What's most important to you when it comes to arranging…
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:
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 † .
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:
When using Post Office services you can benefit from that fact they are provided by a well trusted brand, owned by government investments.
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.
Keep reading to find out more about the life insurance options offered by Post Office…
Post Office offer a range of life insurance policies
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:
Let’s look at these policy options in more detail…
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.
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 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 + .
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 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.
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?
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 often offer a free gift to new customers securing life insurance through them.
Currently Post Office are offering:
(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 »
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:
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.
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.
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.
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
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