We search all of the many different Life Insurance providers in the UK to compare and provide Life Insurance quotes for our customers. The Exeter have been providing protection policies since 1927. Making them one of the oldest mutual Life Insurance providers in the UK. Within the Exeter Life Insurance Guide, we take a look into who they are and some of the policies they offer. Will they be the best Life Insurer for you?
Who Are The Exeter?
The Exeter was established in 1927 and is still based in the city of Exeter, Devon. They initially traded very successfully under the name Exeter Family Friendly Society. In 2008, Exeter Family Friendly Society and Pioneer friendly society merged. The newly formed mutual was called Exeter Family Friendly becoming the trading name of the new merged organization.
2015 was a very important year for the mutual, not only had they acquired a portfolio of individual and corporate cash plan schemes from Engage Mutual Health. Which extending their range of products which had previously been limited to Private Medical Insurance and Income Protection. The society completed a re-branding to be simply known as The Exeter.
In 2017 the range of products was extended further when The Exeter entered the Term Life Assurance market. Which we will look into in further detail throughout this guide.
Different Policies from The Exeter:
Term Based Policies
Term Based Life Insurance protection is one of the most popular types of Life Insurance Cover that people buy in the UK. This policy type from The Exeter will pay a lump sum to your family and loved ones. If you pass away during the Insurance period (term). However, if you survive the term of the policy a claim payment will not be made.
A policy term with The Exeter Life Insurance can be selected from 5 years to a maximum of 50 years. They also have a term end date of the day before your 90th birthday. All Term Based Life Insurance policies from The Exeter are available to people aged from 18 to a maximum age of 80.
Level Term Life Insurance
A Level Term policy will pay a mutually agreed fixed amount of money to your family after you pass away as a lump sum payment. A claim payment will can be made if you pass away during the length of the policy. The amount you have initially chosen at the time of taking out cover (sum assured) will remain the same (or level) throughout the policy term.
Many people choose to buy a Level term Life Insurance policy to protect an interest only mortgage. Or any other large outstanding debt that will require payment. A Level Term Policy can also be help your family with the day to day living costs. Which will protect your family after you have passed away. Also you could choose a Level Term policy to cover the funeral costs or leave a legacy for your loved ones.
At Life Insurance Cover we can help you compare the best level term cover for you. Simply get a Life Insurance Quote today and let us compare The Exeter Life Insurance and many others for you.
Decreasing Term Protection
Another popular choice for protecting the future is a Decreasing Term Life Insurance policy. This policy type is used to protect a repayment type mortgage or large financial outgoing. It is a common choice of protection because a Decreasing Term policy provides a reducing amount of cover to mirror a repayment mortgage.
It is extremely important to remember that the amount you insure or sum assured will decrease over time. However, the monthly premium payment will remain the same for the duration of the policy. A Decreasing Term Life Insurance policy is one the most popular choices because it is cheaper policy choice. This is due to the level of risk to the insurer reduces over the length of the policy term.
Many first time home buyers choose a Decreasing Term Life Insurance policy because the premium costs are much cheaper than other Life Insurance policies. When arranging either a new mortgage or re-mortgaging a property you may choose a repayment mortgage. This could mean a Decreasing Term policy will be beneficial for you.
Life Insurance Cover can help you search and compare all of the Decreasing Term Insurance policies available. Helping you to protect the future for your family.
Managed Life Cover From The Exeter
Many people who are defined as overweight can still acquire affordable Life Insurance under standard terms by an insurer. However, if your BMI is over 45 then it is likely that an application for a policy will be declined by some providers.
A Managed Life policy from The Exeter has been specially designed for people with an increased BMI of up to 48. Another addition to this policy type is that it will offer Life Cover to people who also suffer with Type 2 Diabetes. Or have a combination of an increased BMI and Type 2 Diabetes. A Managed Life Insurance policy from the Exeter also has the choice of Level Term or Decreasing Term as detailed above.
With policy coverage starting from £20,000 up to £3,000,000 depending on the applicants individual circumstances and budget. The level of protection offered by The Exeter is quite extensive as a specialist insurer.
How Does A Managed Life Policy Work?
A Managed Life policy offers incentives for policyholders who are trying to lead a healthier lifestyle and reduce their weight. It is possible to reduce your monthly premiums by achieving a weight loss goal agreed by you and the insurer. If you have Type 2 Diabetes it is possible to reduce your premiums by reducing your blood sugar levels. This would be agreed between both the policyholder and the insurer.
At each annual anniversary of your policy, your health will be assessed to confirm that you have obtained either the agreed weight loss or reduced blood sugar levels. As long as you continue to try and maintain a healthy lifestyle The Exeter will continue to reduce your monthly premiums.
However, a key point to remember is that although premiums can reduce. They can also increase if you are unable to manage your conditions adequately. Monthly premiums can only reduce by 35% throughout the term of the policy.
Real Life Insurance From The Exeter
The Real Life policy has been designed by The Exeter for people who have struggled to obtain affordable Life Insurance protection. They also may have been previously declined in the past by another provider because of a health condition.
Medical conditions covered by Real Life include:
A Real Life policy provided by The Exeter will pay a lump sum to the policyholder’s family after they pass away or receive a diagnosis of a terminal illness. The level of cover provided by choosing this policy type is very similar to the managed Life option. However, you will be unable to reduce your monthly premiums.
As detailed earlier in this guide, a Real Life policy is available as either a Level or Decreasing Term policy. This policy type also has a minimum monthly premium of £15, with cover available for people aged from 18 years old to a maximum age of 80.
The monthly premium cost of a Real Life policy will be affected by your smoking status, medical history and lifestyle choices. Also The Exeter will request specific details relating to your medical conditions including initial diagnosis, current symptoms and any treatment received.
Over 50s Life Cover
Over 50s Life Insurance, or also known as an over 50s plan. Guarantees a payment to your family and loved ones when you pass away. The most common use for an over 50s Life Policy is to cover funeral costs. Or another popular choice is to clear any outstanding debt and potentially leave a legacy for the family.
Unfortunately The Exeter do not currently offer an over 50s Life cover policy. However, choosing a policy from The Exeter when you are in your 50s could be beneficial if you suffer from poor health. Alternatively as an FCA regulated broker, we search the entire life cover market in the UK for Life Insurance. We have many providers who will be able to offer Over 50s Life Insurance protection.
Whole of Life Insurance
A Whole of Life Insurance policy or also known as Whole of Life Assurance. Offers protection for the entirety of your life, rather than just a fixed period of time. The main benefit of a whole Of Life Insurance policy is that will make a guaranteed payment to your family after you pass away. This policy type is more expensive than a standard fixed term policy as the benefit payment made to your family is usually higher.
Currently The Exeter do not offer Whole of Life Insurance, because they are predominantly an impaired cover provider. Alternatively an FCA regulated broker, like Life Insurance Cover are able to search all of the UK insurers. To help you find and compare all the different providers who offer Whole of Life protection.
How Much Does Life Insurance Cost From The Exeter?
The monthly cost of getting your long term protection with The Exeter is calculated on many key factors including your age, health, smoking and your lifestyle. The largest factor for your monthly premium will be determined by your medical conditions and the amount of Life Cover that you need. Because The Exeter are a specialist insurer who provides protection polices for people with medical conditions, they only currently offer a few policy options. Although they only offer a few options it can still be a hard process to decide on the right level of cover that you need.
With specialist Life Insurance policies starting from £15 a month it is worth getting your protection in place. Before any further medical problems occur, which may increase the premium cost even more.
Get in touch with Life Insurance Cover today and we will can help you compare policies and save you time and money on your Life Insurance.
Making A Claim
When the time comes to make a claim against a Life Insurance policy provided by The Exeter, they do try to make things as easy as possible for your loved ones. It will be a very distressing time for your family and The Exeter will help them through the process. A key point to remember is to make your family aware of your Life Cover and the location of your policy documents. When they contact The Exeter it would be advisable to have all the relevant policy paperwork to hand. Because they will likely ask for name of the policyholder, policy number and confirm if the policy is in trust.
During the claim process, your family or loved ones will also need to provide a copy of the death certificate for the full claim process to be completed.
The Claims team at The Exeter can be contacted by:
Telephone: 0300 123 3201
Email: [email protected]
Online: Claim Notification form
By letter: The Exeter, Lakeside House, Emperor Way, Exeter, EX1 3FD
Terminal Illness Cover
Similar to all of the many other Life Insurance policies provided through Life Insurance Cover, all policies provided by The Exeter come with terminal illness cover as standard. Terminal illness cover allows you to make a claim against your policy prior to passing away, if you are diagnosed with a terminal illness and expected to pass away within 12 months. Once the claim payment has been received, you are then able to use the money as you wish, without any restrictions. You could choose to hire a carer or pay for private medical care.
The Exeter has partnered with Square Health to help them to create their member benefits service, HealthWise. Each policyholder can access their services by simply downloading the app free of charge.
The main benefit of using the Health-Wise service is its accessibility, you do not need to make a claim against the policy to use it and your family would be eligible for the following benefits:
- GP on-demand and prescription service
- Second medical opinion service
- Lifestyle coaching Nutritional advice
Compare Quotes From The Exeter
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