The National Farmers Union Mutual Insurance Society Limited, trading as NFU Mutual, is a UK registered mutual insurance composite. It underwrites more than £1.5 billion in annual premium in life and general insurance lines for rural communities within the UK. NFU Mutual is based in Stratford-upon-Avon, Warwickshire.
Topics
Life Insurance
NFU Mutual has teamed up with AIG to offer family protection plans that can help ease the financial strain if you die or are diagnosed with a terminal illness (meaning a life expectancy of less than 12 months). Choose between a lump sum pay-out or a regular family income. Single and Joint Life policies are available and terms range from 2 to 70 years and must expire before your 90th birthday. To qualify you must be a resident of the UK, Channel Islands, Isle of Man or Gibraltar, aged between 17 and 86. NFU Mutual offer three types of cover:
- Level Cover – this covers you for a fixed sum assured.
- Decreasing Cover – the sum assured decreases each month to zero at the end of your policy. This works in the same way as the outstanding amount on a repayment mortgage. You can select an interest rate of either 10%, 11%, 13% or 15%.
- Increasing Cover – the sum assured increases each year by 5%.
Over 50s Life Insurance
NFU Mutual does not offer over 50s life insurance.
Mortgage Life Insurance
NFU Mutual offer a sum assured that decreases each month to zero at the end of your policy. This works in the same way as the outstanding amount on a repayment mortgage. You can select an interest rate of either 10%, 11%, 13% or 15%.
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Critical Illness Cover
NFU Mutual offers critical illness cover with AIG; a policy that pays out a lump sum should you face a terminal diagnosis, a specified critical illness or die. Single and Joint Life policies are available and terms range from 3 to 50 years ending before you’re 86. To qualify you must be a resident of the UK, Channel Islands, Isle of Man or Gibraltar, aged between 17 and 75. Level, decreasing and increasing cover types are available.
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Whole Life Insurance
NFU Mutual offers whole of life cover with AIG, providing protection for life. There are no maximum terms, just for as long as you need it. Single and Joint Life policies are available. To qualify you must be a resident of the UK, Channel Islands, Isle of Man or Gibraltar, aged between 17 and 84. Two types of cover are available:
Level – this covers you for a fixed sum assured.
Increasing Cover – your sum assured increases each year in line with the Retail Prices Index (RPI) up to a maximum of 10%.
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Income Protection Insurance
NFU Mutual offers income protection cover with AIG to provide regular monthly payments if you’re incapacitated and unable to work due to illness or injury. To qualify you must be a resident of the UK, Channel Islands, Isle of Man or Gibraltar, aged between 17 and 86. The cover must end before the 70th birthday of the person covered. Monthly benefits are calculated as 60% of your pre-tax annual income up to £30,000. The policy will also pay a benefit if your spouse, civil partner or child suffer from an illness or injury that impacts their everyday life for more than three months.
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Other Services
NFU Mutual offers a range of services including home, landlord, motor, farming and equine insurance, business protection and risk management services, pensions, investments and financial planning.
NFU Mutual Reviews and Ratings
Online reviews for NFU Mutual are mixed. Many customers are happy with the excellent, tailored cover options available. Many others however, have received poor customer service from an unhelpful call centre and battles with company trying to get them to pay out on policies.
Trust Pilot – 2/5 (based on 159 reviews)
Reviews.co.uk – 4/5 (based on 6 reviews)
Pros
- A trusted brand name within rural communities and businesses
- Owned and run by its 900,000 members
- Partnered with AIG to provide cover
- Comprehensive levels of life cover offered
- Single and Joint Life policies available
Cons
- Fairly poor customer reviews
- Many customers find it difficult to get pay outs when the time comes
- Company specialises more in farming and equine insurance and business protection services for rural communities
- Over 50s Life Insurance not offered
- Mortgage Life Insurance not offered
Website: NFU Mutual