Nigel Rowe is a finance professional specialising in protection and life insurance. Nigel supports individuals and businesses in safeguarding their financial futures through tailored insurance solutions.
Nationwide Life Insurance
Nationwide Building Society, the UK’s largest building society with over 15 million members, offers life insurance products in partnership with Legal & General. This collaboration brings together Nationwide’s trusted brand reputation with Legal & General’s extensive experience in underwriting and claims management.
The policies available through Nationwide are designed to provide financial security for families and mortgage holders, with straightforward application processes and Defaqto 5-Star rated coverage. Most online customers pay between £6 and £20 monthly for life cover, making it an accessible option for many UK families looking to protect their loved ones.
What types of Life Insurance do Nationwide provide
Family Life Insurance (Level Term Cover)
Mortgage Life Insurance (Decreasing Term Cover)
Specifically designed for repayment mortgages, this policy sees the coverage amount decrease over time, roughly aligned with your outstanding mortgage balance. If you pass away during the policy term, the payout settles the remaining mortgage debt. While coverage decreases, your monthly premiums remain fixed. Applicants must be aged between 18 and 74 years old.
Critical Illness Cover Add-On
Policy Benefits
Nationwide’s life insurance comes with several valuable benefits that enhance the core coverage:
- Defaqto 5-Star Rating: The policies hold a 5-Star rating from Defaqto, indicating comprehensive coverage among the best available in the UK market
- Fixed Premiums: Your monthly payments remain unchanged throughout the policy term unless you make alterations to your coverage, providing budgeting certainty
- Wellbeing Support: Policies taken out from 27 April 2025 onwards include access to Wellbeing Support, offering practical and emotional assistance from experienced registered nurses for you and your immediate family. This service is available whether or not you need to make a claim
- Care Concierge: Confidential guidance from care experts who can discuss available options and care costs in your area
- Samaritans-Trained Case Handlers: Claims are processed by staff trained by Samaritans, ensuring sensitive and compassionate handling during difficult times
- Fast Claims Processing: Valid claims receive full payment within three days of approval. Legal & General also offers a Funeral Payment Pledge, providing advance payments of up to £10,000 if there are delays
- Terminal Illness Benefit: Included at no extra cost (minimum two-year term), this benefit pays out if you’re diagnosed with a terminal illness with a life expectancy of 12 months or less
- Joint Life Policy Separation: If you divorce or dissolve a civil partnership, your joint policy can be split into two separate single policies within six months of the event
- 30-Day Cooling-Off Period: Cancel within 30 days of starting your policy and receive a full refund of payments made.
What's Covered
Nationwide life insurance provides comprehensive death benefit coverage:
- Death from any cause after the first 12 months of the policy
- Terminal illness diagnosis with life expectancy of 12 months or less (with terminal illness cover included)
- Death from natural causes, accidents, or illness
- Coverage valid worldwide with no geographical restrictions
- Tax-free lump sum payment to beneficiaries
- Flexible use of payout funds with no restrictions on how beneficiaries spend the money
What's Not Covered
- Outliving the Policy Term: If you survive beyond your policy’s end date, no payment is made. Term life insurance only pays out if death occurs during the active policy period
- Non-Payment of Premiums: Failure to maintain premium payments results in policy cancellation with no payout. There is no cash value or refund
- Pre-Existing Conditions Not Disclosed: Any health conditions or lifestyle factors not accurately disclosed during application may invalidate claims or result in coverage exclusions
- Terminal Illness Definition: Terminal illness cover won’t pay out if the diagnosis doesn’t meet Legal & General’s specific definition, which requires a life expectancy of 12 months or less and cannot be claimed within 12 months of a policy ending
- No Cash or Surrender Value: These policies are pure protection products with no investment component or cash value unless a valid claim is made.
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Trusted Life Insurance Advisor
Our Verdict
Nationwide’s life insurance represents a solid choice for UK consumers seeking straightforward term protection backed by Legal & General’s strong underwriting. The impressive 97% claims payment rate and three-day settlement process demonstrate reliable claims handling when it matters most.
The Defaquo 5-Star rating confirms comprehensive coverage quality, while additional support services – particularly Wellbeing Support and Samaritans-trained handlers – add meaningful value during vulnerable times. These features distinguish Nationwide from basic budget providers.
However, price competitiveness remains the crucial consideration. While Nationwide offers brand recognition and convenient application for existing members, the partnership model may result in higher premiums compared to whole-of-market shopping. Comparison sites regularly show similar coverage available at lower costs, with price variations of 20-40% for identical protection.
For Nationwide members valuing convenience, brand familiarity, and integrated services, these policies deliver excellent coverage with trusted institutional backing. The straightforward application process aligns with Nationwide’s member-focused approach.
Nevertheless, consumers seeking maximum value should compare quotes across multiple providers through independent brokers like Insured Life. Legal & General products are widely available through comparison services, often at more competitive rates than the Nationwide partnership offers. Market comparison typically reveals significant savings over a policy’s lifetime without sacrificing coverage quality.
In conclusion, Nationwide provides dependable protection with strong support services – ideal for those prioritising brand trust. However, comprehensive market comparison through specialist brokers remains essential for securing the best value.
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