Scottish Widows life insurance protection

Scottish Widows was founded in the early 1800s by a group of Scotsmen to financially protect their wives, sisters and other female relatives.
These days it is part of the Lloyds Banking Group and has nearly 6 million customers, which it sells a wide range of pension and insurance products to.
Scottish Widows’ life insurance products pay out a lump sum if you die or are diagnosed with a terminal illness. Should you die, this injection of cash could really help your family out financially in their time of distress.
Scottish Widows offers 3 broad types of policies to protect your family in the event you die or develop a serious illness.
Life Cover (term life insurance)
Lifetime Cover (whole life insurance)
Critical Illness with Life Cover
Depending on your situation you will have to decide whether you want level, increasing or decreasing cover.
• Level cover, where both your monthly payments and the cover amount stays the same over time.
• Increasing cover, where the benefit amount increases each year in line with inflation (RPI), up to a maximum of 10% per year. Unfortunately your premium will also rise – and actually at a faster rate than the benefit/payout amount.
• Decreasing cover, where your payments stay the same but the level of cover decreases over time