Ulster Bank is a financial institution established in Northern Ireland in 1836.
This policy aims to alleviate concerns for older individuals seeking financial protection for their loved ones, offering a simplified application process without medical questions or examinations.
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Ulster Bank is a financial institution established in Northern Ireland in 1836. While its operational headquarters were previously in the Republic of Ireland, Ulster Bank continues to provide banking services and financial products, including life insurance, to customers across the United Kingdom.
This review will investigate the life insurance products offered through Ulster Bank.
Contents
Ulster Bank does not directly underwrite life insurance products. Instead, they act as a distributor for AIG, a primary insurance provider, offering tailored plans adapted to the local market and specific demographic needs.
Let’s examine the main plans offered through Ulster Bank:
Ulster Bank offers term life insurance with various plans to suit different needs. This policy pays a lump sum if the policyholder dies or is diagnosed with a terminal illness during the policy term.
The Life Insurance product is a popular choice and is available to UK residents aged 17-86.
Critical 3 with Life Insurance is one of Ulster Bank’s more comprehensive offerings. This plan provides coverage for a range of serious health events in addition to death, including critical illnesses and terminal conditions.
The beneficiary will receive a lump sum payment upon diagnosis of specific cancers, heart attack, stroke, or death. Critical 3 with Life Insurance is available to UK residents between the ages of 17 and 75.
The Guaranteed Sixty-Plus Life Insurance plan offers guaranteed acceptance for UK residents aged 60-80. It is designed as a straightforward and affordable option for individuals over 60 to secure a guaranteed lump sum cash payment for their beneficiaries upon death.
This policy aims to alleviate concerns for older individuals seeking financial protection for their loved ones, offering a simplified application process without medical questions or examinations.
Let’s now review the key policy details of Ulster Life Insurance to better understand how this offering functions.
The most important features of Ulster’s life insurance policies are outlined below:
| Ulster will pay out on your policy if: | The policyholder dies during the contracted term. |
| Options: | Fixed Term Life Insurance / Terminal and Critical Illness Cover / Sixty Plus Cover |
| Policy Coverage: | Single / Joint Coverage |
| Terminal Illness Cover: | Yes |
| Critical Illness Cover: | Yes |
| Minimum Entry Age: | 17 |
| Maximum Entry Age | 86 |
| Guaranteed Insurability: | Guaranteed insurability is available for policyholders over 60. |
It’s important to remember that while insurance products are purchased through Ulster Bank, AIG manages the policies. AIG is a leading insurance provider, offering digital policy management tools and benefits for policyholders.
Let’s explore the standout aspects of Ulster’s life insurance product range in more detail.
We compare plans from the leading life insurance providers
While Ulster Bank may not directly create and manage insurance plans, the policies they offer are carefully selected to appeal to a broad audience and address the specific needs of their banking customers.
The standout features include:
What are customers saying about the products offered through Ulster Bank?
There is a notable difference in opinions between industry experts and verified customers regarding life insurance offered through Ulster Bank. This discrepancy might stem from the fact that the product is managed by AIG, and customer critiques may focus on interactions with Ulster Bank’s customer service rather than the insurance product itself.
First, let’s outline common customer feedback about Ulster Bank as an entity:
Let’s examine customer ratings to see how these points are reflected in Ulster Bank’s overall performance metrics.
We have analyzed ratings for life insurance products offered through Ulster Bank from two prominent review platforms: Defaqto and Trustpilot. The review ratings are presented below.
Ulster Bank has received a low customer satisfaction score on Trustpilot, with a rating of 1.9 out of 5. The breakdown of review feedback is shown in the table below.
| Rating | Percentage of Feedback |
| Excellent | 9% |
| Great | 9% |
| Average | 0% |
| Poor | 3% |
| Bad | 79% |
Many reviews on the platform express dissatisfaction with perceived incompetence in service and reports of products being mis-sold. It is important to note that customer complaints appear to be primarily directed at the sales and support processes, rather than the insurance products themselves.
Defaqto ratings are an independent assessment of financial products, helping consumers understand the quality of different offerings. They use a star rating system from 1 to 5, with 5 stars indicating the highest quality. The following Defaqto ratings for Ulster Bank Life Insurance are current as of March 7, 2025.
Ulster Bank has achieved solid Defaqto ratings across several key life insurance categories. Their direct life assurance product received a top 5-star rating, highlighting its comprehensive features. For critical illness cover, the direct with life cover option earned 4 stars, while level term and decreasing critical illness covers received 3 stars each. Over 50s life assurance also secured a 4-star rating.
When compared to major competitors, Ulster Bank’s direct life assurance matches the top ratings of Aviva, Legal & General, and Zurich. However, Legal & General and Zurich generally have more 5-star ratings across various critical illness and life assurance types. For example, Legal & General’s Over 50s plan also boasts 5 stars, outperforming Ulster Bank in this specific category.
These Defaqto ratings suggest that Ulster Bank provides robust life insurance options, particularly for direct life assurance. Consumers can be reasonably confident in the quality of these rated products. However, for more specialized needs or specific types of cover like critical illness, it’s advisable to compare Ulster Bank’s offerings against competitors to ensure the best fit.
While customer service experiences may be a concern, the life insurance products offered through Ulster Bank are generally well-suited to a broad audience, providing affordable rates and guaranteed acceptance for those over 60. If you are interested in life insurance through Ulster Bank, it is advisable to speak with an expert broker to determine if these products meet your specific needs.
| Type | Plan name | Rating |
|---|---|---|
| Critical illness (decreasing) | AIG Critical 3 With Life Insurance | 3 |
| Critical illness (level term) | AIG Critical 3 With Life Assurance | 3 |
| Critical illness (direct with life cover) | AIG Critical 3 With Life Assurance | 4 |
| Life assurance (direct) | AIG Critical 3 With Life Assurance | 5 |
| Life assurance (direct) | AIG Life Insurance | 5 |
| Life assurance (decreasing) | AIG Life Insurance | 3 |
| Life assurance (level term) | AIG Life Insurance | 3 |
| Over 50s life assurance | Guaranteed Sixty-Plus Life Insurance (Fixed) | 4 |
| Over 50s life assurance | Guaranteed Sixty-Plus Life Insurance (Increasing) | 4 |
