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.
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.
In addition to these standard life insurance policies, ReAssure offers some specialised investment products that perform different functions, such as:
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.
As previously mentioned, ReAssure does offer level and decreasing term policies. In addition to this, the company provides:
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.
There are many fantastic benefits to ReAssure life insurance that make it stand out among other insurance providers. Here are some of the best:
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.
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.
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.
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.
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.