Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world with over 15 million members. Its headquarters are in Swindon, England. It offers a large range of financial services including current accounts, savings, mortgages, loans, credit cards, insurance, investments and more.
With Nationwide’s life insurance you pay an annual or monthly premium – from £6 per month – to help ensure your family get a cash lump sum to use how they please if you die during the length of the policy. The cash lump sum remains at the same level throughout the policy unless you choose to change it. Nationwide offers two types of life insurance cover:
Level Cover – this type of policy is designed to pay out the amount you chose to cover, no matter when you died during the policy length.
Decreasing Cover – this is a policy where the amount that would be paid out gradually goes down as the policy continues. It is designed to work alongside a repayment mortgage, so the amount of payout goes down roughly in line with your shrinking mortgage debt
Nationwide is currently offering its members who hold a mortgage, savings or main current account with them a 15% discount on life insurance.
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Over 50s Life Insurance
Nationwide does not offer over 50s life insurance.
Mortgage Life Insurance
With Nationwide’s mortgage life insurance you can help pay off the mortgage if you died during the length of the policy, so your loved ones might not have to think about selling up or downsizing. Monthly premiums start from £6 a month, depending on your personal circumstances. Nationwide is currently offering its members who hold a mortgage, savings or main current account with them a 15% discount on mortgage life insurance.
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Critical Illness Cover
Nationwide’s critical illness cover pays a cash lump sum if you are diagnosed with one of the specified critical illnesses during the length of your plan. A wide range of critical illnesses are covered. The plans also covers additional benefits for your children, for example Accident Hospitalisation Benefit pays an amount of £5,000 where a child is accidentally injured causing them to be admitted to hospital with physical injuries for a period of 28 days or more. Your monthly premiums will remain the same during the length of the policy unless you make any amends to it. The minimum age to take out a critical illness policy is 18, the maximum age is 67. The maximum length of time you can have this policy for is 40 years.
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Whole Life Insurance
Nationwide does not offer whole of life insurance.
Income Protection Insurance
Nationwide’s Income Protection Benefit pays out a tax-free monthly benefit until you’re well enough to get back to work, until your chosen retirement age or the end of the plan, if you do not recover. It could help look after your regular financial commitments such as bills, mortgage and your standard of living. This can be up to 60% of your gross annual income up to and including £60,000. You choose how long cover lasts and how much you receive to help cover your cost of living. You can take this policy out from your 18th birthday until your 60th birthday. The policy must end before your 70th birthday, or your planned retirement date, whichever is earlier.
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Nationwide offers a large range of financial services including current accounts, savings, mortgages, loans, credit cards, insurance, investments and more.
Nationwide Reviews and Ratings
Online reviews for Nationwide are poor with customers complaining about terrible customer service, unprofessional staff, unclear policies and the frustration of being locked out of their accounts.
Trust Pilot – 1.8/5 (based on 1586 reviews)
- A trusted brand
- The largest building society in the world
- 15% discount on life insurance for members
- A wide range of critical illnesses are covered including additional benefits for children
- A large range of related financial services offered
- Well informed website
- Decent online FAQs and supporting information
- 30 day cool down period
- Very bad customer reviews
- Complaints about poor customer service and unprofessional staff
- Over 50s Life Insurance not offered
- Whole of Life Insurance not offered