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Post Office Over 50s Life Insurance Review

Post Office Limited is a British institution that has been providing services to people in the UK since 1987. As well as dealing with everyone’s letters and parcels, they also sell a range of financial services including bank accounts, savings accounts – and believe it or not, life insurance!

Post Office over 50s life insurance is a popular option to cover funeral costs, repay debts or even leave a nice cash gift for your loved ones after they are gone.

Here is our quick and easy guide to Post office over 50s life cover including what it is and how it works, to help you decide if it feels like a good choice to protect you and your family.

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60-Second Summary – Post office over 50s life insurance review

Post Office over 50s life cover is one of the most popular choices for over 50s life insurance in the UK. These policies pay out a fixed lump sum so you can have peace of mind that your loved ones have some extra financial security.

  • Post Office over 50s life cover is a form of ‘whole life’ insurance, meaning you are protected long term from the moment you buy your policy. It is also a type of guaranteed life insurance, so your medical history won’t affect if you can get covered or not.
  • You’ve got the option of up to £10,000 worth of cover to help your family cover important expenses after you are gone like funeral costs or mortgage repayments.
  • You can even cover you and your partner – but the policy only pays out once (when the first partner dies). Many people opt to have two separate policies for a higher level of protection and cover.
  • If you’re not too sure if over 50s cover is right for you (or if Post Office is the best choice), you can speak to a life insurance expert for free, friendly advice.

Over 50s life insurance is a popular product sold by Post Office Limited, which they describe as ‘a simple way to leave your loved ones a cash sum when they die’.

If you buy your policy in a Post Office branch, it is provided solely by Post Office. If you buy online or over the phone, the policy is sold in partnership with Neilson Financial Services. They are a fully regulated business approved by the Financial Conduct Authority.

No matter which way you buy your cover, it will be fully underwritten by AIG Life Limited. AIG is one of the UK’s top insurance providers with a brilliant customer service record and over 100 years of expertise.

Post Office over 50s life insurance awards

Post Office are an award-winning life insurance provider having won various awards over the years. Their main award is the ‘Your Money Awards – Best Over 50s Life Cover Provider’ – which they have won for 15 years in a row!

Industry awards help to highlight where an insurance provider is doing well and can help reassure you of the quality on offer from each provider.

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A fair question to ask is what is over 50s life insurance and how is it different to a Standard Life insurance policy?

Traditional life insurance pays out a cash lump sum in the event of your death to help your family pay for important expenses such as funeral costs or mortgage repayments.

Over 50s life insurance is similar, though it doesn’t usually cover you for as much (normally only £10,000, £20,000 etc). There are some brilliant benefits for over 50s life insurance though such as:

  • It’s a type of guaranteed life insurance, meaning you’ll be accepted for cover no matter your medical history (in fact you won’t be asked medical questions at all)
  • You can often receive extra benefits such as additional funeral benefit from the insurance providers, or even a gift card for taking out your policy
over 50s life insurance banner

Post office over 50s life insurance policies will pay out a fixed lump sum in the event of your death which help can help support your loved ones with all those important bills and expenses. some of the main perks of post office over 50s life insurance include:

  • No medical checks needed (will accept applicants from any UK residents age 50-80)
  • Covered immediately for accidental death
  • Cost-effective (Post Office claim they can provide cover from as little as £1.15 per week)
  • Option to add funeral benefit for an extra £250 towards your funeral costs
  • Cover for up to £10,000 to help pay for your funeral, repay debts or as a cash gift for your loved ones
Type of CoverPost Office Over 50s Life Insurance
What are the premium options?Guaranteed (fixed) premiums
Variable premiums (if you choose increasing cover)
Can I get a joint policy?YES – Post Office will provide joint cover for you and a partner where requested.
Is funeral benefit included?NO – but it can be added to your cover for an additional cost.  
This benefit will pay out directly to Co-op Funeralcare and pays up to £250 toward your funeral costs.
Is terminal illness benefit included?NO – this is included free with Post Office term life insurance policies but not with Post Office over 50s cover.
Is there an increasing cover option?YES – there is an increasing benefit option to help protect your policy against the impact of inflation over time.  

If you add increasing cover, your cover amount will increase automatically by 3% of the initial amount of cover each year.  

E.g. If your initial amount of cover was £5,000, your amount of cover would increase by £150 each year  

The amount you pay in premiums will also increase by 4.5% of the initial amount agreed to each year.  

Note: You can skip increasing your premium when asked each year, but if you skip 3 times in a row increasing cover will be removed from your policy permanently.
Is there a decreasing option?if you decide you can’t afford your monthly payments, you can opt to decrease your cover amount.
Cover term optionsOver 50s cover is a form of whole life insurance meaning you will be covered until death.  
You will only pay premiums until your 95th birthday (after this your cover is free).
Are there age limits for cover?You must live in the UK and be between age 50 and age 80 to be eligible for a Post Office over 50s policy.
Maximum benefit amountYou can be covered for anywhere between £1,000 – £10,000 (depending on your age when you apply).  

Max cover for age 50 – 69 = £10,000
Max cover for age 70 – 74 = £9,000
Max cover for age 75 – 80 = £6,000  

Post Office includes a ‘Protected Benefit’ within their over 50s cover. This means if you miss two or more premium payments in a row or cancel your policy, AIG will still pay out half of the amount you are covered for. This only applies if you are at least halfway through your policy term.
Are there exclusions included?The policy will not pay out the full cover amount for a non-accidental death within the first year of your policy.  
AIG Life will instead repay 150% of the policy premiums you have already paid (all of them plus an additional 50%).
When do I pay for my policy?You will need to pay your policy premiums every month for your cover to stay in place.

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by Elizabeth Turner-Long - 9th August 2023

if you need to talk to post office about your over 50s life insurance policy, there are a few options for numbers to call. which one is right for you will depend on when you bought your policy.

For policies bought before 31st of January 2017 (call Aviva Life & Pensions UK)

Telephone – 0800 158 3065

Opening hours: 8am – 8pm Monday to Friday | 9am – 6pm Saturdays | 10am – 4pm Sundays (Closed on all Bank Holidays)

For policies 31st of January 2017 – 31st January 2022 (call Royal London)

Telephone – 0345 266 1483

Opening hours: 8am – 7pm Monday to Friday | 9am – 5pm Saturdays (Closed Sundays and most Bank Holidays)

For policies bought after 31st January 2022 (call Neilson Financial Services)

Telephone – 0800 068 8014

Opening hours: 9am – 8pm Monday to Friday | 9am – 5pm Saturdays (Closed Sundays and all Bank Holidays)

There are also various numbers you can call for advice and information about benefits and support services that are included with Post Office life insurance policies.

Why are you calling?Contact details
About funeral benefit option (bought before 22/02/2021) – DignityTelephone – 0800 022 3229
About funeral benefit option (bought after 22/02/2021) – Co-op FuneralcareTelephone – 0800 289 120
For Post Office Money Here to Help Bereavement LineTelephone – 01244 625 180 (available for policies bought after 31/01/2017)  
Opening hours: 9am – 5pm Monday to Friday
For Post Office Health & Wellbeing Services (in Partnership with MediPartner)Telephone – 01244 625 180 (available for policies bought after 01/02/2022)
Opening hours: 9.30am – 5.30pm Monday to Friday

All insurance companies and financial businesses understand that occasionally things will go wrong and that customers might make complaints. Post office have a complaints procedure in place to try and resolve any issues they have with their customers.

If you’re not happy with your post office over 50 life cover or you think you’ve been poorly treated, you can submit a complaint. There is a contact form on their website, where you can fill in your details and someone will get back to you as soon as possible.

Post Office – Contact Post Office complaints

You can also use the following contact details to contact the complaints team directly.

If you are complaining about issues buying your policy in a Post Office branchIf you bought your policy online or over the phone or any other complaints
Telephone – 0330 123 3954
EmailPOMSComplaintreferrals@postoffice.co.uk
Opening hours: 8am – 7pm Monday to Friday or 9am – 5pm Saturdays  

Post:
Post Office Life Insurance Complaints,
100 Wood Street,
London,
EC2V 7ER
Telephone – 0800 068 8014
Emailcomplaints@postoffice.co.uk
Opening hours: 9am – 7pm Monday to Friday  

Post:
Customer Services,
Post Office,
PO BOX 6063,
Windsor,
SL4 9GL

If you think the Post Office is taking too long to resolve your complaint or they aren’t treating you fairly, you can speak to the Financial Ombudsman Service for impartial advice and support.

Financial Ombudsman Service Logo

Making a complaint to the Financial Ombudsman Service

The Financial Ombudsman Service (FOS) is an impartial and free service for financial services customers in the UK. This service can be used to settle any disputes between life insurance companies and their customers in the United Kingdom. If they feel that you have suffered any financial loss as a result of your life insurance policy, then they may rule for compensation to be awarded.

Telephone – 0800 023 4567 (or 0300 123 9123)

Telephone (outside the UK) – 0207 964 0500

Emailcomplaint.info@financial-ombudsman.org.uk

YES – Writing your life insurance into trust is a great way to take more control over who receives the benefit from your policy and you can even specify how it is used.

Unlike other insurance providers, Post Office won’t be able to arrange a trust for you. On their website they advise that you contact a financial advisor or solicitor if you would like your policy to be written into trust.

We know that not everybody’s going to understand what trust is or how it works, so we’ve written a handy guide to explain everything you need to know.

How to claim on Post Office over 50s life insurance?

Post Office understand it will be a difficult time for anyone who needs to claim on a loved one’s life insurance policy. They aim to make the process as smooth and simple as possible.

All the details about how to claim will be included within the terms and conditions of your policy documents.

When claiming, Post Office will ask for details and documents like:

  • The policy number
  • Details about the claim
  • Proof you are entitled to the policy benefit (e.g. original copy of a Will or Trust Deed)

Post Office over 50s life insurance claims contact details

Telephone – 0800 068 8014

Email – claims@postoffice.co.uk

Opening hours: 9am – 7pm Monday to Friday

Post:

Customer Services,

Post Office,

PO Box 6063,

Windsor,

Free benefits with Post Office over 50s life insurance

FREE accidental death benefit – Pays out twice your overall cover amount if you were to die as a result of accidental injuries.

NO income tax or capital gains tax liability – Post Office over 50s policies currently won’t be liable for capital gains or income tax, so your loved ones don’t miss out. If you’re worried about inheritance tax (IHT), you should think about writing your policy into Trust.

Joint life insurance option – You can choose to cover yourself and your partner under one policy (joint life insurance) to keep things simple.

Optional benefits with Post Office over 50s life insurance

Funeral benefit – You can add on funeral benefit to your policy and Post Office will pay out an extra £250 toward the cost of your funeral (paid to Co-op Funeralcare directly)

How to cancel Post Office over 50s life insurance

If you’re not happy with your post office life insurance policy you’ve always got the option to cancel. you will need to contact post office directly to let them know you don’t want your cover anymore.

if you decide to cancel within 30 days of receiving your policy documents (the cooling off period), You will be refunded any money you’ve paid so far. The plan doesn’t have any cash in value, so if you stop paying for your cover you won’t get anything back.

Post Office over 50s life insurance cancellations contact details

Telephone – 0800 068 8014

Email – service@postoffice.co.uk

Opening hours: 9am – 7pm Monday to Friday

Post:

Customer Services,

Post Office,

PO Box 6063,

Windsor,

How much does Post Office over 50s life insurance cost?

As we get older, traditional life cover becomes more and more expensive and if you develop health issues this can further increase costs.

Over 50s life cover is an affordable alternative for many people who are looking to provide extra financial security for their family. The amount you pay for your Post Office over 50s life cover will vary depending on:

  • Your age when you apply
  • Smoker status
  • If you choose joint or single cover
  • If you choose to have increasing cover (premiums will go up each year)
Can you get life insurance from the Post Office?YES – You can buy both standard life insurance and over 50s life insurance policies through the Post Office.
What type of life insurance is best for over 50s?Over 50s policies are designed specifically to suit people over the age of 50 – with exclusive benefits for these customers.  
While these policies are often an attractive (and often cheaper) option, you may still be able to buy a ‘standard’ life insurance policy at a fair price.  
The key will be to speak to a life insurance expert who will be able to quickly compare prices to find the best cover at a suitable cost.
What is the waiting period for over 50s life insurance?The ‘waiting period’ or deferred period will be the initial period of time where you have your policy but it won’t pay out the full amount in the event of your death.  
With Post Office, this is 12 months from the date you buy your cover (you will be covered for accidental death straight away though).

A helpful idea to get a feeling for what other customers think is to look at independent reviews on websites like TrustPilot. Post Office has a TrustPilot page to collect their customer reviews (with more than 2,000 as of 23/10/23).

Post Office (TrustPilot score) – 1.6 out of 5.0 stars

How to buy Post Office over 50s life insurance

You will need to go into a Post Office branch or contact them online or over the phone to set up your policy. If you’re not sure if Post Office is the right choice for you, there are a range of brilliant alternatives that are available.

If you need help comparing the best over 50s life insurance quotes, you should speak to a life insurance expert. We can help you find the best prices and policies quickly and hassle free.

Speak to an over 50s life insurance expert

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