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Over 50s Life Insurance

5 Star rated cover from 27p per day

Put it in place. And get on with life. Over 50s Life Cover from Engage Mutual is a quick and easy way to make sure you leave some helpful money behind you. It is a life insurance plan, not a savings plan and has no cash in value. 

NOW with higher cover for your money - We have now increased our level of cover for new applications, meaning that you can now get more cover for your money. Get a quote now to see what the cash lump sum could be.

Did you know?

Our Over 50s Life Cover includes:

  • » A cash lump sum for your loved ones, on your death after the first two years of the policy.
  • » Guaranteed acceptance without a medical if you are a UK resident aged between 50 and 80.
  • » Cover starting from just 27p a day that's just £8 per month with a guarantee that we will not increase the monthly premium you choose.
  • » You are covered for life if you pay premiums until you're aged 90. If you stop paying premiums before then the cover will cease and you will not get any money back.

Plus with the Engage Over 50s Life Cover plan:

  • You could claim 100% of the life cover amount if you receive a terminal illness diagnosis after 2 years as a policyholder. At this point the policy is closed and there is no pay-out on death or serious illness.

  • If you are diagnosed with a serious illness after 2 years as a policy holder, you can claim 20% of your life cover immediately. This will reduce the life cover and terminal illness benefit by 20%.

  • Emotional as well as financial support from our range of advice and support services at no extra cost.

  • Confidence that comes with a 5 Star rating from Defaqto for our Over 50s Life Cover.

Important - How our life cover works

The Engage Over 50 Life Cover Plan pays out a fixed cash sum on your death after the first two years. If you die of natural causes in the first two years we will pay out one and a half times the premiums paid. If death is as a result of an accident in the first two years we will pay out three times the life cover subject to a maximum pay-out of £48,000. There may come a time when you have paid more in premiums than would be paid out on a valid claim. 

When choosing your level of cover please bear in mind that inflation will reduce its buying power over time. This cash lump sum will count as part of your estate, so it may be subject to inheritance tax, unless it is written in trust.

Please ensure that you read the policy summary below before you take out a plan with us. It contains all of the information you need about the plan including the terms and conditions.

Could you get more cover with us?

Because we don't have shareholders at Engage Mutual, we use all our profits to benefit our customers. The example below shows how well we compare with some of our competitors in the case of a 63 year old non-smoker paying a £16 per month premium:

Provider Life cover

Full life cover
payable after

Premiums payable until

Engage Mutual £3,589 24 months age 90
Sun Life Direct £3,125 24 months death
Post Office £3,015 12 months age 90
LV= £3,012 12 months age 90
Tesco Bank £2,871 12 months age 90

All information is correct as at 01/09/2014.

How to use our table

You should only use our table to compare levels of cover from the providers shown, not to decide whether a specific over 50s life cover product is right for you. All rates shown in the table are based on the person being accepted into the plan on standard terms.

Our over 50s life insurance is not a savings plan and has no cash in value.

We offer separate rates for smokers and non-smokers whilst Post Office, LV=, Tesco Bank and Sun Life Direct don't do this. Engage Mutual offers a serious illness benefit and terminal illness benefit which these competitors do not.

The exact lump sum paid out on death will depend on how old you are when your plan starts, the premium you decide to pay and your personal circumstances

A free addition to your Over 50s Life Insurance

When it comes to planning for the future, your funeral is an important thing to think about. It’s good to know that, if you make plans in advance, your loved ones will have one less thing to worry about at a difficult time.

Provided by The Co-operative Funeralcare, our Funeral Funding Option is a free addition to your Over 50s Life Cover Plus plan that will make arranging your funeral much simpler. Whilst it's not a funeral plan and might not meet the full cost of a funeral, it allows you to arrange a payment to be made directly from your policy proceeds towards your funeral expenses.

We have chosen to team up with The Co-operative Funeralcare because they are the UK's leading funeral provider with a nationwide network of 850 Co-operative owned Funeral Homes and a long and distinguished heritage.And if you choose to add the Funeral Funding Option to your Over 50s Life Cover Plus policy, The Co-operative Funeralcare will make a £250 Contribution* towards your funeral costs. *Terms and conditions apply

You can find full details on our Funeral Funding Option, as well as how to add it to your Over 50s Life Cover Plus policy, here.

Take out a plan and choose a Welcome Gift

Take out a plan and choose one of the following:

Welcome Rewards

Engage Support Services

You may find you need a bit of extra support or guidance. This might be legal advice on organising a loved one’s affairs, emotional support to help deal with a serious illness, or even just some practical advice on where to turn for help.

An independent expert can often make a big difference at a time of need. This is why we give our customers access to a range of support services from trusted providers at no additional cost.

Engage Care Advice Service, provided by Grace Consulting, can help you get started when it comes to arranging appropriate care. One of their Advisers will arrange a time with you to have a chat over the phone about your situation. They’ll give you general guidance on finding suitable care, and can send you relevant information, which can help your search and give you confidence in your decision.

Engage Legal Advice, provided by The Co-Operative Legal Services, can provide guidance on a range of legal issues including employment law, sale and purchase of goods and family law.

Provided by RedArc, Engage Health Support Services give you unlimited access to a dedicated Nurse Advisor – an invaluable source of practical advice who may be able to arrange a limited course of specialist support as well as answering many of the immediate questions that you will have.

Our Will writing service is provided by The Co-operative Legal Services, and can provide advice on what to cover in your new will, updating an existing will, the role of executors and planning for if you become seriously unwell or disabled.

We give all of our members access to free initial advice following the death of a loved one via a Bereavement Advice Line, provided by The Co-operative Legal Services. They can give you and your family guidance on registering a death and the different forms that you’ll need to complete. They’ll also help you to understand what probate is, whether it’s required, and who can administer the estate.

Frequently asked questions

Here we answer common questions about Engage's life insurance policy. But if you can’t find the answer to your question, please contact us.

 

About your policy:

Immediate cover is available in most cases if you apply for Over 50s Life Cover Plus 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.

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 or if you claim a terminal illness payout.

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.

No. But you can make sure each of you is covered by each taking out an Over 50s life insurance policy.

No. Your over 50s life insurance policy isn’t a savings plan and has no cash in value at any time. It only pays out when you die or claim serious or terminal illness benefit. If you cancel your policy within the first 30 days you’ll receive all of your money back.

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 reflects our current understanding of the law and the HMRC practice, which can be subject to change.

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.

Yes. You can increase your level of cover by taking out additional plans. You can pay up to £75 in total premiums (subject to a total level of cover of £40,000) on plans taken out after 1 January 2007. Plans taken out before this date do not count towards these limits.

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 £75 (subject to a total level of cover of £40,000).

No. We only stop your cover if you stop paying your premiums before the age of 90.

Defaqto is an independent, unbiased researcher of financial products, committed to helping people make better financial decisions. Their rating system is designed to help you compare products in a straightforward easy-to-understand manner and focuses on providing objective information based on the quality of a product - not just how much it costs. 

You may already be familiar with the Defaqto Star Rating system. If so you’ll know that if you’re looking at a product with the maximum 5 star rating, it’s a market leading product. You can’t get any better than that. It means you can trust it to be among those with the widest range of benefits on the market as well as being great value for money. And you can be sure it’s provided by a company that is financially robust.


About your premium:

No, in certain circumstances you may pay more in premiums than the plan pays out.

To give you at least 10 working days notice of when we’re going to take your premium.

Unlike some other providers, you only pay your premiums until you reach the age of 90. After that, you don't have to pay any more premiums, but you are covered for life.

No. Even as you get older or if you become ill.

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.


About your lifestyle:

No. We guarantee to accept you without a medical. We don't ask any intrusive questions and we don’t need a medical report.

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.

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, please contact us.

Quick links

Get a quote & apply online

If you're a UK resident aged 50-80, we guarantee to accept you without a medical

Apply Online

Request a pack

We can provide you with a personalised information pack, including a quote.

Request a Pack

Funeral Cost Calculator

To help with your planning, we've developed a tool to show the average cost of a funeral in your local area.

Apply Online

Contact us

You can speak to us directly any time from Mon-Fri 8am-8pm, or 9am-4pm Sat.

Contact Us

0800 169 4321

Another benefit for you...

If you are a customer you can also apply to receive funding from the Engage Foundation.

We've put aside £1m over 5 years exclusively for our customers to help make things better. So whether you want to give your family a helping hand or support a larger community project, we're here to help.

find out more ►

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