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Scottish Widows Endowment Insurance
Scottish Widows Endowment Insurance refers to a wide array of Life Insurance policies that are primarily focused on the ideal of ensuring financial security for the loved ones of a policyholder, in the event of the latter’s demise. The so offered life cover plans are appropriate for all those who have financial dependents and are thus fearful of the prospect of a sudden illness or untimely death, and how these will affect them.
About Scottish Widows Endowment Insurance
Scottish Widows is a life, pension and investment company, based in Scotland and a subsidiary to the Lloyds Banking Group. First founded in 1815, the company currently employs a staff of 3,500 people. With its operation spread all over UK, and some other parts of the world, Scottish Widows helps its customers find the best insurance deals available in the market, and suited to their needs.
Types of Life Insurance
Scottish Widows Endowment Insurance Policies are usually of two types; Level term insurance cover and Decreasing term insurance cover.
Level Term Insurance Policy promises to pay a lump sum amount of funds to the stated beneficiaries if the policyholder dies within the term of the policy or is diagnosed with a critical illness. The sum insured, i.e., the money paid out to the beneficiaries, as well as the policy term period is decided beforehand. The pre-decided lump sum money is guaranteed and remains constant throughout the passage of a policyholder’s term.
A Decreasing Term Insurance is meant to secure the policyholder’s repayment mortgage. In case of the demise of the policyholder within the policy term period, a cash lump sum is meted out to pay off the outstanding debt. Naturally, the amount of cover decreases over the term of the policy in accordance with the reduction in outstanding mortgage balance. Here, therefore, the lump sum paid out is not a constant pre-decided amount, but dependent on the time of death of the policyholder, in relation with the term period of the policy.
Scottish Widows finds itself in competition with several other firms like – provident endowment insurance.
Scottish Widows Endowment Insurance Reviews
Scottish Widows has earned remarkable reviews at reviewcentre.com. It boasts of a 3/5 star rating for its services and has received written commendation from several policyholders. One can post their own views of the company’s service based on their experience, or read those written by others at reviewcentre
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