Santander Life Insurance

SANTANDER LIFE INSURANCE Review

Santander Life Insurance - Compare Quotes

Spanish Banking Group Santander is one largest banks in the eurozone. In 2004 they moved into the UK and acquired Abbey National. In 2008, Santander acquired Bradford & Bingley's savings and branch network & also Alliance & Leicester. In 2010 Abbey and the savings business of Bradford & Bingley also became known as Santander.

Due to market conditions in 2006 Abbey National Life Insurance sold their entire operation [ including Scottish Mutual & Scottish Provident ] to Resolution Life now Phoenix Life Insurance, the largest specialist manager of in-force or closed UK life funds. 

Santander Group have previously used Royal London but currently use Aviva life insurance for their new protection business.

SANTANDER LIFE INSURANCE - PRODUCT REVIEW 2020

Although some plans maybe no longer available for new protection business, you maybe able to amend or adjust your Santander life policy in 2020 by contacting either their Customers Services or instead an Independant Broker.

SANTANDER - WHOLE LIFE COVER 

A whole of life policy that will always payout whenever death may occur. Premiums maybe reviewable in the future.

SANTANDER - MORTGAGE PROTECTION 

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

SANTANDER LIFE INSURANCE 

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Plan can be guaranteed or reviewable premiums.

SANTANDER - CRITICAL ILLNESS  

Helps ease financial worries if you are diagnosed with a critical illness as specified by Santander via Aviva Insurance

SANTANDER - INCOME PROTECTION 

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

SANTANDER - OVER 50'S LIFECOVER 

no medical evidence policy that always payout whenever death may occur but only after an initial period.

Compare Santander Life Insurance against other Insurers 

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Santander Life Insurance

SANTANDER LIFE INSURANCE - Frequently Asked Broker Questions

Single v Joint life Insurance ?

A single life insurance means it covers just that 1 person only. It then pays out the chosen amount of cover if the person dies during the term of the policy or whenever it occurs if whole life. The benefit of having 2 seperate plans if in a relationship & one partner dies, then the surviving partner still has their own seperate policy. 

A 'joint' life insurance policy means it jointly covers 2 lives but then usually pays out on '1st death' basis. This means once the chosen amount of cover is paid, the policy benefits would then end. This is usually the cheaper option for Insurers ( as it only pays once ) but conversely leaving the surviving partner without any cover.

Can you make changes to your Santander Life Insurance policy ?

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

  • 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 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 Santander Life Insurance T&C's via Aviva.

Santander life insurance ( Aviva Life )

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.

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 Santander 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 Santander Life Insurance - Do I need to now tell them ?

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 comparing ~ Santander Life Insurance ?
 

Santander Life Insurance

Article on: Santander Life Insurance ~ for more visit www.santander.co.uk or www.phoenix.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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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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