WOOLWICH LIFE INSURANCEThe Woolwich plc is a former building society, converting to bank status in 1997 & going public on the London stock exchange. In the past, Woolwich Life insurance policies were sold as their own life insurance products mainly to their customer base. They were also tied to Royal Sun Alliance for endowment sales in late 80's before it stopped selling endowment mortgages as the market moved from endowment to repayment mortgages. In 2000, Barclays Life and Woolwich Life operations merged when the bank bought the Woolwich BS. In 2001 however Barclays Financial Services announced that it would close its life insurance division. The bank, whilst maintaining Woolwich Life existing policies, would then divert new life assurance business instead to a tie up with Legal and General. In 2006 Woolwich announced a tie up with Standard Life to sell certain pension term life policies under the Barclays brand. In 2008 Swiss Re, the world's largest reinsurer, agreed to buy Barclays Life, for £753 million. From 2021, Woolwich Barclays mainly sells across their branch networks to their new mortgage and existing customer base. Although plans are currently insured via Legal & General - before this they used Aviva. WOOLWICH LIFE INSURANCE - PRODUCT REVIEWAlthough some old Woolwich Life Insurance plans maybe no longer available for new protection business, you maybe able to amend or adjust your existing policy by contacting either Woolwich or Independant Broker. WOOLWICH - MORTGAGE PROTECTIONDesigned to cover a repayment mortgage on death or critical illness as it decreases during the plan term WOOLWICH LIFE INSURANCEOffering family protection if the policy holder dies or is diagnosed with a terminal illness during the term WOOLWICH - WHOLE LIFE COVERA whole of life policy that will always payout whenever death may occur. Premiums maybe reviewable in the future. WOOLWICH - CRITICAL ILLNESSHelps ease financial worries if you or your children are diagnosed with a critical illness as specified by Woolwich Insurance policy. WOOLWICH - INCOME PROTECTIONProviding security by way of an income if you are off sick or have an accident or disability as specified by Barclays Woolwich Insurance. WOOLWICH ENDOWMENT POLICYDesigned to cover an interest only type mortgage. May provide a lump sum on death, critical illness or maturity during the plan term.
WOOLWICH LIFE INSURANCE
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Article on: Woolwich Life Insurance ~ for more information visit www.woolwich.co.uk *
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