About Scottish Widows

Scottish Widows has been helping people protect their financial futures since 1815 – initially set up as a general fund to help support female widows financially. The company was demutualised in 2000 and became part of the Lloyds TSB Marketing Group; and as of 2009, part of Lloyds Banking Group. Today it has around 6 million customers.

Scottish Widows life insurance policy features

If you buy life insurance through Scottish Widows, your policy is likely to come with the following features:

Guaranteed premiums The amount you pay every month in life insurance premiums is guaranteed to stay the same for as long as you hold the policy.
Guaranteed insurability This means you’d have the opportunity to increase your life insurance cover after certain life changes. In a Scottish Widows policy, this includes: getting married or entering a civil partnership; becoming a parent; getting a significant pay rise; and taking out a new mortgage or increasing your mortgage.
Terminal illness benefit If you fall terminally ill while you hold a Scottish Widows life insurance policy – in other words, a doctor has said you have 12 months or less to live – you can claim the lump sum early, on diagnosis.
Waiver of premium Most life insurance policies come with this handy add-on that means you won't be required to pay your monthly premiums if you're off work for medical reasons. You usually need to be off for a certain amount of time before you can claim this benefit.

Scottish Widows life insurance extra benefits

Scottish Widows life insurance policies also come with extra benefits, outlined below. This is a ‘non-contractual’ benefit, which means it’s not related to the contractual conditions of your own policy. Everyone is eligible – though this is usually only made available if you buy your policy through an adviser.

Scottish Widows care A support service, provided in partnership with RedArc, giving you health and wellbeing help – including long-term support from a team of personal nurse advisers for serious physical illnesses and disabilities, mental health issues, bereavement and trauma.

Scottish Widows life insurance claim rate

In 2020, Scottish Widows paid out 99% of all life insurance claims. Claims not paid out are usually due to misrepresentation (providing inaccurate information when you apply for the policy) or because the claim doesn’t meet the required definition stated in the policy.

Scottish Widows life insurance prices

The following prices are based on:

  • Healthy 25-year old male or female
  • £150,000 of level life insurance cover
Term Non-smoker Smoker
10 years £5.20 £8.70
20 years £5.20 £8.40
30 years £6.10 £10.20
  • Healthy 25-year old male or female
  • £250,000 of level life insurance cover
Term Non-smoker Smoker
10 years £7.20 £11.70
20 years £7.60 £12.30
30 years £9.80 £15.50
  • Healthy 35-year old male or female
  • £150,000 of level life insurance cover
Term Non-smoker Smoker
10 years £7.50 £12.50
20 years £8.50 £16
30 years £11.50 £22.80
  • Healthy 35-year old male or female
  • £250,000 of level life insurance cover
Term Non-smoker Smoker
10 years £10.60 £19.10
20 years £12.50 £25.50
30 years £17.10 £37

Quoted on 14/02/2020

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How do I make a life insurance claim with Scottish Widows?
To claim on your Scottish Widows life insurance policy, your family (or whoever’s dealing with financial matters after you die) will need to contact the insurer directly. To start with, they’ll need to provide your name, cause of death, and policy number. Then, to complete the claim: your death certificate, a policy document, and a completed claims form. Our guide to claiming life insurance should help.
Does Scottish Widows pay out?
In 2020, Scottish Widows paid out 99% of life insurance claims. The 1% of claims not paid out were due to misrepresentation. This means not being fully honest about your health during the application process.
How long does it take to get the life insurance payout?
How quickly a life insurance payout is made depends on whether or not your life insurance is in trust. If you placed your life insurance into trust, the payout can be made straight away, once the claims process is completed. This should take a matter of weeks. If you didn’t, it will need to go through probate, along with the rest of your estate, which may take a matter of months.
Does Scottish Widows life insurance pay for suicidal death?
Scottish Widows life insurance will pay out for suicidal death, but not if it happens within the first 12 months of taking out the policy. For more info, read our guide to life insurance and suicide.