Britannia Life Insurance

 BRITANNIA LIFE INSURANCE

 

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Britannia Building Society started in 1856 & is based in Staffordshire. Britannia Life Insurance was set up to help provide life assurance for their customers via their branch network. From mid 1980's to 1990, Britannia building society was an independent financial adviser.

From 1990-1999 it sold thousands of endowments through its own insurer, Britannia Life & many were reportedly in shortfall, making it one of the poorer performing life offices.
Britannic, a separate company, bought Britannia Life in 1999 and renamed it Alba Life Limited. Britannic later became part of Phoenix Life Group.


In 2009 Britannia BS agreed to merge with The Co-operative Financial Services. Britannia BS then sold their lifecover products through their branches via Axa Sun Life Insurance & then Friends Life before slowly winding down their branch network. 

  Looking in 2020 to compare old Britannia Life Assurance products 

BRITANNIA LIFE ASSURANCE - OLD PRODUCT REVIEW 2020

Although no longer available for new UK protection business in 2020, you maybe able to amend or adjust your existing Britannia Life Insurance life policy by contacting either Phoenix Life Insurance or a Financial Adviser or Independant Broker.

BRITANNIA LIFE - MORTGAGE PROTECTION

Designed to cover a repayment mortgage on death as it decreases during the plan term.

BRITANNIA LIFE - WHOLE OF LIFE INSURANCE

A policy that will always payout whenever death may occur. Premiums maybe reviewed.

BRITANNIA LIFE INSURANCE 

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term.

BRITANNIA LIFE - CRITICAL ILLNESS COVER  

Helps ease financial worries if you are diagnosed with a critical illness as specified by Britannia Life Insurance.

BRITANNIA LIFE - INCOME PROTECTION 

Providing security by way of an income if you are off sick or have an accident or disability.

BRITANNIA LIFE - OVER 50'S LIFECOVER 

no medical evidence insurance policy to always payout whenever death may occur perhaps for funeral costs - but only after an initial period

BRITANNIA LIFE INSURANCE - ENDOWMENT POLICY 

Offering protection if the policy holder dies or is diagnosed with a critical or terminal illness during the mortgage plan term; Designed to also provide a lump sum at the plan end to be used usually toward repayment of an endowment interest mortgage loan.

  Compare Britannia Life Assurance Cover against other Insurers

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Britannia Insurance

BRITANNIA LIFE INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Britannia life insurance policy ?

In terms of changing your life insurance policy, often you can request some of the following via Phoenix Life.

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • remove a life assured from a joint policy
  • joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the Britannia policy out ?

Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's 

How do I make a Death Claim ?

Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. 

Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.

Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. 

Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application

If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.

Britannia Life Insurance ( Phoenix Life ) Free Insurance Quotes

Death Claims, Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

Should I put my Britannia Life Insurance policy into Trust ?

If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.

If I started smoking after taking out Life Insurance - Do I need to now tell Phoenix Life ?

If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. 

Why are you searching in 2020 ~ for Britannia Life Insurance products ?
 

Britannia Life - Phoenix - Life Insurance

Review on: Britannia Life Insurance ~ for more information visit www.phoenixlife.co.uk *

( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

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Britannia Life Insurance  Company Review 2020 

 

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This website is intended for UK consumers & any information contained therein is for Generic Guidance only and is not to be construed as advice. 
For protection we offer products based on a fair and personal analysis

By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.

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