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BARCLAYS LIFE INSURANCE

One of the UK big 4 banks with a major high street presence, the origins of Barclays Bank stretch back to 1690. It is the current sponsor of the English Premier Football League. In the past Barclays Life insurance policies were sold as their own life insurance products to customers.

In 2000 Barclays Life and Woolwich Life operations [which in the past had a joint venture with Sun Alliance], merged when the bank bought Woolwich building society. In 2001 however Barclays Financial Services announced that it would close its life insurance division. The bank, whilst maintaining Barclay existing policies, would divert new life assurance business instead to Legal & General. In 2008 Swiss Re, the world's largest reinsurer, agreed to buy Barclays Life, for £753 million.

In the 2006 they announced a tie up with Standard Life to sell certain pension term life policies under the Barclays brand. Rather than sell Legal & General life insurance, Barclay Financial planning then had a multi-tie capability life assurance across the Uk with distribution via their Direct Salesforce across the Barclays branch networks to personal & business customers. Old Barclays Life assurance product range included Life cover, endowments, decreasing (mortgage protection) or level term assurance, Life with Critical Illness

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Article on:Barclays Life Insurance ~ for more information visit www.barclays.co.uk *
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