Post Office Life Insurance
Choose between level, decreasing or increasing term insurance, each designed to offer you peace of mind based on your circumstances.
Life can be an expensive business. The costs associated with living a fairly average life have increased greatly from a decade ago, in part due to inflation and in part due to a wider range of necessary expenses. TV, mobile, broadband and online subscription expenses are much more common, and house prices and the cost of living is generally higher.
If you were unable to support your family, would they have the necessary means to continue life as they know it? Once all of the expenses have been factored in, it can become clear that a life insurance plan is a sound idea.
Level and increasing term policies are types of term cover that offer cash payouts in the event that the policy holder dies within their terms. The uses of a payout differ family-to-family, however the overarching idea is to prevent any further upheaval to the lives of those left behind. This may be to continue to pay school fees or musical instrument lessons; it may be to continue to pay rent on a property or it might be simply to leave a gift to your beneficiaries so that they can invest it or even go on holiday. In any event, it is your way of ensuring that the future of your loved ones is that much easier.
Approaching the latter half of your life can make you consider what insurance your family might need to help pay for things like your funeral, or your outstanding debts if you were no longer around to pay them.
Over 50s cover might be an important part of a family life insurance plan. It differs from term life policies in that it is cover that lasts for the rest of your life, regardless of how long that is. The payouts for Over 50s policies tend to be significantly lower than for term life policies, and are not designed to cover large repayments such as mortgages.
Rather, they can help contribute towards the cost of your funeral, settle credit card bills or act as a gift to your family. There are fewer qualifying factors to over 50s policies – with the Post Office, you simply need to be a UK resident aged 50 to 80 to qualify.
If life insurance for your family is something you’re thinking about, use our calculator to find out what you might need or consult our team to discuss what type of policy might be right for you.