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Protect your family

Life shouldn't stop for your loved ones if the unexpected happens to you. Let's make sure they'll be financially secure if the worst happens.

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Affordable peace of mind

Life insurance helps protect your family's future and lifestyle if you pass away. 
Pay a little each month and they can get a cash sum when you're gone.

Life insurance gives you reassurance for life's biggest chapters. Moments like buying a home, starting a family and watching your children go to university. It can help cover the costs if you're no longer around.

Whatever you need, it's easy to get the right cover and costs less than you may think.

With Post Office Money Life Insurance: 

  • You can pay from just £5 per month or pay more and get up to £500,000 of cover*
  • We won't pry – we'll only ask the questions necessary to quote for your cover 
  • You'll get an instant decision – we won't refer you elsewhere 

Plus, if you’re covered, we'll help make it easy on your family when that difficult time comes time, with a simple and understanding claims process and bereavement support at no extra cost.**

How much cover do you need?

That depends on who you want to protect, for what and for how long. 

You may want to give your partner a cash sum after you're gone. Or look after your children until they're old enough to look after themselves. That could be 18, 21 or older – and can cost hundreds of thousands of pounds (LV=, Cost of a Child Report, 2015). There are three types of cover to choose from that support different needs.

We'll help you take all of this into account when planning your cover. 

 

Get the right cover for your family

Choose from three different Life Insurance policies to give your family the protection they need:

  • Decreasing Cover – the pay-out decreases each month at a fixed interest rate of 7% in line with a capital and interest repayment mortgage
  • Level Cover – pays out a fixed sum if you die during the term of the policy
  • Increasing Cover – what you pay and the cash sum increase each year to reduce the impact of inflation 

Compare life insurance

 

Protect what matters in minutes, like your loved ones and lifestyle, in case the unexpected happens.

Did you know?

On average in 2016, university fees in England and Wales cost £8,788 a year.

Don’t forget inflation

When you take out life insurance, remember that the amount it pays out isn't index linked. So it won't rise with inflation and the absolute value could go down. £100,000 today won't be worth £100,000 in 20 years’ time. The Bank of England has a handy tool that shows the impact of inflation over time.

A year's free life cover for parents

If you have children aged under 4 years old, Post Office Money Free Parent Life Cover offers £15,000 worth of life cover free for a year. 

Each parent can apply for separate policies and be covered for a cash sum of £15,000 for each child under four years old.

Find out more

 

Some common questions

What is life insurance?

It's a way to give you some reassurance and your loved ones some extra financial security if you die. It can also provide some financial comfort at a difficult time if you're diagnosed with a terminal illness that meets our definition as per the Terms and Conditions.

It's not all that different from other types of insurance. If you insure a car or a house, you pay an agreed amount or 'premium' each month. The insurance company pays if it gets stolen, damaged or destroyed. 

With life insurance, the insurer pays out if you die within the term of the policy. You won’t be around to receive the money yourself, but you'll be able to leave it to your family or loved ones. 

It also includes a terminal illness benefit. So, if you're diagnosed with a terminal illness, that meets the definition, we'll pay the sum assured early, which could remove financial worries at a difficult time.

 

How does Post Office Money Life Insurance work?

Post Office Money Life Insurance is a life assurance policy that pays an amount of money (cash sum) if, during your chosen policy term, you die or are diagnosed with a terminal illness that meets the definition, as per the Terms and Conditions. 

If we pay your cash sum your policy will end. If you're still alive at the end of your policy term and haven't been diagnosed with a terminal illness, your policy will end and you won't receive a pay-out.

 

How much cover do you need?

We can provide life insurance for up to £500,000, and monthly payments start from just £5 a month. You just need to decide how much cover you want or can afford each month. 

Do some calculations or get someone to help you. If you have a mortgage, think about what's left to pay. Then consider all the day-to-day living costs and other one-off costs your family might face over the time period they'd normally depend on you for.

Be realistic. Include rent, utility bills, education costs, birthdays, weddings, holidays. These costs can add up. 

The Money Advice Service has lots of calculator tools that can help.

 

I don't have a mortgage. Why do I need life insurance?

Even if you don't have a mortgage, life insurance could help your family cover the cost of everyday living and maintain their lifestyle. Things like rent, private or university education costs, birthdays, weddings. Even domestic tasks if whoever's left behind works and has to pay someone to do them after you're gone.

Still have questions about life insurance? Visit our help page

Things you need to know

* Monthly payments depend on the amount, length, type of cover and your personal circumstances.

** This service is not part of the Post Office Money Life Insurance contract and can be withdrawn at any time.

† Source: Office for Fair Access, 2016.

Post Office Money 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.

We won’t pay a claim on death if it was as a result of suicide or intentional self-inflicted injury within 12 months of the start date of your policy.

We won’t pay a claim on terminal illness if you don’t meet our definition of terminal illness; or terminal illness is caused by intentional self-inflicted injury within 12 months of the start date of your policy.

We won’t pay a claim if you don’t keep your payments up to date as you will no longer be covered under the policy. Or if you don’t tell us something or give us incorrect answers to our application questions which affects your cover. If you’re a UK resident aged between 18 and 70, excluding members of the Armed Forces, Territorial Army or Reservists, you can apply.

You will need to answer 3 survey questions on safeguarding your family’s future during the application process to get Post Office Money Free Parent Life Cover.

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0330 123 3947 08.00-19.00 Monday – Friday
09.00 – 17.00 Saturday

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