Barclays has launched a new simple term life insurance product called Fixed Term Life Insurance provided by Aviva. It was the first product developed following recommendations from an independent review on making financial products more straightforward for customers. Key features of the new product include clear language, standard names and processes, and limited exclusions to simplify the purchasing experience. It also received independent certification from the British Standards Institution for being easy to understand.

1. Life Insurance
Bringing
conversations to life
Life insurance that customers
can relate to.
Confidential. Internal use only. July 2014
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2. Everything should be this easy
The launch of Fixed Term Life Insurance by Aviva is a special moment
for Barclays. It’s the first in a new suite of simple, transparent and easy
to understand financial products that are designed
to help customers make more informed decisions
about their future. It’s the first UK BSI kitemarked
insurance product to market.
The Sergeant Review
In November 2011 HM Treasury asked
Carol Sergeant to set up an independent
steering group to develop a suite of
financial products that made purchasing
decisions more straightforward. Its aim
was to rebuild trust in financial services
by helping people to manage and plan
their everyday finances with confidence
and ease.
The Sergeant Review recommended nine
principles to guide the development of
Simple Financial Products. They cover
everything from using standardised
language and pricing to focusing product
features on what’s reasonable and necessary.
Leading the industry
At Barclays we strongly believe in the nine
principles, and have taken the lead by
developing a range of certified Simple
Financial Products: Fixed Term Life
Insurance, Easy Access Saving and Cash
Card. Fixed Term Life Insurance by Aviva is
the first product in the suite to be launched.
We’re proud to have been awarded a BSI
Kitemark™ for Fixed Term Life Insurance,
following BSI independent testing to
establish it as an easy to understand and
transparent financial product. It demonstrates
our continued commitment to our citizen
agenda by providing access to financial
services products for everyone.
Simple Financial Products – principles
1. Essential product features that are simply
explained, useful for the customer and
meet the needs of the target market.
2. Clear, straightforward and standardised
language and presentation so that all
firms are using the same language and
presentation for product information to
enable customers to understand and
compare products.
3. Standardised product names that clearly
identify the nature of the product.
4. Conditions, options and exclusions
are limited to what is appropriate,
reasonable and necessary for the
product, and are simply explained.
5. A straightforward and clear purchasing
process for the customer.
6. A clear pricing and return structure
which is easily understood by the
customer and allows products to be
compared with one another. This would
include standard methods to calculate
prices, interest, charges and appropriate
notice for fair and reasonable changes
in price, terms or conditions.
7. Ancillary fees and charges for
exceptional items are transparent,
reasonable and predictable.
8. Clear methods of informing the customer
about the current prices and returns and
any changes, as well as appropriately
regular updates on the status and benefits
of their product.
9. If a product loses its accreditation/
certification the customer should be told
and there should be no penalty or charge
for the customer to exit the product.
We’re proud to have brought a simple financial
product to customers that has received the
first BSI Kitemark™
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3. Keeping it simple
By removing some of the complexity from life insurance we expect
your conversations with customers to be easier and more engaging.
You’ll just need to make sure you’re up to date with all the new
product features so you can answer any questions they might have.
What’s changed?
Many of our customers find life insurance
overly complicated and difficult to
understand. To make Fixed Term Life
Insurance as simple as possible we’ve
focused product features on what’s
easy to understand by removing:
• Decreasing term, both family
and mortgage
• Policies for joint applicants
• A lump sum on diagnosis of
a terminal illness
• Life change benefit
• Home protection guarantee
• Protection promise other
than underwriting.
We’ve also clarified the policy’s suicide
criteria. If your customer dies of a
self-inflicted injury or commits suicide
within 12 months of taking out the
policy their nominated beneficiaries
won’t receive a payout.
How it works
Fixed Term Life Insurance is quick, easy
and affordable – we’ve removed the
complexity by focusing on level term
and single life policies so your customers
can now focus on two key questions:
• How long they want the policy to last
– from 1 to 51 years
• The amount of cover they’d like
– anything up to £500,000.
All customers need
to decide is the
term and amount
of cover they want
It’s that simple
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4. Share the moment
We’ve identified three key moments in a customer’s life that often
trigger people’s interest in taking out life insurance for the first time:
their wedding, buying their first home and the birth of a child.
Connecting with customers
Identifying opportunities to approach
customers about life insurance is all about
recognising who’s sitting across the table.
As well as the three key life stages in our
campaign, there are other factors that
might prompt a customer to consider life
insurance for the first time:
• Birth of a child
• Changing job
• Separation or divorce
• Newly wed
• Review of financial circumstances.
If customers fit any of these profiles, it
might be a good time to raise the issue
with them.
Post your feedback on Mysite telling
us what you think about Barclays’ first
ever kitemarked financial product
#simplefinancialproduct
Bringing conversations to life
Ask your teams to look at how they
spot opportunities, and what questions
they use that work well when talking
to customers. Here are some ideas for
open questions that may help.
• How many years would others
be dependent on your income?
• What life cover do you currently
have in place?
• How would your family cope in the
event of the loss of your life?
• Who is currently dependent on your
income in the event of your death?
• What commitments do you
currently have?
• When was the last time you reviewed
your level of cover? Do you have enough
cover in place?
• What would the impact on your
household be if you lost your income
as a result of your death?
• Is it important to protect your family
should the worse happen?
Securing tomorrow
Conversations about life insurance can be
challenging, but the simplicity of Fixed Term
Life Insurance should make things easier.
You and your customers will have the
confidence of knowing the product has
been independently verified and endorsed
with a BSI Kitemark™ – a recognised symbol
of quality and trust. And with fewer options
to understand, your customer should find
life a lot more straightforward.
Why get protection?
A fifth of UK families have no savings
Only 36% of UK families have
life insurance
The typical UK family has only
£2,733 in savings
* Source: The Aviva Family Finances Report,
December 2013.
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5. Terms, conditions and exclusions apply.
This product is only available to UK residents aged 18-68, and must finish by the age of 70.
Life Insurance is arranged by Barclays Bank PLC through Barclays Insurance Services Company Limited and provided and underwritten
by Aviva Life & Pensions UK Limited. Aviva Life & Pensions UK Limited. Registered in England No 3253947. 2 Rougier Street, York, YO90 1UU.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation
Authority. Firm Reference Number 185896. Member of the Association of British Insurers.
Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority (Financial Services Register No. 122702). Barclays Bank PLC. Registered in England. Registered No.
1026167. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial
Services Register No. 312078). Registered in England, Registered No. 973765. Registered Office 1 Churchill Place, London, E14 5HP.
Confidential. Internal use only. July 2014. Item ref: 9913442. Created: 07/14.
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