The high street bank isn’t the only one offering rewards to new policyholders. Other insurers are trying to attract new customers with incentives ranging from gift cards to free cinema tickets.
But perks shouldn’t be the deciding factor when choosing a life insurance policy. Here, Which? looks at what some of the biggest insurers are offering and what to consider before signing up.
What is Barclays offering?
Life insurance is a crowded market, so some providers offer rewards and freebies to stand out.
Barclays has launched a cash incentive worth up to £150 for customers who take out either Barclays Simple Life Insurance or a Life Insurance for Mortgage Protection policy.
Customers must be UK residents aged 18 years or older and hold or open a Barclays current account or Premier Current Account.
This is how the offer works:
Barclays current account customers Premier Current Account customersTo qualify, customers must apply for the policy before the offer ends on 25 November 2026 and start the policy within six months of submitting their application.
The cash will be paid into customers' Barclays current account so long as they also hold the life insurance policy for at least 12 months and make all monthly payments.
Find out more:What other life insurance deals are on offer?
Here's a snapshot of incentives up for grabs from some of the biggest UK life insurance providers:
Aviva Legal & GeneralLV VitalityZurichFind out more:4 things that matter more than rewards
It’s important to shop around and find the right policy for you, regardless of the perks. To help you choose suitable cover for your circumstances, here are four other things to consider before taking out cover:
1. Type of policy
Before choosing a policy, think about what you need life insurance to cover – and whether you need it at all. For example, you might want to make sure your partner could continue paying the mortgage without your income, or provide financially for children if you died.
Life insurance gives your loved ones a lump sum when you die and is intended to replace lost income or cover costs such as a mortgage or loans, university fees and general living expenses.
There are many different types of policies to choose from, but the two main ones are:
So how do you decide which is the right one for you?
Find out more:2. Cover level
First consider your debts, including mortgage, loans and credit cards.
Then think about other general expenses, such as utility bills and groceries. Don't forget other major costs that your family might need help with if you're gone – for those with children, for example, these could include school or university tuition fees, holidays, and extracurricular activities such as music lessons.
Depending on your situation, you might want to have more than one life insurance policy. For example, you might get a decreasing term policy to help your loved ones pay off a mortgage, and an increasing term policy to leave a lump sum for them to cope with other costs.
Once your policy is set up, make sure you review it regularly, especially if your life changes in any way – whether that's having another child or buying a new home. It’s normally fairly easy to amend your policy, but talk to your insurance provider to find out more.
Find out more:3. Price of premium
Life insurance can be costly, and what you pay depends on factors including your age, health, policy length and the amount of cover you need.
Worried about the price of premiums? Here are a few ways to keep costs down:
Only cover what you needConsider decreasing term coverChoose a shorter termShop aroundQuit smoking4. Exclusions
Life insurance doesn’t cover every eventuality, so check the small print before you buy.
Other exclusions can include death linked to illegal activities or certain dangerous occupations and activities. Some policies may also restrict cover for deaths outside specified countries or regions.
Your cover will also end if you stop paying premiums and the policy lapses. And be honest when applying: withholding or misrepresenting information could mean a claim is rejected.
source https://www.which.co.uk/news/article/life-insurance-cash-rewards-are-they-worth-it-ajBSN3T7PgMj