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
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 as little as £6 per month, which even families on a very tight budget may be able to afford. We’re concerned that two-thirds of people are over-estimating the costs of protection."
* Based on Legal & General Direct rates as at 15 August