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Cignpost life insurance review 2022

Cignpost began comparatively recently as a life insurer dedicated to making coverage simple and intelligent. The provider offers straightforward life insurance plans that can easily be obtained online, with a questionnaire that could get clients covered in a matter of minutes.

This review will go over the features and quality of Cignpost as a life insurer.

Types of Life Insurance

Cignpost is a relatively new entity in the UK life insurance market compared to other providers. They scope their offerings to two main types of coverage that work around the needs and expectations of clients.

The two offered life insurance policies are term life insurance and critical illness cover, which we go into more detail below.

Term Life Insurance

Cignpost offers multiple types of term life insurance policies that pay out a lump sum to a beneficiary should they pass away during an agreed term. The plans available include level term, increasing, and decreasing terms outlined below.

Level Term

Cignpost’s level term plans feature the same amount of coverage no matter where you are in the plan. That means if you were to pass early or late in the term suddenly, the amount your beneficiary would receive would not change.

The plan’s design meets the needs of prospective policyholders who want to guarantee financial protection for their families if something happens to them during the agreed term.

Increasing Term

The increasing term plan increases the payout over time the policy runs. Cignpost’s approach sees the payout increase by 3% yearly on a term, though premiums will also increase by 3.75%.

This policy meets the concerns of inflation throughout the contract.

Decreasing Term

The decreasing term policy pegs its payout against your mortgage, which is an ideal option for those only concerned about paying off their house should they pass unexpectedly. The amount paid to beneficiaries decreases over time as your debt goes down.

Any UK resident can apply for term life insurance at Cignpost up to 54, where you can add critical illness cover for an additional premium.

Critical Illness Cover

Cignpost’s critical illness cover is a solution to those concerned about what happens to loved ones financially should a serious condition render the policyholder unable to support them. The plans payout should the insured contract an ailment listed on the policy, including:

  • Dementia
  • Blindness
  • Cancer
  • Heart Attack
  • Stroke
  • Third Degree Burns
  • Brain Injuries

Any UK resident up to 49 can apply, but a plan is only an add-on option if the client purchases term life insurance.

So with the plans outlined, let’s get the essential information about Cignpost into scope.

Overview of Cignpost Life Insurance Key Policy Details

Get the necessary details of Cignpost’s life insurance policies below.

Cignpost will pay out on your policy if: The policyholder dies or gets critically ill during the contracted term.
Options: Term Life Insurance (level, increasing, decreasing)
Policy Coverage: Single/Joint Coverage
Terminal Illness Cover: No
Critical Illness Cover: Yes (as an add-on to life insurance)
Minimum Entry Age: 18
Maximum Entry Age 54
Guaranteed Insurability: No

Cignpost aims to be a more direct insurer, offering coverage within minutes of applying online. Subsequently, their range of policies is limited compared to other providers, but that doesn’t necessarily mean they lack quality.

Let’s look at the peer reviews of Cignpost life insurance to gauge public opinion.

Cignpost Life Insurance

Following the notion that Cignpost is a relatively new insurer, there aren’t many widely available public reviews of the products. However, there is enough to understand the provider’s core opinions and outstanding features.

Generally, Cignpost gets seen positively, offering a limited selection of stable insurance products with decent customer service to follow. See some of the top points about Cignpost below:

  • Honest and transparent customer service
  • The straightforward application process for life insurance results in minutes
  • Flexible with plans to the needs of customers

So what do both customers and industry professionals have to say about the insurer?

Key Points

Some of the critical points to take note of Cignpost’s products are:

  • Accommodating those with extraordinary needs
  • The online focus that streamlines the process of getting insured
  • Accessible management portal to understand the ins and outs of your selected policy

Now let’s move on to Cignpost’s ratings.

Ratings

As mentioned earlier, there aren’t numerous reviews available for Cignpost, leaving only a few opinions to gauge metrics for the insurer. However, the outlook of what’s available is generally positive, highlighted on trust platforms Feefo and Defaqto.

Feefo

Customers who reviewed the term life insurance policy on Feefo gave the product a 5 out of 5. They praised the ease of getting covered, the support in follow-up, and the general customer service that seemed to care about their needs.

Defaqto

The peer-reviewed platform Defaqto gives Cignpost term life insurance a 3 out of 5, likely analysing the limited options and elementary, broad features of the offerings. However, it’s a quality that sits on par with most other popular life insurers in the UK – a respectable achievement for a smaller provider.

Is Cignpost Life Insurance Right for You?

If Cignpost is an insurer that interests you, contact a broker to discover whether the intricacies behind the plans suit your needs.