Author:Andrew Richardson

Read:12 mins

Review of Barclays Life Insurance

Barclays life insurance packages are open to everyone, not just Barclays account holders. They offer two different insurance types: standard Barclays life insurance and mortgage protection insurance. Both of these policies are term-based policies, and the mortgage holder option can be taken out with level term or decreasing cover.

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Pros
  • Lump sum is awarded to the family upon death.
  • Options of level term or decreasing cover with mortgage cover
  • Cover available up to £500,000
  • Premiums start at £6 a month
Cons
  • Cannot cash in the policy
  • No joint policies with standard life insurance
  • Standard life insurance does not come with terminal illness cover
  • Critical illness cover has to be added as an extra

About Barclays

Barclays plc is one of the world’s largest and oldest multinational banking and financial services companies. It was founded in 1690 and now operates in over 40 countries. They offer a broad range of different types of insurance and two different options, both provided through Aviva.

While the policies aren’t overly customisable, they have competitive premium rates and the option of up to £500,000 of cover.

How User-Friendly is Barclays’ Insurance Buying Process?

As you’re navigating the labyrinth of insurance options, you’ll appreciate the straightforward way Barclays presents its offerings. Their website boasts a clean layout and the information is readily accessible, helping individuals understand the details of their potential coverage. Whether you’re an insurance guru or dipping your toes in the waters for the first time, Barclays’ Insurance buying process is intuitive and comprehensible.

Moreover, Barclays offers a step-by-step guide to assist in your journey through the insurance purchasing journey. They simplify the technicality of insurance jargon, providing a user-friendly experience that gives you confidence in your decisions. In our interaction with Barclays, the entire process oozed simplicity and truth be to told, it’s akin to buying an item from your favourite online store.

Barclays Insurance Pricing: Value for Money?

Let’s talk about what’s crucial for everyone: the price. You want value for your Pound, and Barclays’ Insurance Pricing offers that in leaps and bounds. An insurance product should be all about getting the maximum benefits without draining your pockets, and that’s exactly what Barclays does.

The cost of insurance at Barclays is competitive by industry standards. Depending on your personal circumstances (such as age, health, and lifestyle), you can bag insurance coverage without breaking the bank. The planned structure of the premiums ensures that you get what you pay for. This is surely a delicate blend of quality service and affordability.

Understanding Barclays’ Insurance Policy Terms

Insurance terms can be intimidating and complex – a maze of sub-clauses and conditions that leave you scratching your head. With Barclays, you get a Barclays Insurance policy understanding as they make a real effort to simplify these terms for their customers. Consequently, you’re more likely to get a comprehensive policy that suits your unique needs.

However, the understanding doesn’t come automatically. You need to engage with the materials offered, and clarify every question you have with their customer service. But the effort is worth it. Once you’ve grasped the details of your policy, you can relax knowing exactly what is covered and what isn’t. Barclays takes the riddle out of insurance terms, making it easier for you to secure your future.

A Look into Barclays’ Insurance Customer Service

In our digital era, customer service can make or break a company’s reputation. Fortunately, Barclays customer service takes this aspect seriously. Their team is readily available for guidance and they’re attentive to your queries; an essential quality when dealing with the intimacies of insurance.

Sure, it’s no paradise; you may endure a few automated messages before reaching a human representative. However, when you do reach a Barclays representative, they take the time to understand your unique circumstances and adapt their advice accordingly. It’s not just about selling insurance policies, but ensuring that you’re making the right choice, a feature we deeply appreciate.

Barclays’ Claims Process: Fast and Fair?

Anyone that’s made a claim before knows how stressful it can be. The last thing you need when dealing with a difficult life event is a lengthy and complex claims process. From our research, we found that the Barclays claims process is fast and fair.

Barclays operates with transparency and fairness in its claim processing. After reviewing diverse customer testimonials, we discovered that they strive to maintain minimal jargon and promote quick resolution of submitted claims. Of course, your experience may vary depending on the complexity of your own claim, but generally, the process is speedy and comprehensible.

Customer Opinions on Barclays Insurance Products

Now, what about the true judges, the customers? Barclays customer opinions are largely positive. Many cite Barclays’ comprehensive coverage and efficient claim service as their main reasons for satisfaction.

Sure, few disputes are inevitable, but they appear to be exceptions rather than the norm. Generally, customers have praised Barclays for their excellent customer service and the quality of their insurance products. Barclays’ commitment to customer-centred services clearly shows in the heartening praises of its clients.

The Strengths and Weaknesses of Barclays Insurance

Just as a coin has two sides, so too does Barclays insurance. Let’s delve into the key Barclays Insurance strengths and weaknesses. Strengths include transparent pricing, easy-to-understand policy terms, an effective claim process, and commendable customer service.

On the flip side, one key area of improvement lies in their digital offerings. Barclays could bolster its online interfaces to enhance user experience and accessibility. However, given Barclays’ consistent strive for improvement, we expect them to elevate their digital game soon.

The Coverage You Get with Barclays Insurance

The coverage that accompanies Barclays’ insurance policies is comprehensive and inclusive. Barclays shines with its extensive range of insurance products, including home, car, life, and travel. The meat of the matter is their ability to mould the coverage around your needs; indeed, Barclays coverage is about what works best for you.

It’s impressive to see such adaptability in the world of insurance. A one-size solution is not what Barclays offers. Instead, it seeks to know you, understand you, and offer coverage that perfectly suits your needs. Remember, the better the fit, the better the protection.

Insurance Options: Our Honest Breakdown

Barclays doesn’t have the biggest range of life cover packages on the market. Nonetheless, there’s no doubt that they can provide suitable coverage for most people between the ages of 18 and 68. The Barclays insurance for Mortgage Holders policy has a 5-star Defaqto rating and is definitely the better of the two policies on offer.

Barclays’ life insurance policies are awarded by Aviva. They are both term life cover policies, you can’t get whole life protection or over 50s policies through Barclays. Both policies have no cash-in value, which means you won’t get a payout should you live beyond the term agreed when you take out insurance.

Homeowners can also take advantage of the free advice service. This is aimed at helping those with mortgages gain the best level of cover to ensure their family’s future is protected. Barclays life insurance also offers a 30-day period where you can cancel the plan and receive a refund of the first month’s premium.

Barclays’ insurance policies carry age restrictions. UK applicants must be between the ages of 18 and 68 while all plans end before your 70th birthday. Critical illness cover can be added to each plan at extra cost, and Barclays will pay out on self-injury and suicide as long as this isn’t within the first year of the policy.

Barclays life insurance starts at a very affordable £6 per month, which will cover you for around £35,000 on a 40-year plan. This increases with a shorter-term plan, with a 20-year plan offering a payout of around £68,000. With the latter plan, you’ll be looking at £19.94 per month to gain the maximum £500,000 payout coverage.

Aviva paid out 98.9% of their claims in 2015. Therefore you can be confident that the family will gain those benefits in the event of your death.

Here’s a summary of the two policies offered by Barclays:

Standard Barclays Life Insurance

The first option is Barclays Life Cover, which is a level-term policy. Level-term life cover from Barclays offers a set payout regardless of how far into the term you are when death occurs. For example, if you’ve covered your life for £250,000, that’s the payout your family will get whether you died in 12 months or 12 years.

Barclays Life Insurance

  • Premiums start at £6 a month and the maximum cover is £500,000.
  • This is a level-term insurance policy, so your premiums and cash benefit stay fixed throughout the term.
  • Will not cover self-inflicted injury or suicide within the first 12 months of the policy.
  • Does not include terminal illness cover.
  • You can make changes to the length and amount of cover after taking out the policy.
  • Available for UK residents aged 18-68 and cover must end before your 70th birthday.
  • Cannot get joint cover
  • Can take out critical illness cover at extra cost.

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Insurance for Mortgage Holders

The other policy offered by Barclays is designed for people to offset their mortgage with life cover. Your mortgage doesn’t have to be with Barclays to take out this insurance, and the policy can be taken out either as either level term or depreciating cover.

With the level term, your premiums and cash benefit will stay the same throughout the length of the policy. The depreciating cover is designed to cover a debt that decreases over time, like your mortgage: your premiums will be fixed but the amount of cover will decrease at the same rate as your mortgage.

Unlike the standard Barclays Life Insurance policy, Barclay’s cover for Mortgage Holders comes with terminal illness cover, meaning you can get your policy to pay out early if diagnosed with a condition that means you’re not expected to live more than 12 months. You can also add critical illness cover to the policy for an additional cost.

Barclays Options for Mortgage Holders

  • Premiums from £6 a month.
  • Can choose between level term and decreasing cover.
  • Legal & General will cover you from when they receive your application form for up to 90 days or until they accept, postpone or decline your application.
  • Terminal illness cover included.
  • 5-star Defaqto rating.
  • Can add critical illness cover for an extra cost.
  • Joint cover is available but the policy only pays out once.

Barclays Critical Illness Insurance

Critical illness isn’t automatically covered by all standard plans at Barclays. But applicants can focus on plans with these features added. There is a list of 40 critical illnesses covered by home insurance plans, and these can be found in the terms and conditions.

This option gives you an extra level of coverage, although you’ll still only be covered during the term of the agreement. On a separate note, it may be necessary to prove that the condition wasn’t pre-existing before the claim will be accepted.

How Barclays Insurance Stands Against Major Competitors

Now, let’s move on to Barclays’ standing in the marketplace. How does Barclays vs competitors play out? Barclays holds its own against major competitors with its flexible coverage, affordable pricing, and lauded customer service.

Some competitors may offer lower rates, but often with diminished coverage. Others may offer superior digital interfaces, but they lack the personalised customer service found at Barclays. Ultimately, Barclays strikes a balance that provides comprehensive coverage without compromising on the quality of service.

Is Barclays Insurance Worth the Investment?

Finally, it all comes down to whether Barclays investment worthiness passes muster. The short answer? Absolutely. Barclays offers competitive rates, comprehensive coverages, and outstanding customer service. Moreover, with its user-friendly purchasing process and transparent claims processing, Barclays Insurance definitely seems to be worth the investment.

Simply put, Barclays offers a comprehensive, adaptable and affordable insurance solution that strikes a healthy balance between cost and value. With Barclays, you’re not just a policy number; you’re a valued customer with unique needs.

Frequently Asked Questions(FAQ)

What is the Barclays insurance buying process like?

The Barclays insurance buying process is user-friendly and easy to navigate with readily accessible information and a step-by-step guide.

Is Barclays Insurance worth the investment?

Yes, Barclays offers competitive rates, comprehensive coverages, and outstanding customer service. Making it a worthy investment.

How does the Barclays’ claim process work?

Barclays operates with transparency and fairness in their claim processing. They strive to maintain minimal jargon and promote quick resolution of submitted claims.

What coverage does Barclays offer?

Barclays offers a range of insurance options, including home, car, travel, and life insurance.

How does Barclays stand against major competitors?

Barclays holds its own against major competitors with its flexible options, reasonable pricing, and effective customer service.

Barclays Life Insurance: Conclusion

Barclays life insurance plans are suitable for anyone aged 18 to 70, and the Barclays cover for Mortgage Holders is certainly the better policy. The lack of terminal illness cover or the ability to take out a joint policy with the standard Barclays Life Insurance policy means you’ll probably find a better deal elsewhere if you aren’t looking to cover a mortgage.
In conclusion, Barclays insurance clearly establishes its worth in the insurance market with its intensive customer-centric approach, competitive pricing, comprehensive coverage, and fair claims process. It is a worthy investment for those seeking dependable and user-friendly insurance protection.
PureCover.co.uk is in no way associated, partnered nor affiliated with Barclays Bank PLC or Barclays Bank UK PLC. Our editorial reviews are the opinion of the Editors at PureCover.co.uk.

Andrew Richardson is a highly respected expert in UK life insurance, with over 25 years of industry experience. Holding an honours degree from the London School of Economics and being a Fellow of the Chartered Insurance Institute, Andrew has made significant contributions to the field, including developing ground-breaking life insurance products. Known for his ability to simplify complex life insurance concepts, he regularly shares his insights through articles and workshops, empowering people to make informed decisions about their life insurance needs. His commitment to client service, education, and staying at the forefront of industry advancements solidifies his reputation as a trusted and leading figure in UK life insurance.

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About Andrew Richardson

Andrew Richardson, an accomplished expert in UK life insurance, brings to the table a wealth of knowledge amassed over 25 years in the industry. Andrew holds an honours degree in Business and Finance from the London School of Economics and is a Fellow of the Chartered Insurance Institute. He has dedicated his career to ensuring his clients receive the best possible advice and solutions to safeguard their futures.

Embarking on his career in London’s bustling finance district, Andrew’s unique ability to unravel and simplify the complexities of life insurance policies became evident. This skill, coupled with his intuitive understanding of market dynamics, led him to hold high-ranking positions in some of the country’s most well-respected insurance firms.

Renowned for his industry-leading expertise, Andrew has shared his valuable insights through articles in prestigious publications such as The Economist, The Telegraph, and the Financial Times. He has significantly contributed to shaping public understanding of life insurance by presenting complex information in an accessible and digestible format.

Notably, as a former Director of Life Insurance Products at a top insurance company, Andrew played a key role in the development and launch of ground-breaking life insurance products. These innovative policies have since become industry standards, demonstrating the significant impact of Andrew’s work.

Andrew’s commitment to educating the public on life insurance doesn’t stop at his writing. He frequently conducts workshops and seminars throughout the UK, empowering individuals to make informed decisions about their life insurance plans. His ability to present complex information in a clear, easy-to-understand manner has made these sessions highly sought after.

Beyond his professional achievements, Andrew actively utilises his expertise to support charitable causes, offering his knowledge of life insurance to help non-profit organisations secure their financial futures.

Always at the cutting edge of industry advancements, Andrew continually upgrades his knowledge, ensuring he offers the most current, relevant, and reliable advice to his clients. His unwavering dedication to professional growth has cemented his status as an industry leader in life insurance.

Andrew Richardson is more than just an insurance expert; he is a trusted advisor, a visionary product developer, and an invaluable asset to anyone seeking guidance on their life insurance needs. His deep knowledge, innovative spirit, and tireless commitment to client service make him an irreplaceable figure in the UK’s life insurance landscape.

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Meet our authors

Amelia Thompson

Dr. Amelia Thompson is an esteemed expert in UK health insurance, with a career spanning over 25 years. A Cambridge graduate in Medicine and a Master's holder in Health Policy from the University of London, Amelia has made significant contributions to the field, notably in the development of consumer-focused health insurance products. Renowned for her ability to simplify complex concepts, she frequently shares her insights in leading publications and educational seminars. Her commitment to ethical practice, client service, and industry advancement makes her a trusted and influential figure in UK health insurance.

Andrew Richardson

Andrew Richardson is a highly respected expert in UK life insurance, with over 25 years of industry experience. Holding an honours degree from the London School of Economics and being a Fellow of the Chartered Insurance Institute, Andrew has made significant contributions to the field, including developing ground-breaking life insurance products. Known for his ability to simplify complex life insurance concepts, he regularly shares his insights through articles and workshops, empowering people to make informed decisions about their life insurance needs. His commitment to client service, education, and staying at the forefront of industry advancements solidifies his reputation as a trusted and leading figure in UK life insurance.

Benjamin Turner

Benjamin Turner is a highly regarded expert in UK funeral insurance, boasting a professional career that spans over 20 years. A University of Manchester graduate and a distinguished member of the Chartered Insurance Institute, Benjamin has significantly contributed to the field, notably in the creation of comprehensive funeral insurance products. Renowned for his ability to clarify complex concepts, he frequently shares his insights in leading publications and workshops. His commitment to client service, ethical practice, and industry advancement makes him a trusted figure in the UK funeral insurance landscape.

Jonathan Harvey

Jonathan Harvey is a distinguished expert with over twenty years' experience in the UK's life, health, and funeral insurance sectors. A Cambridge graduate and Fellow of the Chartered Insurance Institute, Jonathan has a proven track record in designing innovative insurance policies, and a strong reputation for making complex insurance matters comprehensible for the public. Known for his empathetic approach, he has helped thousands make informed decisions on their future security. Regularly contributing to leading publications and hosting educational workshops, Jonathan's commitment to client service and public education truly sets him apart in the insurance industry.

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