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My Life Insurance

Most people insure their home, car & mobile phone but what about providing financial security to those who mean the most? Life Insurance could provide a lump sum if you die, helping to ensure your loved ones aren’t left in financial difficulty. It could pay off the mortgage as well as any outstanding loans or bills.

  • Pays out if you die - My Life Insurance, arranged and provided by Scottish Widows, pays a lump sum if you die during the term of your policy or if you’re diagnosed with an illness where you’re expected to die within 12 months. Scottish Widows will NOT pay out if you live to the end of your policy with no claim made.
  • Provide financial support - Having My Life Insurance can help to give you peace of mind by providing financial support for your loved ones if you die, for example by helping to repay a mortgage or other outstanding debts.
  • Think about a Will - if taking out My Life Insurance, you should consider speaking to a solicitor about making a Will otherwise any money paid out if you die during the term of the policy may not go to the intended people. You may also want to consider placing your policy in Trust which could help to reduce any potential Inheritance Tax.
  • 30 days cancellation period – any premiums paid will be refunded if you cancel in the first 30 days.
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How much cover do I need?

Work out how much life cover you may need in a few simple steps.

Important Information:

  • The policy does not have a cash-in value at any time.
  • You will not receive any money back at the end of your chosen term if no claim is made.
  • The policy only pays out on death or on diagnosis of an illness with less than 12 months to live.
  • My Life Insurance only covers your life.

 

  • If you don’t already have a Will, you should consider creating one to help ensure any proceeds go to the intended people.
  • No changes to the policy are possible and premiums are fixed.
  • 30 day cancellation rights.
  • You can apply for My Life Insurance if you are a UK resident, 18 or over, and under 60.
  • Maximum sum assured of £500,000 across all My Life Insurance policies.

Level or decreasing cover – what’s right for you?

  • Level Cover
    The amount of cover you have selected stays at the same level throughout the term you have chosen and the premiums you pay stay the same too.

  • Decreasing Cover
    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.

 

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What is life insurance and do I need it?

Life insurance can help by paying out a cash lump sum to your family or loved ones to use in the event of your death however they need to. Perhaps to help with the mortgage or bills or loan repayments. This cash lump sum is called the 'sum assured' or amount of cover.

How much cover would I need?

It depends on your personal circumstances. Some things you may want to consider are:

  • how much your family would need to support themselves without your income
  • the size of your mortgage and how long it’s got to run
  • any other outstanding loans or debts you have
  • the amount you want to pay each month for cover.

You can use our cover calculator to help you understand how much cover you might need.

How long should I take out a policy for?

This is completely up to you. You can choose to take out My Life Insurance until your children leave home, until your mortgage is repaid, or until you retire. This is called the 'term'.

How much does My Life Insurance cost?

If you take out My Life Insurance you’ll pay a 'monthly premium'. The amount of premium will depend on your age, your health, how long a term you choose, the sum assured, and the type of cover. My Life Insurance policies have no cash-in value at any time. If you stop paying your premiums, your cover will stop, the policy will end and you'll get nothing back.

What's the difference between level and decreasing cover?

Most life policies offer two options, 'level cover' and 'decreasing cover'. Watch our video to learn more.

'Level cover' provides a sum assured that stays the same over the term of the policy. This can be paid out to your loved ones should you die while the policy is in force. You’ll pay the same amount each month for cover.

'Decreasing cover' means that the sum assured decreases over the length of the policy. Some people use this when they have a repayment mortgage or other commitments that gradually get repaid. The amount you pay is typically cheaper than level cover and also stays the same each month.

Does My Life Insurance include critical illness cover?

Critical illness cover is not included in My Life Insurance. However if you require critical illness cover, it's offered through Scottish Widows Direct, part of Lloyds Banking Group.

Can I take My Life Insurance out with my partner?

This policy covers one person only. Your partner can apply for their own policy separately, or you can enquire about joint cover by contacting Scottish Widows Direct, part of Lloyds Banking Group, on 0345 608 0388Call telephone number 0345 608 0388.

What if I already have a life insurance policy?

You can still apply for My Life Insurance. However, it’s important to consider any existing financial protection you may have before selecting the amount of cover you need. Any existing financial protection may impact the amount of new cover you require. This could include other life insurance policies, cover through work, or even personal savings.

Need some help on your protection needs?

Giving you peace of mind that you are covered, we are committed to help with your protection needs.  Whilst we can’t provide you with advice on My Life Insurance you can contact LifeSearch, an Independent Protection Advice service. LifeSearch are not part of Lloyds Banking Group, however they will help you with your protection needs over the phone, call to speak to an advisor.

 Call LifeSearch on 0800 804 6826

(Lines are open Mon to Thurs: 8am – 8pm and Fri: 8am – 6pm).

Who is Scottish Widows?

Scottish Widows is a life, pensions and investment company that's been helping people plan their financial futures for 200 years. Like Lloyds Bank, Scottish Widows is part of Lloyds Banking Group. Their registered address is:

Scottish Widows,
15 Dalkeith Road,
Edinburgh, EH16 5BU.

How do I make a claim or cancel my policy?

For My Life Insurance policies, you can call Scottish Widows on 0800 849 6089Call telephone number 0800 849 6089. Lines are open Mon–Fri 9am–5:30pm. Scottish Widows may record and monitor calls to help improve their service. You can write to Scottish Widows, quoting your policy number, at:

PO Box 1140,
St Albans, AL1 9UQ

How do I get replacement documents if I've lost them?

If you've lost any of your documentation for My Life Insurance you can call Scottish Widows on 0800 849 6089Call telephone number 0800 849 6089. Lines are open Mon–Friday 9am–5:30pm. Scottish Widows may record and monitor calls to help improve their service. You can write to Scottish Widows, quoting your policy number, at:

PO Box 1140,
St Albans, AL1 9UQ

You can view your policy details for My Life Insurance through Internet Banking.

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If you have a query about a life insurance product which is no longer available, you can still contact us. Make sure you have your policy number to hand when you call.

If your policy starts with 1 call:

0800 849 6089Call telephone number 0800 849 6089

(Mon–Fri 9am–5:30pm).

If your policy starts with 7 call:

0800 032 0947Call telephone number 0800 032 0947

(Mon–Fri 8am–6pm, Sat 9am–12:30pm).

If your policy starts with 41 or 61 call:

0345 300 4455Call telephone number 0345 300 4455

(Mon–Fri 8am–6pm).

If your policy starts with LT8 call:

0345 608 0390Call telephone number 0345 608 0390

(Mon–Fri 9:30am–5pm).

Need some help on your protection needs?

Giving you peace of mind that you are covered, we are committed to help with your protection needs. Whilst we can’t provide you with advice on My Life Insurance you can contact LifeSearch, an Independent Protection Advice service. LifeSearch are not part of Lloyds Banking Group, however they will help you with your protection needs over the phone, call to speak to an advisor. .

Call LifeSearch on 0800 804 6826

(Lines are open Mon to Thurs: 8am – 8pm and Fri: 8am – 6pm).

Get a quote for My Life Insurance

You can get a quote for My Life Insurance if you're 18 or over, under 60, and a UK resident. You must be registered for Internet Banking.

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