Nationwide Life Insurance

Updated: Periodically. Details correct at the time of publication – October, 2007.

Nationwide has rapidly expanded from its basis as a building society and in 2007 it completed a merger with Portman. The company continues to offer a wide range of financial service options, and is established as one of the leading life insurance providers in the UK.

The company offers varieties of life insurance designed to meet a range of needs, each paying out a cash sum. This includes general mortgage-related life insurance (also known as 'Nationwide term assurance' or 'Nationwide life assurance'), mortgage life insurance (decreasing term) and cover for your dependents.

The Nationwide mortgage life insurance product is aimed at those who want a lump sum payment to pay off the outstanding repayments on a mortgage. The amount of cover you receive will decrease in line with the amount left to pay on the mortgage. This contrasts with mortgage-related life insurance, with which the amount of cover remains the same throughout the term of the plan.

Alternatively, if a mortgage is not your concern, you can choose Nationwide life insurance for your dependents. This is a level-term product meaning that the amount of cover remains constant throughout the term of the plan and provides a lump sum payout to family members should death occur during this period. You can also choose to add on critical illness cover and a payment waiver – but you must consult a senior Nationwide financial consultant first.