Compare Life Insurance

Post Office® offers three types of life insurance.

Let's see which could be right for you.

It's your life. Compare now and get the right insurance cover.

The type of life insurance you need will depend on a few things. Like what you need the cover for, how much they'll need and over what period.

This will help you decide whether you need a type of cover that stays the same, decreases or increases over time. It’s important to understand how different cover works, so you get the right type in place for your needs.

Compare the difference

One easy way to understand the difference in what these types of cover would pay out over time is to see it. So here's an example showing how a pay-out amount worth £100,000 today would change.

Compare Life Insurance

Why might you need Level Cover?

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 Level Cover 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.

Why you might need Decreasing Cover

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 Decreasing Cover work?

You pay the same fixed premium amount each month (but lower than for Level Cover).
The pay-out amount decreases each month at a fixed interest rate of 7% in line with a capital and interest repayment mortgage.
Your loved ones could get a cash sum if you die during 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 is higher than 7% or if your borrowing changes this amount may not be enough.

Why might you need Increasing Cover?

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 Increasing Cover 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.
If you die during the policy term, the later this happens, the higher the pay-out will be.

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.

Compare Post Office Life Insurance types

We've compared our three Life Insurance cover types side by side so you can easily see which suits you. We've included Post Office Over 50s Life Cover too, in case it's of interest.

	Level Cover	Decreasing Cover	Increasing Cover	Over 50s Life Cover
What's it for?	Providing for your loved ones and/or paying off an interest-only mortgage if you die	Typically used to pay off a repayment mortgage if you die	Providing for your loved ones and reducing the impact of inflation on the money you leave if you die	Leaving a cash sum to help pay for your funeral, settle loans or as a gift
Fixed cash sum	Yes	No, the pay-out amount reduces over time	No, the pay-out amount grows each year	Yes
What's the maximum pay-out?	Up to £500,000	Up to £500,000	Up to £500,000	Up to £10,000
Age limits	Ages 18-70	Ages 18-70	Ages 18-70	Ages 50-80
Is terminal illness cover included?	Yes	Yes	Yes	No
Are health-related question asked?	Yes	Yes	Yes	No
Can I add Critical Illness Benefit to my policy?	Yes	Yes	Yes	No
	Find out more	Find out more	Find out more	Find out more

Still have questions about Post Office Life Insurance?

Visit our life cover help page

Compare Post Office Life Insurance types

We've compared our three Life Insurance cover types side by side so you can easily see which suits you. We've included Post Office Over 50s Life Cover too, in case it's of interest.

Level Cover
What's it for?	Providing for your loved ones and/or paying off an interest-only mortgage if you die
Fixed cash sum	Yes
What's the maximum pay-out?	Up to £500,000
Age limits	Ages 18-70
Is terminal illness cover included?	Yes
Are health-related question asked?	Yes
Can I add Critical Illness Benefit to my policy?	Yes
Find out more

Decreasing Cover
What's it for?	Typically used to pay off a repayment mortgage if you die
Fixed cash sum	No, the pay-out amount reduces over time
What's the maximum pay-out?	Up to £500,000
Age limits	Ages 18-70
Is terminal illness cover included?	Yes
Are health-related question asked?	Yes
Can I add Critical Illness Benefit to my policy?	Yes
Find out more

Increasing Cover
What's it for?	Providing for your loved ones and reducing the impact of inflation on the money you leave if you die
Fixed cash sum	No, the pay-out amount grows each year
What's the maximum pay-out?	Up to £500,000
Age limits	Ages 18-70
Is terminal illness cover included?	Yes
Are health-related question asked?	Yes
Can I add Critical Illness Benefit to my policy?	Yes
Find out more

Over 50s Life Cover
What's it for?	Leaving a cash sum to help pay for your funeral, settle loans or as a gift
Fixed cash sum	Yes
What's the maximum pay-out?	Up to £10,000
Age limits	Ages 50-80
Is terminal illness cover included?	No
Are health-related question asked?	No
Can I add Critical Illness Benefit to my policy?	No
Find out more

Still have questions about Post Office Life Insurance?

Visit our life cover help page

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

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Did you know?

1 in 4 breadwinners in the UK don't have any life insurance. †

Things you need to know

† Source : Moneysupermarket, Life Insurance UK Consumer Survey.

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

Premiums depend on the amount, length, type of cover and your personal circumstances.Post Office 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.

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Life Insurance Terms and Conditions (PDF 4.58Mb) Life Insurance Policy Summary (PDF 1.59Mb) Our Insurance Services (PDF 43Kb) Critical Illness Definitions (PDF 1.07Mb)