#family life insurance
Post Office Money Life Insurance is provided by Aviva Life Pensions UK Limited
Life Insurance can help provide for your family
Any UK resident aged between 18 and 66 can apply and monthly premiums are paid by Direct Debit. The policy has no cash-in value.
There are four main questions to consider when you re taking out Life Insurance:
1. How much?
We can provide life insurance for up to 500,000, and with premiums starting from just 5 a month, you can decide how much cover you want or how much you can afford each month. Your age, medical history, whether you smoke and the length and type of cover you d like will be taken into account when calculating your monthly premium.
2. How long?
How long do you want cover to last for? If you have dependants (e.g. children), think about how long it will be before they are out of education, earning and not dependent on you anymore. The length of the cover will have an impact on your monthly premium.
3. What level of cover?
You can choose between Level and Decreasing Cover. With Level Cover the lump sum payable will remain fixed throughout the term of your policy. With Decreasing Cover the lump sum will decrease over the term of the policy, and therefore the amount paid out in the first year would be greater than the amount paid out in the final year.
4. What type of cover?
Choose from Single Cover for one person or Joint Cover for two people. You can select Joint Cover if you re husband and wife, common law partners, civil partners or sharing a mortgage or loan and if one person would suffer financial loss if the other person dies. If you choose Joint Cover, the lump sum will be paid out once when one person dies then the policy would end. If you would like cover for each person individually, choose two single policies. Then if one person dies the other single policy will still continue for the other person.
Paying out your policy
If you die during the policy term or are diagnosed with a terminal illness with a life expectancy of less than 12 months, except within the last 18 months of the policy term, a lump sum payment will be made.
The Terminal Illness Benefit will only be payable on one occasion and upon payment the policy will end.
If you fail to make your payments, your policy and your cover will be cancelled 30 days after the payment was due and you ll get nothing back.
If you don t provide any information we ask for, we may not pay out under the plan or we may amend or cancel a policy if the information you provide isn t complete, accurate and truthful.
The plan is not guaranteed to pay off your loan (if this is the purpose of the plan).
The plan has no cash in value. The policy ends if you stop paying premiums during the payment term. Your sum assured is dependent on your age and your chosen monthly premium.
We do not provide advice or personal recommendation about Post Office Money Life Insurance. You will need to make your own decision that it is suitable for your needs.
Your monthly premium will depend on a number of things, including the level, type and length of cover, medical history, your age and whether or not you smoke. Some typical monthly premiums are shown below. You can apply for life insurance if you are between 18 and 66 years of age.
Here are some examples of monthly Life Insurance premium costs. You ll receive your premium costs upon assessment of your application.