Review of Smart Life Insurance

Smart are an insurance provider that specifically focuses on life cover. As a result, Smart’s life insurance policies have many unique features you won’t find with most other providers. These include an automatic 5% increase in the benefit for each of the first 10 years of some policies and a complementary will kit to help you get your affairs in order.

Smart offer three different policies: Family Life Cover, Guaranteed Insurance for Life, and Personal Accident Insurance. All of these are available as the whole of life policies, and the Family Life Cover policy can also be taken out as a level term policy.

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Pros
  • Guaranteed acceptance for UK residents aged 18-80
  • Covered for death by accident
  • Family Life Insurance was rated number 1 by Fairer Finance in 2017
  • Great offers, such as 10% cashback and a complementary will kit
  • Can add children’s cover to policies
  • Offer whole of life policies
  • No forms
  • No medical checks needed
Cons
  • Critical illness cover has to be added as an extra
  • Doesn’t cover you for self-inflicted injury in the first 12 months

About Smart Life Insurance

Smart life insurance policies are all provided through Scottish Friendly Assurance Society Limited - one of Scotland's longest standing life cover providers. Smart has a great reputation for customer service and offer three different life policies, which are all very flexible and can be changed after the start date for a fee.

Smart Life Insurance Options: Our Honest Breakdown

Smart’s three policies are Family Life Cover, Guaranteed Life Cover, and Personal Accident Insurance. All three offer competitive premium rates and some great benefits that are hard to find elsewhere. Smart has a 99% rating for service on Feefo, and they have 4/5 stars on money.co.uk, with 100% of reviews saying they would recommend the brand to a friend.

Smart have a policy for everyone aged 18-80, but each individual policy has different age specifications (see below for details). There aren't any medical tests with any of their policies, and every applicant is guaranteed acceptance for the Guaranteed Life protection and Personal Accident Insurance policies.

Both the Family Life Cover and Personal Accident Insurance policies offered by Smart Life Insurance also come with 10% cashback on your first year’s premiums. Your benefit amount will also increase with these policies for each of the first 10 years by 5% of your starting benefit (so if you have a starting benefit of £100,000, after the first 10 years it will have risen to £150,000). This option is only included if your Family Smart Life Insurance policy is age-based (this is explained in the next section).

All the three policies have notable differences, which are all summarised and outlined for you below. But overall it is fair to say that Smart offer policies that are quite different to the ones you’ll find from standard insurance providers so they’re definitely worth a look compare against the deals you’ll find elsewhere.

Here are the details:

Smart Family Life Cover

Smart’s Family Life Cover is available to UK residents aged 18-64 and, depending on your age, can cover you for between £60,000 and £750,000. There are no forms or medical exam required, and in the event you are diagnosed with a terminal illness during the policy then 100% of the benefit will be paid in advance.

Critical illness, children’s, and accidental death cover can be added as extras to the Smart Life Insurance policy, and it’s possible to take out both single and joint policies. All policies also come with a complementary will kit and 10% cashback on your first year’s premiums.

You can select between two policy types within Smart’s Family life cover: age-based premium and fixed premium. An age-based policy lasts the whole of your life and your premiums gradually increase with your age. Fixed premium policies are term life cover policies with a constant premium rate and can be taken out for 10-40 years.

With an aged based policy, your benefit amount will also increase with these policies for each of the first 10 years by 5% of your starting benefit. With a fixed premium policy, both your premiums and benefit will remain the same.

Age Based Family Life Cover

  • UK residents aged 18-64
  • Start with lower premiums which then steadily rise as you get older - assessed each year at the anniversary of starting the policy.
  • Benefit amount by 5% each year over 10 years with no further health or lifestyle questions (a starting benefit of £100,000 will increase to £150,000 in the first decade).
  • Covered for the whole of your life with Smart Life Insurance.
  • 100% benefit paid if diagnosed with a terminal illness.
  • Flexible policy, but you have to pay a fee to make changes.
  • 10% of first year premiums automatically paid back to you in cashback after completing a year of the policy.
  • Complementary will kit with every policy.
  • No forms - apply over the phone.
  • Cover from £60,000 to £750,000 depending on age.
  • Can add critical illness, children’s, or accidental death cover as extra.
  • Joint policies available.

Fixed Premium Family Life Cover

  • UK residents aged 18-64
  • Fixed premiums and benefit across term of the policy.
  • Term life cover that can be taken out for between 10 and 40 years.
  • Cover from £60,000 to £750,000 depending on age.
  • 100% benefit paid if diagnosed with a terminal illness.
  • Flexible policy, but you have to pay a fee to make changes.
  • 10% of first year premiums automatically paid back to you in cashback after completing a year of the policy.
  • Complementary will kit with every policy.
  • No forms - apply over the phone.
  • Can add critical illness, children’s, or accidental death cover as extra.
  • Joint policies available.

Guaranteed Life Insurance

Smart’s Guaranteed Life Cover is designed to help your loved ones with funeral expenses and any outstanding bills after you’re gone. The benefit amounts are lower than Family life protection, ranging between £2,000 and £20,000. You will be covered for accidental death from day one and if you die in an accident the Smart Life Insurance policy will pay 3 times the benefit amount.

Any UK resident between 30 and 80 is guaranteed to be accepted by Smart Life Insurance. It is a whole of life policy. Premiums stop when you’re 95, but coverage continues the whole of your life.

  • Guaranteed acceptance for UK residents aged 30-80.
  • Guranteed Smart Life Cover from £3.57 a month
  • 3 times your benefit (up to £60,000) paid out if your death is the result of an accident.
  • Whole of life policy.
  • Benefit ranging from £2,000 to £20,000 depending on age and premiums.
  • No medical conditions.
  • Immediate accidental death cover, and cover for any cause of death after 24 months.
  • Premiums stop at 95 but coverage continues all of your life.
  • Flexible policy, but you have to pay a fee to make changes.

Personal Accident Insurance

Personal Accident Insurance is different to the other life products offered by Smart as it will only pay out if you die or get seriously injured in an accident. This policy is available for UK residents aged 18-69 and cover ranges between £30,000 to £500,000.

As with age-based Family Life Cover, your benefit amount increases in each of the first 10 years of the policy by 5% of your starting benefit (meaning a £100,000 benefit becomes £150,000 after the first decade).Also, if you take out a joint policy you can select individual benefit amounts for both people.

  • Guaranteed acceptance for UK residents aged between 18 and 69.
  • Cover from £7.67 a month.
  • Benefits between £30,000 to £500,000.
  • Benefit amount by 5% each year over 10 years with no further health or lifestyle questions.
  • No health questions when taking out a policy.
  • Benefit only pays out if you die or are seriously injured in an accident.
  • Can take out a joint policy, and have different benefit amounts for each person.
  • Complementary will kit included with the policy.
  • Can add children’s cover to your Personal Smart Life Insurance Cover.
  • Flexible policy, but you have to pay a fee to make changes.

Smart Life Insurance: Conclusion

Smart Life Insurance provides three policies that are a little different to most other options from other companies. All of them have competitive premiums, great features, and are very flexible so you can find exactly what you’re looking for. If you’re looking for good coverage from a company with a fantastic reputation for customer service, then it’s worth going to Smart Life Insurance for a quote.