• From UK Insurance Index:

    The Post Office over 50s life insurance policy is now available with instant cover over the counter at all UK Post Office branches without needing to wait for an application to be processed.
    The Over 50s Life Cover plan is guaranteed for all UK residents aged between 50 and 80 with no medical questions or checks required. Customers are able to choose how much cover they want with premiums starting from as little as £7 a month and can be an affordable way to provide your family with a cash sum to help with funeral expenses.
    Duncan Caesar-Gordon, Post Office head of protection, commented: “In a time of such uncertainty people need peace of mind more than ever, which is why we are now offering instant protection over the counter. Thinking about the future and how a family will cope should the unexpected happen is an extra worry but a simple plan can ease those worries of those concerned about passing on funeral costs and debts.”…

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  • From UK Insurance Index:

    A recent survey commissioned by Legal and General life insurance has revealed that Brit’s could be neglecting to protect themselves financially because they over-estimate the cost of life cover.
    Legal & General is concerned that people might avoid taking out protection because consider it is too expensive. The survey showed that 65% of thosed polled over-estimated the cost of a £150,000 life insurance policy with 35% over-estimating the cost of including critical illness cover as an option on the same plan.
    According to L&G, £150,000 of level term assurance over 25 years for a healthy, non-smoking man aged 25 would cost just £8* per month. Of those surveyed by L&G, 24% expected it to cost between £11 and £20, 18% thought that it would cost £21 – £30 and 22% thought over £30 for the same policy.
    Commercial Director for Housing at Legal & General, Karen Blatchford, commented: “Life cover can start from…

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  • From UK Insurance Index:

    The Post Office has scooped the ‘Best Life Insurance Provider’ award at the Your Money Direct Awards for 2008. The ‘Best Online Life Insurance Provider’ award went to Liverpool Victoria.
    The awards, which are run by Your Money Magazine annually, aim to recognise and reward excellence in both online and direct financial services provision.
    The Post Office launched it’s term and mortgage life cover policies together with an over 50’s plan in 2007 with premiums starting from just £5 per month.
    Commenting at the time of the launch, Post Office director of insurance Phil Ashkuri said: “In line with our other financial services products, our new life insurance launch offers simplified insurance that fits our customers needs. We know that people buy life insurance at key stages in their lives, such as buying a home, getting married or having a child, which is why we want to make the process easy to understand and convenient.”…

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  • From UK Insurance Index:

    The Post Office today announced the launch of a new product into the life insurance market, and is offering a £100 cash back bonus to anyone taking out a policy. A minimum premium of £10 per month is required to qualify for the £100 cash back offer which is redeemable after the 12th monthly premium is paid.
    Post Office Life Insurance has the flexibility for customers to choose Level Term cover which pays out a fixed lump sum to the deceased’s dependents in the event of their death or Decreasing Term which is suitable for those with a repayment mortgage as the sum assured decreases in line with the outstanding mortgage.
    Both products offer up to £500,000 worth of life cover and people can get cover from as little as £5 a month and choose the amount and length of cover they require.
    The new life insurance will join the Post Office’s recently launched Over 50s Life Cover to create a suite of life products, offering affordable and comprehensive peace of mi…

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  • From UK Insurance Index:

    Norwich Union has announced a series of rate reductions on its Mortgage Life Insurance (MLI) and Term Assurance policies.
    The reprice is designed to make the cost of Norwich Union life insurance more affordable in the light of the recent credit crunch and ease the financial burden for the average home buyer. The reductions are focused on providing affordable cover for sums assured of £175,000 and above as the average house price now stands at £183,959 according to the Nationwide Building Society.
    Customers buying cover with critical illness insurance included will also benefit as decreasing and level term insurance with CI cover has been cut by an average of 3% and 2% respectively.
    In addition, the reprice will also include mortgage life insurance and term assurance policies with term’s beyond the traditional 25 year mortgage term. This follows changes in market demand as more and more borrowers require policies to cover mortgages of 30 or 40 years.
    Head of protection m…

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  • From UK Insurance Index:

    A survey by Norwich Union has revealed that apathy is leaving 20 million UK adults at financial risk because they don’t have any form of life or income-related protection.
    Figures from Norwich Union Life Insurance show that of those without any life cover…
    Head of protection marketing at Norwich Union, Darren Dicks commented… “These findings are cause for concern as they suggest many people are taking an ‘it won’t happen to me’ approach to protection. Around 52% of UK adults have no life cover at all* and the remainder are either underinsured or unsure about what type of cover they hold.
    “There is currently a £2.3 trillion protection gap in the UK which leaves a large proportion of the population vulnerable. Many people wait until they have a particular event in their lives, such as a house purchase or the birth of a child before they purchase life cover, but people shouldn’t take the view that they need to wait.”
    Norwich Union’s research also reveals a number of key ‘tri…

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