Lloyds Life Insurance

Lloyds Life Insurance. Fact! If you don't compare them against the market now it could cost you £1000's. Compare the whole life insurance market.

Lloyds Life Insurance

Lloyds TSB is one of the most famous retail banks on the high street. As well as providing banking they also offer a range of different protection products such as life insurance, critical illness cover and income protection plans. They have managed to combine their highly regarded customer service with good value policies that would suit most customers.

They are well recongnised for offering retail banking, commercial banks and a range of treasury functions for larger corporations as well as wealth management services for individuals with a high net worth.

Lloyds TSB has continued its impressive growth over the last 30 years through natural growth and also acquisitions. The increase in number of employees as well as the increase in the number of customers shows that they have become the largest bank in the UK and a significant player in financial markets. They have struggled like many other banks in the recent financial struggle, but are expected by most financial analysts to come out the other side stronger and with an enormous retail network that perhaps they would not have been able to grow without the global meltdown and government intervention and the HBOS acquisition in 2008.

History

Lloyds dates all the way back to 1765 with the opening of a small private bank in Birmingham. The growth since then has been exceptional and has continued to grow through purchases such as Cheltenham and Gloucester in 1995. The bank as we see now on the highstreet was founded in 1995 and the head quarters of the bank are in London and Edinburgh. It has been calculated that there are about 75,856 employees which makes it one of the largest employers in the country.

Globally they have more than 16 million customers, and the largest number of customers in the UK as a whole. At the end of 2013 the new business, which incorporates HBOS, will be known as Lloyds Bank.

Types of life cover

They offer 4 different types of protection plans:life cover plan, lifetime cover plan, Critical illness cover plan and their income protection cover plan.

The Life cover plan is their most common life insurance policy. This plan will pay out a lump sum cash payment in the case of the unexpected death of the policyholder. You can provide financial stability for your loved ones if you are no longer around to provide for them. If you are the breadwinner and your family and loved ones are dependent on you then insurance such as this is extremely important.

The Lifetime cover plan is the cover plan that pays your family total amount in the form of lump sum if you die. The Time limit for this plan depends on your life time as opposed to term life cover which only lasts for the term of the policy. For this reason this life cover will be more expensive, but you know for certain that the plan will pay out eventually.

The Critical Illness cover plan is a cover plan that would assist you and your family if you are diagnosed with a serious illness as stated in the pre-agreed policy. Always read the small print to make sure you understand what it is covered as certain cancers and heart disease will not be included.

The Income protection cover plan is the cover plan that would give you a monthly income in case you are out of work due to any type of mishap or long term illness. If you are a breadwinner with a number of dependents then you should consider a plan such as this, particularly in the current economic climate.

Review

Most of the company reviews are good, and the reputation is excellent as a whole. However, with such a large number of customers it is no surprise that they have also attracted some negative comments, particularly surrounding the amount of complaints that have been sent to the FSA. Please take the time to read reviews at review centre where you can learn more about their life assurance as well as leaving your feedback to help others.