Life Insurance

No one likes to think about it, but death can happen unexpectedly. Most of us don’t have the savings to take care of our family financially, and state benefits may not be enough to help them either.

Life insurance is one of the cheapest ways to protect your family's finances, should the worst happen. If you have people who rely on you financially, life insurance could pay out a cash lump sum, helping them with living costs, bills, mortgage payments, or even your funeral expenses.


Buy life insurance online

If you are an existing Bank of Scotland customer, registered for Internet Banking, you can buy life insurance online with us. My Life Insurance is a straightforward, individual policy to cover your life only and could help provide financial security for your family or loved ones in the event of your death.

My Life Insurance is provided by Scottish Widows, part of Lloyds Banking Group. You must be over 18, under the age of 60 and a UK resident to apply.

 Log in to get a quote

Features & benefits of My Life Insurance

  • Instant decision
  • Cash lump sum payout, up to £500,000
  • Premiums from £5 a month
  • Cancel your policy at any time
  • Choose the term and the amount and type of cover.

To apply you need to be:

  • an existing Bank of Scotland customer and registered for Internet Banking
  • over 18 and under the age of 60
  • a UK resident.

 Log in to get a quote

If you are not registered for Internet Banking, it only takes about 5 minutes. Find out how to register.

Questions & answers

  1. Do I need life insurance?
  2. How much cover would I need?
  3. How long should I take out a policy for?
  4. How much does life insurance cost?
  5. What is the difference between level and decreasing cover?
  6. Does My Life Insurance include critical illness cover?
  7. Can I take My Life Insurance out with my partner?
  8. What if I already have a life insurance policy?
  9. What if I need some advice on life insurance?
  10. Who is Scottish Widows?
  11. How do I make a claim or cancel my policy?
  12. How do I get replacement documents if I've lost them?

Do I need life insurance?

There are several reasons why life insurance may be important to you. If you die or are diagnosed with a terminal illness, it can pay out a lump sum, which could:

  • help provide for your partner, family or dependants
  • pay off your mortgage or other outstanding loans

This cash lump sum is called the 'sum assured' or amount of cover.

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How much cover would I need?

It depends on your personal circumstances. Some things you may want to consider are:

  • how much your family would need to support themselves without your income
  • the size of your mortgage and how long it’s got to run
  • any other outstanding loans or debts you have
  • the amount you want to pay each month for cover.

You can use our cover calculator to help you understand how much cover you might need.

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How long should I take out a policy for?

The length of a policy will vary, depending on:

  • the reason you’re taking out life cover
  • your personal circumstances

For example, if you are taking out life insurance to protect your family, you may want your policy to last until your children leave home or become financially independent. This is called the 'term'.

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How much does life insurance cost?

For your life insurance you pay a 'monthly premium'. The amount of premium will depend on your age, your health, how long a term you choose, the sum assured, and the type of cover. Life insurance policies have no cash-in value at any time. If you stop paying premiums, your cover will cease, the policy will end and you will get nothing back.

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What is the difference between level and decreasing cover?

Most life policies offer two options, 'level cover' and 'decreasing cover'.

For 'level cover', you choose the size of the sum assured. If you die during the policy, this amount can be paid out to your loved ones. The amount that can be paid out stays the same over the length of the policy. You will pay the same amount each month and this will not change during the length of the policy.

For ‘decreasing cover’, the amount paid out decreases over the length of the policy. Some people use this when they have a repayment mortgage or other commitments that gradually get repaid. The amount you pay is typically cheaper than level cover, and also stays the same each month.

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Does My Life Insurance include critical illness cover?

No, critical illness cover is not included in My Life Insurance. If you require this type of cover, it's offered through Scottish Widows Direct on 0345 769 7564. Scottish Widows Direct is part of Lloyds Banking Group.

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Can I take My Life Insurance out with my partner?

No, this policy covers one life only. Your partner can apply for their own policy separately, or you can enquire about joint cover by contacting Scottish Widows Direct on 0345 769 7564. Scottish Widows Direct is part of Lloyds Banking Group.

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What if I already have a life insurance policy?

You can still apply for My Life Insurance. However, before selecting the amount of cover you need, it’s important to consider any existing financial protection you may have. This could include other life insurance policies, cover through work, or even personal savings. Any existing financial protection may impact the amount of new cover you require. My Life Insurance only offers cover up to £500,000 per life.

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What if I need some advice on life insurance?

We will not be able to provide you with advice when buying My Life Insurance.

Should you need advice on your protection needs, visit The Money Advice Service, an independent and impartial service, set up by the government, which provides details of local financial advisers. Financial advisers may charge for their advice.

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Who is Scottish Widows?

Scottish Widows is a life, pensions and investment company that's been helping people plan their financial futures for over 200 years. Like Bank of Scotland, Scottish Widows is part of Lloyds Banking Group.

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How do I make a claim or cancel my policy?

For My Life Insurance policies, you can call Scottish Widows on 0800 849 6089. Lines are open Monday to Friday 9am - 5.30pm. Scottish Widows may record and monitor calls to help improve their service.

Or you can write to Scottish Widows, PO Box 1140, St Albans AL1 9UQ, quoting your policy number.

For all other policies, visit our 'Other policies' section under Existing customers.

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How do I get replacement documents if I've lost them?

If you've lost your My Life Insurance documentation you can call Scottish Widows on 0800 849 6089. Lines are open Monday to Friday 9am - 5.30pm. Scottish Widows may record and monitor calls to help improve their service.

Or you can write to Scottish Widows, PO Box 1140, St Albans AL1 9UQ, quoting your policy number.

For all other policies, visit our 'Other policies' section under Existing customers.

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Existing customers

You can view your My Life Insurance policy details in Internet Banking.

 Log in to Internet Banking


Prefer to talk?

If you have a query about a life insurance product which is no longer available, you can still contact us. Please make sure you have your policy number to hand when you call.

If your policy starts with 1 call
0800 849 6089
(Mon-Fri: 9am-5.30pm)

If your policy starts with 6 call
0800 032 0947
(Mon-Fri: 8am-6pm Sat: 9am-12.30pm)

If your policy starts with TMP or 14/ call
0845 600 1194
(Mon-Fri: 8am-6pm Sat: 9am-1pm)

If your policy starts with HX6 call
0845 608 0390
(Mon-Fri: 9.30am-5pm)

Preview Page

How much cover do I need?

Work out how much life cover you may need in a few simple steps.

Your monthly expenses

£

Your mortgage

£

Other outstanding debt

£

Your lump sum payout

£

Your existing savings or policies

£
£

These amounts will be subtracted from your estimated cover amount

Summary of the life insurance cover you may need

£

to cover monthly expenses

+

£

to cover your mortgage and other debts

+

£

lump sum payout for your family

-

£

saving and life insurance you already have

=

£ replace me

the total life cover you may need - you'll need this when you apply

Please note: My Life Insurance only offers cover up to £500,000

Based on the information you have provided, you may already have sufficient arrangements in place to cover your life insurance needs. If your circumstances change, you can recalculate how much cover you may need at any time.

If you'd still like to purchase life insurance:

Ready to get your personalised quote and apply?

Log in and get started Close and Continue

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Important protection information

In 2013, our industry regulator the Financial Conduct Authority (FCA), completed an investigation into the reward schemes we offered our branch based financial advisers, for advising customers on investment and protection products.

As a result of the investigation, we are now undertaking a review of investment and protection products purchased through our financial advisers.

> Find out more

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