You must be at least 18 years old, but no older than 74 years old, at the time of applying.
You don’t need to be a Barclays Bank account holder.
Unfortunately, Barclays no longer provide over 50s plans but you can apply for one of their standard plans up to the age of 74.
In the past, Barclays have used Aviva as their life insurance administrator. However, they’re currently using Legal & General .
At Reassured, we can’t arrange Barclays life insurance.
However, our FCA-regulated broker service can compare quotes from Legal & General and many more leading life insurance providers to help you find our best deal.
Continue reading to find out if Barclays life insurance is right for you…
Despite being a well-known and well trusted UK bank, Barclays score just 1.4 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 70,000 independent Trustpilot reviews .
We can arrange cover from providers who have 3+ star Defaqto ratings .
As discussed, Barclay’s life insurance is currently underwritten by Legal & General.
If you’ve previously taken out a Barclays simple life insurance or life insurance for mortgage holders’ policy, it’ll be underwritten by Legal & General.
If you have a standard life insurance policy, over 50s plan or a mortgage policy (taken out before September 2018), it’ll be underwritten by Aviva.
To compare quotes from Legal & General and other market leaders, contact our team today.
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.
Barclays life insurance for mortgage holders starts at just £6 a month.
It’ll provide a lump sum pay out that can be used by your loved ones to help pay off the remainder of the mortgage.
This cover gives you more flexibility as you can choose between a single or joint policy, as well as level or decreasing terms.
Level term
With level term life insurance, your sum assured remains the same throughout your policy.
This means your loved ones will always receive the amount that was agreed when you first took the policy out.
Personal factors such as your age, health, smoking status, sum assured and length of cover will determine how much your monthly premium will be.
Your loved ones will receive a pay out if you pass away during the term.
If you don’t pass away, no pay out is made and your cover will expire.
Level term is best used to help pay off an interest only mortgage as your pay out amount remains fixed.
Decreasing term
With decreasing term life insurance your sum assured will reduce over time.
As with level term, you’ll be covered for a specific period of time and your premiums will be based on personal factors such as your age, health and wellbeing, as well as your smoking status.
This policy is best suited for helping to cover a repayment mortgage as you can have your pay out amount decrease in line with your mortgage balance.
Joint life insurance
Joint life insurance covers two lives simultaneously.
You’ll only need to make one application and the price you pay for your premiums will be based on information about both parties.
The main advantage of joint life insurance is that you can save on average 25% compared to two single policies.
Despite covering two lives, joint life insurance will only pay out once - usually after the first death.
This means that the surviving partner will need to find new cover.
Use our free, award-winning brokerage service to compare single and joint policies to find our best option for you.
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.
Barclays worked in partnership with Aviva to provide Barclays life insurance.
This service is no longer available to purchase by new customers.
If you currently have an Aviva policy with Barclays, you can find more information about your policy here or you can contact Aviva directly.
At Reassured we can compare quotes from leading life insurance companies to save you money.
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.
You can cancel your Barclays life insurance policy at any time.
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.
Both Barclays simple and mortgage life insurance policies start from £6 a month.
The price you pay for your policy will be based on a few factors. These include:
Knowing this information will allow insurers to calculate the risk that you’ll pose.
The bigger the risk, the higher the premium (as a pay out is more likely).
To find a suitable solution it’s important to compare quotes from different providers.
You can do this quickly and easily by using an FCA-regulated broker, like Reassured.
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).
While Barclays life insurance may seem like an appealing option, it’s essentially cover provided by Legal & General.
There are many ways to secure cover from Legal & General.
You can go direct, use a comparison site or you can compare quotes using an FCA regulated broker service, like Reassured.
Comparing quotes is essential to see if you can save money on your monthly premium.
At Reassured, can help you source multiple quotes from a panel of top UK insurers (including Legal & General).
Our award-winning team are on hand to help you find the right cover to suit your needs.
What’s more, we don’t charge a fee for our FCA-regulated service.
The information in this article, regarding Barclays life insurance, is correct as of 18/05/23. 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
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We’re rated as 'Excellent' with 79,923 customer reviews† From £10 per month for up to £300,000 is an example based on the following pricing illustrations. £10 per month Life Insurance quoted rates are based on level term life cover for non-smokers with no pre-existing medical conditions or other high risk factors. Individual factors and medical underwriting will be assessed which may vary the premium and sum assured you are eligible for or may result in you being declined. Correct as on 1st March 2024.
£310,236 over 20 years - 30 year old born in 1994 (Aviva)
£205,860 over 20 years - 35 years old born in 1989 (Aviva)
£164,199 over 15 years - 40 year old born in 1984 (Aviva)
£95,786 over 15 years - 45 year old born in 1979 (Aviva)
£70,195 over 10 years - 50 year old born in 1974 (Aviva)
£39,267 over 10 years - 55 year old born in 1969 (Aviva)
£20,846 over 10 years - 60 year old born in 1964 (Aviva)
£12,738 over 10 years - 65 year old born in 1959 (Aviva)
£7,721 over 10 years – 70 year old born in 1954 (Aviva)
† From £5 per month for up to £100,000 is an example based on the following pricing illustrations.£5 per month Life Insurance quoted rates are based on level term life cover for non-smokers with no pre-existing medical conditions or other high risk factors. Individual factors and medical underwriting will be assessed which may vary the premium and sum assured you are eligible for or may result in you being declined. Correct as on 1st March 2024.
£124,226 over 20 years - 30 year old born in 1994 (Aviva)
£82,677 over 20 years - 35 years old born in 1989 (AIG)
£58,350 over 15 years - 40 year old born in 1984 (Aviva)
£37,361 over 15 years - 45 year old born in 1979 (Aviva)
£27,873 over 10 years - 50 year old born in 1974 (Aviva)
£17,528 over 10 years - 55 year old born in 1969 (Aviva)
£10,417 over 10 years - 60 year old born in 1964 (Aviva)
£6,365 over 10 years - 65 year old born in 1959 (Aviva)
£3,858 over 10 years - 70 year old born in 1954 (Aviva)
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