Scottish Widows Life Insurance

Updated: Every six months. Details correct at the time of publication - October, 2008.

Scottish Widows was Scotland’s first mutual life office formed in 1815. Now a part of the Lloyds TSB group the brand promises to deliver strong ethical values and good investment returns. Scottish Widows is a leading UK life insurance company, with a number of different life insurance policies on offer, including general life insurance (also known as ‘Scottish Widows life assurance’ or ‘Scottish Widows term assurance’), and critical illness cover.

The general life insurance policy offered by Scottish Widows pays out a lump sum in the event of your death or if you are diagnosed with a terminal illness. You can also add premium protection to your policy, which will make your payments in the event that you are unable to work due to a disability.

You can choose between life cover and lifetime cover. Scottish Widows life cover involves you paying a premium for the period you have chosen to be covered for with a cash sum payout if you die or suffer a terminal illness. Lifetime cover lasts until you die with you paying an amount each month until you reach 90, after which the cover continues without further charges.

Scottish Widows’ critical illness cover pays out a guaranteed cash sum if you are diagnosed with one of a range of critical illnesses during the term of the insurance policy. Children’s critical illness cover is automatically included with payment limited to the lower of £25,000 or 50% of the amount payable.