NatWest Life Insurance Policies Reviews 2024

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 19th March 2024

natwest life insurance reviews

Welcome to our newly updated 2024 Natwest life insurance reviews page

National Provincial Bank was established in 1833, and Westminster Bank in 1836.

The new bank expanded its range of services, offering credit cards, entering the securities market, and providing international banking to large companies. By the 1980s, the bank was called NatWest and offered home loans.

In 2000, NatWest was acquired by the Royal Bank of Scotland Group in the most significant takeover in British banking history. The company now offers banking, credit card, loan, mortgage, investments, insurance, and other services.

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  • Bespoke life insurance, critical illness and income protection cover and mortgage protection to suit your needs
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  • Protect your loved ones
  • Plan for funeral and cremation costs
  • Resolve inheritance tax liabilities

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natwest life and critical illness insurance

Overview of NatWest Life Insurance

ProviderAIG Life Limited
Policy OptionsTerm Life Insurance, Critical 3 with Life Assurance, Guaranteed Sixty-Plus Life Insurance
Application Age Range17 – 86 (varies by policy type)
Term Length3 – 70 years (varies by policy type)
Defaqto Rating5 stars for Term and Critical 3, 4 stars for Guaranteed Sixty-Plus
Financial Conduct AuthorityRegulated by the FCA
Additional BenefitsFree access to Smart Health app and 24/7 virtual GP, Free terminal illness cover

Policy Options and Features

Policy TypeKey Features
Term Life InsurancePays out a cash lump sum if the insured passes away during the term. Available as a joint policy. Includes free terminal illness cover.
Critical 3 with Life AssuranceCovers cancer, heart attack, and stroke. Pays out upon diagnosis or death during the term.
Guaranteed Sixty-PlusDesigned for ages 60-80 with guaranteed acceptance. No medical questions required.

Coverage and Eligibility

Coverage OptionDescription
Level TermThe sum assured remains the same throughout the policy term.
Decreasing TermThe sum assured decreases over time, typically aligned with a mortgage balance.
Increasing TermThe sum assured increases over time to keep pace with inflation.

Claims and Customer Support

98% of claims were paid, totalling £119 million.98% of claims were paid, totaling £119 million.
Customer SupportDedicated support for policy amendments and claims processing.

Additional Benefits and Services

Smart Health AccessFree access for all customers to a 24/7 virtual GP and health experts.
Home Purchase BenefitUp to 90 days free cover during the home buying process.
Mortgage GuaranteeCovers outstanding mortgage debt if the sum assured does not fully cover it upon claim.
Separation BenefitAllows splitting a joint policy into two separate policies without new medical information.

NatWest Life Insurance Reviews

AIG Life Limited provides NatWest life insurance. The term life policy pays a guaranteed lump sum if the insured dies during the selected term.

UK residents aged 18 to 64 may qualify for a plan with a term of between two and 40 years, not to exceed the 70th birthday.

Policy Options

Coverage options include level term and decreasing term. Level term provides uniform coverage for the duration of the plan term.

Decreasing term features a coverage amount that falls over the plan term, designed to correspond with the decreasing balance of a loan or mortgage.

A joint life policy is available to insure spouses or partners. However, this will only pay a benefit on the first death.

After this, the plan will end, and the surviving individual will not be covered. People choose a joint policy because it is less expensive than purchasing two individual policies.

However, a single payout may not be financially sufficient for surviving loved ones. Therefore, consumers should carefully consider the best policy for their situation.

Consumers aged 18 to 64 may add critical illness coverage to their life policy for an additional charge. This guarantees a cash payout if the insured is diagnosed with a specified illness during the policy term.

The policy covers 25 major conditions or illnesses, including types of stroke, heart attack, and certain cancers, three conditions that account for more than 80 percent of all claims.

Even if the individual can eventually return to work, this benefit makes it easier to bridge the income gap. Many families cannot live off one income; having this extra cash available can make a big difference.

Critical Illness & Over 50’s Whole Of Life

Consumers may select a critical illness policy term between two and 40 years as long as this does not extend beyond the 70th birthday.

Premiums are regularly reviewed and may increase. The benefit may be used for any purpose, such as making adjustments to the home to accommodate the medical condition or providing a more comfortable lifestyle.

Over 50s whole of life insurance is designed for UK residents aged 50 to 75 who wish to provide a benefit to help pay bills, funeral expenses, or educational costs for grandchildren.

Acceptance is guaranteed without the requirement of answering medical questions or submitting to a medical examination. Premiums start at £10 per month, and payouts and premiums are guaranteed to remain the same for the lifetime duration of the policy.

If the insured dies within the first two years of taking an over 50s policy, the only benefit will be a refund of premiums paid.

The only exception is if the death results from an accident, in which case the guaranteed cash sum will be paid. With an over 50s plan, total premiums paid may exceed the payout upon death, depending on the lifespan of the insured.

Life insurance is an excellent way to protect loved ones against the financial hardship they will experience upon your death. Understanding how this coverage works is essential to getting the most value from the premiums paid.

NatWest life insurance policies carry no cash-in value, and coverage ends if the insured stops paying premiums, with no refund issued. Inflation can decrease the cash benefit amount, so a regular coverage review is recommended.

Your home and household financial status may be jeopardised if you suffer a serious illness or die unexpectedly.

Even if you already have life insurance, it may be necessary to supplement it. Many people have a policy that covers their mortgage, but this may not be enough.

Family members will still need money to maintain the home and pay regular expenses like food, clothing, and utilities. A life insurance policy will provide them with cash when they need it most.

We hope you have found our NatWest life insurance review helpful. There are many reasons to get life insurance.

Still, some of the most common ones include providing peace of mind in case something happens to you, ensuring that your loved ones are taken care of financially if something happens to you, and providing coverage for end-of-life costs.

Whatever your reason for wanting life insurance, it’s important to ensure you have the right policy for your needs. Working with an experienced agent can help you find the best life insurance cover at the best price.

When we search for a life insurance policy for you, we review the term and over 50s policies provided by AIG through NatWest.

As experts in this industry, we can quickly determine whether this provider offers anything that will meet your needs.

If the price is competitive, we will provide a quote and the necessary information you need to make a purchasing decision.

Further Information:

Natwest Head Office
135 Bishopsgate

Company number: 00929027

Contact Number: 0844 826 8022