The Exeter life insurance review

In this review of The Exeter we’ll discuss their life insurance product to help you establish whether it’s a good option to meet your needs.

The Exeter life insurance has been created specifically for those with pre-existing medical conditions who may find it hard to secure standard life cover.

For example:

This makes them what’s known as a ‘specialist insurer’. The Exeter life insurance is available through our advised team.

Using our fee-free service you can compare quotes from The Exeter with other specialist insurers, as well as mainstream insurers.

We take your personal needs and circumstances into consideration to present you with our most suitable deals.

All quotes are personalised, fee-free and without obligation, so why not get in touch?

Compare The Exeter Life Insurance Quotes »

The Exeter life insurance key facts:

  • The Exeter offers the ‘Real Life’ life insurance policy
  • Designed for applicants who have serious or multiple health conditions
  • Available to UK residents aged 18 - 80
  • Policy term can be from 5 - 50 years (policy must end by age 90)
  • Maximum sum assured up to £3,000,000 (depending on personal circumstances)
  • Terminal illness included as standard (make an early claim if you’re diagnosed with a life threatening illness)
  • Level and decreasing term cover available
  • In 2023, 90% of all The Exeter life insurance claims were paid out[1]

Life Insurance Calculator

Calculate how much life insurance you may need by filling in the costs you’d like your policy to cover.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Who is The Exeter?

The Exeter Friendly Society Limited (EFS Ltd) was established in 2008 after the merge of two friendly societies, The Exeter Friendly Society and Pioneer Friendly Society.

Since the 1880s, these societies have provided private medical insurance and income protection cover.

Now, The Exeter offers a unique form of life insurance - specifically covering non-standard applicants (known as impaired life insurance).

With no shareholders to pay, they’re able to offer a high standard of service, low premiums and consistent pay out rates.

The Exeter is regulated by the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and benefits from the Financial Services Compensation Scheme (FSCS) so your money is further protected.

The Exeter life insurance reviews

Across all services, The Exeter is rated well by customers on Trustpilot with a score of 4.2 ('Great').

Their ‘Real Life’ life insurance policy is rated 3 stars by independent review site Defaqto.

The Exeter life insurance policy (Real Life)

The Real Life policy has been designed for people who have struggled to secure affordable cover or have been declined in the past due a health condition.

In the UK, more than 15 million people are living with a long-term health condition[2], making it essential for this group of people to be able to find adequate life cover.

A pay out from The Exeter Real Life policy could help your loved ones to cover:

  • Mortgage / rental costs
  • Household bills and daily living costs
  • Additional childcare expenses
  • Outstanding debts
  • Funeral costs

How does the Real Life policy work?

  • Pays out a cash sum when you pass away or are diagnosed with a terminal illness (with a life expectancy of less than 12 months) during the policy term
  • You must be between age 18 - 80 to be eligible to take out a policy
  • You can choose a policy term to best meet your needs from a minimum of 5 years up to a maximum of 50 years (although cover must cease by age 90)
  • Your sum assured (cover amount) can be from £20,000 - £3,000,000 (subject to individual consideration)
  • Cover is term based and can be taken out on a level term or decreasing term basis
  • With level term cover, the pay out sum will remain the same throughout the lifetime of the policy
  • With decreasing term cover, the pay out sum will reduce each month in the same way as a repayment mortgage with an interest rate of 8% per year

The Exeter life insurance is available through Reassured via our advised team. Compare quotes and save money using our life insurance comparison service.

Save Money by Comparing Multiple Life Insurance Quotes »

How much is The Exeter life insurance?

The Exeter life insurance can be secured from £15 per month » .

However, the exact cost of life insurance will depend on your personal circumstances.

The Exeter will calculate your monthly life insurance premium using the following information:

If you’re applying for life insurance with a pre-existing medical condition, you’ll also likely be asked specific questions about your condition so that The Exeter can get a better understanding of your personal circumstances.

With a Real Life policy your premiums remain fixed throughout the policy term, this means the amount you pay stays the same (unless you make changes to your policy, such as increasing your sum assured).

Compare The Exeter life insurance through our whole of market advised service to be presented with the best available deals.

What benefits does The Exeter real life policy have?

When taking out life insurance through The Exeter, you’ll benefit from the following additional benefits:

  • Guaranteed insurability - Make changes to your policy (such as increasing your sum assured) to keep up with big life events
  • Accidental death benefit - You’ll be covered for accidental death while a decision is being made about your application. Terms and conditions apply
  • HealthWise - Access to medical experts whenever you need them via an app. Services include remote GP appointments, second medical opinion, physiotherapy, mental health support, registered dietitian consultations, lifestyle and nutrition consultations, health MOTs and repeat prescriptions

The Exeter life insurance claims

Claims can be made through The Exeter in the following ways:

The Exeter will need certain information in order to get the claims process started:

  • Details on who is dealing with the claim (name, address and telephone number)
  • Nature of the claim (life insurance or terminal illness claim)
  • Policy number
  • Relevant dates (date of death or date of diagnosis for terminal illness cover)
  • Name of the policyholder (plus their date of birth and postcode)

A death certificate (or proof of diagnosis for terminal illness cover) will also be required in order for the claim to be assessed.

How do I cancel my policy with The Exeter?

You’ll need to contact The Exeter directly to cancel your policy.

If you cancel within the first 30 days of your policy, you can receive a refund of any premiums you’ve paid.

If you cancel after 30 days, the premiums you’ve paid won’t be refunded.

What other policies do The Exeter offer?

As well as life insurance, The Exeter also sell additional forms of cover.

The other policies they sell include:

Income protection

The Exeter offer the ‘Income First’ policy, allowing you to protect up to 60% of your usual earnings if you become to ill or injured to work.

Why not read our The Exeter income protection review for more information?

Health insurance

Health+ allows you to get fast access to the best treatment, including cancer cover, private ambulances, home nursing, unlimited in-patient treatment and more.

Health insurance isn’t currently something that’s available through Reassured.

Income protection is available through our advised team. Compare The Exeter quotes with all other UK insurers to find the best deal.

The Exeter life insurance contact number

For enquires about your policy, you can contact The Exeter on 0300 123 3201.

Lines are open Monday to Friday from 08:00 - 18:00.

Compare The Exeter life insurance quotes

The Exeter life insurance is available through our advised team.

One of our friendly experts can take your personal circumstances into consideration and give recommendations on what’s best for you.

Through our advised team you can also compare quotes from the whole of the market, including leading UK life insurance companies.

Comparing a range of policies and providers is essential in allowing you to find a great deal for your personal circumstances.

Our award-winning and FCA-regulated broker service is fee free to use, so why not get started today and compare quotes?

Compare The Exeter Life Insurance Quotes »

The Exeter life insurance FAQs

Who is The Exeter underwritten by?

All products offered by The Exeter are underwritten by The Exeter themselves.

Do The Exeter offer joint life insurance?

Unfortunately, due to the nature of the product, The Exeter don’t offer their Real Life policy on a joint basis.

Joint life insurance covers two people under one policy, often allowing the policyholders to save money as they’re only paying one premium.

The policy is valid until the end of the term or when the first policyholder passes away.

Joint life insurance is available from other insurers through Reassured. Why not compare quotes to find your perfect policy?

Do The Exeter offer over 50 life insurance?

No, The Exeter don’t offer specific over 50 life insurance. However, their Real Life policy is available to applicants up to age 80.

If you’re interested in over 50 life insurance, Reassured can help you compare quotes from alternative insurers.

Can The Exeter life insurance be written in trust?

Yes, The Exeter offer all life insurance applicants the option to write their policy in trust.

This means placing someone you trust (a trustee) in charge of your policy after you pass away.

The trustee will manage the pay out and ensure the funds are distributed as per your wishes.

Sources:

[1] https://www.the-exeter.com/news/the-exeter-releases-its-annual-claims-statistics/

[2] https://www.nuffieldtrust.org.uk/resource/care-and-support-for-long-term-conditions

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