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Lloyds Bank Life Insurance

Founded in 1765 Lloyds Bank has been serving the households, businesses and communities of Britain for a long time, offering a comprehensive range of financial products and services, including current accounts, savings, mortgages, loans and credit cards.

Topics

  • Life Insurance
  • Over 50s Life Insurance
  • Mortgage Life Insurance
  • Critical Illness Cover
  • Whole Life Insurance
  • Income Protection Insurance
  • Other Services
  • Lloyds Reviews and Ratings

Life Insurance

Lloyds’ My Life Insurance product provides a lump sum if you die, helping to ensure your loved ones aren’t left in financial difficulties such as paying off the mortgage or any outstanding loans or bills. The maximum sum assured is £500,000. To qualify you must be a UK resident, 18 or over, and under 60. The policy is arranged and provided by Scottish Widows.
Find out more

Over 50s Life Insurance

Lloyds Bank does not offer over 50s life insurance.

Mortgage Life Insurance

The amount of cover you have selected decreases each month over the policy term, in a similar way to how the outstanding balance of a repayment mortgage or loan decreases over time. The premiums you pay stay the same. To qualify you must be a UK resident, 18 or over, and under 60. The policy is arranged and provided by Scottish Widows.
Find out more

Critical Illness Cover

Lloyds Bank does not offer critical illness cover.

Whole Life Insurance

Legal & General does not offer whole of life insurance.

Income Protection Insurance

Lloyds Bank does not offer income protection insurance.

Other Services

Lloyds Bank offers a comprehensive range of financial products and services, including current accounts, savings, mortgages, pensions, travel services, loans and credit cards and more.

Lloyds Reviews and Ratings

Online reviews for Lloyds Bank are poor with users unhappy with the customer service levels, unhelpful staff and difficult onboarding process.

Trust Pilot – 1.7/5 (based on 903 reviews)
Reviews.co.uk – 2.7/5 (based on 592 reviews)

Pros

  • A trusted brand name and long-established bank
  • A comprehensive range of financial products and services
  • Life insurance arranged via the respected Scottish Widows
  • 30 days cancellation period
  • FSCS protected

Cons

  • Poor customer reviews including complaints of unhelpful staff and a difficult onboarding process
  • Joint insurance cover not available
  • Company only offers limited increasing and decreasing cover options
  • Over 50s Life Insurance, Critical Illness Cover, Income Protection Insurance and Whole Life Insurance products not offered
  • Limited product information available on website
  • Few online support tools and resources on offer
  • Telephone support only available Monday to Thursday

Website: Lloyds

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