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.
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.
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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.
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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