life insurance over 50

Any UK resident aged between 50 to 80 years old can apply for over 50s life insurance from Engage Mutual and we guarantee acceptance without a medical. The policy benefit is payable upon the death of the policyholder and could be used to pay towards the cost of a funeral, towards outstanding bills or otherwise at the discretion of their loved ones. However, the over 50s life cover is not a funeral plan as it may not cover the full cost of a funeral. The policyholder should also be aware that the buying power of the sum will be reduced over time due to inflation.

The policy holder can opt for premiums starting at £8 per month, and these premiums will not rise for the duration of the policy. The over 50 life cover premium payments will automatically cease once the policyholder reaches the age of 90 years old, but the cover remains in place for life. It is possible for the policyholder to end up paying in more in premiums than the amount paid out on death.

If the policyholder is diagnosed with a serious illness then they have the flexibility to claim 20% of the benefit to be paid out. This will mean that the remaining life cover is reduced by 20%. If the policyholder is diagnosed with a terminal illness then they can claim 100% of the benefit, but the policy will then cease and there will not be a pay-out following their death. Neither the serious illness benefit nor the terminal illness benefit can be claimed until the policy is at least two years old.

For more information on the over 50s plan, contact Engage Mutual today.