Review of The Exeter Life Insurance

The Exeter Insurance was founded in 2008 by Exeter Friendly Society and Pioneer Friendly Society. They joined together and became The Exeter Life Insurance. Both companies have a history in insurance and income protection back to 1888.

The Exeter offers insurance policies designed for those who would normally be declined for insurance. Namely, those with Type 2 Diabetes or have a High BMI.

They offer a term policy called Managed Life. In addition to this life policy, they offer two forms of Income Protection.

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Pros
  • Policies for Type 2 Diabetes and High BMI applicants
  • Encourages healthier living with goal setting to lower premiums
Cons
  • Only sold through Financial Advisers
  • Failure to meet goals set could result in higher premiums

Insurance Options: Our Honest Breakdown

The Exeter Life Insurance offers one life insurance option. It is designed for those with Type 2 diabetes or who are overweight.

They also offer two income protection plans. Each designed with a different range of options to fit your income replacement needs.

Managed Life

The Exeter Insurance Managed Life is available to customers resident in the UK between the ages of 18 and 80. This policy is available in level or decreasing terms. The level benefit will remain fixed for the policy term. The decreasing benefit will reduce each month, similar to the decrease in the amount of an outstanding mortgage.

The policy will pay a lump sum in the event of a death of the insured. It will also pay out if diagnosed with a terminal illness when life expectancy is less than 12 months.

The term for this policy can be between 5 and 50 years. The policy must end before age 90. And the minimum cover benefit is £20,000 with a maximum of £3,000,000. The minimum monthly premium is £15.

Managed Life plan by The Exeter Life Insurance offers a chance to reduce your benefits from year to year if you can provide evidence of your improved health. Although if your health worsens it could cause your premiums to increase.

Income Protection

The Exeter Life Insurance offers two Income Protection products.

Pure Protection Plus

The Exeter Life Insurance Pure Plus pays a chosen benefit if you are unable to work due to illness or injury. The standards apply to your chosen occupation only. It covers most occupations. The premium paid will not change based on your job.

The benefit has two options to simplify a claim. 75% of the initial benefit with financial evidence or a fixed £1000 of benefit without any financial evidence at application submission. You choose when will end, between 50 and 70 years of age.

Premiums are offered at a guaranteed or reviewable basis. Guaranteed is a fixed increase that is set in advance while the reviewable can change as you age but can vary. This review is once your policy reaches 3 years old.

The waiting periods are your choice. With The Exeter Life Insurance they can vary from day one up to one year.

Pure Protection Plus includes a waiver of premium this feature allows the insured to longer need pay premiums for a claim.

Income One Plus

The Exeter Insurance Income One Plus covers low risk, office-type occupations. The premium you pay may reflect the type of work you engage in. The standards also apply to only the job you are currently working in.

The benefit is the same as the Pure Protection. It has two options to simplify a claim. 75% of the initial benefit with financial evidence or a fixed £1000 of benefit without any financial evidence at application submission. The Exeter Life Insurance gives you the choice when will it end, between 50 and 70 years of age. And there are no standard exclusions.

Income One Plus offers your choice of claim periods. If long-term does not fit with your budget you can file a Limited Claim Period of 2 up to 5 years. This will provide a lower premium.

You can choose the premium payment that is best for your situation. Level premiums are higher but remain the same. Age-costed premiums begin lower but will increase as you age.

The waiting periods are your choice. They can vary from day one up to one year.

Income One Plus includes a waiver of premium this feature allows the insured to longer need pay premiums for a claim.

Conclusion: The Exeter Life Insurance

Managed Life also includes two temporary benefits at no extra cost during the period of time between your submitted application and acceptance or denial. Accidental Death Benefit will pay the lesser of the sum of your cover applied for or £250,000. Also, a Mortgage Free Cover Benefit is only available for mortgage protection. The Exeter Insurance will cover you if you die and it starts when we offer acceptance terms and you’ve exchanged contracts. It will pay the lesser of the sum of your applied cover or £500,000.

While The Exeter Life Insurance only offers one policy, it is one that is sorely needed for those who do not qualify for an insurance policy with other insurers. Their acceptance of Type 2 Diabetes and those who are considered overweight gives assurance to those who would otherwise remain uninsurable.

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