The Exeter Life Insurance

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The Exeter Life Cover: A Comprehensive Review of Exeter Insurance (2023)

Life insurance is a crucial financial tool that provides peace of mind, ensuring that your loved ones are financially protected in the event of your untimely death. However, obtaining life insurance can be challenging, especially for individuals with pre-existing medical conditions. This is where The Exeter comes in. The Exeter is a renowned insurance company that specializes in providing life insurance cover for those who may have been declined by other insurers. In this comprehensive review, we will delve into The Exeter's life insurance products and explore how they can help secure your family's future.

About The Exeter

The Exeter, established in 1927, is a leading friendly society based in Exeter, Devon. With over 90,000 members and a team of dedicated professionals, The Exeter has built a reputation for offering high-quality insurance products, including income protection, cash plans, private medical insurance, and life insurance. The Exeter prides itself on its commitment to providing affordable and accessible insurance solutions, particularly for individuals with pre-existing medical conditions.

The Exeter Life Insurance Products

The Exeter offers two main life insurance products: Real Life Insurance and Managed Life Insurance. These policies have been specifically designed to cater to individuals with pre-existing medical conditions, ensuring that they can obtain the life cover they need. Let's take a closer look at each of these products.

Real Life Insurance

Real Life Insurance is a specialist life cover that provides financial protection for individuals living with serious or multiple health conditions. This policy is ideal for those who have struggled to secure affordable cover or have been declined by other insurers due to their medical history. Real Life Insurance offers both level term and decreasing term options, allowing policyholders to choose the most suitable coverage for their needs.

Key Features of Real Life Insurance:

  • Available to residents in the UK aged 18-80.
  • Policy duration can range from 5 to 50 years, with a maximum policyholder age of 90.
  • Sum assured (lump-sum payout) can range from £20,000 to £3,000,000.
  • Terminal illness cover is included as standard, paying out if the policyholder is diagnosed with a terminal illness with a life expectancy of less than 12 months.
  • Flexibility to change the sum assured throughout the policy term to accommodate changing financial needs.
  • Additional accidental death benefit provided free of charge.
  • Premiums start from £15 per month, with the cost depending on factors such as age, medical history, and sum assured.

Real Life Insurance offers the peace of mind that comes with knowing your loved ones will be financially protected, even if you have pre-existing medical conditions.

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Managed Life Insurance

Managed Life Insurance is specifically tailored for individuals with type 2 diabetes or weight issues. This policy offers the opportunity for policyholders to potentially reduce future premiums by actively managing their condition through lifestyle improvements. Policyholders with type 2 diabetes can benefit from reduced premiums by maintaining a target glycated hemoglobin reading, while those with weight issues can see a decrease in premiums by maintaining a target BMI reading.

Key Features of Managed Life Insurance:

  • Available to residents in the UK aged 18-69.
  • Policy duration can range from 5 to 50 years, with a policy end age between 50 and 70.
  • Sum assured ranges from £20,000 to £3,000,000, with the option to adjust throughout the policy term.
  • Premiums start from £15 per month, with the cost varying based on factors such as age, medical history, and condition management.
  • Flexibility to increase or decrease the sum assured to align with changing financial needs.
  • Fixed benefit and minimum benefit guarantee options available, allowing policyholders to fix a percentage or a specific amount of the initial benefit.

Managed Life Insurance empowers individuals with type 2 diabetes or weight issues to take control of their health and potentially reduce their life insurance premiums through active condition management.

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The Exeter Life Insurance Application Process

Applying for life insurance with The Exeter is a straightforward process designed to provide applicants with a seamless experience. To obtain a quote and start the application process, you can visit The Exeter's website or reach out to their customer service team. The Exeter will require some key information to provide an accurate quote, including:

  • Details of any pre-existing health conditions and their severity.
  • Age, weight, and height.
  • Smoking status.
  • Occupation and income details.
  • Desired level of cover and policy duration.

By providing these details, The Exeter can assess your individual circumstances and provide a tailored quote that reflects your needs and medical history.

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Accessible and Transparent Process

The Exeter prides itself on its customer-centric approach, placing a strong emphasis on accessibility and transparency. Their application process is straightforward and efficient, designed to minimize hassle and provide a hassle-free experience. The Exeter's commitment to transparency means that you can trust them to provide clear and concise information about your coverage, premiums, and policy terms.

Benefits and Limitations of The Exeter Life Insurance

Benefits

  1. Specialization in Impaired Risk: The Exeter's expertise lies in providing life insurance to individuals with pre-existing medical conditions, ensuring that those who may have been declined by other insurers can still obtain the cover they need.
  2. Flexibility and Customization: Both Real Life Insurance and Managed Life Insurance offer flexibility in coverage duration, sum assured, and the ability to adjust the policy to changing financial needs.
  3. Terminal Illness Cover: The inclusion of terminal illness cover ensures that policyholders and their families have financial support in the event of a terminal diagnosis.
  4. Competitive Premiums: The Exeter strives to provide affordable premiums, considering individual circumstances and medical history, allowing individuals with pre-existing conditions to obtain life insurance without breaking the bank.

Limitations

  1. Limited Policy Options: The Exeter primarily focuses on providing life insurance solutions for individuals with pre-existing medical conditions. If you have no health issues, you might find more suitable and cost-effective options elsewhere.
  2. Underwriting Process: Due to the specialized nature of The Exeter's life insurance products, the underwriting process may involve a thorough assessment of your medical history and condition management. This could result in a longer application process compared to standard life insurance policies.
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Financial Strength and Security

As a well-established insurance provider, The Exeter offers financial strength and security. They are regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), ensuring compliance with industry standards and regulations. Additionally, The Exeter benefits from the Financial Services Compensation Scheme (FSCS), providing further protection for your policy.

Summary

The Exeter is a leading insurance provider that specializes in offering life insurance cover to individuals with pre-existing medical conditions. With their Real Life Insurance and Managed Life Insurance products, The Exeter aims to provide financial peace of mind and security for those who may have been declined by other insurers. By tailoring their policies to the specific needs of individuals with health conditions, The Exeter offers a lifeline to those who require life cover the most. If you have pre-existing medical conditions and are looking for comprehensive and affordable life insurance, The Exeter could be the solution you've been searching for.

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