The Woolwich

By: EconomyWatch Content   Date: 30 October 2009

About The Author

EconomyWatch Content

Follow The Money

EconomyWatch, Content Team

 

  • Dot Div
  •      

The Woolwich was one of the oldest trading organizations and building societies in the UK. It was founded in 1847, and was once listed on the London Stock Exchange. In August 2000, Barclays Bank acquired Woolwich plc and it became a part of the Barclays Group. In June 2006, The Woolwich became the UK mortgage arm of Barclays, and its branches were either closed or re-branded as Barclays.

The Woolwich: Insurance Services

The Woolwich offers a host of insurance options, as part of its personal banking business for its customers in the UK. Together with Barclays, the bank provides a multitude of services.

Home Insurance: Barclays’ home insurance offers the consumer half price contents cover as well as a 25% discount on online buying. The cover is up to £500,000 for buildings and £50,000 for contents. There is also a minimum 12 month guarantee for repairs and replacements by the bank. For buildings only insurance, the policy covers half a million pounds in the event of fire, storm or flood. Accidental damage to windows and underground pipes are included as standard add-ons. For contents only insurance, the policy covers jewellery, freezer food, lost keys and new locks.

Life Insurance: Barclays’ partnership with Aviva Insurance provides great value life insurance at £5 per month. The premium is as low as 17p per day and a 35 year old non-smoking female could pay just £14 a month for a £250,000 cover for a 25 year policy. There is also a 10% online discount. The maximum cover available for persons in the age bracket of 60 to 66 years is £100,000. For Level Term life insurance, the bank offers a lump sum on death or terminal illness to help provide a financial cushion for the family or to pay off debts. The level of cover remains the same throughout the term of the policy. For Decreasing Term life insurance, the bank provides a lump sum on death or terminal illness which could be used to cover outstanding repayments on a mortgage or loan. The level of cover reduces each year in line with the sum the individual owes.

Car Insurance: The car insurance policy from Barclays provides affordable insurance for an individual’s vehicle and has a 24 hour claims line to UK call centers. There is a three year guarantee on all repair work and free cover of up to 60 days use in Europe. The insurance can be comprehensive, third party fire and theft or third party only cover. The Comprehensive Car Insurance policy provides personal accident cover, coverage of audio equipment and accident recovery and repair service. The third party car insurance policy covers fire and theft of a car and limits the insurance to the minimum requirement by law.


  • Dot Div
  •      

Most Popular in UK Banks

Related Links
blog comments powered by Disqus