-

Life insurance FAQs

Your questions answered

If you have questions about life insurance, take a look at our frequently asked questions – you'll also find definitions of commonly used terms and phrases.

Product terms

Cover amount

The amount you want to leave your loved ones if you die, or the amount you want to receive if you become terminally or critically ill1.

Policy duration (or term)

The length of time for which you, the policy holder, are covered if you die or are diagnosed with a terminal or critical illness1.

Terminal illness

Being diagnosed with a terminal illness that's expected lead to death with 12 months. This is determined by your hospital and verified by our medical team.

Monthly premium

The amount of money you pay every month. This is based on your personal circumstances (assessed during application), your cover amount and how long you want to be covered for. Your monthly payments will stay the same throughout the duration of the policy – unless you make any changes.

Process terms

Quick quote

The initial price based on your date of birth, whether you smoke, and a combination of duration and cover amount or monthly price. A quick quote is part of the process for Barclays Simple Life Insurance. It gives an early indication of the cost of life insurance for your specific needs. Around 80% of people get the same price after applying.

Changing your policy

Your circumstances may change after you’ve bought your policy. You can increase your amount cover without re-applying. Eligibility criteria and restrictions apply.

Underwriting

The process of evaluating an insurance application. This involves working out your risk of death or terminal or critical illness1 by reviewing your medical information and lifestyle, and taking your age into consideration. Based on this information, the underwriter determines if you qualify for life insurance and, if so, how much you'd pay for it.

Frequently asked questions