Polly Life Insurance Review 2023

Polly is a website that helps consumers find quotes for life insurance by introducing them to FCA authorized companies.

Compare Life Insurance Quotes

Fill in the form below for a FREE, no obligation quote NOW!

Polly is a website that helps consumers find quotes for life insurance by introducing them to FCA authorized companies. Instead of providing life insurance products themselves, they collect your information via an online quote form and pass it on to a vetted and authorized third party. It is the responsibility of the third party to provide advice, make recommendations, and complete the necessary forms to get the insurance in place.

Polly is a registered trading name of Candid Insurance Services Ltd, a company that is registered in England and Wales and is authorized and regulated by the Financial Conduct Authority. They are also entered on the Financial Services Register under number 603273. They are based in Bristol, United Kingdom.

Polly launched in 2015, as a means of getting more mums to buy life insurance. A survey recently conducted saw that as little as 12% of mums purchase this type of insurance cover, even though less than every half hour, a child loses a parent they are financially dependent upon.

Polly’s mission was to ensure that as many children and families are able to purchase the right protection for them so that if the worst should happen, a certain degree of financial relief was available in such a difficult time.

What do they do?

  • Icon For CPU#1

    Life insurance calculator

    Estimate the size of life insurance cover you might need based existing and future obligations.
  • Your total life cover estimate
    Let us help you find your best quotes

Polly finds the right protection, for free, for the mums of the UK looking for the best life insurance policy for them. The service is completely free and it only takes a few minutes to go from taking your details to providing you with a series of quotes. Over 50,000 mums have purchased their insurance through Polly, and it could not be simpler to do so.

How do they do this?

It only takes three steps:

  1. Fill in a form online on the Polly website with a few simple details
  2. The form goes to your Polly life insurance specialist who looks for the best deal for you
  3. Sit back and relax as Polly sorts out the rest, calling you back with the offers they can recommend

Polly Life Insurance Types

We compare plans from the leading life insurance providers

Level Term Cover

Level Term Cover is a type of life insurance that offers a fixed payout that remains constant throughout the duration of the policy. This means that the payout amount is guaranteed to be the same amount as when the policy was purchased, regardless of how long the policy is in force. This is in contrast to other types of insurance, such as decreasing term cover, where the payout amount decreases over time.

For example, if a £20,000 lump-sum is purchased at the beginning of a 25-year policy period, the policyholder will still receive that £20,000 at the end of those 25 years. This fixed payout can provide peace of mind and security for policyholders, knowing that their loved ones will receive the same amount of money, regardless of when the policy is in force. It’s a great way to protect your loved ones financially in case something happens to you.

Level term cover is a popular choice among policyholders who have mortgages, children, or other financial obligations that they want to protect. It is also popular among those who want to ensure that their loved ones will have the funds to pay for final expenses, such as funeral costs.

In addition, Level Term Cover can also be a cost-effective option, as the premium remains fixed throughout the duration of the policy, making it easier to budget for the long-term.

Decreasing Term Cover

Decreasing Term Cover is a type of life insurance policy that offers a payout that decreases over the course of the policy period. This option is typically chosen by policyholders who are looking for a more competitive premium option. It is commonly used to cover mortgages, as the mortgage balance will also decrease over time. This is because the purpose of the coverage is to pay off the remaining mortgage balance in case of the policyholder’s death.

For example, if a policyholder purchases a £20,000 payout at the beginning of the policy, the payout will decrease over time, and by the end of the policy period, the payout will be zero. The policyholder should consider the amount of coverage they need based on their mortgage balance and the length of the policy. It’s important to note that the decrease in the payout should be in line with the decrease in the mortgage balance.

It’s worth mentioning that Decreasing Term Cover is not suitable for everyone and it’s important to consider whether it aligns with your goals and needs. Policyholders should seek professional advice to ensure that the coverage they are getting is the right fit for them. They should also consider the length of the policy and the rate of decrease in the payout, as well as the premium rate and the exclusions and limitations of the policy.

Increasing Cover

Increasing Cover is a type of life insurance policy that offers the added benefit of increasing coverage over time. This feature ensures that the value of your payout will keep up with inflation, which is important to consider as the cost of living increases over time. This means that the coverage you have today will increase each year to match the increased cost of living, ensuring that you and your loved ones will have the necessary coverage when you need it most.

This type of policy is particularly beneficial for those who are concerned about inflation and want to make sure that the value of their payout will not depreciate over time. It’s also suitable for those who may have a change in their financial situation in the future and need more coverage. Additionally, the premium will increase along with the coverage, which means you will continue to pay the same premium rate relative to the increased coverage.

Additional Cover Options

Additional Cover Options are available to enhance the protection provided by a traditional life insurance policy. Two popular options include:

Critical Illness Cover: This type of coverage pays out a lump sum upon the diagnosis of a critical illness, such as cancer, heart attack, or stroke. It is an additional option that can be added to a life insurance policy for an additional premium. This type of coverage can provide financial relief for costs that may arise after the policyholder’s passing. It’s important to note that critical illness cover is different from life insurance as it pays out on the diagnosis of a critical illness and not just upon death or diagnosis of a terminal illness.

Waiver of Premium Cover: This benefit pays the policyholder’s premium if they become too ill or incapacitated due to sickness or injury to carry out their normal occupation. This option is also available for an additional premium and can provide financial relief for policyholders who are unable to work due to an illness or injury. This can help ensure that the policyholder is able to continue to have coverage and that their loved ones are protected.

By adding these additional cover options, policyholders can have added peace of mind knowing that they and their loved ones are protected in case of unexpected events or illnesses. It’s important to note that the availability and cost of these options may vary depending on the provider and the policyholder’s age and health condition.

Life Insurance Features

  • Pays out a lump sum on death or on diagnosis of terminal illness (subject to provider’s policy wording and conditions)
  • Can choose between single or joint policyholders
  • Usually minimum and maximum ages apply, both upon applicant and for claims being made

Additional Benefits

There are a few benefits one might expect to see in relation to their life insurance policies:

  • Second medical opinion at no extra cost: the best doctors will conduct an in-depth review of your diagnosis and medical case. It will then provide expert advice and recommendations for medical treatment
  • Free will writing services
  • Additional contribution from insurance provider towards funeral costs (usually £300)
  • Ability to place policy payout in trust, so that your beneficiaries, upon collection of life insurance, do not have to subject this benefit to inheritance tax

Why Might a Payout not be Paid?

  • Failure to provide accurate policyholder details given at time of application
  • Self inflicted injury or suicide within 12 months of the policy start date
  • If you have chosen to add on Critical Illness Cover, a diagnosis for valid payout must be for one of defined illnesses as listed on the policy document
  • Failure to maintain policy premium payments

Policy Positives

  • Flexible coverage options, with different Term Covers (Level or Decreasing) to suit your needs.
  • Large coverage amounts that are appropriate for the level of financial security necessary for you and your loved ones
  • High rate of payout. Average rate of payout for life insurance claims is >95%
  • Being able to choose between a single or joint coverage can be a cost-effective way of protecting both yourself and your partner.
  • Fixed life insurance monthly costs which will help you to budget effectively for the long term
  • Discounts for existing customers of other product lines
  • Fully regulated by the Financial Conduct Authority. This means that in case of company insolvency, any outstanding claims or payments that the company is unable to pay will be fully covered by the Financial Conduct Authority Compensation Scheme, and customers will not be left out of pocket

Policy Negatives

  • Term limits. Maximum terms that come before the policyholder’s passing means you might not ever benefit from this insurance policy. Some insurers offer whole of life coverage, and indeed allow for a certain anniversary date (such as turning 90 years old) to be the last premium payment date, after which cover continues for free.
  • Fixed premium cover means that the value of your policy payout will reduce over time with inflation. This could result in the value of your payout being less than the value of your premiums paid in.
  • Policies with no cash-in value: if you cancel your policy you will get nothing back. Some life policies offer a 50% cash-in value upon reaching a certain age or amount of time passed on the policy.
  • Lengthy approval process: this could mean you (and your loved ones) are left unprotected needlessly when other providers are able to provide instant quotes.