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Post Office Money life insurance
  • £150,000 cover for £5.74 per month.*
  • You can add critical illness cover.
  • Select single or joint cover.
  • Compare plans from leading insurers.

Life insurance pays out a lump sum of cash upon your death, so that your loved ones can carry on their lives, without added financial burden.

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Post Office Money Life Cover

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Post Office Money Life Insurance

Various Types of Life Cover

There are various types of life insurance policy available. Standard life insurance, critical illness, mortgage cover, single or joint policies over various years. Request a call back from our advisors if you'd like some help.

Post Office Money Life Insurance UK

Protect Family Finances

It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love. Life Insurance will provide a lump sum to help with the mortgage and other household bills.

Why Buy Life Insurance?


It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love - and this is exactly what Life Insurance is for.


Life Insurance provides financial protection to your loved ones in the event of your death. No one likes to think about dying, which is why many of us either delay or fail to take out a policy when the time is right.


Without life insurance, the income you once provided for your family goes with you when you die. This could leave your family in a financial crisis at a time when they already have so much to cope with.


What length of life insurance policy should I choose?


Most people usually take out life insurance that lasts until some key date in the future. It could be when they intend to retire, when their mortgage is paid off, or when they feel their children may leave home.


Should I get a joint life or single life insurance policy?


Joint life insurance policies are available, but advisers will typically recommend two single life insurance policies as they usually cost hardly any extra and will provide double cover. (This means that if both people die together, both policies pay out, rather than just one joint policy).


Policies that include critical illness cover are almost certainly better split into two separate life insurance plans. For example, if one person is diagnosed with an illness like cancer, their partner will not want their insurance to be lost, which would be the case on a joint life, first claim policy.


Critical Illness Cover


If you are looking for a life insurance policy, then you might also want to consider adding critical illness cover. It’s a very popular option. Sadly, at least one in five men and one in six women will suffer from a serious medical condition at some stage in their lives.


How does critical illness insurance work?


Critical illness cover provides a lump-sum payment should you become seriously ill with a condition covered by your policy. Cover can be added to a life insurance or mortgage protection policy.


Most critical illness policies cover at least seven major medical conditions including cancer, heart attack, multiple sclerosis, stroke, major organ transplants and kidney failure.


The benefit is tax free and can be used to replace your income, help pay off your mortgage, help you cope with bills and living expenses and let you concentrate on getting better.


Mortgage Protection Insurance


If you have a partner, loved ones or dependents who rely on your income, and the house you live in is covered by a mortgage, then making plans as to how it will be paid in the event of your death is crucial. The solution to this problem is mortgage protection insurance.


Mortgage protection insurance, also known as mortgage life insurance and decreasing term life insurance, is designed to repay the outstanding balance of a standard repayment mortgage if you were to die during the period of cover. This means your family won't have to worry about continuing to pay the mortgage following your death.


What is the difference between decreasing term and level term life assurance?


Decreasing term life assurance is the cheapest form of life assurance. As time passes, and your mortgage debt reduces, the payout on death also reduces leaving your dependants with the money to pay the rest of the mortgage. Level term cover, which tends to be more expensive, pays out a set lump sum during the mortgage term.


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Post Office Money Life Insurance Info


Post Office Money is a financial services brand operated by Post Office Ltd which provides credit cards, current accounts, insurance products, mortgages and personal loans to customers in the United Kingdom through Post Office branches, the internet and telephone.[


Post Office Money was launched in 2015 to provide an umbrella brand for all financial services provided through Post Office Ltd. Many Post Office Money branded products are provided by Bank of Ireland (UK) plc with Post Office Ltd acting as an appointed representative and credit broker.


Post Office Money provides a number of branded insurance products for cars, vans and motorbikes; home insurance (buildings and/or contents); pet insurance and travel insurance. Life insurance, over 50s life cover and lifestyle protection insurance are also available.


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Post Office Money Life Insurance Offer


Post Office Life Insurance is provided by The Royal London Mutual Insurance Society Limited.


Post Office Money Life Insurance offers up to £500,000 cover for customers who are UK residents aged 18-70 at the start of the policy. The minimum term is 5 years and cover must end before your 81st birthday.


Types of Life Insurance


Post Office offers three types of life insurance


Level


What is it for? Providing for your loved ones and/or paying off an interest-only mortgage if you die.


Why might you need it? If you want a policy that pays out a fixed amount if you die, choose Level Cover. As long as you have your policy in place it will pay a fixed sum that could help your loved ones pay off an interest-only mortgage, clear other debts and maintain their lifestyle.


How does it work?


You pay a fixed premium each month


If you die during the life of your policy your loved ones could receive a cash sum pay-out


The sum paid out will be the same whether a claim's made now or in the future


The amount you pay tends to be more than for Decreasing Cover because the pay-out doesn’t reduce. Make sure you consider the effect of inflation when making your calculations.



Increasing


What is it for? Providing for your loved ones and reducing the impact of inflation on the money you leave if you die.


Why might you need it? As time goes by inflation can make the cost of living go up. Increasing Cover is a way to reduce the impact of inflation on the money you leave behind for your loved ones. The cash sum paid out if you die increases each year you have the policy in place.


How does it work?


You’ll pay a fixed monthly payment each month


Your sum insured will increase annually by 3%


As a result, your monthly payments will increase annually, but stay fixed for each 12 month period


The longer the policy is kept, the higher the payout will be if you die during the term of the policy


You can reject each annual increase before it takes effect. But if you do this for two consecutive years we'll change your policy to a Level Cover policy. Increases in monthly payments will be set out in the policy schedule.


Decreasing


What is it for? Typically used to pay off a repayment mortgage if you die.


Why might you need it? Get the cover you need now and protect your loved ones from debts that reduce over time, such as a repayment mortgage, credit cards and loans. Decreasing Cover's often called mortgage life insurance for that reason.


How does it work?


You pay the same fixed premium amount each month (but lower than for Level Cover)


The payout amount decreases each month in line with a capital and interest repayment mortgage with a fixed interest rate of 7%


Your loved ones could get a cash sum if you die during the term of the policy's life


The policy value decreases over time broadly in line with the reducing amount owed on a capital and interest repayment mortgage, although that does depend on your mortgage interest rate so you do need to check that you would be covered.


If your mortgage rate is higher than 7% or if your borrowing changes this amount may not be enough.




Critical Illness Cover


Get extra protection and financial peace of mind by adding the optional Critical Illness Cover when you take out your Post Office Life Insurance.


Choosing Critical Illness Cover with your Post Office Life Insurance policy could give you extra peace of mind.


he extra cash sum could help towards your mortgage, rent, childcare costs and living expenses or even pay for medication or changes to your home. Something to fall back on while you concentrate on getting better.


When you purchase our Life Insurance you can:


Pay a bit more each month for added reassurance


Get extra cover equivalent to 25% of your life cover cash sum if you're diagnosed with a critical illness that meets our definition


Get cover for cancer – excluding less advanced cases, heart attack – of specified severity and stroke – of specified severity


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