Author:Andrew Richardson

Read:11 mins

Review of Post Office Life Insurance

Post office life insurance is available to people who are UK residents aged 18-70 who are not members of the Armed Forces, Territorial Army, or Reservists. UK residents aged 50-80 can take out over 50s life cover with the Post Office.

You will need to disclose your age, medical history, and whether or not you smoke when you apply. The length and type of cover you want will also be taken into account when your application is being considered.

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  • Start paying from just £7 per month
  • Policies up to £500,000 cover
  • Choose a level, decreasing, or increasing cover to suit your lifestyle.
  • Terminal illness cover is included free
  • Early payout if you’re diagnosed with a terminal illness
  • Free access to the Post Office Money Helping Hand Service

About Post Office Life Insurance

Post Office Life Insurance is provided by The Royal London Mutual Insurance Society Limited and is sold by the financial services brand of the Post Office, Post Office Money.

With the Post Office, your policy doesn’t have a cash-in value, but if the insured person dies or is diagnosed with a terminal illness in the last 18 months of cover a lump sum will be paid out (as long as it is expected they won’t live longer than 12 months). This payout will not be subject to capital gains or income tax but it may be subject to inheritance tax.

The policy is cancelled after such a payment is issued and the terminal illness benefit is payable only once. Policies may be cancelled if payment is not made, and previous premiums won’t be refunded to the policyholder.

How User-Friendly is Post Office’s Insurance Buying Process?

Understanding and navigating the insurance buying process can often feel daunting. If we start talking about the Post Office Insurance buying process, it comes across as a breeze. With easy access to their website and an intuitive interface, you’re smoothly guided through their product offerings.

Their descriptions are clear, concise and easy to understand. Plus, they have a quote system that simplifies the mathematical nightmares of crunching numbers. By answering a few personal queries and details about your requirements, you get a personalised quotation without getting lost in the labyrinth of insurance terminologies.

Post Office Insurance Pricing: Value for Money?

Price is King! And this is where Post Office Insurance makes quite a hard pitch. Post Office Insurance pricing is competitive, without compromising the breadth and depth of coverage. They manage to offer comprehensive plans that cater to varying needs, without burning a hole in your pocket.

Now, you might be wondering, how do they manage to offer such competitive prices? The answer lies in their strategic partnerships with a broad spectrum of insurers. This procurement strategy allows for cost savings, which they pass on to customers, thereby maintaining quality and affordability.

Understanding Post Office’s Insurance Policy Terms

With insurance, it’s crucial you understand the terms and conditions; otherwise, you could be in for some unpleasant surprises. Post Office Insurance policy understanding is made simple with their transparent terms and conditions. They clearly outline the policy’s boundaries, including the inclusions, exclusions, and limitations.

Furthermore, their policy documents use plain English rather than convoluted legal jargon. This feature coupled with their commitment to customer education simplifies the insurance buying experience. Therefore, understanding their policies does not feel like deciphering Egyptian hieroglyphics.

A Look into Post Office’s Insurance Customer Service

Quality customer service is the backbone of any successful business. Post Office customer service hits all the right notes by providing supportive and friendly help. Their well-trained staff are willing to answer your queries and guide you through the process.

However, it’s not all sunshine and roses. Occasionally, there have been reports of customers experiencing long waiting times on their customer helpline. This seems contradictory to the typically efficient service Post Office usually delivers, but every organisation has its off days.

Post Office’s Claims Process: Fast and Fair?

Considering we’re talking insurance, let’s get to the heart of the matter – the claims process. Post Office’s claims process stays true to its commitment to being fast and fair. The initial step involves contacting their claim line, and their empathetic staff will guide you through the process.

Despite this, we understand that in a stressful situation, the last thing one wants is a lengthy, cumbersome claims process. But, for Post Office, the speed and efficiency of processing claims have been a double-edged sword. On one side, most customers are satisfied with the payout speed, while on the other, some feel they were hurried, leading to under-compensation.

Customer Opinions on Post Office Insurance Products

As the old saying goes, the customer is always right, and their opinions are invaluable. The Post Office customer opinions seem to largely sing praises of their well-crafted policies and their multi-layered coverage protection.

Having said that, it seems clear that while their product offerings have managed to keep customers happy, occasionally there is an undercurrent of dissatisfaction regarding their claims process. This speaks volumes about the need for balance in the process – efficiency should not compromise fairness.

The Strengths and Weaknesses of Post Office Insurance

In the world of insurance, Post Office Insurance strengths and weaknesses offer worthwhile insights. Elite customer service, a wide range of products, and hands-on assistance are among their major strengths.

However, the picture isn’t completely rosy, as weaknesses are inevitable. Despite the comprehensive nature of their products, some customers have complained about their claims process and their subsequent payouts. It seems Post Office may need to review its claims strategy to maintain its sterling reputation.

The Coverage You Get with Post Office Insurance

The Post Office coverage is exhaustive, to say the least. They offer a range of insurance products including home, car, pet, travel, and life insurance, along with business cover and even over 50s life plans.

Looking specifically at their Life Insurance cover, it offers a lump sum payment to your loved ones in case of your untimely demise, providing financial peace of mind. Their travel insurance is also comprehensive, protecting you against a wide range of eventualities while globetrotting. This broad spectrum of coverage cements its reputation as a one-stop solution for your insurance needs.

Post Office Insurance Options: Our Honest Breakdown

The Post Office has two main insurance options available: term plan and over 50s life cover. They offer very competitive prices and some great extras on these policies (such as a year of free life cover for parents of young children), but if you’re looking for the whole of life cover then the Post Office isn’t the place to look.

You can choose either level, decreasing, or increasing Post Office life insurance cover (explained below) to suit your financial situation, and they also offer tailored joint policies for anyone aged 18-70. Although it’s important to bear in mind that policies are hard to change once you’ve entered into them.

Residents of the UK aged of 18-70 are eligible for between £5,000 and £500,000 worth of term life cover. Premiums start at just £7 per month.

UK residents aged 50-80 are eligible for up to £10,000 of cover with Post Office life insurance, with premiums ranging from £7 to £100 a month.

Post Office life insurance premiums are based on age, medical history, smoking status, and the type/length of the cover. You can calculate the total lifetime premium by multiplying the monthly premium by 12 and then multiplying by the policy term. Premiums for smokers are higher than that of non-smokers.

The Post Office offers three different types of cover across their insurance options – all are explained below.

Different Types of Cover With the Post Office

Level Cover

  • Premiums are a fixed amount every month during the policy.
  • Pays out a fixed cash sum of up to £500,000.

Decreasing Cover

  • Starting from a maximum of £500,000 the cash sum paid out as death benefit reduces over time.
  • This option is designed to cover debts that decrease over time like loans and mortgages.

Increasing Cover

  • The sum you will be paid out by an increasing cover policy increases 3% each year.
  • The increasing cover is designed to help offset the effect of inflation during the course of the policy.

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Post Office Life Insurance Policies Available

Term Life Cover

  • The Post Office offers different lengths of term life cover to UK residents between 18 and 70 who aren’t members of the Armed Forces, Territorial Army, or Reservists.
  • Policies are available from £7 a month, but quotes vary.
  • Critical illness can be added as an extra.
  • Parents with children under 4 can apply for up to £15,000 of free life cover (which lasts for a year). Both parents can apply for policies.
  • If the insured person dies or is diagnosed with a terminal illness in the last 18 months of cover, a cash lump sum will be paid out (as long as it is expected they won’t live longer than 12 months).
  • Once your policy has started, you will not be able to increase your cover term, main benefit cash sum or monthly payments, or add critical illness benefit.
  • Common law partners, civil partners, husbands and wives, and those who share a mortgage are eligible for joint cover.

Over 50s Life Cover

  • If you’re a UK resident and aged 50-80, you can get cover immediately with the Post Office.
  • Premiums range from £7-£100 per month and policies pay out as much as £10,000.
  • Can get immediate cover for accidental death and full cover after 1 year.
  • Cover can be reduced to bring payments down if necessary.
  • Funeral benefit option to get £300 towards the cost of your funeral.
  • Post Office life insurance for over 50s has a Defaqto 5 Star Rating.

How Post Office Insurance Stands Against Major Competitors

If we delve into Post Office vs competitors, Post Office holds its own quite impressively. They give tough competition on price and their extensive product range for sure.

However, where Post Office shines is its commitment to customer education and transparency. Their descriptive guides allow potential policyholders to make informed decisions-making Post Office a strong contender in the insurance marketplace.

Is Post Office Insurance Worth the Investment?

Finally, is Post Office investment worthiness justified? Based on customer reviews and services offered, we can say, yes, they are. They offer solid products with broad coverage at competitive pricing.

However, as with any investment, it’s pivotal you carefully review all the policy terms and consider your individual requirements before making a decision. For a comprehensive, user-friendly insurance solution at a competitive price, Post Office insurance is definitely worth considering

Frequently Asked Questions(FAQ)

What types of insurance does Post Office offer?

The Post Office offers various insurance products such as home, car, travel, pet, life insurance, and business coverage, along with over 50s life plans.

How is Post Office’s customer service?

Post Office’s customer service is generally reviewed as highly supportive and helpful. However, there have been occasional complaints about waiting times on their helpline.

Is Post Office insurance expensive?

Post Office offers highly competitive pricing for their insurance products, offering broad coverage without overstretching your budget.

Is the claims process fast and fair at the Post Office?

Most reviews suggest Post Office’s claims process is fast, but fairness seems to be subjective, with occasional customers feeling under-compensated.

Is Post Office insurance worth the investment?

Based on customer reviews and the broad coverage provided at competitive prices, investing in Post Office insurance could be a worthy choice. However, as with any insurance policy, it’s crucial to thoroughly review policy terms to ensure it suits your individual needs.

Post Office Life Insurance: Conclusion

Post office life insurance offers a range of term life insurance options to suit various age ranges and needs. With prices starting from £7 per month and terminal illness cover included free, the Post Office a good option for any resident of the UK aged 18-80 looking for term life cover.

Our comparisons will help you choose between the Post Office’s life insurance policies and a variety of other term insurance options and over-50s cover. You’ll also be able to compare them against the whole-of-life policies available elsewhere.

Andrew Richardson is a highly respected expert in UK life insurance, with over 25 years of industry experience. Holding an honours degree from the London School of Economics and being a Fellow of the Chartered Insurance Institute, Andrew has made significant contributions to the field, including developing ground-breaking life insurance products. Known for his ability to simplify complex life insurance concepts, he regularly shares his insights through articles and workshops, empowering people to make informed decisions about their life insurance needs. His commitment to client service, education, and staying at the forefront of industry advancements solidifies his reputation as a trusted and leading figure in UK life insurance.

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About Andrew Richardson

Andrew Richardson, an accomplished expert in UK life insurance, brings to the table a wealth of knowledge amassed over 25 years in the industry. Andrew holds an honours degree in Business and Finance from the London School of Economics and is a Fellow of the Chartered Insurance Institute. He has dedicated his career to ensuring his clients receive the best possible advice and solutions to safeguard their futures.

Embarking on his career in London’s bustling finance district, Andrew’s unique ability to unravel and simplify the complexities of life insurance policies became evident. This skill, coupled with his intuitive understanding of market dynamics, led him to hold high-ranking positions in some of the country’s most well-respected insurance firms.

Renowned for his industry-leading expertise, Andrew has shared his valuable insights through articles in prestigious publications such as The Economist, The Telegraph, and the Financial Times. He has significantly contributed to shaping public understanding of life insurance by presenting complex information in an accessible and digestible format.

Notably, as a former Director of Life Insurance Products at a top insurance company, Andrew played a key role in the development and launch of ground-breaking life insurance products. These innovative policies have since become industry standards, demonstrating the significant impact of Andrew’s work.

Andrew’s commitment to educating the public on life insurance doesn’t stop at his writing. He frequently conducts workshops and seminars throughout the UK, empowering individuals to make informed decisions about their life insurance plans. His ability to present complex information in a clear, easy-to-understand manner has made these sessions highly sought after.

Beyond his professional achievements, Andrew actively utilises his expertise to support charitable causes, offering his knowledge of life insurance to help non-profit organisations secure their financial futures.

Always at the cutting edge of industry advancements, Andrew continually upgrades his knowledge, ensuring he offers the most current, relevant, and reliable advice to his clients. His unwavering dedication to professional growth has cemented his status as an industry leader in life insurance.

Andrew Richardson is more than just an insurance expert; he is a trusted advisor, a visionary product developer, and an invaluable asset to anyone seeking guidance on their life insurance needs. His deep knowledge, innovative spirit, and tireless commitment to client service make him an irreplaceable figure in the UK’s life insurance landscape.

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Meet our authors

Amelia Thompson

Dr. Amelia Thompson is an esteemed expert in UK health insurance, with a career spanning over 25 years. A Cambridge graduate in Medicine and a Master's holder in Health Policy from the University of London, Amelia has made significant contributions to the field, notably in the development of consumer-focused health insurance products. Renowned for her ability to simplify complex concepts, she frequently shares her insights in leading publications and educational seminars. Her commitment to ethical practice, client service, and industry advancement makes her a trusted and influential figure in UK health insurance.

Andrew Richardson

Andrew Richardson is a highly respected expert in UK life insurance, with over 25 years of industry experience. Holding an honours degree from the London School of Economics and being a Fellow of the Chartered Insurance Institute, Andrew has made significant contributions to the field, including developing ground-breaking life insurance products. Known for his ability to simplify complex life insurance concepts, he regularly shares his insights through articles and workshops, empowering people to make informed decisions about their life insurance needs. His commitment to client service, education, and staying at the forefront of industry advancements solidifies his reputation as a trusted and leading figure in UK life insurance.

Benjamin Turner

Benjamin Turner is a highly regarded expert in UK funeral insurance, boasting a professional career that spans over 20 years. A University of Manchester graduate and a distinguished member of the Chartered Insurance Institute, Benjamin has significantly contributed to the field, notably in the creation of comprehensive funeral insurance products. Renowned for his ability to clarify complex concepts, he frequently shares his insights in leading publications and workshops. His commitment to client service, ethical practice, and industry advancement makes him a trusted figure in the UK funeral insurance landscape.

Jonathan Harvey

Jonathan Harvey is a distinguished expert with over twenty years' experience in the UK's life, health, and funeral insurance sectors. A Cambridge graduate and Fellow of the Chartered Insurance Institute, Jonathan has a proven track record in designing innovative insurance policies, and a strong reputation for making complex insurance matters comprehensible for the public. Known for his empathetic approach, he has helped thousands make informed decisions on their future security. Regularly contributing to leading publications and hosting educational workshops, Jonathan's commitment to client service and public education truly sets him apart in the insurance industry.


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