Post Office Over 50s life insurance review

  • Premiums start from £5 a month
  • Full cover after the first 12 months
  • £125 giftcard - available until 29th November 2024
Updated 1st February 2024 - I have reviewed Post Office Over  Life Insurance to help you understand more about the company and the services they offer. Here’s what I found:

Post Office Over 50 Life Insurance is an affordable whole of life insurance plan provided by Royal London; one of the UK’s largest and best-known insurance companies. This plan guarantees to accept you regardless of any medical concerns, with full life cover provided after just 12 months. The Post Office has more than 370 years of service and in addition to general postal services, it now offers over 170 products through their branches, online and through call centres, namely:
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  • Financial services
  • Government services
  • Telecoms
  • Mail and retail

This Post Office Over 50s life cover review is a guide to help you understand more about this plan and things to consider. As with all life insurance plans, please ensure you read the small print before going ahead.

Why choose Post Office Over 50s life insurance

  • Eligible to all UK residents between the ages of 50 to 80
  • Acceptance is guaranteed
  • No medical or health questions to answer
  • Monthly premiums start from £7 a month – just 24p a day
  • Cash sum of up to £10,000 depending on monthly premiums
  • Flexibility to reduce your life cover if you need to lower your monthly premiums
  • You are covered for the full cash sum after 12 months
  • If you die as a result of an accident within the first 12 months, you are covered for the full cash sum.
  • Payments cease either after 30 years or on the policy anniversary date after your 90th birthday but cover continues
  • The Post Office Over 50 life cover has been awarded 5 stars by Defaqto, which is the highest rating

Provided by Royal London a well known and established UK insurer.

In addtion the plan comes with a protected benefit which means if you stop paying your monthly premiums, they will still pay-out at least half of the cover amount on your death (as long as you're at least halfway through paying for your cover. The halfway point is calculated from the policy start date and the policy anniversary after you turn 95).

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Post Office free Funeral Benefit Option

The Post Office funeral benefit option is provided in association with Co-operative Funeralcare.

These days the majority of over 50 life insurance plans offer a funeral benefit option, which gives you the opportunity to have the cash sum paid out on death go directly to a funeral director to help with funeral costs, as opposed to the family or estate.

If you choose this free service with the Post Office Over 50 Life Cover, then the cash sum will be paid directly to one of Co-operative Funeralcare’s’s Funeral Directors when the time comes. In return, they will put an extra £250 towards the final cost of your funeral.

You may wish to see how the Post Office plan compares to other providers in our list of FCA regulated providers.

Things to consider

If you die within the first 12 months of natural causes, you wouldn’t be covered for the full cash sum however one and a half times the payments you have made would be paid

Your monthly premiums are payable for a maximum of 30 years, or until the policy anniversary date after your 90th birthday. Therefore there is a chance you could pay more into the Post Office Over 50 Life Cover than the cash sum paid out – it all depends on how long you live.

As the cash sum paid out is fixed, inflation will reduce its value over time.

If you fail to make your monthly payments when due, the plan will cease and no money will be paid out.

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My review of Post Office Over Life Insurance is designed to help you compare plans and find the best option for you. I would always recommend that you review all of your options to ensure you’re getting the best deal that suits your budget and needs.

There are a range of companies offering over 50 life insurance and whilst the Post Office plan could be right for you, it maybe worth while getting several quotes before making your choice.

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