The UK life insurance market is highly profitable. It boasts an estimated gross written premium (GWP) of nearly $298 billion and is expected to experience sustained growth between 2023-2024.
Legal & General is the highest-rated provider on Trustpilot, with an overall score of 4.5 out of 5. They offer both level and decreasing coverage options to meet customer needs.
AIG Life
AIG Life, the UK’s leading life insurance company, provides consumers with various life insurance products at attractive value. Backed by solid ratings and recognized for quality and value, their products aim to simplify purchasing processes for policyholders while making life insurance more straightforward overall.
Liverpool Victoria (LV=), one of the UK’s premier life insurance providers, stands out as an award-winning provider with flexible payment terms, an expedited application process, and free access to financial advice for its customers. Furthermore, it boasts competitive guaranteed issue life insurance rates making LV= an excellent option for those with health concerns.
AIG Life products are licensed for sale across several countries and states worldwide. You can search for its license numbers on the National Association of Insurance Commissioners website and access its legal notice page to see where these licenses can be sold.
Scottish Widows
Alexander Webster and Robert Wallace, two Presbyterian clergymen from Scotland, decided in 1744 to establish a fund that would provide pensions for widows of dead members of their church congregations. Church ministers would contribute part of their salaries to this fund; later, dividends would be dispersed back out as pensions upon the death of members. Their concept proved successful, leading them to create The Scottish Widows Company.
The company has grown internationally, with offices throughout Edinburgh and the UK. Part of Lloyds Banking Group, it offers various financial services and an online pension service for UK residents to keep an eye on their investments and pension opportunities.
If you are dissatisfied with the services you receive from Scottish Widows, you have the right to file a formal complaint against them. You can do this by calling their customer support team or visiting their website; otherwise, if unable to resolve it directly with Scottish Widows, then contact the Financial Ombudsman Service instead.
Aegon
Aegon offers a selection of life insurance plans that meet different customer requirements and achieve long-term financial goals. Their policies offer premium payment flexibility with options like monthly, quarterly, semi-yearly, or annual premium payments available and also provide tax advantages to their customers.
Claims settlement with Aegon is straightforward and transparent. Once documents have been received, Aegon will use National Electronic Funds Transfer to release funds directly to beneficiaries using a pledge to ensure no delay between filing for probate and receiving a payout.
Aegon offers protection plans, from term policies to whole-of-life plans and sickness coverage. Each policy may also be supplemented with critical illness cover if one of their insured people is diagnosed with one of the specified critical illnesses; additionally, they can access Aegon’s Health and Wellbeing Service, which offers support, counseling, and online tools, second medical opinion service as well as funeral cover to further their protection needs.
Aviva
Aviva is one of the UK’s leading life insurance providers, offering diverse policies. Their offerings span term, whole-of-life, and critical illness policies, and additional services like Policy Plus that provide health and wellbeing support, helping customers save money while avoiding medical bills.
Aviva private healthcare plans come equipped with access to a 24-hour helpline staffed by UK-based staff members who are always available and can assist you with any queries or needs, from finding the appropriate medical center and consultant to discounts at gym membership.
Aviva is led by George Culmer, an experienced finance executive with 28 years in the insurance industry. He has held senior roles at Lloyd’s, Prudential, and RSA; additionally serving on several company boards of directors; most recently speaking out against gender inequality in insurance.
Royal London
Royal London is an industry-leading provider of life and critical illness coverage, offering customized plans that meet individual needs and flexible cover options such as family income benefits, level, and decreasing coverage, and terminal illness protection. Their premiums are highly competitive, while their claims history speaks for itself.
Life insurance policies offer a lump sum to help offset any financial difficulties your loved ones might face after your death or due to serious illness. With this money in their account, they may be able to pay off mortgage or debt obligations, funeral costs, or pay inheritance tax more easily – plus they’ll have access to Helping Hand support service!
Royal London is a mutual life, investments, and pensions company owned by its members rather than investors. As one of the UK’s leading life insurers with an excellent track record in paying claims promptly and reliably, they offer customers life and critical illness cover starting from PS7 per month with optional add-on benefits such as a premium waiver or severe illness cover available as add-ons to their policy.
