The Exeter life insurance review

What is The Exeter?

The Exeter is an insurance company offering private health insurance, life insurance and income protection.

It’s a friendly society, meaning it has no shareholders to pay. Instead, all of its profits are invested in the things that really matter to its members.

What types of life insurance does The Exeter offer?

The Exeter offers two types of life insurance policy, Managed Life Insurance and Real Life Insurance, which are both aimed at customers with pre-existing medical conditions.

Managed Life Insurance

This policy is aimed at customers who have Type 2 diabetes or are overweight. The Exeter promises to review your premium based on improvements in your health. If your health improves, so will your premium. However, the insurer reserves the right to increase your premium if your health deteriorates.

Real Life Insurance

The purpose of this policy is to provide reasonably-priced life insurance cover to customers with multiple or serious health conditions.

What’s included with The Exeter’s life insurance?

The Exeter’s life insurance products are available to anyone aged between 18 and 69 who has been a UK resident for the last three years.

Here are some of the highlights of these products:

• Lump-sum payment. You’ll receive a single lump sum of money while you’re insured if you die or you’re diagnosed with a terminal illness and are not expected to live longer than 12 months.
• Benefit between £20,000 and £3 million. This depends on your individual needs.
• Decreasing cover is available. With level cover, your benefit remains the same throughout your policy. With decreasing cover, it will reduce at the same rate as outstanding debt on a repayment mortgage with an 8% interest rate.
• Choose your cover length. It can last between 5 and 50 years, but must end before your 90th birthday.
• Accidental death benefit. This benefit of up to £250,000 is available to those aged under 55 while the insurer considers your application. It ends either once your policy starts or after your application is rejected.
• Access to Healthwise mobile app. This app provides medical advice, mental health support and allows you to quickly book GP appointments.

Exclusions

A life insurance policy from The Exeter will not pay out in the following scenarios:

• You’re found to have not answered all questions truthfully and accurately during the application process or when a claim is submitted.
• You die or are diagnosed with a terminal illness within the first 12 months of the contract as a result of a suicide or intentional
  self-inflicted injury.
• Your policy is no longer active or ends because of unpaid premiums.

These are notable examples. There may be other scenarios where a claim is not accepted.

What types of income protection products does The Exeter offer?

The Exeter offers two types of income protection products: Income One Plus and Pure Protection Plus.

Income One Plus

This product is designed specifically for office-based professionals and clerical workers.

Pure Protection Plus

This product is designed for skilled tradesmen, manual workers or those in other more dangerous jobs.

What’s included with The Exeter’s income protection?

The Exeter’s income protection products are available to anyone aged between 18 and 59 who has been a UK resident registered with a GP for the last three years.

You must be working at least 15 hours per week, either employed or self-employed, to apply.

With these products, you can choose between the following three premium styles:

• Level guaranteed premiums. These remain the same throughout the policy (not available with Pure Protection Plus).
• Age-costed guarantee premiums. These increase with your age, but at a rate that does not change.
• Age-costed reviewable premiums. These increase with your age at a rate that is reviewed every three years.

You can also choose the length of time which your policy will pay out for, following a claim: two years, five years or for the remainder of your policy. Your choice will have a significant effect on the size of your premiums.

Here are some other highlights of The Exeter’s income protection products:

• You’ll receive a payout if illness or injury prevents you doing your job. Not any job.
• Payouts between £500 and £10,000 a month. You can claim up to 60% of your taxable income up to £100,000 per annum, and 40% thereafter.
• Choose the length of your policy. However, your policy must last at least 5 years and end while you’re aged between 50-70.
• Fixable benefits. You can fix up to 75% of your initial benefit by providing financial evidence, or up to £1,000 per month by providing simplified financial evidence at the point of claim.
• Payouts continue if you go back to work on less pay. In this case, your payouts will continue for a maximum of 24 months in proportion to your reduced salary.
• Access to Healthwise mobile app. This app provides medical advice, mental health support and allows you to quickly book GP appointments.

Exclusions

You’re likely to be advised of exclusions which relate to your past or existing illnesses or conditions.

How do I make a claim on my policy?

To make a claim on your life insurance or income protection policy, call the insurer’s claims hotline on 0300 123 3200.

How do I contact The Exeter?

For general enquiries, you can call 0300 123 3201, or send an email to member@the-exeter.com.

Alternatively, you can write a letter to The Exeter, Lakeside House, Emperor Way, Exeter EX1 3FD.

Pros and cons

Verdict

Affordable life insurance or income protection for people with pre-existing medical conditions is hard to come by. The Exeter is one of the top companies offering a solution to people in this situation.

Frequently asked questions about The Exeter life insurance

• How much does The Exeter life insurance cost?

  This depends on your personal circumstances and the level of cover selected. However, The Exeter says that life insurance cover starts from £15 a month.

• I don't have a pre-existing medical condition. Can I apply?

  Yes, although it’s often the case that you’ll find it cheaper to buy non-specialist life insurance, rather than a policy aimed specifically at those with pre-existing medical conditions.

• How do I cancel my life insurance policy with The Exeter?

  You can cancel your policy at any time by getting in touch with the insurer via the contact details listed above.

  If you cancel within 30 days of starting the policy, you’ll receive a full refund, provided you haven’t made any claims during this time.