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over 50 life insurance

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It's not unusual to worry about what will happen to your loved ones when you're no longer here. Planning your finances is an important part of this.

Our over 50s life insurance aims to offer customers more peace of mind than ever before. You now have the flexibility to claim all of your over 50 life cover payout if you become terminally ill or 20% of your life cover if you become seriously ill.

We also offer information, advice & support for you or your loved ones through Engage Mutual support services.

understand Engage Mutual over 50 life cover plus

How over 50s life cover plus works

About serious & terminal illness benefit

What happens if I stop paying my premiums?

Who gets my over 50 life insurance payout?

Getting help with funeral expenses

About Engage Mutual support services

About Care Advice

About welcome gifts and cashback

over 50s life cover plus
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How over 50s life cover plus works

In return for a monthly payment, our over 50s insurance cover pays out a guaranteed cash lump sum.

With over 50s life cover plus, you now have the the flexibility to claim all of your over 50 life cover payout if you become terminally ill or 20% of your over 50 life cover payout if you become seriously ill.

This gives you the added reassurance that should you develop one of these conditions and you need the money it is available to you.

For full details please see the terms & conditions in the Policy Summary document.

life cover benefit

If you've not claimed the terminal illness benefit from your plan, your loved ones could receive a cash payout on your death. It is important to remember that inflation will reduce what your cash sum will buy in the future, so take this into account when you're choosing how much cover you may need.

 If you die... We pay... 
In the first 2 years of the plan 150% of the premiums you've paid up to the date of your death
Solely because of an accident in the first 2 years Three times the level of cover you've chosen (to a maximum payout of £48,000) 
After the first 2 years of the plan The level of cover chosen less any serious illness benefit already claimed.

Depending on how long you pay premiums for, it's possible that what you pay in may be more than what would be paid out. Over 50s life cover plus is not a savings plan, all of the premiums paid are used for life cover and expenses and therefore the plan has no cash in value at any time.

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About Serious & Terminal Illness benefit

After you have held the policy for 2 years you will be entitled to claim serious or terminal illness benefit.

Serious Illness Benefit

If you are diagnosed with one of the illnesses or conditions that are stated in our terms & conditions, you'll be entitled to claim 20% of the life cover amount. This will reduce your life cover amount by 20%. For full details please see the terms & conditions in our Policy Summary document.

Terminal Illness Benefit

If you become terminally ill, you'll be able to claim the life cover amount less any serious illness benefit previously claimed. If you claim terminal illness benefit, the policy is closed and there will be no payout on death.

For full details please see the terms & conditions in our Policy Summary document.

 

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What happens if I stop paying my premiums? 

If you stop paying your premiums before the age of 90 your plan will stop, the cover will cease and you won't get anything back.

Unlike some other providers, with Engage Mutual your monthly premiums will stop when you reach 90, but you will continue to be covered for the rest of your life.

 

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Who gets my over 50 life insurance payout?

You can nominate friends, loved ones or registered charities to receive up to £5,000 of your overall payout when you die. If there's any money left over it will go to your estate. The total amount paid out normally counts as part of your estate and may be subject to Inheritance Tax.

If you claim serious illness benefit you will receive the payout. This could affect the total payout to your nominated beneficiaries.

If you claim terminal illness benefit then you will receive the sum assured and there will be no payout when you die.  

Find out more about nominating beneficiaries

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Using your policy towards funeral expenses

To help with your funeral costs, you can now arrange for a payment to be made from your over 50s life insurance to The Co-operative Funeralcare.

Although this isn't a funeral plan and won't necessarily meet the full cost of your funeral, it will help towards it. If the amount of life cover is greater than your funeral costs, the rest of your money will go to your estate or nominated beneficiaries.

If you choose this option The Co-operative will contribute £250 on top of the payment from your plan.

Find out more about our funeral funding option

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About Engage Mutual Support Services

With our over 50s life cover plus you will have access to a range of support services. These include impartial, professional care advice for elderly people provided by Grace Consulting, available free of charge to our over 50s life insurance customers, plus free initial advice on Will Writing, Bereavement and Legal Issues all provided by The Co-operative Legal Services.

In the event of a serious or terminal illness benefit claim, you will have access to our Engage Health Support service. This service, available free of charge to our over 50s life insurance customers, is provided by RED ARC and can provide you and your family with support and advice following the diagnosis of a serious or terminal illness.

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About welcome gifts and cashback

You can choose from 2 over 50s life insurance plans:

A plan with a welcome gift
You get:

  • £30 in M&S vouchers


    OR

  • a DAB digital radio

    OR choose

  • plan with cashback
    You get 3 months' worth of premiums back after you've paid for 6 months.

See our gifts and cashback terms and conditions

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