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?
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:
Fill in a form online on the Polly website with a few simple details
The form goes to your Polly life insurance specialist who looks for the best deal for you
Sit back and relax as Polly sorts out the rest, calling you back with the offers they can recommend
What types of life insurance are on offer?
We compare plans from the leading life insurance providers
Level Term Cover
You will have a fixed payout that has no reduction in value over the duration of the policy. So, if a £20,000 lump-sum is purchased at the beginning of a 25 year policy period you will still receive that £20,000 at the end of those 25 years.
Decreasing Term Cover
The policyholder’s potential payout will decrease over the course of the policy period. This provides for a more competitive premium option, and is usually taken when you are taking this policy out to cover a mortgage for example, that will also reduce to zero eventually. A £20,000 payout purchased at the beginning of the policy will come down to zero by the end.
As the name applies, your cover will increase over time, as will your premiums. This will be in line with inflation, and ensures the value of your payout retains its value over time.
Additional Cover Options
Critical Illness Cover: this pays out on the diagnosis of a critical illness (whereas life insurance pays upon death or diagnosis of a terminal illness). For an additional premium you can add this onto your life insurance so that you are covered for all those eventualities. In that way you know that should the worst happen, you and your loved ones will be covered so that they will some financial relief for the costs that exist after the policyholder’s passing.
Waiver of Premium Cover: if you are unable to work, this benefit pays your premium if you become too ill or incapacitated due to sickness or injury to carry out your normal occupation (available for an additional premium).
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
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
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
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.