Barclays Life Insurance Review 2023

Barclays is a well-known and trusted UK-based investment bank and financial services provider.

Compare Life Insurance Quotes

Fill in the form below for a FREE, no obligation quote NOW!

Barclays is a well-known and trusted UK-based investment bank and financial services provider. One of their key offerings is life insurance, which they have split into two distinct products, a simple, basic product which almost anybody can apply for, and a more comprehensive package aimed at mortgage holders. With Barclays being such a huge company in the UK, and one of the largest personal banking service providers, many people are likely to be considering their life insurance offerings, so now would be an apt time to consider their products.

What Exactly is Life Insurance?

  • Icon For CPU#1

    Life insurance calculator

    Estimate the size of life insurance cover you might need based existing and future obligations.
  • Your total life cover estimate
    Let us help you find your best quotes

Life insurance is quite simply a policy or contract between the insurance provider and the beneficiary (the policy holder), which triggers a significant cash payout upon the death of the policy holder, however some policies, including Barclays policies, may pay out upon the diagnosis of a specified terminal or critical illness. The premium is typically paid monthly, and in the case of Barclays products, the premiums start from as little as £6 per month. Let’s take a closer look at the Barclays policies in detail.

Barclays Simple Life Insurance Policy

To be eligible for this policy you must be aged between 18 and 74 and be a UK-resident upon your application. It is important to understand that this is not a savings plan or investment product, if you fail to make a premium payment, the policy is cancelled, your cover will cease 30 days after the first missed premium and you will not get any of your money back. The minimum policy length is five years, and as is the case will all insurers, there are several exclusions and limitations in the policy.

You will be covered for death from illness, injury or accident, except in the case where the death is caused by suicide in the first year. The payout on diagnosis of a terminal illness must match Barclays payout criteria which includes a list of covered illnesses, which is common practice within the industry. It should also be noted that if you die as a result of an accident, you will not be covered in the following circumstances:

  • As a result of taking part in a dangerous sport or activity.
  • As a result of being aboard an aeroplane except where you are a fare-paying passenger on a licensed aeroplane.
  • Whilst committing or attempting to commit an assault or other criminal offence.
  • Death from war, riot or civil unrest.
  • Death as a result of taking alcohol or drugs (unless prescribed by UK doctor).
  • Death as a result of an accident that happened prior to your application.

Getting a life insurance policy from Barclays is quick and easy and can be done on their website. It’s a very simple product – the premiums and cover stay the same for the life of the policy. It’s also  good value, as an example if a non-smoker pays a premium of £20 a month, the lump sum upon death is a whopping £417,776, which would make a huge difference to your loved ones. But if you’ve got a mortgage, then you really should be taking at look at their mortgage holder policy, let’s have a closer look at the details of that policy below.

Barclays Mortgage Holder Life Insurance Policy

We compare plans from the leading life insurance providers

As the name suggests, this policy is for people who have bought their own home and still have some or all of the mortgage still outstanding. In the event of their death or terminal illness, a lump sum will be paid out with the intention of clearing the mortgage. Critical illness is also covered, but it must meet the Barclays definition to qualify for a payout. With this type of policy, you can opt for something called “decreasing cover” which is where the premiums go down over the life of the policy because your mortgage will be being paid off, so you shouldn’t need as much cover.

With a mortgage-holder policy, it is also possible to take out a joint life insurance policy. The way this works is that as long as the policy is live and active upon the death of one of the insured, once the first person dies, the lump sum is paid out and the policy ceases.

Key Points

  • All information provided to the insurer must be 100% honest and truthful, or your policy will be void.
  • If you miss a payment, you cover will stop 30 days after the missed payment.
  • You are covered for death, as long as it isn’t suicide in the first year, or an accident which could have easily been avoided (see above).
  • You are covered for terminal illness as long as it meets the Barclays definition.
  • In the mortgage-holder policy, you are covered for critical illness but it must meet the Barclays criteria.
  • You are not covered for death caused by any pre-existing terminal illness or disease.
  • You can cancel up to 30 days after taking out the policy without penalty.

Is Barclays Life Insurance Right For You?

Barclays is a highly respected company, and offers excellent products with great customer service. Indeed, their life insurance policies both have achieved a three-star Defaqto rating, which means they are reliable and good value. Whether you are an existing Barclays customer or not, you can be confident that their insurance policies offer comprehensive cover without being over-priced.

For pre-existing Barclays customers, these policies are simple and convenient, as you can apply very quickly online after logging in to your Barclays online banking, and in most cases you can expect to get your insurance quotation immediately. This is because they already hold your personal details which makes it much more convenient than applying with a third-party provider or website. The instant cover provided through this service can be invaluable, and offer peace of mind so is definitely something to consider.

In either regard, Barclays are a great insurance provider and can assist you through the application process either on the phone, or via their on-line chat function, where they can respond to your questions almost immediately. In short, if you choose to take out a life insurance policy with Barclays, you’ll be in good hands, which is reassuring when dealing with such matters.

Defaqto ratings

Type Plan name Rating
Critical illness (decreasing) Decreasing Term Life Cover (Mort Prot Plan) 3
Critical illness (level term) Level Term Life Cover (Mortgage Protection Plan) 3
Critical illness (direct with life cover) Level Term Life Cover (Mortgage Protection Plan) 5
Life assurance (direct) Life Insurance 5
Life assurance (direct) Level Term Life Cover (Mortgage Protection Plan) 5
Life assurance (decreasing) Decreasing Term Life Cover (Mort Prot Plan) 3
Life assurance (level term) Life Insurance 3
Life assurance (level term) Level Term Life Cover (Mortgage Protection Plan) 3
Defaqto ratings were reviewed on 01/10/2023