Lloyds Life Insurance – Trusted Protection Backed by Scottish Widows

When it comes to securing your family’s financial future, it helps to have a life insurance policy backed by a name you can trust. Lloyds Life Insurance provides peace of mind for you and your loved ones, offering straightforward and reliable protection underwritten by Scottish Widows — one of the most established insurance providers in the UK.

Whether you’re looking to protect your mortgage, cover essential household costs, or ensure your dependants are supported if the worst happens, Lloyds offers flexible life cover options designed to suit your needs and your budget.

What is Lloyds Life Insurance?

Lloyds Life Insurance is a term life cover product. It pays out a tax-free lump sum if you die or are diagnosed with a terminal illness during the length of the policy. This payout can help your loved ones cover critical expenses such as mortgage repayments, rent, utility bills, childcare, outstanding debts, or funeral costs.

Lloyds Bank has partnered with Scottish Widows, a trusted name in life insurance, to provide customers with high-quality protection and expert claims handling.

Key Features of Lloyds Life Insurance

Here are some of the key benefits of choosing Lloyds Life Insurance:

• Level or decreasing term cover to suit your needs
• Terminal illness benefit included at no extra cost
• Cover up to £10 million
• Policy terms from 5 to 40 years
• Premiums from just £5 per month
• Fixed monthly payments for the duration of the policy
• Single or joint policies available
• Optional critical illness cover for extra protection
• No payout if you survive the policy term (term insurance, not an investment product)

The combination of affordability and flexibility makes Lloyds Life Insurance suitable for a wide range of people — from first-time homeowners to growing families.

Policy Options Available

Lloyds offers two types of term insurance. Understanding the difference will help you choose the right one for your situation:

1. Level Term Life Insurance

• Pays a fixed lump sum if you die during the policy term.
• Ideal for replacing lost income or leaving behind a financial gift.
• Works well for interest-only mortgages or general family protection.

2. Decreasing Term Life Insurance

• Payout reduces over time, usually in line with a repayment mortgage.
• Often chosen by homeowners looking to ensure the mortgage is cleared if they die during the term.
• More cost-effective than level term due to the reducing risk.

Both options include the terminal illness benefit, which pays out early if you’re diagnosed with a life-shortening condition with 12 months or less to live.

Optional Critical Illness Cover

Lloyds Life Insurance gives you the option to add critical illness cover to your policy for an extra cost. This pays a lump sum if you’re diagnosed with a serious condition covered under the policy, such as:

• Certain types of cancer
• Heart attack
• Stroke
• Organ failure
• Multiple sclerosis
• And more, depending on the full policy list

This additional protection can help with treatment costs, income replacement, or adjustments to your home or lifestyle during recovery. Children’s critical illness cover is also included at no extra charge if a parent takes out critical illness protection.

Who is Lloyds Life Insurance For?

Lloyds Life Insurance is suitable for individuals and couples who want to protect their loved ones from the financial impact of an unexpected death. It’s particularly suited for:

• First-time buyers and homeowners who want to protect their mortgage
• Parents looking to secure their children’s future
• Couples seeking joint or dual cover
• Anyone who wants a simple, cost-effective life cover solution from a reputable bank

With policy terms from 5 to 40 years and cover starting from as little as £5 per month, Lloyds makes it easy to get protection that fits your stage of life.

Eligibility Criteria

To apply for a Lloyds Life Insurance policy, you must:

• Be between 18 and 59 years old
• Be a UK resident
• Choose a policy that ends by your 69th birthday

You’ll be asked a range of questions about your health, lifestyle, and medical history. In most cases, no medical exam is required — unless further information is needed based on your answers.

What Does Lloyds Life Insurance Cover?

With Lloyds, your policy is designed to pay out a lump sum in the event of:

• Death during the term of the policy
• Terminal illness diagnosed during the term (where life expectancy is less than 12 months)
• Critical illness (if you choose to add it)

The payout is tax-free and goes directly to your beneficiaries or estate, helping to ease the financial burden at a difficult time.

What Isn’t Covered?

As with all insurance products, there are some exclusions to be aware of:

• No payout if you outlive the policy term
• Suicide within the first 12 months is excluded
• Claims may be declined due to non-disclosure of health or lifestyle factors
• Critical illness only covers specific conditions listed in the policy documents
• The policy ends once a claim is paid

It’s important to read the full terms and conditions carefully before purchasing cover, and to provide accurate information on your application.

Making a Claim

In the event of a death or terminal illness, Lloyds’ life insurance policies are handled through Scottish Widows — who have a dedicated claims team to support your family.

To make a claim, your representative will need:

• The policy number
• A death certificate or medical evidence
• Personal details of the policyholder and claimant

Once all documents are submitted, Scottish Widows aims to make the payout quickly — often within days — depending on how fast they receive verification documents.

Managing Your Policy

After your policy starts, you can make updates through the Scottish Widows customer service team. You can:

• Update your details (address, contact, payment method)
• Amend beneficiaries
• Add or remove critical illness cover
• Cancel the policy at any time

Payments are made monthly by Direct Debit, and premiums are fixed for the full term (unless you change the cover).

Cost of Lloyds Life Insurance

Lloyds Life Insurance premiums start from just £5 per month, depending on:

• Your age
• Health history and lifestyle
• Whether you smoke
• The amount of cover
• The policy term
• Whether you choose level or decreasing cover
• Whether you add critical illness cover

You can get a quote online or by speaking to an adviser. As with all insurance, it pays to shop around — but Lloyds offers strong value for people looking for cover from a high-street brand with trusted backing.

Lloyds Life Insurance at a Glance: