Post Office Ltd is a retail post office company in the United Kingdom that provides a wide range of products including postage stamps and banking to the public through its nationwide network of post office branches. The company is owned by UK Government Investments.
Topics
Life Insurance
The Post Office’s life insurance policy is provided by The Royal London Mutual Insurance Society Limited. Monthly premiums are from £7 per month, pay outs are up to £500,000. The policy includes Terminal Illness Cover at no additional cost which pays out early if you’re diagnosed with a terminal illness that meets their definition.
The Post Office offers two main type of life insurance cover:
Level Cover – this policy pays out a fixed amount if you die.
Increasing Cover – this policy reduces the impact of inflation on the money you leave behind. Your sum insured will increase annually by 3% and as a result, your monthly payments will increase annually too.
Currently the Post Office is offering a free £50 Argos, M&S or Amazon Gift Card to customers who take our life insurance with them.
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Over 50s Life Insurance
Over 50s life insurance from the Post Office leaves your loved ones a cash sum when you die as a gift, to settle unpaid bills or help pay for your funeral. If you are aged 50 to 80 and a UK resident, you can get cover in place right away without the need of a medical examination. Monthly premiums are from £7 per month.
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Mortgage Life Insurance
Decreasing term life cover from the Post Office helps your loved ones pay off your financial commitments such as a repayment mortgage, loans or credit card balances if you pass away during the term of the policy. The rate is capped at 7% with a maximum pay out of £500,000. To qualify you must be aged 18-70.
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Critical Illness Cover
Critical Illness Cover will pay an extra cash sum of 25% of the value of your Post Office Life Insurance up to a maximum of £125,000. It won’t change over your policy term unless you choose Increasing Cover, in which case it grows over time too. This extra cover comes into effect if you are diagnosed with one of three critical illnesses: cancer, heart attacks and strokes.
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Whole Life Insurance
The Post Office does not offer whole of life insurance.
Income Protection Insurance
The Post Office does not offer income protection insurance.
Other Services
The Post Office offers a large range of financial and related services including travel, home, life, pet and gadget insurance, current accounts and loans, travel money, savings and ISAs, mortgages and funeral plans.
Post Office Reviews and Ratings
Online reviews for the Post Office’s products are fairly average with users complaining about the slow claims handling service, mismanagement of policies, poor customer experience and rude staff in branch.
Trust Pilot – 1.6/5 (based on 830 reviews)
Reviews.co.uk – 3.4/5 (based on 255 reviews)
Pros
- A trusted and well-respected brand, owned by UK Government Investments
- Voted Best Online Life Insurance Provider 2019 by YourMoney.com
- Life insurance policy is provided by The Royal London Mutual Insurance Society Limited
- Policy includes Terminal Illness Cover at no additional cost
- No need of a medical examination
- A large range of financial and related services offered
- An informative website with useful links, FAQs and an online Life Insurance Calculator
- Free £50 Argos, M&S or Amazon Gift Card for new customers
Cons
- Poor customer reviews
- Complaints of policy mismanagement and bad claims handling
- Whole Life Insurance not offered
- Income Protection Insurance not offered
Website: Post Office