Scottish Widows was set up in 1815 to take care of women and children who lost their fathers, brothers and husbands in the Napoleonic Wars, taking its name after the people it was founded to look after. Now more than 200 years on, it looks after almost 6 million customers across the UK, offering a range of services including workplace and individual pensions, annuities, life cover, critical illness, income protection, savings and investment products.
Life Insurance
With Scottish Widows’ life insurance you pay an annual or monthly premium to help protect your family and your mortgage and ensure they get a cash lump sum upon your death. To qualify you must be a UK resident (excluding the Channel Islands and the Isle of Man) aged 18–79 years old and you must have a UK bank account.
Scottish Widows offer a range of life insurance options including:
– Level cover – The amount of cover you choose and your premium will remain the same through the term of your policy.
– Decreasing cover – The amount of cover you choose reduces each month, but your premium remains the same. This is normally chosen to cover a repayment mortgage. The maximum amount of cover available is £25,000,000.
– Increasing cover – The amount of cover you choose increases each year in line with the Retail Prices Index (RPI). Your premium will also increase for this type of cover. The maximum amount of cover available is £15,000,000.
– Premium Protection – This cover means you won’t have to pay your premiums if you’re unable to work because of an accident or disability.
– Trusts – This is a legal arrangement that lets the owner of something ‘gift’ ownership to someone else, this could include cash, property, shares or a life insurance policy.
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Over 50s Life Insurance
Scottish Widows do not offer over 50s life insurance.
Mortgage Life Insurance
With Scottish Widows’ decreasing life insurance the amount of cover you choose reduces each month, but your premium remains the same. This is normally chosen to cover a repayment mortgage. The maximum amount of cover available is £25,000,000.
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Critical Illness Cover
Scottish Widows’ critical illness cover pays out a cash sum if you’re diagnosed with one of the critical illnesses covered by their policy. The maximum amount of cover available is £3,000,000. The policy can be combined with life cover, and it can include cover for your children too, so if you have to take time off work you don’t have to worry about the financial impact this might have. You can choose when to start the policy, and you can choose to have your own individual policy or a joint policy with your partner. To qualify you must be a UK resident (excluding the Channel Islands and the Isle of Man) aged 18–79 years old and you must have a UK bank account.
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Whole Life Insurance
Scottish Widows do not offer whole of life insurance.
Income Protection Insurance
Scottish Widows do not offer income protection insurance.
Other Services
Scottish Widows also offer a range of services including workplace and individual pensions, annuities, life cover, critical illness, income protection, savings and investment products.
Scottish Widows Reviews and Ratings
Online reviews for Scottish Widows are very bad with users complaining that the company is difficult to deal with and hard to get in touch with, customers treated poorly and customer service being appalling. One reviewer even called them ‘shameful and fraudulent’.
Trust Pilot – 1.5/5 (based on 114 reviews)
Reviews.co.uk – 1.6/5 (based on 6 reviews)
Pros
- A popular and well-known brand name
- Long established since 1815
- Various levels of cover available, including premium products for additional benefits
- Large critical illness cover up to £3,000,000 available
- A large range of related financial services available
- Good product explanations and supporting information available on their website
- Helpful quick links and specific departmental phone numbers available for all products
Cons
- Very bad customer reviews and feedback
- Multiple reports of customers being treated badly and the company hard to get in touch with
- Contact centre not open on weekends
- Over 50s Life Insurance not offered
- Mortgage Life Insurance and Income Protection Insurance not offered
Website: Scottish Widows