NatWest Life Insurance

The NatWest Co. provides online financial services that include personal and corporate banking, loans and mortgage management, investment banking and insurance services. The later covers both life and non-life insurance as well as travel and essential contents insurance.

Life Insurance Portfolio

Its Life Cover Plan product portfolio covers the following:

Level Term Cover: This is typical fixed term insurance that provides financial protection to your dependents with a lump sum pay out in the event the family breadwinner dies or permanently disabled from working. The amount of insurance is fixed throughout the period of coverage.

Decreasing Term Cover: This aims to cover your mortgage or debts that can remain after you’re gone. The amount of cover decreases over the coverage period in proportion to the diminishing value of your mortgage or loan as they get increasingly paid off over time.

Critical Illness Cover: Basically a health insurance that protects your dependents or family from serious income loss if you contract dreaded illness that could render you incapable of doing productive work. This cover is an optional feature that clients can combine with either of the two term insurance defined above.

Income Protection Cover: You get a guaranteed monthly pay out that’s tax-free if you can’t be gainfully employed due to illness or accidental injury.

A joint life insurance coverage is advised for couples with joint mortgage obligation. Because the plan does not carry any cash value, the cover ceases if the policy holder cannot maintain the monthly premiums.

Acceptance Assured

If you are between the ages 15 and 54 and a UK, Channel Islands or Isle of Man resident, you can take out the NatWest income protection plan covered by the Aviva Health UK Ltd. This can provide you up to 60% of your monthly gross income of up to £3000. The plan is flexible enough to suit your needs as to when the payout can start and end but not beyond age 65.

You can get an instant insurance quote online and you have three choices on how to apply: Online, over the phone or visiting a NatWest branch nearest you. You can choose the coverage term, from 2 years to 40 years provided the term ends before reaching your 70th birthday. You get a 30-day money back guarantee if want to continue with your cover policy after it has been approved and paid for the first month.

Claiming Your Cover

Cash pay outs are always guaranteed if you should die during the term of your insurance policy. You get automatic insurance for up to 90 days while NatWest processes your application. But like all other insurance plans, there’s the first 2-year exclusion where only the premiums paid will be refunded if you die within the first 2 years of the policy term.

Over 50 Guaranteed Insurance

As a cash gift to your children or grand-children or to help them defray the funeral expenses, NatWest guarantees policy acceptance if you are aged 50 to 75 and a UK resident starting with a premium as low as 10 per month. No medical questions or tests required. This guaranteed life cover plan is backed by the Royal Scottish Assurance Company.