Post Office life insurance UK

Post Office is most commonly known for its postal and banking services, but it’s also one of the UK’s leading life insurance providers. Offering products such as:

  • Life insurance
  • Over 50 life insurance
  • Critical illness cover

But is Post Office life insurance actually any good?

Keep reading this in-depth review as we explore the life insurance options offered by Post Office to help you establish whether they’re the right provider for you.

Reassured can’t currently help you to compare quotes from Post Office, but we can help you to compare quotes from the other leading UK insurers.

So why not get in touch for your free and personalised quotes? Cover arranged through Reassured starts from just 20p-a-day.

About Post Office

Post Office is a household name, having been around since the 1600s. The brand pioneered the use of the postage stamp and uniformed postmen in the UK.

Since then, the brand has expanded and now provides much more than just postal services and stamps.

Post Office now also provide a range of insurance products under Post Office Money, as well as providing:

  • Banking services & ATMs (Post Office Money)
  • Letter and parcel posting services
  • Identity and licences (passport renewal, vehicle tax and driving licence renewal)
  • Broadband and phone services
  • Travel services

When using Post Office services you can benefit from that fact they are provided by a well trusted brand, owned by government investments.

Is Post Office life insurance good?

Both Post Office over 50 life insurance and Post office term life insurance are rated 4 stars by Fairer Finance.

Post Office provide a range of life insurance policies to suit a variety of needs, with the ability to add additional policies to provide a more comprehensive solution.

Their life insurance could help your loved ones to cover:

  • Mortgage or rent
  • Funeral costs
  • Daily family living costs
  • Outstanding debts in your name
  • Provide an inheritance

Keep reading to find out more about the life insurance options offered by Post Office…

How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.

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£121,687 is the estimated average outstanding mortgage per household in the UK.

Our property is generally the largest financial commitment any of us will make.

Your life insurance should cover this significant debt should you no longer be around.

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According to Money Advice Service, full-time childcare in the UK now costs £242 a week.

The loss of a parent could result in the need for additional childcare whilst the surviving parent increases their hours to account for lost income.

Your life insurance cover should factor in this additional required outgoing.

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The average level of debt (minus a mortgage) in the UK is £15,385.

Factoring in any outstanding debts in your name when arranging life insurance ensures this burden is not passed to loved ones.

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You may wish to leave your loved ones an inheritance or lump sum gift upon your passing.

Factoring in the gift amount when arranging your cover will ensure the pay out amount will be sufficient to provide your loved ones with this selfless gesture.

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According to SunLife, the average cost of a UK funeral is now £4,417, whilst the total cost of dying is £9,493.

This is a 130% increase over the past 16 years and shows no signs of slowing down.

A significant cost which should be factored into the amount of life insurance you secure.

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If you are one of the 65% of the UK who are lucky enough to have savings, this could be used as protection if you were to pass away.

Any pay outs from existing life insurance policies and investments can also be used as financial protection for your loved ones if you were no longer around.

Factor this into your required cover amount.

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Your total cover estimate

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Let us find your best quote.

Post Office life insurance policy options

Post Office offer a range of life insurance policies

  • Level term life insurance
  • Increasing term life insurance
  • Decreasing term life insurance
  • Over 50s plan

Each plan is well suited to protecting different aspects of your life and will have different price points.

The post office also offer some additional policies, including:

  • Terminal illness cover
  • Critical illness cover

Let’s look at these policy options in more detail…

Post Office term life insurance

  • Available to those aged 18 - 70
  • Cover amount from £10,000 up to £750,000 (age dependent)
  • Level term, increasing term or decreasing term options
  • Includes terminal illness cover at no extra cost
  • Can add critical illness cover for an additional cost

Term life insurance provides cover for a specified period of time (the term). If you pass away during this time, a pay out will be made to your loved ones.

When taking out term life insurance through Post Office, you can choose between level, increasing and decreasing options.

  • A level term life insurance policy will provide a fixed pay out sum and is ideal for covering large expenses such as an interest only mortgage or family living costs as well as providing an inheritance
  • An increasing life insurance policy will provide a sum assured which increases annually (up to 10%) and will help to protect your pay out from inflation
  • A decreasing term life insurance policy will provide a sum assured which reduces over the term (in line with a fixed mortgage repayment rate of 8%) making it ideal for covering a repayment mortgage

With each option you’ll pay a fixed premium amount. However, with an increasing policy, your monthly premium will increase each year (although it will remain fixed for each 12 month period).

The minimum term length you can secure is 5 years and your policy must end by your 90th birthday.

Reassured can help you compare level term vs decreasing term quotes from some of the UK’s leading providers. Our term cover starts from 20p-a-day.

Post Office over 50s life insurance

  • Guaranteed acceptance for UK residents aged 50 - 80
  • Cover amount up to £10,000 (age dependent)
  • No medical information required
  • Includes a 12 month waiting period
  • Funeral benefit can be added at no extra cost (with up to £250 contribution)

Post Office over 50s plans guarantee acceptance to UK residents aged 50 - 80, with no need to provide any medical information.

A unique feature of Post Office over 50 life insurance is that you can choose whether your cover comes with a level or increasing pay out amount (sum assured).

A level sum assured will remain the same throughout the lifetime of your policy. Whereas, with an increasing sum assured, the pay out sum will increase automatically each year by a fixed amount of 3%.

Your monthly life insurance premiums will also increase each year by a fixed amount of 4.5%.

Post Office over 50s plans come with a 12 month waiting period, meaning if you pass away during this time a full pay out won’t be made to your loved ones.

However, you’ll be covered for accidental death during this time and will be fully covered after 12 months.

You can also choose to add a funeral benefit option to your Post Office over 50 life insurance policy. This will allow the funds from your policy to be paid directly to Co-op Funeralcare to cover the cost of your funeral.

Depending on the type of funeral you choose you could get up to £250 contributed towards the cost of your funeral.

With a Post Office over 50s plan, after the age of 95 you’ll no longer be required to pay your premiums but your cover will remain in place.

At Reassured we can secure over 50s plans from other major providers up to the age of 85, with a maximum sum assured of £20,000. Over 50s cover through Reassured starts from just £5 a month + .

Whole of life insurance

Post Office don’t currently offer a whole of life insurance policy.

Instead, their over 50 life insurance could be taken out as an alternative, if you fit into the 50 - 80 age bracket.

The level of cover will be lower than a standard whole of life policy but you’ll be covered for the remainder of your life and your loved ones will be guaranteed a pay out when you pass away.

If under the age of 50, a term life insurance policy could be secured through Post Office although this will only pay out if you pass away during the term.

Alternatively, you could compare multiple whole of life insurance policies through Reassured. Our whole of life over starts from 27p-a-day ± .

Post Office critical illness cover

Post Office allow you to add critical illness cover to a term life insurance policy for an additional monthly cost.

You can secure a critical illness cover amount of between £10,000 and £200,000 through Post Office.

Critical illness cover will provide you with a pay out if you’re diagnosed with a serious illness (that’s listed within the policy).

The funds received can help you to replace lost income while you’re unable to work, pay for private medical bills or pay for carers.

Unlike some other critical illness policies, making a critical illness claim won’t have an effect on your life insurance cover. After a critical illness claim has been made, your life insurance policy will remain in place and your pay out sum will remain the same.

Post Office also offer children’s critical illness cover which can be added to your policy for an additional cost. This will allow you to claim if your child is diagnosed with a specified illness.

This can help to fund specialist treatment, make adaptions to your home and replace income if you need to take time off work to care for your child.

The cover amount you can secure with children’s critical illness cover is between £10,000 and £30,000.

Reassured can help you to compare life insurance with critical illness cover quotes to help you find the best deal.

How much is Post Office life insurance?

The price you pay for Post Office life insurance will depend on a variety of factors. This includes:

How much you pay for life insurance is based on the level of risk you pose to the insurer.

Using the information listed above, Post Office will be able to determine your level of risk, what cover options they can offer you and how much you’ll pay for your cover.

However, if applying for over 50s life insurance, Post Office will only take into account your age and the level of cover you’d like to secure. No medical information is required.

Post office over 50s life insurance advert currently advertises policies from just £1.15 a week (or £5 a month).

While we can’t currently help you to compare Post Office life insurance quotes at Reassured, we can compare quotes from some of the UK’s leading providers for both term life insurance and over 50 life insurance.

The cover we arrange starts from just 20p-a-day so why not get in touch?

Post Office joint life insurance

It’s possible to take out Post Office life insurance on a joint basis. This applies to both their term life insurance and over 50s plans.

Joint life insurance covers two lives simultaneously under one policy, helping you to save money compared with two single policies.

There’s one application form (where you provide details about both parties) and only one premium to pay. However, there will only be one pay out (usually in the event of the first death).

Once the policy has paid out, cover will expire and the remaining partner will need to secure a new policy (which could be expensive if taking out cover later on in life).

If it’s within your budget it can be beneficial to secure two single policies to provide a more comprehensive solution.

Critical illness cover can also be added to a joint life insurance policy but, again, the pay out will only be made upon the first death.

Reassured can help you to conduct a full joint vs two single policies comparison. Simply get in touch with a friendly member of our team.

Post Office life insurance with free gift

Post Office often offer a free gift to new customers securing life insurance through them.

Currently Post Office are offering:

  • Life insurance - £50 Argos, M&S or Amazon gift card
  • Over 50 life insurance - £100 Argos, M&S or Amazon gift card

(This data is correct as of 07/03/2022 and is subject to change)

While a free gift can be enticing, it shouldn’t be your only reason for taking out cover with a certain provider.

The main priority should always be getting the right policy to meet your unique needs, at the most affordable price.

We have written this comprehensive 2022 guide on the best life insurance with free gift offers currently available »

How to make a Post Office life insurance claim?

To make a life insurance claim, your loved ones will need to inform Post Office of your passing.

This can be done in the following ways:

  • Post Office contact number - 0800 068 8014 (available weekends from 09:00 until 19:00)
  • Post Office address - Post Office, PO Box 6063, Windsor, SL4 9GL
  • Post Office email address - claims@postofficelife.co.uk

Terminal illness and critical illness claims can also be made using the contact details listed above.

Claims will be assessed and, upon receipt of a valid claim, a life insurance pay out will be made.

Post Office life insurance benefits

There are several additional benefits offered with Post Office life insurance.

Terminal illness cover

Terminal illness cover comes as standard with all term life insurance policies and will allow you to receive an early pay out if you’re diagnosed with a life-threatening illness and predicted to pass away within 12 months.


Critical illness cover

Can be added to your life insurance policy for an additional cost and will provide you with a pay out if you’re diagnosed with a specified critical illness.


Children’s critical illness cover

Can be added to your life insurance policy for an additional cost and will allow you to receive a pay out if your child is diagnosed with a specified illness.


Here to help services

Offers one-to-one support in cases of serious illness or bereavement with a dedicated nurse from an independent nursing service.

Comes with your policy at no additional cost.


Health and wellbeing services

Provides 24/7 online GP support as well as access to a nutrition and fitness professional and mental health check specialists.

Comes with your policy at no additional cost.


Funeral benefit + contribution

Available with over 50 life insurance only. Adding this to your policy will allow the funds from the pay out to be paid directly to a funeral director to cover the cost of your funeral.

Depending on the funeral you choose you can receive up to £250 as a contribution towards your funeral.

Compare life insurance quotes to secure the best deal

Although we can’t help you to compare Post Office life insurance at Reassured, we can help you to compare multiple life insurance quotes from other leading providers.

We can help you to compare quotes for term life insurance, whole of life insurance and over 50s plans to help you find the right policy to meet your needs.

We’ll also be there to support you through the entire application process and answer any questions you may have.

So why not start your life insurance journey today with Reassured?

Our quotes are personalised, fee-free and without obligation. Plus, the best part is, the cover we arrange starts from just 20p-a-day.

Sources:

The information used in this review is correct as of 07/03/2022 and is subject to change at any time at the discretion of Post Office

https://www.postoffice.co.uk/life-cover

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