Smart Life Insurance Review
This article was last updated:
Our experts review costs, policy features, and customer feedback on Smart's range of Life Insurance policies.
This article was last updated:
Our experts review costs, policy features, and customer feedback on Smart's range of Life Insurance policies.
Smart is an insurance company that offers innovative, tailored products to protect customers' assets.
In this guide:
Smart Insurance, also known as Smart Family Life Insurance, has a mission was to provide life insurance products that were straightforward and flexible, to make getting life insurance easier for customers.
Their first life insurance product offered a modest benefit amount ideal for final expenses and funeral costs. This quickly became popular among customers who were looking for an uncomplicated product that could be tailored to their individual circumstances.
They later expanded their product offering to include more substantial benefit amounts to help provide financial protection for customers’ families’ needs such as mortgage payments and household bills. This provided customers with greater flexibility when selecting the right life insurance product for them.
The same year, Smart Insurance was awarded gold status by both experts and customers in recognition of their high quality customer service. They have held this rating for seven consecutive years now and are currently rated number one in the market for customer experience by Fairer Finance.
Smart Insurance is underwritten by Scottish Friendly who won ‘Best UK Mutual Insurer’ at the Capital Finance International (CFI) Awards for 2022.
Today, Smart Insurance continues to strive towards providing an uncomplicated life insurance product range that can be tailored to suit individual needs and provide financial protection for customers’ families' needs.
Smart is a UK based life insurance provider that offers a variety of products and services designed to meet the needs of its customers. The company offers both Level Term and Decreasing Term policies, as well as Unit-Linked and Whole of Life plans. Each policy has its own set of benefits, such as death benefit payments, money back guarantees, tax-free cash payouts, and flexible premiums. Smart also provides customers with a range of additional services, including financial advice and assistance with estate planning. All policies have the option to include Critical Illness Cover for added protection.
Smart Life Insurance prices vary depending on the age and lifestyle of the customer. For example, a UK customer aged 30-39 who is a non-smoker can expect to pay an average of £7.73 per month for cover up to £500,000. A UK customer aged 50-59 who is a smoker can expect to pay an average of £17.50 per month for cover up to £500,000.
Here is a summary of the latest reviews of Smart Insurance from Trustpilot:
✅ Great customer service with quick and easy claim processing
✅ Excellent, clear, flexible set-up
✅ Experienced customer relations
✅ Really helpful staff with understanding of options and good prices of cover
❌ After 6 months of payments, one customer still hadn't received the gift card
Pros:
-Smart's UK Life Insurance policies offer clients a range of financial protection and peace of mind.
-The policies have flexible features allowing customers to tailor plans to their individual needs, such as life cover, critical illness cover and income protection.
-There are options for increasing or decreasing cover over time, as well as the option to pay premiums monthly or annually.
-Smart's UK Life Insurance also offers competitive rates and low premiums.
Cons:
-The coverage provided may not be sufficient for some clients' needs.
-Premiums can change if the policyholder’s lifestyle causes them to become a higher risk to the insurer, such as smoking or becoming overweight.
-The claims process can be lengthy and complicated.
9
"I recently purchased Life Insurance from Smart and I am so relieved I made the decision. Knowing that my family would be taken care of if anything ever happened to me is a great peace of mind. The process was simple, straightforward and easy to understand which made it even better. Thanks Smart!"
Life insurance can be a tax deductible business expense in certain cases. For example, if the life insurance policy is taken out on a key employee, the premiums can be deducted as a business expense. Additionally, if the life insurance policy is used as collateral for a business loan, the
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