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Post Office Over 50s life insurance review – is it worth it?

Here we're answering all the main questions about the pros and cons of Post Office Over 50s life cover - is it right for you?

A photo of Daniel Sharpe-Szunko, the author

By Daniel Sharpe-Szunko

Published on: 27 October 2023

13 min read

Post Office Over 50s life insurance review – is it worth it?

Life insurance policies are something that can confuse the best of us, with a huge range of choices now available for UK consumers. Even when you narrow it down to just over 50s life cover, there’s still quite a few options to choose from which can feel pretty overwhelming.

Post Office over 50s life cover is a policy that’s fairly popular with UK consumers, which is probably to do with the strength of a brand name like Post Office. Realistically most of us are going to be familiar with the Post Office, having been there to post a letter or pick up a parcel at some point in our lives.

The question is if Post Office insurance policies are as good as they claim to be and how do they stack up compared to other over 50s life insurance providers. Many top UK insurers also sell over 50s cover and some like SunLife specialise in this type of cover, so it’s worth shopping around to figure out your best options.

Something else that I’d say is important to consider is if over 50s life insurance is even the best choice for you. Believe it or not, being over 50 doesn’t mean you’re limited to only these policies and with the right advice you might be able to find traditional cover that’s going to offer you a lot more in terms of cover amount and extra benefits.

QUICK SUMMARY – Post Office Over 50s life insurance review – is it worth it?

Post Office over 50s life insurance is popular option for over 50s life insurance in the UK. You can be covered for up to £10,000 which pays out if you died to help your loved ones cover importance expenses like funeral bills.

  • Post Office over 50s cover is a type of guaranteed life insurance, so it will cover you even if you have medical issues which have caused problems with applying for insurance in the past.
  • There are some downsides to over 50s cover that it’s important to think about before making any decisions. The amount of cover is more limited and as it is a ‘whole life’ policy, you might end up paying in more over time than you would get out.
  • In some cases, you may still be able to get a traditional life insurance policy for a fair price which would offer a lot more coverage. It’s worth thinking about your own situation, how much cover you need and what would work best for you before making any decisions.
  • It’s always best to shop around and compare prices from multiple insurers to make sure you are getting the best deal. It can be helpful to speak to an over 50s life insurance specialist for advice and guidance if you are unsure about your options.

Post Office Limited is a company in the UK that offers various services, including postal services and insurance. They provide insurance for things like cars, homes, travel, pets, and of course life insurance.

When it comes to whether Post Office insurance is good, it really depends on your personal needs and experiences. Everyone is different and what you need in insurance could be completely different to someone else. The main things I’d suggest considering would be :

  • If their policies include the amount of cover you need/want
  • How much it costs compared to other providers offering similar policies
  • Their customer reviews – looking at reviews can give you a sense of the company’s reputation and what other customers have experienced
  • What features are included in the policies and if there are any added perks that other providers don’t have e.g. discounts

It’s also worth thinking about if you need over 50s cover or if you would prefer a traditional life insurance policy. Post Office does also sell term life insurance, so they do have options available for this too.

Why should I choose Post Office not a different over 50s life insurance provider?

It’s difficult to say whether you should choose Post Office over another over 50s provider because they aren’t going to be the right choice for everybody. My best advice would be to look carefully at the details of their policies and compare them with other over 50s providers.

A few key reasons consumers often choose the Post Office for their insurance policies include:

  • Familiarity of brand name: Most of us know the Post Office and it can be comforting to choose a company you are familiar with
  • Convenience: If you have other policies with Post Office e.g. pet insurance, you might find it easier to have all your insurance in one place
  • Award winning insurer: Awards aren’t everything but it can be reassuring to see the provider you are interested in has industry recognition. Post Office has been awarded the Your Money Awards Best Over 50s Life Cover Provider for the last 15 years in a row.

If you’d rather not choose Post Office for your cover, there’s luckily a range of other options available. Some of the main over 50s life insurance providers in the UK are:

To be honest over 50s cover might not be worth it for everyone and there’s some things you need to be aware of before you apply.

You won’t be able to get covered for anywhere near as much as with a traditional life insurance policy. You’re normally capped at an amount such as £10,000 at most, so if you want a big pay out for your loved ones over 50s cover isn’t going to be your best option.

It also tends to work better for those who are older, mainly because of the lower cover amount. If you’re in your mid 50s when you apply and have £10,000 cover, you may find by the time your policy pays out that you’ve paid far more into it than the policy is worth.

What are the pros and cons of Post Office over 50s life insurance?

ProsCons
Financial protection with a cash pay out to your loved ones when you dieYou might end up paying in more over time than the policy will pay out
Can be used to cover important costs like funeral expensesInflation might cause the cost of things like funerals to rise, so your original cover amount may not be high enough
It’s a type of ‘guaranteed’ life insurance, so any issues with your health shouldn’t stop you getting coveredMost policies include a waiting period (1 or 2 years) where the policy won’t pay out the full amount
You won’t need a medical exam for most policies (appealing if you’ve struggled getting life insurance before for health reasons)Depending on your own situation, something else like a savings account might work better to leave money for your loved ones

A main question many people have (especially with the current cost of living crisis) is how they can save money on things like insurance policies. Post Office state on their website that they work out the price of over 50s policies based on:

  • Your age when you apply (standard with all types of life cover)
  • Smoker status (smokers will often pay slightly more)
  • Whether you choose to have single or joint cover
  • If you want increasing cover (be aware that if you choose increasing cover your policy premiums will also go up each year)

Here’s some of our MPO top tips for saving money on your life insurance policy:

  1. Shop around: Compare quotes from a few over 50s life insurance providers to see which ones work best for your budget. This can also help you work out if Post Office policies are offering good value for money.
  2. Get less cover: It seems simple but if you get less cover you won’t pay as much for your policy.
  3. Get some advice: The easiest way to figure out how to save on your life insurance policy is to ask a life insurance expert for some advice. They will help you quickly compare quotes and policies to decide which ones are your best options.

Not everyone’s an insurance expert and honestly it can be tricky to tell the difference between different types of life insurance and how they work.

Over 50s life cover works slightly differently to a traditional term life insurance policy, no matter what insurer you choose. With a term life insurance policy, you’re covered for a set number of years, but over 50s cover is what’s known as whole life insurance. As the name might suggest, it means once you bought your policy you’re covered for the entire rest of your life – as long as you keep paying for your cover*.

It’s also a type of guaranteed life insurance which means you’re asked little to no medical questions and having a medical condition (like diabetes for example) shouldn’t stop you getting the life cover you need. Post Office will provide cover of up to £10,000, thought how much cover you can get will depend on how old you are when you apply. For example:

  • You apply and you’re between age 50 to age 69 = You can get covered for up to £10,000 maximum
  • You apply and you’re between age 70 to age 74 = You can get covered for up to £9,000 maximum
  • You apply and you’re between age 75 to age 80 = You can get covered for up to £6,000 maximum

The main rule for Post Office over 50s life cover is that you must be UK resident between age 50 to 80 to apply, though you can be covered past age 80 if your policy is already in place.

What types of insurance cover do Post Office sell?

As well as over 50s life insurance, Post Office (or more specifically Post Office Money) sell a few other types of insurance policy too. This includes policies like:”

Type of policyPost Office Over 50s Life Insurance
Policy optionsPost Office Over 50s Life Cover (single cover)
Post Office Over 50s Life Cover (joint cover)
What are the options for premiums?Most policies will have a fixed premium, so the price you pay each month will never change.  
If you choose increasing cover for your policy, the cost of your monthly payments will increase each year (an increase of 4.5%).
Can I get increasing cover with Post Office over 50s life insurance?Yes, there is an option for your cover to increase each year (this will cost extra).  
You can have your cover amount increase by 3% of the original amount every year and can even skip the increase when asked.  
You can only skip for 3 years in a row before increasing cover is removed from your policy.
How long will I be covered for?Over 50s life insurance is a whole life insurance policy. You will be covered until you either pass away or cancel your cover.
Can anyone apply?You can apply for Post Office over 50s cover if you are a UK resident between the age of 50 – 80 years old.
How much can I be covered for?You can choose the cover amount up to a maximum of £10,000.  
If you are age 70 – 74, you will only be able to buy up to £9,000 of cover.  
If you are age 75 – 80, you will only be able to buy up to £6,000 of cover.
Is there any reason where I can’t claim?You won’t be able to claim your full cover amount within the first 12 months of your policy.  
AIG Life (who help provide the policies) will pay out 150% of the premiums you have paid if you die within the first year (non accidental death).  
You are covered for accidental death as soon as you buy your policy.
Are there any extra benefits for Post Office policies?Yes, but some of them you will have to pay extra for.  

Accidental death benefit – FREE
FREE £100 gift card for Tesco, M&S or Amazon for new customers*
Funeral benefit – extra cost (pays £250 to Co-op Funeralcare toward the cost of your funeral)
How do I pay for my cover?You will pay monthly to keep your policy active. You only need to pay up until your 95th birthday and your cover will continue for free after that.

Can I buy Post Office over 50s life insurance with medical conditions?

Yes, medical conditions shouldn’t cause you any issues with buying over 50s life insurance from Post Office. In fact, one of the main selling points of over 50s cover is that it’s a type of guaranteed life insurance.

How do I contact Post Office Limited if I need to?

Let’s be honest, it can be an annoying and frustrating process to try and get hold of your insurance company. Something that is definitely worth checking before buying a policy is how easy it is to contact your insurer if there’s any problems or questions.

I’ll admit it’s a little more complicated with the Post Office than with some insurers. This is because you may need to speak to different people depending on why you’re calling and even how you bought your policy (in branch or online/over the phone).

Post Office’s website isn’t the most difficult one I’ve seen for finding the information you need, but I figured I’d make it simpler for you by listing the main contact details here.

Policies bought before 31/01/2017Call Aviva Life & Pensions:
Tel. 0800 158 3065
Opening hours – 8.00am – 8.00pm Monday to Friday, 9.00am – 6.00pm Saturdays and 10.00am – 4.00pm Sundays
Policies bought between 31/01/2017 and 31/01/2022Call Royal London:
Tel. 0345 266 1483
Opening hours – 8.00am – 7.00pm Monday to Friday, 9.00am – 5.00pm Saturdays
Policies bought after 31/01/2022Call Neilson Financial Services:
Tel. 0800 068 8014
Opening hours – 9.00am – 8.00pm Monday to Friday, 9.00am – 5pm Saturdays
Post Office Health & Wellbeing Service (partnered with MediPartner) – (policies bought after 01/02/2022)Tel. 01244 625 180
Opening hours – 9.00am – 5.00pm Monday to Friday
Bereavement Support –  Post Office Money Here to Help Line (policies bought after January 2017)Tel. 01244 625 180
Opening hours – 9.00am-5.00pm Monday to Friday
Funeral benefit option (bought before 22/02/2021)Call Dignity: Tel. 0800 022 3229
Funeral benefit option (bought after 22/02/2021)Call Co-op Funeralcare: Tel. 0800 289 120

Is it easy to claim on Post Office over 50s life insurance?

Something else that it’s important to check when you buy a policy like life insurance is how the claims process works. It’s never going to be nice to claim on a life insurance policy and it can be reassuring to know the process isn’t going to be needlessly complicated for your family.

To be fair, the process does not seem overly difficult (especially compared with some other providers). All your family will need to do is contact Post office via phone, email or post to start the claim.

The main things Post Office will need to see/know before approving the claim are:

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

If you ever find that your Post Office life insurance policy isn’t quite what you expected, don’t worry – you have the option to cancel it. Just get in touch with the Post Office directly to inform them that you’d like to discontinue your cover.

And here’s the good news: if you decide to cancel within the first 30 days after you’ve received your policy documents (that’s the “cooling off period”), you’ll receive a full refund of any payments you’ve made so far.

It’s important to note that this plan doesn’t build any cash value over time, and you can’t ‘cash in’. If you choose to stop making payments for your policy, you won’t receive any money in return.

Post Office insurance cancellation contact details

Tel. 0800 068 8014

Email – service@postoffice.co.uk

Opening hours: 9.00am – 7.00pm Monday to Friday

Post:

Customer Services,

Post Office,

PO Box 6063,

Windsor,

How do I complain about Post Office over 50s life insurance?

It’s not fun to complain and no one wants to buy a policy like life insurance just to end up complaining about it. You are always able to complain though and if you’re not happy with your policy you have the right to say so.

Post Office has a set process in place to try and address any issues their customers have and resolve complaints quickly. One thing that normally works in the favour of consumers is that insurers don’t want to end up with bad reputations, so they’ll generally try to resolve complaints quickly.

There’s a simple contact form on their website that you can fill out and a member of their complaints team should get back in touch: Post Office – Contact Post Office complaints

Your other option is to use the below contact details to submit your complaint.

For complaints about policies bought in a Post Office branch

Tel. 0330 123 3954

Email – POMSComplaintreferrals@postoffice.co.uk

Opening hours – 8.00am – 7.00pm Monday to Friday, 9.00am – 5.00pm Saturday

Post:

Post Office Life Insurance Complaints,

100 Wood Street,

London,

EC2V 7ER

For complaints about policies bought online or over the phone (and general complaints)

Tel. 0800 068 8014

Email – complaints@postoffice.co.uk

Opening hours – 9.00am – 7.00pm Monday to Friday

Post:

Customer Services,

Post Office,

PO Box 6063,

Windsor,

SL4 9GL

I’d suggest trying to resolve any issues with Post Office directly first before you do anything else. There are options and support available for you, if you are unhappy with how Post Office has dealt with your complaint.

Your best choice then would be to speak to the Financial Ombudsman service, which is designed to help in this sort of situation. They are an impartial service that will help you with your issues and can even award compensation if they think it’s necessary.

Financial Ombudsman Service (FOS) contact details

Tel. 0800 023 4567 (or 0300 123 9123)

Tel. 0207 964 0500 (overseas)

Should I read Post Office over 50s life insurance reviews?

I’d always say it’s a good idea to have a look at some customer reviews before buying a new insurance policy, especially if you’ve never had a policy with the insurer before. post office has a generally good reputation but that doesn’t mean they’re going to be great at everything.

my first suggestion would be to check independent customer review sites like TrustPilot to see what’s being said on there by current post office insurance customers. I will admit that it doesn’t look great for Post Office on Trustpilot, as their review score is only 1.6 out of 5.0 stars.

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

How do I buy life insurance from the Post Office?

You can buy Post office Over 50s life insurance by going into a post office branch and speaking to somebody there or you can call them or apply online. You can choose whichever option is most convenient for you.

Before you buy your policy, I’d definitely suggest having a look around and seeing what all the policies are available with different insurance providers. Even if you do end up going with Post Office, this can give you some peace of mind that you’ve looked at all your options and made the right choice.

Many UK consumers find it helpful to use comparison sites or to get some advice from a life insurance specialist. An experienced life insurance advisor will know which products are available for over 50s, what features are available and which ones will be within your price range.

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