LIFE INSURANCE. Protecting what matters most

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1 LIFE INSURANCE Protecting what matters most

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3 Helping to protect you and your loved ones If you died or were diagnosed with a critical illness and didn t have any life insurance in place, could you and your family have the same standard of living without your income or continue to meet the mortgage payments? If you are taking out a mortgage with us, your Mortgage and Protection Adviser can help you protect your mortgage with our Protection for Life plan. This is provided by Scottish Widows, who are also part of Lloyds Banking Group. 1

4 What you need to consider When it comes to protecting your mortgage payments there are a number of things to consider, such as choosing the right cover for you and setting it up to suit your needs. Here are some of the things you need to think about. Types of cover Critical Illness with Life Cover can pay out if you are diagnosed with a critical illness covered by the policy, or if you die during the term of your policy. Life Cover can pay out if you die during the term of your policy. Critical Illness Cover can pay out if you are diagnosed with a critical illness covered by the policy during the term of your policy. Basis of cover Decreasing cover the amount of cover will gradually decrease in a similar way to a repayment mortgage throughout the term of the policy. You would normally choose this if you have a repayment mortgage. Level cover the amount of cover will stay the same throughout the term of the policy. You would normally choose this if you have an interest-only mortgage. 2

5 Additional benefits Premium protection your premiums will be paid after a period of 13 weeks if you re not able to work because of an illness or accident. Terminal illness cover for policies that include life cover, you will also be covered if you are diagnosed with a terminal illness which is expected to result in your death within 12 months. Children s cover if you choose a policy that includes critical illness cover, your children will also be automatically covered up to a maximum of 25,000 if they are diagnosed with a critical illness, or up to a maximum of 5,000 if they die. Free cover while your application is being processed, accidental death cover or free mortgage cover may apply depending on the cover you choose. Best Doctors Protection for Life policies offer additional support through Best Doctors who can provide a second medical opinion should you, your spouse/civil partner or your children be diagnosed with a serious medical condition. This is a complimentary service and can be withdrawn at any time. Best Doctors is a registered trademark of Best Doctors, Inc. Used with permission. 3

6 What you need to know Scottish Widows protection policies have no cash-in value at any time. This means that if you cancel your policy, you won t receive any money back. If you don t pay your premiums on time, your cover will stop and your benefit will end, meaning you get nothing back. If the benefit amount hasn t been paid out by the end of the selected term, the policy will end and you won t get any money back. If the cover is taken out on a decreasing basis to cover a mortgage or loan, the amount we pay out after a claim may not be enough to pay it off if the interest rate on your mortgage or loan goes above the interest rate that is assumed for your policy. The same applies if you increase or extend your mortgage or loan. 4

7 Other ways to take out life insurance Internet banking If you bank with us online, are between the ages of 18 and 59 and don t need advice, then you may wish to consider our life insurance only product, My Life Insurance. This is available through the Products section when you sign in to your Online Banking account. Or you can visit lloydsbank.com/insurance All you ll need to do is answer some questions about yourself and, if you re eligible for cover, we ll let you know how much it will cost. You ll then be able to set up your policy online straight away. Telephone Scottish Widows Direct may be able to help you set up a Protection for Life plan. They don t give advice, but can tell you about Scottish Widows protection products and the different options available. You can contact them on

8 Find out more Please contact us if you d like this information in an alternative format such as large print, Braille or audio CD. If you have a hearing or speech impairment, you can contact us using the Next Generation Text (NGT) Service or via Textphone on If you re Deaf and a BSL user, you can use the SignVideo service available at lloydsbank.com/ accessibility/signvideo Protection for Life products are provided by Scottish Widows, part of Lloyds Banking Group. Scottish Widows Limited. Registered in England and Wales No Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration no We are members of the Financial Services Compensation Scheme and covered by Financial Ombudsman Service. M59470 (07/17)