Insurance which could provide a lump sum if you die, or depending on the policy you take out, if you’re diagnosed with a specified critical illness.
- Life insurance aims to provide a one-off lump sum for your loved ones if you die or are diagnosed with a terminal illness within the term of the policy.
- Critical illness insurance aims to pay a one-off lump sum to you if you're diagnosed with a specified critical illness within the term of the policy (not all conditions are covered).
- At Santander we offer these two types of insurance through Aviva. You can buy them separately, or combined.
Do I need decreasing, level or increasing cover?
Decreasing cover runs for a fixed time, with the lump sum reducing each month for as long as the policy lasts. It’s commonly used to help ensure the lifestyle of dependants is protected for a set period of time, for example, until a child reaches independence. The monthly payments, known as premiums, remain the same.
You can apply for decreasing cover life or critical illness insurance online or over the phone on a non-advised basis. These products are also available in our branches.
Increasing cover runs for a fixed time and the lump sum factors in the cost of living. Again, this is commonly used to provide for dependants.
As time goes by it’s expected that the cost of living will go up – this is what’s known as inflation. By choosing increasing cover you can help protect against the future effects of inflation as your cover amount will increase in line with inflation as shown by the Consumer Price Index. Monthly payments also increase over time.
You can apply for increasing cover life or critical illness insurance online or over the phone on a non-advised basis. These products are also available in our branches.
Level cover runs for a fixed time and the cover and premium stay the same for the life of the policy.
You can only apply for level life cover or critical illness insurance in our branches.
Taking out this combined insurance would mean you have cover available in case of critical illness or death. The policy will pay out once, either for critical illness or for death.
You can only apply for combined life and critical illness cover in one of our branches.
Apply online or over the phone.
- If you don’t need advice, call us on 0800 028 3744.
- To book an appointment in a branch (where you will receive protection advice), please call 0800 068 6699.
- To make a claim for critical illness, you'll need to meet the policy definition, which could require you to have permanent symptoms, an illness of a specified severity or undergo surgery.
- Not all critical illnesses are covered. For a full list of illnesses that are covered by the plan, you should refer to the Critical Illness Plan Policy Summary and Policy Conditions.
- When a claim for the main benefit has been paid, your policy will end and cover will stop.
- At the end of your policy's term, or if you stop paying premiums, your cover will end, and you will get nothing back.
- Make sure you're aware of the eligibility criteria, which can be found in the policy summary, before applying.
- Option to have a single or joint policy. If you have joint cover, the policy only pays out once.
- The policy has no cash-in value at any time.
You can put your life insurance policy in trust.
The lump sum paid out on death is currently free from income and capital gains tax. Your policy may be subject to inheritance tax unless you put it in a suitable trust.
If you're unsure on whether you should put your policy in trust you should seek specialist legal advice. Tax rules may change in the future.
See our forms below for more information
Aviva Discretionary Gift Trust Form (pdf)
The Financial Conduct Authority and the Prudential Regulatory Authority do not regulate taxation and trust advice.
If you’re a 1|2|3, 1|2|3 Lite or Select Current Account customer
Earn 2% cashback on Santander life protection premiums, (administered and underwritten by Aviva Life & Pensions UK Limited) when you pay by Direct Debit from your 1|2|3, 1|2|3 Lite or Select Current Account.
The amount of cashback you can earn is capped at £5 per month in each of the 1%, 2% and 3% cashback categories. There’s no cap on cashback before 5 May 2020.
The 1|2|3 Current Account and Select Current Account have a £5 monthly fee to maintain the account and the 1|2|3 Lite Current Account has a £1 monthly fee to maintain the account.
To earn cashback you must pay in at least £500 a month (excludes internal transfer) and have at least two active Direct Debits. 1|2|3 Lite Current Account customers must also log on to Online or Mobile Banking at least once in every three months.
Cashback is paid monthly. You may hold a maximum of two 1|2|3 Current Accounts or Select Current Accounts, one in your name and one in joint names. You must be 18 or over and a UK resident. For details of our fees and interest rates, visit santander.co.uk or ask for the latest Key Facts Document in branch.
To view these documents, you may need to download Adobe Reader
- Life Insurance Plan Policy Summary (pdf)
- Life Insurance Plan Policy Conditions (pdf)
- Critical Illness Plan Policy Summary (pdf)
- Critical Illness Plan Policy Conditions (pdf)
- 10% cashback terms and conditions (pdf) offer withdrawn on 01/12/2019
- £50 cashback terms and conditions (pdf) offer withdrawn on 31/03/2020