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NatWest Life Insurance Review

We’ll look at how NatWest life insurance works and how it compares to other services that are available currently

A photo of Daniel Sharpe-Szunko, the author

By Daniel Sharpe-Szunko

Published on: 14 April 2023

8 min read

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.

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.

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

What is NatWest life insurance?

NatWest life insurance is exclusively limited to cover from AIG Life Limited, available only to UK residents.

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 – 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 – 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 – 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.
Cover typeTerm Life Insurance (Family Life Insurance and Mortgage Life Insurance)  
Cover optionsLevel Term Life Insurance (Family Life Insurance)
Decreasing Term Life Insurance (Mortgage Life Insurance)
Increasing Life Insurance (index linked)
Coverage optionsSingle life
Joint life
Terminal illness benefitTerminal 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 optionsMinimum term – 2 years
Maximum term – 70 years
Age limitsMinimum 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

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.

Benefits 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.

NatWest critical illness insurance policy summary

Type of CoverCritical Illness Insurance (Critical 3)  
Cover optionsLevel 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 optionsSingle 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 limitsMinimum age at entry – 17 years
Maximum age at entry – 75 years
Maximum age at end of policy term – 80 years
ExclusionsClaims will not be paid out if your diagnosis does not meet with the specified terms of the policy for Critical 3 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)

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

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)

AgeNatWest premiumsLowest premiumsHighest 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)

AgeAIG premiumsLowest premiumsHighest 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

NatWest life insurance Pros

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.

  • 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

Here are just a few of the potential problems with buying your life cover with NatWest Bank.

  • 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

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.

NatWest life insurance 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 (14th April 2023)

If you buy your life cover through NatWest, you will be eligible to claim a free gift card up to the value of £100. This offer is valid for policies bought up until 7th July 2023.

You will be able to claim your gift card after you have paid six months premiums. Your NatWest policy must still be live to claim.

Gift cards that are available as your free gift include cards from Argos, Tesco or Amazon.

Monthly premium Gift card Up to £11.99£50£12 or more£100

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 Trust Pilot and scores are shown below.

AIG Life Limited (Trust Pilot) – 2.7 out of 5.0 stars (at 14.04.23)

Trust Pilot – AIG Life

You can also view NatWest Bank’s own reviews on their Trust Pilot page (see below)

NatWest (Trust Pilot) – 1.4 out of 5.0 stars (at 14.04.23)

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 speak to an insurance expert or call 0800 009 6559.

Resources

Finder – Life insurance statistics UK

Statista – Life insurance industry in the United Kingdom (UK)

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