Post Office launches life insurance

Wednesday, 24 October 2007 12:00

The Post Office is to start providing new life insurance.

Two new products will be put on the market: level term and decreasing term.

Post Office Life Insurance's level term insurance product pays out a fixed lump sum to the deceased's dependents in the event of their death, while the decreasing term is aimed at those with a repayment mortgage as the sum assured decreases in line with the outstanding mortgage.

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. Also, with the £100 bonus offer available when taking out a policy, along with competitively priced premiums, this gives people a great deal."

Both level term and decreasing term offer up to £500,000 worth of life cover from as little as £5 a month and the Post Office is also offering a £100 cashback offer, available after the first year.

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