Post Office Over 50s Life Insurance Review

  • 5 star Defaqto rated over 50 life insurance plan
  • Premiums start from just 24p a day
  • Full cover after the first 12 months

Post office over 50 life insurance is an affordable whole of life insurance plan provided by Royal London; one of the UKs largest and best-known insurance companies. The post office over 50 plan guarantees acceptance regardless of any medical concerns with full life cover provided after just 12 months.

They have more than 370 years of service and in addition to general postal services, the Post Office now offer over 170 products through their branches, online and through call centres, namely:over 50s couple close up

  • Financial Services
  • Government Services
  • Telecomms
  • Mail and Retail

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

Why choose the Post Office Over 50s Life Cover Plan

  • Eligible to all UK residents between the ages of 50 to 80
  • Acceptance for the Post Office over 50s plan 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.
  • If you die as a result of an accident after the first 12 months, the Post Office Over 50s Plan will pay out double the cash sum
  • Payments cease either after 30 years or on the policy anniversary date after your 90th birthday but cover continues
  • Access to the Post Office Money Helping Hand service*
  • The Post Office Over 50s life insurance plan has been awarded 5 stars by Defaqto, which is the highest rating

The Post Office Over 50s life cover plan is provided by Royal London a well known and established UK insurer.

Post Office Over 50s Funeral Benefit Option

The Post Office Over 50s funeral benefit option is provided in association with Dignity.

These days the majority of Over 50 life insurance plans offer a funeral benefit option, which basically 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 50s plan, then the cash sum will be paid directly to one of Dignity’s Funeral Directors when the time comes to help pay the funeral costs. In return, Dignity will put an extra £300 towards the final cost of your funeral.

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 50s Plan 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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Additional Post Office Over 50s Perks

 As mentioned, when you choose a Post Office Over 50s Life Insurance Plan you and your family are given access to the Post Office Money Helping Hand Service.

This service provided by Red Arc gives your family one to one long term access to a nurse if you die; or for you if you suffer a  bereavement or are diagnosed with a serious illness. 

To compare Over 50 Life insurance please click on the link or Get a Quote button.

Post Office Over 50s Life Cover

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