Smart Life Insurance Review 2019

Smart Insurance is an insurance provider which offers a range of life insurance policies which are easy to understand and are based around your needs. They say ‘We aim to make getting life insurance as uncomplicated as possible, with products that are straightforward and flexible, so you can find the right cover for your individual circumstances. The company is a partnership between the Scottish Friendly Assurance company which as been providing cover in Scotland for 150 years, and Neilson Financial Services Limited and provide a range of products. 

How do I get accepted for Smart Insurance cover?

Smart Insurance accepts applications for life insurance cover from a broad range of ages. If you are applying for a Family Life Insurance policy then they advertise that they do not require any medicals or a blood test, all you will need to do is to answer a health and lifestyle questionnaire. For the Guaranteed Life product mentioned below you are guaranteed to be accepted (it’s in the name) if you are between 30-79 year-olds and there are no health questions to answer. For the Personal Accident policy, again acceptance is guaranteed if you are 18-69 years old and there are no medical or health questions. You can apply for all three policies over the phone without filling any forms in yourself to keep the process as streamlined as possible.

What kind of life insurance products are available?

Smart Insurance offers two types of life insurance policy, both Family Life Insurance and Guaranteed Life Insurance.

The Family Life Insurance policy is there to support your family financially if you should pass away, with a payout designed to cover mortgage payment and any other outgoings you have anticipated. It is available to adults from 18 to 64 years old and offers from £60,000 to £750,000 of cover depending on your circumstances. Smart do not expect you to have a medical and you will also be covered for death by accident as standard. There are two options for the best coverage to suit you; you can either buy a policy based on your age which means that the premiums increase as you age, or level policy in which the premiums are fixed for the term of the policy. The age-based policy provides a 5% increase to your cover per year as standard and also allows you to add extra cover such as critical illness cover. A benefit that Smart also offer with the Family Life Insurance policy is that it is a flexible policy and you can apply to make changes at no cost.

Guaranteed Life Insurance is a product which is specifically intended to assist with expenses resulting from you death, such as funeral expenses and offers between £2,000 and £15,000 worth of cover. Guaranteed Life Insurance is available to you if you live in the UK and are aged between 30 and 80, additionally after one year you will be covered for any cause of death including one which results from a self inflicted injury. Accidental death is covered by the policy as soon as you take it out and if you die as a result of an accident, the payout could be in the form of a lump sum worth three times your benefit amount. With this policy come the same benefits as with the general life insurance policy, you can opt for a ‘level’ or ‘age-based’ depending on your needs. Again the age-based policy comes with a 5% increase in the amount covered each year for ten years or until you reach the age of 74. The cover for this policy extends worldwide which is a great bonus and even better is the fact that you will receive absolutely free coverage after the age of 95.

Smart Insurance offers an even broader scope of cover in the form of a Personal Accident Insurance policy which a wide range of eventualities including serious injury and accidental death. Personal Accident Insurance is open to UK resident adults aged from 18 to 69, and you can set your cover to anywhere between £30,000 and £500,000. Single or joint policies can be taken out with this personal accident cover and it is even possible to cover different amounts if you opt for joint cover. Again Smart Life will include as standard a 5% increase in cover each year but cover will expire when you reach 74 years old.

It is worth keeping in mind that as with many life insurance providers Smart Life policies do not have cash-in value. If you are lucky enough to live a long and healthy life you may end up spending more than you get back from your insurance.

Does Smart life insurance cover terminal illness?

Absolutely, Smart’s life insurance policy will pay out the benefit amount in advance if you are diagnosed with a terminal condition which gives you a life expectancy of less than 12 months. Bear in mind though that critical illness cover is not standard for the Guaranteed Life Insurance product or the Personal Accident policy.

Is Smart Life Insurance expensive?

As with all providers Smart Insurance looks at a number of factors when considering the cost of premiums. Lifestyle factors are taken into account along with age, health and the value of cover you are looking for. A bonus that Smart Life offer for all policies is ‘cashback’ after 12 months, once you have completed the 12th premium payment you will receive a 10% back of all premiums paid thus far.

As will all big financial decisions, you want to make sure that you are making the best possible investment so it is always wise to check providers reviews to ensure they align with what is important to you. Smart Insurance’s Family Life Insurance was voted as the #1 in customer experience by Fairer Finance in 2018 and has Gold Trusted Status by Feefo reviews in 2018 which goes to show that people have been impressed with the products and service so far.

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