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Promis life insurance review 2022

Promis Life is a British insurance distributor with a proven history of offering quality life insurance products focusing on affordability and ease of use. The company has a family approach to its services, with a workforce trained on creating an inviting environment. Here, we delve into Promis Life insurance products and help you decide whether it’s the right company for you.

Life insurance products offered by Promis Life

When taking out a life insurance policy, it’s essential that you choose the right solution for your circumstances. If you’re unsure which solution best suits you, contact Promis Life to discuss your options. The company’s primary insurance products are broken down into:

Life Insurance Promis

This solution is a standard Term life insurance policy. It provides cover for a predetermined period agreed on between you and the company. You can also choose the coverage amount, with a limit of up to £500,000.

If you opt for a Term life insurance policy, you can choose from two sub-categories – level and decreasing term.

  • Decreasing Term: With a decreasing term policy, your coverage drops over time, but so does the monthly premium you pay. People with a repayment mortgage mainly use this solution since it falls in line with your repayments.
  • Level Term: Unlike a decreasing term policy, level term insurance coverage does not drop. So, if you have £120,000 of cover at the start of your policy, it remains the same until the end. On the other hand, the monthly premium cost also stays the same throughout. This policy helps cover expenses that won’t change in value over a certain period, such as an interest-only mortgage or your family’s living expenses.

Over 50s Cover

As the name suggests, this solution provides cover to customers at least 50 years old. The best part is that there is guaranteed approval if you are between 50 and 79, with no medical questions asked. If you’re in poor health, Over 50s life insurance is one of the best ways to get accepted by an insurance company.

This solution includes the Claim Promis add-on, a service only offered by Promis Life. If you pass away, your family and loved ones can make a claim and receive the funds within 48 hours. Note that coverage is much lower than a standard life insurance policy and is limited to £20,000. Also, unlike a term life policy, Over 50s insurance is for the rest of your life.

Funeral Protection

With the average funeral cost in the UK totaling £4,184, it’s natural that you might want to protect your family from having to cover that cost. Promis Life’s Funeral Protection plan can provide up to £20,000 cover to pay for those expenses. It’s open to applicants between 30 and 79 years old and offers guaranteed acceptance.

Note that since premiums are paid until you are 90 years old, you could end up paying more than the total funeral costs.

Features and benefits of Promis Life insurance

There are various features and benefits to taking out a life insurance policy with Promis Life. Here we delve into the most important ones:

  • Maximum term life insurance coverage of £500,000.
  • Fixed premiums unless you change your policy.
  • Single and joint-life policies are available.
  • Cover can be arranged over the phone. No need for medical tests.
  • Suicide is not covered in the first 12 months.
  • Applications are open to UK residents, excluding the Isle of Man and the Channel Islands.
  • 30-day money-back guarantee if you change your mind.

Overview of Promis Life insurance key policy details

Cover Options Level and Decreasing Term. Over 50s. Funeral Cover.
Cover Period Between 5 to 40 years.
Critical Illness Cover Not available.
Maximum Applicant Age 70.
Minimum Entry Age 18.
Whole of Life Policy Not available for under 50s.
Joint Life Policy Available.

The company does provide terminal illness cover if you are diagnosed with a terminal illness and given less than 12 months to live.

Promis Life insurance ratings

A fantastic way to measure the suitability of insurance products offered by companies is to review the ratings provided by independent firms.

British rating firm Defaqto awarded Promis Life a 4-star rating for its Over 50s life insurance increasing plan. The company also awarded 3-star ratings for its Funeral Protection Plan and the standard Over 50s Life Insurance plan.

British firm Fairer Finance awarded the company a 2-star rating for its Over 50s life insurance plan.

How much does Promis Life insurance cost?

Life insurance costs will depend on various factors. Promis Life will take into account your medical history, health, occupation, and smoking status to evaluate your risk. You should contact the company and discuss your requirements to get an exact quote.

To give you a better idea of the costs involved, here is an example quote:

  • A 40-year-old applicant looking for a £200,000 level term cover over 25 years will be paying around £15 per month.

How to get lower life insurance premiums?

If you feel like your life insurance premiums are too high, there are some steps you can take to lower the costs. To begin with, you should quit smoking as it has the most significant impact on your risk factor. It would help if you also attempted to live a healthier lifestyle and lose weight. These are personal variables that you have control over that could decrease your insurance costs massively.

You should also ensure that you shop around before choosing a policy. Insurance companies are flexible, so it’s always worth getting multiple quotes.

Is Promis Life insurance right for you?

If you’re looking for a company that likes to put customers first and takes a caring approach, Promis Life could be for you. The company’s Claim Promis add-on is an excellent way for your family to access funds quickly. On the other hand, if you are an older applicant, you might find the maximum age limiting. The company also doesn’t offer a standard whole of life policy, whilst the Over 50s option has a limiting coverage amount of £20,000.