Standard Life Insurance Review 2025
“Standard Life” is an international insurance company operating in over 50 countries.
The company offers two types of cover: decreasing term and level term.
“Standard Life” is an international insurance company operating in over 50 countries.
The company offers two types of cover: decreasing term and level term.
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“Standard Life” is an international insurance company operating in over 50 countries. It provides 6 million clients with three types of services: pensions and annuities, savings and investment, and life insurance.
The company offers regular life insurance policies and over 50s life insurance policies to its clients. It does not create its own life insurance products but acts as an insurance agent for LV=, which is part of the Liverpool Victoria Group. Standard Life receives commissions for these insurance products from the companies that create them.
Customers do not pay Standard Life directly. However, the contract charges include commission fees, and a portion of each premium goes to Standard Life. If the insurance product includes an investment component, commission fees reduce the amount invested in financial markets. Therefore, it is crucial to understand these fees before signing a contract.
The company offers two types of cover: decreasing term and level term. Decreasing term life insurance is designed to cover the outstanding balance of a debt or mortgage. Level term life insurance cover remains constant throughout the contract term and, therefore, does not protect the policyholder from inflation. To apply for this life insurance, individuals must be aged 17 to 69 and be permanent residents of the United Kingdom.
For both plans, premiums remain constant throughout the contract term. Therefore, individuals should be prepared to pay a fixed monthly amount for the specified contract duration. Plans are cancelled 60 days after the last payment due date. Premiums are not refunded as these plans have no cash-in value. The company does not allow changes to existing life insurance policies. Therefore, it is crucial to carefully review the policy conditions before signing.
The company webpage redirects clients to the LV= webpage to obtain a preliminary quote. Individuals must answer 8 simple questions, covering personal details and desired life insurance characteristics. Personal questions include date of birth, gender, smoking status, and confirmation of permanent UK residency. Both level term and decreasing term life insurance are available for single or joint life policies. The maximum contract term is 45 years. Premiums start from £5.
Over 50s life insurance guarantees acceptance for UK residents aged 50 to 80. Payments cease when the policyholder reaches age 90, but the cover continues for the rest of their life. The plan does not have a cash-in value. The insurance company will pay out if the policyholder dies at least one year after the contract start date. Over 50s life insurance offers only level term cover. Therefore, policyholders should be aware that inflation may reduce the real value of the cover over time. Dependents will not receive a payout if the insured person dies within the first 12 months of the policy. However, this exclusion does not apply to accidental deaths, except for accidents caused directly or indirectly by alcohol consumption by the insured. Furthermore, if the insured person dies within the first 12 months of the contract (excluding exceptions mentioned above), all premiums paid will be refunded to their dependents.
The monthly premiums of this plan vary from £5 to £100. For individuals with multiple plans, the total maximum monthly premium across all plans is £100. The maximum possible cover for over 50s life insurance is £25,000. The cover is guaranteed never to decrease, and the premiums are guaranteed never to increase. However, if a policyholder wishes to increase their cover after signing the contract, they can purchase another over 50s life insurance plan. Nevertheless, it is important to know that the cover cannot surpass £25,000. For example, if Emily already has over 50s life insurance that offers life cover worth £15,000, she can purchase another over 50s life insurance with a cover worth only £10,000.
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Standard Life insurance company gives a free welcome gift to every new customer. Customers of the over 50s life insurance plan can choose between Marks & Spencer vouchers worth £30, an Amazon gift card, or wireless headphones. Customers with a regular term life insurance policy will receive Marks & Spencer vouchers worth £30. The gift will be presented to the customer three months after the first payment is received. Gifts are not given to customers who cancel their policies before making at least two payments. The company does not offer any cash alternative to the vouchers.
