If you are coming to the end of your mortgage, credit card or loan payment holiday, we will contact you before it ends, there is no need to call us. To help find the right solution for your needs you can use our coronavirus support tools for credit cards and loans and for Halifax mortgages. If you have a Bank of Scotland mortgage, find out more here.

Life Insurance

Most people insure their home, car & mobile phone but what about providing financial security to those who mean the most? Life Insurance could provide a lump sum if you die, helping to ensure your loved ones aren’t left in financial difficulty. It could pay off the mortgage as well as any outstanding loans or bills.

  • Pays out if you die- My Life Insurance, arranged and provided by Scottish Widows, pays a lump sum if you die during the term of your policy or if you’re diagnosed with an illness where you’re expected to die within 12 months. Scottish Widows will NOT pay out if you live to the end of your policy with no claim made.
  • Provide financial support- Having My Life Insurance can help to give you peace of mind by providing financial support for your loved ones if you die, for example by helping to repay a mortgage or other outstanding debts.
  • Think about a Will– if taking out My Life Insurance, you should consider speaking to a solicitor about making a Will otherwise any money paid out if you die during the term of the policy may not go to the intended people. You may also want to consider placing your policy in Trust which could help to reduce any potential Inheritance Tax.
  • 30 days cancellation period– any premiums paid will be refunded if you cancel in the first 30 days.

Level or decreasing cover – what’s right for you?

  • Level Cover
    The amount of cover you have selected stays at the same level throughout the term you have chosen and the premiums you pay stay the same too.
  • Decreasing Cover
    The amount of cover you have selected decreases each month over the policy term, in a similar way to how the outstanding balance of a repayment mortgage or loan decreases over time. The premiums you pay stay the same.

How much cover do I need?

The first step is to work out how much cover you will need – you can do that be using our cover calculator. Once you’ve done that, you can log in and get your quote.

Cover calculator
    • 1.
      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:

      1. help provide for your partner, family or dependants
      2. 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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    • 2.
      How much cover would I need?

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

      1. how much your family would need to support themselves without your income
      2. the size of your mortgage and how long it’s got to run
      3. any other outstanding loans or debts you have
      4. 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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    • 3.
      How long should I take out a policy for?

      The length of a policy will vary, depending on:

      1. the reason you’re taking out life cover
      2. 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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    • 4.
      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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    • 5.
      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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    • 6.
      Does My Life Insurance include critical illness cover?

      No, critical illness cover is not included in My Life Insurance.

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    • 7.
      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.

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    • 8.
      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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    • 9.
      What if I need some advice on life insurance?

      We want to make sure that your protection needs are met. We can’t give you advice, but you can contact LifeSearch, they’re an Independent Protection Adviser. They’re not part of Lloyds Banking Group, but they do provide an advice service over the phone.

      You can call them on 0800 804 6827 (Mon – Thurs 8am – 8pm, Fri 8am to 6pm).

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    • 10.
      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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    • 11.
      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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    • 12.
      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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    • 13.
      Can I purchase life insurance with my mortgage?

      If you’re applying for a mortgage with us in one of our branches, you can speak to your mortgage adviser who’ll be able to advise you on your life insurance needs. You’ll receive advice on a different product, the features and price will differ from My Life Insurance.

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  • 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
    0345 600 1194
    (Mon-Fri: 8am-6pm Sat: 9am-1pm)

    If your policy starts with HX6 call
    0345 608 0390
    (Mon-Fri: 9.30am-5pm)

  • The policy does not have a cash-in value at any time.
  • You will not receive any money back at the end of your chosen term if no claim is made.
  • The policy only pays out on death or on diagnosis of an illness with less than 12 months to live.
  • My Life Insurance only covers your life.
  • If you don’t already have a Will, you should consider creating one to help ensure any proceeds go to the intended people.
  • No changes to the policy are possible and premiums are fixed.
  • 30 day cancellation rights.
  • You can apply for My Life Insurance if you are a UK resident, 18 or over, and under 60.
  • Maximum sum assured of £500,000 across all My Life Insurance policies.

Log in to get a quote

LifeSearch protection advice

We are committed to helping you meet your protection needs and giving you peace of mind that you are covered.

Whilst we cannot provide you with advice, you can contact LifeSearch, who can provide you with advice on your protection needs over the phone. LifeSearch is not part of Lloyds Banking Group.

You can contact them on 0800 804 6827 (Mon – Thurs 8am - 8pm, Fri 8am to 6pm).

Protecting your money FSCS Protected logo

Bank of Scotland plc is registered in Scotland No.SC327000.Registered Office: The Mound, Edinburgh EH1 1YZ. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration no. 169628.