Our team of qualified insurance experts look at the main features of NatWest Life Insurance and how these policies work for parents. We'll cover the key pros and cons to help you work out if it provides good value for money and the right level of protection for you and your family.
NatWest Life Insurance Review
NatWest or National Westminster Bank PLC is one of the biggest retail and commercial banks in the UK. It offers a wide range of financial services and personal and business banking products to its customers and non-customers. This includes a full range of NatWest life insurance policies.
Who is this guide for?
Here, our personal finance experts look at how NatWest life insurance works and the main pros and cons that parents need to be aware of before applying for life cover from NatWest.
It is common for people to speak to their bank about life insurance as it forms part of their financial needs. Most banks and building societies offer life insurance, usually through a 3rd party provider or life insurance company.
In this case, NatWest life insurance services are provided by AIG Life Limited in the UK. AIG is a well-known insurance provider with thousands of UK customers.
We’ll look at how NatWest life insurance works and how it compares to other services that are available currently. We aim to answer your most common questions about NatWest, before you make any decisions about where to buy your cover.
60 Second Summary – NatWest Life Insurance Review 2025
NatWest life insurance can be a good option for some parents and it is provided by one of the UK’s biggest general insurance companies, AIG Life. However, it won’t be suitable or affordable for every family and especially for parents with certain medical conditions or high risk jobs.
- There are 3 main options for Natwest Life Insurance, which are standard life cover, Critical 3 with Life Cover (critical illness insurance), Guaranteed Sixty Plus Life Insurance (see below
- Pros: You can easily apply online and currently can claim a £100 gift card for Amazon, Argos, or Love2Shop (after 6 months of policy premiums).
- Cons: Not a great choice for people with pre-existing conditions and NatWest or AIG can’t compare quotes or advise about policies from other insurers.
- NatWest Life Insurance is underwritten by AIG Life Limited, which will rebrand to Aviva Protection UK Limited on February 17, 2025.
About NatWest Bank
National Westminster Bank, now known as NatWest, was originally formed in 1968. The company was formed from a merger between National Provincial Bank and Westminster Bank.
In 2000, the bank was acquired by the Royal Bank of Scotland Group. The bank was re-branded to become the NatWest Group in 2020. The group is currently partly owned by the British government with a 48.1% share, following a lender bail-out in 2008.
NatWest is currently one of the Four major UK clearing banks. NatWest has a network of more than 950 branches and nearly 3,500 cash machines around the country. It is reported that the bank currently services approximately 7.5 million personal banking customers and 850,000 small business accounts.
NatWest Bank products and services
- Banking (In branch and online banking)
- Savings
- Investments
- Mortgages
- Loans
- Credit Cards
- Insurance
NatWest Bank contact numbers
Customer number (customer service) – 0345 788 8444
NatWest – Support centre
Personal Finance Experts for Parents
What is NatWest life insurance?
NatWest life insurance is exclusively limited to cover from AIG Life Limited, available only to UK residents.
NatWest policies provide cover to their own customers and to residents of the United Kingdom. You must be between the ages of 18 and 90 to apply. Recently NatWest has changed its insurance policies from Aviva Life & Pensions to AIG Life Limited.
What are the different types of NatWest life insurance cover?
There are three main types of cover that you can purchase via NatWest and AIG Life Limited.
NatWest Life Insurance
This pays out a lump sum to support your family if you die. Policies can also pay out if you are diagnosed with a terminal illness. Cover is available to UK residents between the ages of 17 and 86.
NatWest Critical 3 with Life Insurance
This life cover with an optional critical illness benefit. The benefit includes pay outs for the 3 main serious illnesses. These illnesses are cancer (of a specific severity), heart attacks, and stroke. Cover is available to UK residents between the ages of 17 and 75.
NatWest Guaranteed Sixty-Plus Life Insurance
This is guaranteed acceptance life cover for funeral expenses and other costs when you die. Cover is available to UK residents between the ages of 60 and 80.
Note: NatWest does not offer the full range of insurance products from AIG Life Limited. Products not available include:
- Critical illness insurance
- Income protection insurance
- Health insurance
- Business life insurance
- Whole of life insurance
- Group life insurance
NatWest life insurance policy summary
| Policy feature | NatWest Life Insurance |
|---|---|
| Cover type | Term Life Insurance (Family Life Insurance and Mortgage Life Insurance) |
| Cover options | Level Term Life Insurance (Family Life Insurance) Decreasing Term Life Insurance (Mortgage Life Insurance) Increasing Life Insurance (index linked) |
| Coverage options | Single life Joint life |
| Terminal illness benefit | Terminal illness is included as standard with NatWest life insurance which pays out on diagnosis of a terminal illness (less than 12 months to live) |
| Increasing life insurance option (Indexation) | Increasing life insurance (index linked) increases in line roughly with the Retail Price Index (RPI) to maintain value of cover throughout the term. The amount of cover and premiums will increase at approximately 5% per annum. |
| Term options | Minimum term – 2 years Maximum term – 70 years |
| Age limits | Minimum age at entry – 17 years Maximum age at entry – 86 years Maximum age at end of policy term – 90 years |
| Exclusions (Term Life Insurance) | Term life insurance excludes suicidal death in the first 12 months from the policy start date Terminal illness benefit claims that do not meet the policy terms and conditions |
For more about life insurance:
- MPO – MPO Life Insurance Guide
- MPO – How much life insurance do I need?
- MPO – How much should I pay for life insurance?
Personal Finance Experts for Parents
Can I get NatWest life insurance with Smart Health?
As an AIG Life Limited customer, you can access certain benefits. You will automatically receive exclusive unlimited access to the Smart Health mobile app and website for free.
Smart Health is a non-contractual lifestyle application that is designed to support your health, nutrition, mental health and exercise.
Top benefits of Smart Health include:
Online GP
24/7 access to a virtual online GP service. This is available 365 days a year which means that you can book an appointment whenever and wherever you are.
Second medical opinion
Access to some of the world’s leading medical experts. These experts can assess any diagnosis and provide a second opinion.
Eat well and Exercise
Help and advice from experts in exercise and nutrition. They will help to provide you with your very own bespoke food and fitness routines.
Mental health services
Exclusive access to mental health support experts. Available for you and your family to support them with stress, anxiety, or depression.
NatWest critical illness insurance policy summary
| Type of Cover | Critical Illness Insurance (Critical 3) |
| Cover options | Level Term Critical Illness Insurance (Family Protection) Decreasing Term Critical Illness Insurance (Mortgage Protection) Increasing Critical Illness Insurance (index linked) |
| Increasing life insurance option (Indexation) | Increasing life insurance (index linked) increases in line roughly with the Retail Price Index (RPI) to maintain value of cover throughout the term. The amount of cover and premiums will increase at approximately 5% per annum. |
| Coverage options | Single life Joint life |
| Conditions covered (Core) | Critical 3 with life insurance pays out a lump sum if you’re diagnosed with any of the 3 main illnesses during the term of your cover: Cancer (excluding less advanced cases) Heart attack (specified severity) Stroke (specified severity) |
| Age limits | Minimum age at entry – 17 years Maximum age at entry – 75 years Maximum age at end of policy term – 80 years |
| Exclusions | Claims will not be paid out if your diagnosis does not meet with the specified terms of the policy for Critical 3 insurance. |
For more about critical illness insurance:
- MPO – Critical Illness Insurance Review
- MPO – How does critical illness insurance work?
- MPO – How do critical illness claims work?
What is NatWest Guaranteed Sixty-Plus Life Insurance?
NatWest also offers AIG Guaranteed 60+ Life Insurance policies for UK residents aged between 60 and 80.
NatWest guaranteed sixty-plus life insurance is a guaranteed acceptance insurance policy. This policy can be used for things like funeral expenses and other smaller costs at death.
Cover is designed to provide you with peace of mind that your loved ones are protected. These policies help guarantee you won’t leave your family with the financial burden of the cost of a funeral.
Policy details for NatWest Guaranteed Sixty-Plus Life Insurance
- Assist with cost of funerals or leave a small financial gift
- No medical questions or medical underwriting (guaranteed acceptance)
- Cover starts from £5 per month
- Accidental death (3 x benefit paid in first two years)
- Full cover after two years
- Smart Health (24/7 virtual GP service)
Note: Premiums will be collected to age 90 and then cover will continue until you die.
NatWest Life Insurance contact details
AIG Life Limited is the carrier for all NatWest Life Insurance policies. You should contact AIG if you have any questions about your cover.
Telephone (AIG) – 0330 303 0107 (Customer services)
Relay UK – 18001 0330 303 0107
Opening times – Monday to Friday 8am – 8pm and Saturday 9am – 5pm
Quote or help by phone – 0330 390 0512
Opening times – Monday to Friday 8am – 7pm and Saturday 10am – 3:30pm
Personal Finance Experts for Parents
How much is NatWest Life Insurance?
Premiums for NatWest Life Insurance will vary depending on your own circumstances. Prices can vary due to your age, smoker status, amount, term and type of cover. Below are some examples of NatWest premiums compared to premiums from other similar insurance providers.
NatWest Life Insurance premiums can vary depending on your situation and may not always be the cheapest option. You should check to make sure that the premiums quoted are reasonable and fair compared to alternative providers.
Compare NatWest Life Insurance – £200,000 over 25 years (non-smoker)
| Age | NatWest premiums | Lowest premiums | Highest premiums |
|---|---|---|---|
| 30 year old (non-smoker) | £9.39 | £7.06 | £9.52 |
| 40 year old (non-smoker) | £17.69 | £13.43 | £17.29 |
| 50 year old (non-smoker) | £44.10 | £34.32 | £43.62 |
Compare NatWest Life Insurance – £200,000 over 25 years (smoker)
| Age | AIG premiums | Lowest premiums | Highest premiums |
|---|---|---|---|
| 30 year old (smoker) | £16.41 | £11.95 | £15.97 |
| 40 year old (smoker) | £37.46 | £29.52 | £40.13 |
| 50 year old (smoker) | £104.34 | £84.21 | £126.84 |
*the insurance premiums stated in the tables above were calculated on 14.04.23. Based on a level term policy for a person with no pre-existing medical conditions.
What are the pros and cons of NatWest life insurance?
As is with anything, there are Pros and Cons to buying NatWest life insurance. Here are just a few points that you might want to think about before buying a NatWest policy.
Pros
- NatWest insurance policies are provided by AIG Life Limited (top insurer)
- Quote, apply and buy online
- Top high street Bank
- Free gift (T&Cs apply)
- Smart Health app
Cons
- Premiums are higher
- No advice
- Not ideal for customers with pre-existing medical conditions
- Limited range of products
- Cover only with one insurance provider (no choice)
- Not much support
- Less choice and options than a broker
Personal Finance Experts for Parents
Can I get NatWest life insurance with pre-existing medical conditions?
If you’ve been diagnosed with a pre-existing medical condition, we would always recommend getting proper advice. It can be helpful to speak to a qualified insurance specialist before you apply.
In this case, NatWest life insurance is unlikely to be the best or the cheapest option for someone with medical conditions. It is more important for people with medical histories to have options from multiple insurers and to get advice.
If you have a pre-existing medical condition, you should check your answers to the medical questions you are asked carefully. You should also make sure that you read your terms & conditions carefully.
Check out our full guide to ‘Pre-existing medical conditions life insurance‘ to find out more.
Can I get NatWest life insurance with free gift?
You will often find that there will be some kind of financial incentive or gift that is offered for buying your insurance policy with NatWest.
Current free gift promotion (January 2025)
If you buy your life cover through NatWest, you will be eligible to claim a free gift card up to the value of £100. Gift cards that are available as your free gift include cards from Argos, Tesco or Amazon.
Note: You will be able to claim your gift card after you have paid six months premiums and your NatWest policy must still be live to claim. Terms and conditions may vary. You should read full details on the AIG website (they provide the policies on behalf of NatWest): AIG – AIG Rewards
Where can I read NatWest life insurance reviews?
NatWest life insurance does not have its own reviews because of all policies are handled by AIG Life Limited. You can see the reviews for AIG Life Limited on Trustpilot and these scores are shown below.
AIG Life Limited (Trustpilot) – 3.0 out of 5.0 stars (at 22/01/2025)
You can also view NatWest Bank’s own reviews on their Trust Pilot page (see below)
NatWest (Trustpilot) – 1.5 out of 5.0 stars (at 22/01/2025)
How to buy NatWest life insurance
Unfortunately, you can only get life insurance quotes and buy NatWest life insurance online or over the telephone. You can buy your new policy via NatWest Bank and AIG Life Limited. This cover is not available via insurance specialists and you are not able to get advice for policies bought through NatWest.
If you want to continue with a policy through NatWest, here are the details: NatWest – Life Insurance
Telephone – 0330 390 0512
If you need proper advice to get life insurance to protect your family then you can click here to speak to an insurance expert or call 0800 009 6559.
Personal Finance Experts for Parents
Resources
Finder – Life insurance statistics UK
Statista – Life insurance industry in the United Kingdom (UK)
