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ReAssure life insurance review 2022

ReAssure, part of the Phoenix Group is a UK life insurance and pensions company founded in 1963. The firm specialises in life insurance closed blocks and looks after approximately 3mn policies and around £70bn worth of investments. This article delves into the company’s life insurance products and explains how ReAssure’s business works.

Life insurance products offered by ReAssure

ReAssure offers various types of life insurance policies. Over the years, the company has integrated life insurance blocks from multiple insurance providers, such as Barclays, Legal & General, and HSBC. Your policy could be managed by ReAssure even though you didn’t take out a policy through the company. Make sure to check if your policy has been part of a closed block of policies acquired by ReAssure.

Whole of Life Policies

  • Whole of Life – This type of policy provides cover until you pass away, regardless of when it happens. As a result, whole of life policies tend to be more expensive since there’s a guaranteed payout.
  • Term Life – Unlike whole of life, term life policies will only cover you for a predetermined period. This is further divided into two categories – level term and decreasing term. The main difference is that the payout of a level term policy remains the same throughout the term period, whilst the payout of a decreasing term policy drops over time. Your monthly premium also decreases during the insured period.

In addition to these standard life insurance policies, ReAssure offers some specialised investment products that perform different functions, such as:

  • Unit-linked Whole of Life: In this policy, your monthly premium buys you units in various investments. The value of these units can fluctuate, but for the most part, they can be used to cover the cost of your life cover when you get older.
  • With-profits Whole of Life: In this policy, your monthly premiums are invested in a with-profits fund, with a bonus added to your policy depending on how the fund performs.
  • ReAssure Lifelong Protection Plan: This product is a standard whole of life policy that pays a lump sum if you pass away or are diagnosed with a terminal illness. The policy also pays if you are diagnosed with a critical illness.

Note that the company has a few other variations of its investment life policies. You can change your investment policy type to another, so get in touch with ReAssure to discuss your options.

Term Life Policies

As previously mentioned, ReAssure does offer level and decreasing term policies. In addition to this, the company provides:

  • Renewable term assurance: This is a standard level term policy with the option to renew your policy regardless of your health condition when your policy ends.
  • Index-linked term assurance: In this policy, the coverage total is linked to the increases of an index, such as the Retail Price Index.
  • Unit-linked term assurance: In this type of policy, your monthly premium buys units in investments. The return from these covers your month’s life risk, and if it overperforms, the units are paid in cash to you.

Why would insurance providers sell blocks of business to ReAssure?

A closed block of business (in this case, life insurance policies) can become a substantial financial burden for life insurance providers. The closed block can be created due to the life insurance product no longer being offered or by policies acquired through a merger or acquisition.

Either way, many insurance companies will look for buyers to offload these policies that are no longer actively sold and reduce their financial burden. Some companies keep these blocks in-house and outsource a management company to oversee their management. However, some companies choose to sell to ReAssure. This is an excellent trade-off since the insurance provider knows the policies are being transferred to a reputable company with good customer service.

Features and Benefits of ReAssure life insurance

There are many fantastic benefits to ReAssure life insurance that make it stand out among other insurance providers. Here are some of the best:

  • The company offers opportunities to invest whilst taking out life insurance coverage.
  • The company has an extensive portfolio of policies and regularly buys closed books from big industry names.
  • The company offers a wide selection of policy options.
  • You can switch to a different investment life insurance policy if you change your mind.

ReAssure life insurance ratings

ReAssure has over 6,355 reviews on Trustpilot, with an average rating of 4.1 out of 5. Millions of policyholders trust the company, and it has the backing of the Phoenix Group.

How to check if your life insurance policy is with ReAssure?

As previously mentioned, the company specialises in acquiring life insurance closed blocks from other insurance providers in the UK. So chances are, your policy could already be under ReAssure. If you’re unsure, you can call their professional and helpful team to check your details.

Can you get a life insurance policy with ReAssure?

Unfortunately, you can’t currently take out a life insurance policy with ReAssure. If you want to take advantage of one of their products, your policy needs to have been part of the closed blocks of policies acquired by the company.

How much does ReAssure life insurance cost?

If you know ReAssure manages your life insurance policy; you can get in touch with their team to get a quote. There are various factors that insurance companies take into account that can affect your premium, such as age, smoking status, medical history, lifestyle, and occupation.

How to make a life insurance claim with ReAssure?

 

The point of contact to make a claim with ReAssure will depend on who your policy was previously with. If your policy was with Barclays, you should contact the company on 0800 197 5616.

If your policy was with any other life insurance provider, you should contact ReAssure on 0800 952 0355. Note that the company does offer a bereavement guide which you can access here.