Post Office Life Insurance for over 50s

The Post Office has announced that it is to offer customers over the age of 50 the chance to buy life insurance over the counter.

While the Post Office already offers a multitude of over the counter products and services, including travel insurance, this marks the first time it has sold life cover in this way.

The new package, called Over-50s Life Cover, will offer instant protection from the moment it is purchased and will not require UK residents between the ages of 50 and 80 to undergo any medical checks.

Duncan Caesar-Gordon, the Post Office's head of protection, said: "In a time of such uncertainty people need peace of mind more than ever, which is why we are now offering instant protection over the counter."

Last week a survey by Barclays revealed that many people in the UK were cutting back on life insurance payments in order to save money during the credit crunch.