about your policy
When does my over 50s life insurance start?
Immediate cover is available in most cases if you apply for your over 50s life cover online or by phone. If you apply by post, your cover will start once we’ve processed your application and you should get your policy documents within a few days.
How long does my over 50s life insurance last?
You’ll be covered for life as long as you pay your premiums. What's more, once you reach the age of 90 you stop paying premiums but your cover will carry on until you die.
However, if you stop paying premiums before you’re 90, your plan will stop. You’ll no longer be covered and you won’t get anything back.
Do you offer joint life insurance policies?
No. But you can make sure each of you is covered if the other dies by each taking out an over 50s life cover policy.
Can I cash in my policy?
No. Your over 50s life cover isn’t a savings plan, and you can’t cash it in. It only pays out when you die. If you cancel your policy within the first 30 days you’ll get all your money back, but if you cancel after that you won’t get anything back.
Will the payout be taxed?
The payout won’t attract Income Tax and Capital Gains Tax, but it may be subject to Inheritance Tax unless your policy is written in trust. This website reflects our current understanding of the law and the HMRC position, which are subject to change.
When will I get my welcome gift or cash back?
We usually send out your gift within 28 days of receiving your first premium. If you don’t receive your radio or gift vouchers within 6 weeks, call us on 0800 169 4321.
For cash back, we’ll give you back 3 months’ premiums after you’ve paid 6 premiums.
See our gift and cashback terms and conditions
Can I increase my level of cover after I take out my policy?
Yes. You can increase your level of cover by taking out additional over 50s life cover plans. You can pay up to £50 in total premiums (subject to a total level of cover of £25,000) on plans taken out after 1 January 2007. Plans taken out before this date do not count towards these limits.
Can I have more than one over 50s life cover policy?
Yes. You can take out as many plans as you like, provided your total monthly premiums on plans taken out after 1 January 2007 aren’t more than £50 (subject to a total level of cover of £25,000).
Why is the level of cover you offer different for men and women?
Women usually pay less for life insurance than men of the same age because on average women live longer. There are other factors too. See How gender affects your policy premium and benefits
Why does the full payout not apply in the first 2 years?
If you die within the first 2 years of your plan we pay 150% of the premiums you’ve paid up to the date of your death – not your full level of cover. This is because you don’t need a medical to be accepted for our plan and we don’t ask about your medical history. However, if you die solely because of an accident during the first 2 years of your plan, we pay 3 times the level of cover you’ve chosen (to a maximum payout of £32,000).
Will you stop or reduce my life cover if I get ill?
No. We only stop your cover if you stop paying your premiums before the age of 90.
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about your premium
How much will my over 50s life cover cost?
Premiums start from as little as £8 and go up to £50. See how much life cover you can get for your money
Does the plan payout what I pay in?
In certain circumstances the total premiums you pay may be more than the amount the plan pays out.
Why do you take my first premium after 10 working days of my policy start date?
We have to give you at least 10 working days notice of when we’re going to take your premium.
Do I stop paying once the amount I’ve paid in reaches the lump sum that will be paid out when I die?
No. You continue to pay until you reach the age of 90. After that, you don’t have to pay any more premiums, but you’re covered for life.
Will my over 50s life cover premium ever increase?
No. Your premiums never go up, even as you get older or if you become ill.
How can I pay my premiums?
You pay your premium by Direct Debit. It’s easy and convenient and means you don’t need to worry about forgetting to make a payment. It’s unlikely there will be any mistakes, but if anything is paid in error you’re covered by the Direct Debit guarantee, which means you’ll get a refund.
Can I increase my premium after I take out my policy?
No, but you can increase your level of cover by taking out additional over 50s life cover plans. You can pay up to £50 in total on premiums (subject to a total level of cover of £25,000) on plans taken out after 1 January 2007. Plans taken out before this date do not count towards these limits.
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about your lifestyle
Do I need a medical?
No. We guarantee to accept you without a medical. We don't ask any intrusive questions and we don’t need a medical report.
Do I get a higher level of cover if I don’t drink, take drugs or smoke?
The only thing that makes a difference is whether you smoke. Because smoking has many health risks, we reward non-smokers with higher levels of cover than smokers. To make sure your plan pays out when you die, you need to be honest about whether you smoke when you apply for your policy.
What do you class as tobacco products?
Tobacco products include:
· cigarettes
· cigars
· pipes
· hand roll tobacco
· snuff and chewing tobacco
We also class nicotine replacement therapy as tobacco products, including:
· nicotine gum
· patches
· inhalers
· tablets
· lozenges
· sprays
· smokeless cigarettes
These lists don’t include everything considered a tobacco product or nicotine replacement therapy. If in doubt, call us on 0800 169 4321.
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