The UK Post Office has launched a new product into the life market, and is offering a GBP100 cash back bonus to anyone taking out a policy.

The Post Office life insurance has the flexibility for customers to choose level term cover which will pay out a fixed lump sum to the deceased’s dependents in the event of their death or decreasing term which is suitable for those with a repayment mortgage as the sum assured decreases in line with the outstanding mortgage. Both products will offer up to GBP500,000 worth of life cover and people can get cover from as little as GBP5 a month and choose the amount and length of cover they require.

Phil Ashkuri, director of insurance at Post Office, said: In line with our other financial services products, our new life insurance launch offers simplified insurance that fits our customers needs. We know that people buy life insurance at key stages in their lives, such as buying a home, getting married or having a child, which is why we want to make the process easy to understand and convenient. Also, with the GBP100 bonus offer available when taking out a policy, along with competitively priced premiums, this gives people a great deal.