As the name suggests, the plan provides life insurance for people
aged 50 and over. Anyone who is a UK resident aged between 50 and 80 can apply,
and we guarantee to accept them without a medical. The plan also has low cost premiums
that are guaranteed never to rise. This whole of life insurance plan pays out on
death and has no cash in value at any time.
whole of life insurance
Whole of life insurance means that your cover lasts for life provided you pay all
premiums due. If you stop paying premiums your cover will stop. At age 90 you stop
paying premiums, but your cover will carry on for the rest of your life. You may
pay more in premiums than the plan would pay out on death; this depends on how long
premiums are paid for. All of your premiums are used to cover the cost of your life
cover and expenses.
guaranteed acceptance with no medical
If you're a UK resident aged between 50 and 80, we guarantee you won't need a medical
to be accepted for our life insurance for over 50s.
lump sum payout
Our life insurance for over 50s guarantees to pay out a lump sum on death. The amount
paid depends on the premium you choose and other factors. The lump sum normally
counts as part of your estate and may be subject to inheritance tax. Over time,
inflation would reduce the buying power of the amount payable on your death.
In years one and two, cover is restricted to 150% of premiums paid up to the date
of death, or if death occurs within the first two years solely as the result of
an accident we would pay out three times the sum assured to a maximum payment of
£32,000. If you die after the first two years we will pay out the sum assured.
As with other whole of life insurance plans of this type, you may pay more in premiums
than the plan would pay out on death.
low cost Over 50s life insurance cover
We think life cover should be within everyone's reach. That's why our premiums start
from just £8 a month. That's the equivalent of just 27p a day - less than
the cost of a first-class stamp! But it can buy you valuable life assurance with
our plan.
The cost of cover depends on the level of cover you choose and your personal circumstances.
competitive Over 50 life insurance cover
This whole of life insurance plan is extremely competitive. Take a look at how our
level of cover compares with some of our competitors
and
get your over 50s life insurance quote here
pay your sum assured towards your funeral expenses
The death of a loved one is stressful enough for family members without them having
to worry about all the costs associated with a funeral. We've teamed up with The
Co-operative Funeralcare - the UK's leading funeral provider. You can now arrange
for a payment direct from your policy to be made to The Co-operative Funeralcare
towards your funeral expenses. There is no charge for doing this and, in addition,
The Co-operative Funeralcare will make a £250 Contribution* towards your funeral
costs. Please remember this is not a funeral plan and would not necessarily meet
the full cost of a funeral. A Legal Charge will take precedence over any nominations
made against a policy.
For more information about this option,
click here.
* Terms & Conditions apply
nominate a beneficiary
As a friendly society, we are able to offer you the additional benefit of nominating
a beneficiary. This enables us to pay out part of your cash lump sum quicker, with
a minimum of formality.
Under the Friendly Societies Act 1992 and under the Society's rules, the maximum
sum you can nominate is £5,000. This is an overall maximum, not the maximum
per policy or per beneficiary; so if you held three plans, for example, the nomination
limit would be £5,000 and not £15,000 (3 x £5,000).
If you have nominated your spouse and get divorced, the nomination remains in place.
If you remarry, any previous nomination ceases. In this event you should inform
us. You may make a new nomination if you wish.
your choice of cashback or a welcome gift
Our over 50s life insurance comes with a choice of plan options. You can choose
from either:
Plan with welcome gift
- £ 30 M&S vouchers
- Digital Radio
- Welcome gift terms & conditions
OR
Plan with cashback
- cashback - 3 months' worth of premiums after 6 months' premiums paid
- Cashback terms & conditions
independent care advice at no extra cost
Everyone who takes out a new engage Over 50s Life Cover Plan can
receive independent care advice. We've teamed up with well established company Grace
Consulting to offer this service to our planholders.
This service is available to both you and your family and gives access to general
advice about choice of care. This covers care at home, sheltered accommodation,
convalescent care and long-term residential care.
If you need to use the service, a Grace care adviser will discuss your situation
with you over the telephone. The adviser will then be able to give you general guidance
to clarify any difficulties you may have in identifying and sourcing appropriate
care. The next step is to send you relevant fact sheets and other information: this
will act as a useful first step in finding care.
If time is at a premium, Grace Consulting also offer other levels of cover where
they can do the searching for you.
Click here
to request a call back from Grace Consulting
apply online and get 5% off your premiums!
Apply for over 50s life insurance online
to take advantage of our special 5% premium discount offer.
instant cover
Applying for our over 50s life insurance is easy.
Click here to apply securely online
or you can call us on 0800 169 4321† and you could be covered instantly!
The 5% premium discount applies for online applications only.