Barclays Life Insurance

With a global presence in more than 30 countries, Barclays is one of the largest financial houses engaged in consumer retail, commercial and investment banking, credit cards and wealth management. It maintains a solid business relationship with Aviva Plc, UK’s largest insurance provider which as the provider and administrator of its life insurance.

Life Insurance Product Portfolio

Barclays introduces the Aviva Life Insurance which comes in two options:

Level Term Life Insurance: This provides a lump sum payment if the policyholder dies or is diagnosed with a terminal illness and aimed at cushioning the family’s future financial obligations when you’re gone. The amount of cover is constant throughout the duration of the policy term.

Decreasing Term Life Insurance: This provides a lump sum payment if the policyholder dies or is diagnosed with a terminal illness and is aimed at covering any outstanding mortgage or loan payments left by the policyholder. The amount of cover diminishes every year in line with the diminishing outstanding mortgage or loan balance. Premiums here are often cheaper for the same cover amount than in the Level Term.

You may opt for a joint cover on either of the above options that allows cover for you and a partner or loved one in a joint life insurance policy. This is often a more cost-effective alternative for spouses or business partners. The lump sum payout will be given when one of the partners dies or diagnosed with terminal illness during the term. This ends the policy cover.

Both plans are fixed term life insurance with no cash values redeemable when terminated. Cover stops when premium payments stop. Monthly premiums are fixed from the start and remain unchanged for the duration of the policy term.

Competitive Insurance Features

Barclays’ Aviva life insurance is available to UK residents between the ages of 18 to 66 and its coverage will end on the 70th birthday. Maximum life cover is £500,000 if you are under 50 years of age depending on the monthly premium you have chosen and personal circumstance .

Insurance Promo

You can get peace of mind that your family or loved ones are financially protected when you’re gone for just a low premium of £5 per month or 17p a day. You get a £15 Marks & Spencer gift voucher when you make your third month’s premium. Plus, you get a 10% discount when your online application is approved.

Adding value with Insurance Advice

Unlike many insurance companies, Barclays can provide you with competent advice on insurance matters from its team of Financial Planning Managers who can assess your personal and family financial circumstance to guide you in deciding the best protection for your wealth and family. You can make an appointment in any Barclays branch or learn more from its Financial Planning website.

Special Over 50s Cover

A multi-tiered maximum cover range is offered for applicants over 50 years old that’s calibrated according to chosen premium and personal situation. You can get a maximum of £300,000 at age 50-54, £200,000 at age 55 to 59 and £100,000 at age 60 to 66.