Life insurance providers won’t always check your medical…
Their policies have been created specifically for those with certain chronic or serious pre-existing conditions, who find it difficult to secure standard cover.
This type of applicant is known by insurers as an impaired risk applicant.
Reassured have a dedicated impaired team who work with The Exeter; helping 45% of customers secure cover, having previously been declined.
The Exeter Friendly Society Limited (EFS Ltd) was established in 2008 after the merge of two friendly societies, the Exeter Friendly Society and Pioneer Friendly Society.
Since the 1880’s these societies have provided private medical insurance and income protection cover.
They have now added a unique form of life insurance to their portfolio; cover specifically designed for impaired applicants. This type of cover is often referred to as impaired life insurance.
The Exeter also now provide income protection.
With no shareholders to pay, they're able to offer a high standard of service, low premiums and consistent pay out rates.
As a mutual friendly society, The Exeter is regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
The Exeter also benefits from the Financial Services Compensation Scheme (FSCS), so your money is further protected.
The Exeter hold four core values:
The Real Life policy has been designed for people who have struggled to achieve affordable cover, or have been declined life insurance in the past, due to a health condition.
Around 15 million people in the UK are living with a long term health condition, making it essential for this group of people to find adequate life cover.
Real Life can provide cover to people who suffer from the following conditions:
A Real Life policy can be chosen with either a level term or decreasing term.
A level term life insurance policy offers a pay out amount (sum assured) that stays fixed throughout the policy term and is commonly used to cover an interest-only mortgage.
A decreasing term life insurance policy offers a sum assured that decreases over time (until the policy ends), usually in line with the remaining balance of a repayment mortgage.
A Real Life policy also includes additional accidental death benefit free of charge.
Accidental death benefit
A lump sum of either the sum assured or £250,000, paid out for accident death.
Real Life pays out a cash lump sum when the policyholder passes away or is diagnosed with a terminal illness (with a life expectancy of less than 12 months).
The policy is available as either level or decreasing term.
A Real Life policy will allow you to change your sum assured throughout the lifetime of your policy to allow you to meet ever changing financial needs.
When applying for life insurance with a pre-existing medical condition, it’s likely this condition (as well as any related conditions) will be added as exclusions to your policy.
This means your loved ones won’t be able to make a claim if you pass away as a result of this condition.
Should your financial needs change during the term of your policy, it can be possible to increase or decrease your sum assured. Your premium price will also change as a result.
There are also certain circumstances in which the cover won't be valid. For example, if the claim is caused by self-inflicted means, such as suicide.
Premiums for a Real Life policy start from £15 a month*.
However, the price you pay will depend on the individual circumstances of your medical condition(s) and/or your weight.
During the application process it’s you’ll be asked to provide key information, this includes:
The Exeter will request specific details in regards to your medical condition(s) such as how long since diagnosis, current symptoms and treatment received.
With a Real Life policy, the premium will remain fixed throughout the term, unless you make changes to your policy (for example, changing your sum assured).
Contact Reassured today and one of our knowledgeable team can help you understand your available options.
The Exeter also offer income protection insurance for those who want to protect their income.
Income protection is a financial safety net if you become ill or injured and are unable to work.
The Exeter offers the Income First policy which can pay out up to 60% of your usual income in monthly (tax-free) payments.
If you take out income protection with The Exeter you would also have access to the HealthWise online service and be entitled to a number of benefits.
The Income First policy is a policy designed to pay out to you to replace lost income if you become too ill or injured to work.
It will pay out up to 60% of your usual income.
With an Income First policy you have the option to ‘fix’ the benefit you receive, which can help to simplify the claims process. You can choose between two options:
Fixed Benefit option
You can fix up to 75% of the initial benefit you select by providing financial evidence within 12 months of your policy start day.
Minimum benefit guarantee
You can fix up to £1,000 of benefit without providing simplified financial evidence when you apply.
This option is only available with a two year limited claim period policy only.
Income First will pay out up to 60% of your usual income in monthly (tax-free) instalments should you become unable to work due to sickness or accident.
You won’t be covered for unemployment.
No payments will be made unless your illness or injury lasts longer than your deferred or waiting period.
The Exeter offer a wide range of deferred periods, from day 1, 1 week to 1 year.
The Income First policy has an own occupation definition of incapacity, this means The Exeter will assess your claim on your ability (or inability) to carry out your specific job role.
The Income First policy also comes with a variety of extra features, including:
The price you pay for an Income First policy will depend on a variety of factors, such as:
The price you pay will also be influenced by the premium payment type you choose during the application process. With the Income First policy you’ll be able to choose between:
Reassured Advice can help you compare income protection from The Exeter as well as other leading providers to ensure you find the right policy to meet your needs at the best price.
Joint life insurance is when two people take out one life insurance policy to cover both lives simultaneously.
The policy is valid until the term ends or when the first policyholder passes away.
Due to the nature of their product, The Exeter don't offer Real Life as a joint policy.
The Exeter has partnered with Square Health to create their member benefits service, HealthWise.
Members (or policyholders) for both life insurance and income protection can access the service by downloading the HealthWise app free of charge.
HealthWise services can be used even without ever making a claim on your policy.
Like most other insurers, The Exeter includes terminal illness cover as standard with their Real Life policy.
Terminal illness cover allows you to make an early claim on your policy if you’re diagnosed with a terminal illness and are predicted to pass away within 12 months.
Once the funds from the policy have been paid out for the claim, the policy will come to an end, and you will not be covered for life.
Though this early pay out will allow you to live comfortably for your last few months, for example, to pay for a carer or to make adaptations to your home if needed.
The Exeter doesn't offer over 50s insurance, however, this may be a good option for applicants over 50 who have a poor medical history.
An over 50s plan can be secured without disclosing any medical information; guaranteeing acceptance for UK residents aged 50-85.
Reassured can compare over 50s plans from a variety of leading insurers, just contact us today to get started.
The Exeter offer all life insurance applicants the option to write their policy in trust.
This means placing someone you trust (a trustee) in charge of your policy after you pass away.
The trustee would manage the pay out and ensure the funds are distributed as per your wishes.
The benefits of writing life insurance in trust include:
At Reassured we're able to offer a free trust service on the majority of the policies we arrange.
We can guide you through the trust application process, explaining any complex life insurance jargon and answering any of your questions.
Health insurance, also known as private medical insurance, provides quick access to private healthcare in the UK for the cost of a monthly premium.
Award-winning health insurance with the Exeter is called Health Plus and is available to UK customers only.
Like many health insurance policies, Health Plus provides cover only for short-term conditions that are likely to respond to treatment.
The Exeter offer some flexibility to their health insurance, in which you can tailor a policy slightly to suit your personal needs.
Health insurance policyholders will also have access to the HealthWise online service and will be entitled to a number of benefits including physiotherapy.
Please note, at Reassured we don't sell The Exeter's health insurance products
To make a claim on an Exeter life insurance policy you'll need to provide them with the death certificate or an official diagnosis of a terminal illness.
Also, ensure you have the relevant information, such as the policy number, the date of death or diagnosis and details of the policyholder.
To begin a claim you can contact The Exeter in the following ways:
To make an income protection claim, you may be asked to provide medical evidence of the illness or injury that is preventing you from working.
It’s wise to have this information ready when making a claim to prevent any potential delays.
You’ll also need to have policy details such as the policyholder name and policy number to hand.
Income protection claims can be made via phone, email, online claims form or by letter. The contact details for this can be found listed above.
It's clear that The Exeter offer simple life insurance and income protection options and their underwriting process seems pretty straight-forward.
That also goes for their member benefits package of which members can access via a convenient online portal, HealthWise.
Most importantly, The Exeter provides many people with a second chance to secure the life insurance and/or income protection they may have previously struggled to secure.
As an individual, it’s not possible to apply for life insurance or income protection through The Exeter directly.
You’ll need to contact a financial advisor to help you with the process, you can do this using your own financial advisor or be put in contact with one via The Exeter website.
Alternatively, to compare multiple life quotes from The Exeter and a variety of other leading insurers, you can use a life insurance broker such as Reassured.
To compare income protection quotes from the Exeter as well as all other UK providers, you can enlist the help of Reassured Advice.
We got an excellent track record of helping those who have previously been declined secure the cover they need.
In fact, 45% of applicants declined elsewhere have found cover through us.
We have a dedicated impaired team who understand all the different underwriting processes and criteria insurers employ, including those of The Exeter.
If you think you may be classed as impaired, then it's even more important to compare quotes from a variety of providers.
Reassured can help you to compare life insurance quotes, while Reassured Advice can help you to compare income protection quotes, saving you time and money.
Our award-winning, and FCA-regulated broker service is fee-free; why not compare quotes completely free of charge?
Contact us today to get started on your life insurance journey.
All information regarding The Exeter's product offerings is correct as of 31/03/2022. This is subject to change by The Exeter at any time
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