically the cheapest form of life insurance

Increasing term life insurance

  • The lump sum amount increases each year in line with Retail Prices Index (RPI)
  • Can protect your pay out from inflation
  • Monthly premiums increase each year

If you have a mortgage and your family rely on your income to make the repayments, then life insurance could be essential.

However, it’s not a legal requirement to have life insurance in place when taking out a mortgage, whether that’s with NatWest or any other lender.

At Reassured, we can help you arrange level or decreasing term life insurance to protect your family and home should the worst happen.

Can you get joint NatWest life insurance?

Yes, you can get joint life insurance through NatWest - but this is only available with term life insurance policies.

Joint life insurance is essentially one policy which covers two people simultaneously.

If you’re in a couple and you have a joint mortgage and/or shared finances, then you may consider taking out a joint policy instead of two single policies.

You’ll only pay one monthly premium and only one pay out is made if you or your partner passed away during the policy term.

Joint life insurance can work out cheaper than having two individual policies which is why many people choose this option.

The table below shoes example premium prices for term life insurance as a joint policy vs two single policies.

Quotes are based on a non-smoker in good health, taking out a level term policy over 20 years with a £200,000 sum assured:

AgeJoint policyTwo single policies% Saving
20£8.87£8.961%
25£11.90£12.021%
30£12.67£14.6416%
35£16.19£19.1218%
40£24.02£26.4610%
45£35.24£38.6810%
50£56.88£61.408%


It’s important to bear in mind that with joint life insurance, if one partner passes away during the policy term and a pay out is made, then the policy will expire.

This leaves the surviving partner without any financial protection.

We have a full joint life insurance guide which explains the pros and cons of this type of cover »

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Does NatWest life insurance come with a free gift?

Yes, if you take out life insurance through NatWest, then you may be able to claim a free gift.

This is currently a gift voucher up to the value of £100 to spend at either Argos, Tesco or Amazon.co.uk[10].

You could either claim a £50 gift voucher if your monthly premium is under £11.99 or the full £100 gift voucher if your monthly premium is over £12.

The following terms and conditions apply

  • You must buy your policy online by the 30/01/2025 (policies are provided by Aviva)
  • You can claim your free gift once your policy has been in place for at least 6 months
  • You can only claim one free gift per household

Many insurers offer free gifts to entice you to purchase directly with them, and it can seem like an attractive offer.

However, it’s important to shop around first before making a final decision to ensure you’re getting the right price for your life insurance.

This is because, in the long term, securing a cheaper policy could save you far more money than what the free gift is worth.

Please note, you will not be entitled to this welcome gift when purchasing through reassured.

At Reassured, our team of life insurance experts can help you to compare multiple quotes within minutes from a panel of leading insurers. Contact our experts today for our best quotes.

NatWest life insurance free benefits

If you choose to take out a life insurance policy through NatWest, then you may be eligible for some additional benefits at no extra charge.

BenefitDescription
Smart Health accessAll customers receive free access to the Smart Health app and website, provided by Aviva. It includes access to a 24/7 virtual GP and a range of other health and wellbeing experts.
Home purchase benefitProvides up to 90 days free home purchase cover if you’re in the process of buying a new home when your life insurance application is accepted. Cover will start when you exchange contracts and will end when the purchase of your new home is completed. Terms and conditions apply.
Mortgage guaranteeAvailable with decreasing term life insurance that’s taken out to cover your mortgage. If you pass away during the policy term and successful claim has been made, but your sum assured does not cover the outstanding mortgage debt, then Aviva will pay the outstanding debt. Terms and conditions apply.
Separation benefitAvailable with joint life insurance policies. Allows you to split one joint policy into two separate policies, without providing any new medical information, if you separate from your partner or rearrange your mortgage into one name. Terms and conditions apply.
Terminal illness coverAvailable with level, decreasing and increasing term policies, as well as the critical 3 with life assurance policy. If you’re diagnosed with a life-threatening illness during your policy term, then a claim can be made for the whole cover amount. Your policy will expire once a successful claim is made.


Life insurance policies arranged through Reassured also come with a variety of free benefits and optional extras.

For example, if you take out an Aviva life insurance policy through us, you could be eligible for the same benefits as described above.

Find out all you need to know by getting in touch.

Compare life insurance quotes through Reassured

Life insurance is designed to protect your loved ones should anything happen to you, therefore, it’s important to be fully informed when choosing your policy.

It’s also important to compare multiple quotes, as different insurers will offer you different quotes based on your circumstances.

At Reassured, we can help you to find the best quotes we can offer from our panel of leading insurers.

You can choose to use our buy online service, or you can speak to one of our life insurance experts over the phone.

A member of our friendly team can support you through the entire application process if required, as well as answer your questions and explain any confusing jargon.

Get free, no-obligation and personalised quotes via our award-winning broker service and protect your loved ones starting today.

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Sources:

[1] https://www.natwest.com/insurance/life-insurance.html

[2] https://www.aviva.co.uk/insurance/life-products/life-insurance/knowledge-centre/paying-out-when-you-need-it/

[3] https://www.defaqto.com/star-ratings/life-assurance

[4] https://www.defaqto.com/star-ratings/life-and-protection/

[6] https://www.finder.com/uk/mortgages/mortgage-statistics

[7] https://www.nimblefins.co.uk/average-uk-household-budget

[8] https://themoneycharity.org.uk/money-statistics

[9] https://www.sunlife.co.uk/siteassets/documents/cost-of-dying/sunlife-cost-of-dying-report-2023.pdf/

[10] https://www.natwest.com/insurance/life-insurance.html

The information used in this review is correct as of 21/11/2024 and is subject to change at any time at the discretion of NatWest

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