[Skip to content]

Menu
.
Defaqto - 5 Star Rating
Lady smiling in garden

Over 50s Life Insurance

Life Cover from just 27p per day

Not all life insurance is the same. So if you’re planning for you and your family’s future, it’s good to explore all the options. Unlike other plans of this type, our Over 50s Life Cover Plus provides not only a cash lump sum on death, but also comes with a Serious Illness Benefit and a Terminal Illness Benefit at no extra cost. You need to remember that this is a life insurance policy, not a savings plan, and has no cash value at any time.

It’s reassuring to know you’ll get help in difficult times. That’s why we give you the option to claim:

  1. 20% of the life cover if you become seriously ill
  2. 100% of the life cover if you become terminally ill
  3. Engage Health Support Services for you and your family.

You can also be confident that our Over 50s Life Cover Plus is among those with the widest range of benefits on the market as well as being great value for money - as recognised by Defaqto in the form of an enviable 5 Star Rating.

Did you know?

We've teamed up with a range of trusted providers to offer you a little support when you need it most. When you buy our Over 50s insurance plan you'll have access to our additional services at no extra cost, including...

 

We also work with The Co-operative Funeralcare so that you have the choice to add a Funeral Funding Option to your Over 50s Life Cover Plus for free. If you choose to add this option, they'll make a £250 contribution* to the cost of your funeral. You can find more information in the 'Funeral Funding Option' section.

*Terms and conditions apply

Get a quote & apply online

What does it offer?

As we grow older, planning for the future starts to move up our list of priorities. Whether you’re thinking about what to do when the kids fly the nest or you’re already enjoying the freedom that retirement brings, most people have a keen eye on the future at this stage in life. Naturally, this is the stage where many people start to think about life insurance.

Our members told us they wanted more from this type of policy than just a cash lump sum payable on death, so we’ve designed our Over 50s Life Cover Plus to be more flexible than most. That’s why, unlike some providers, we include a Serious Illness Benefit and Terminal Illness Benefit in your policy. Even better – you don’t need to pay a penny more for this. Not to mention free access to expert medical advice and emotional support via our Engage Health Support service. Just remember that this is a life insurance policy, not a savings plan, and has no cash value at any time.

It’s life cover that you can count on. Which means you can get on with the serious business of enjoying life.

Quick links to information on this page:

In a nutshell

In return for a monthly premium, our Over 50s Life Cover Plus pays out a guaranteed cash lump sum when you die. This cash lump sum will count as part of your estate, so it may be subject to inheritance tax, unless it’s been written in trust. Here’s what your loved ones can expect to receive:

If you die...

We Pay...

After the first two years of the plan

The level of cover chosen, less any serious illness benefit already claimed.

In the first two years of the plan 150% of the premiums you've paid up to the date of your death
OR
If solely because of an accident in the first two years Three times the level of cover you've chosen (subject to a maximum payout of £48,000)

The amounts shown above don't account for any payment of serious or terminal illness benefit, which will effect the amount paid out on death as explained in the next section.

You need to be aware that depending on how long you pay your premiums for, you may pay more in premiums than any benefit paid out by the plan. Our Over 50s Life Cover Plus isn't a savings plan, and has no cash value, except where a valid claim is made.

 
More than just a cash lump sum on death

Wouldn’t it be better if you had the choice to claim so that you and your family can benefit from the policy, without having to wait until after you’ve passed away? Once you’ve had your policy for 2 years, if you are then diagnosed with a serious or terminal illness you could claim some or all of your life insurance. This could provide invaluable assistance when you and your family need it most.

 
Serious Illness Benefit

If you’re diagnosed with a serious illness, you can claim 20% of your life cover immediately to help out during what could be a challenging time. Claiming this benefit simply reduces your life cover and the terminal illness benefit by 20%. For full details please see our policy summary.

 
Terminal Illness Benefit

Discovering that you are terminally ill is distressing enough without having to consider the financial impact on you and your family. That’s why our policyholders can claim 100% of the life cover amount (less any serious illness benefit paid) if they receive a terminal diagnosis. At this point the policy is closed and there is no pay-out on death. For full details please see our policy summary.

 
Support Services

Serious illness and terminal illness are clearly huge issues for any person to deal with. But you and your family don’t have to cope alone. 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.

In addition to this, Engage Health Support Services also offers impartial care advice for the elderly, provided by our partners at Grace Consulting, as well as guidance on will writing, bereavement and legal matters from The Co-operative Legal Services. All included in the cost of your monthly premium.

 
Surprisingly straightforward

Most people’s first question when they consider life insurance is whether they will be subjected to a complicated vetting process. The thought of lengthy questionnaires or medicals can be daunting – so we don’t do this. If you’re a UK resident aged 50-80 then we’ll be more than happy to provide you with cover, without a medical. It really is as simple as that.

Choosing the premium or level of cover is just as easy, and our premiums range from £8 to £75 per month. Beyond the age of 90 you won’t have to pay anything and you’ll be covered for the rest of your life. Inflation will reduce the buying power of any future lump sum so it’s worth bearing this in mind when choosing your level of cover.

 
Making provisions for your funeral

The average cost of a burial in the UK is now £4,690*, so many people now plan for the cost of their funeral in advance. Over 50s Life Cover Plus gives you a Funeral Funding Option at no extra cost. You just need to decide whether you want to add this to your policy. Whilst this isn’t a funeral plan and won’t necessarily meet the full cost of your funeral, it will help towards the final cost. And provided your funeral is arranged through The Co-operative Funeralcare, they’ll contribute an extra £250** towards the cost themselves.

*Engage (May, 2014), “The Engage Mutual 2014 Funeral Costs Tracker Report”

*Terms and conditions apply

Find out more about our funeral funding option.

 
The effect of stopping your premiums

If, for any reason, you choose to stop your payments before the age of 90 your plan and cover will end and you won’t get anything back.

 
Naming your beneficiaries

You can nominate whoever you like – for example your friends and relatives – to receive up to £5,000 of the benefit payable when you die. Any money left over will go to your estate. Click here for more information on nominating beneficiaries.

If you’ve added the Funeral Funding Option to your policy, this will take precedence over any nominations, and the amount paid to your beneficiaries will be affected. You can find more information on the Funeral Funding Option here.

 
Welcome gifts and cashback

If you decide to take out a policy with us we’ve got a number of welcome gifts that we think you might enjoy. Choose from £30 in M&S vouchers, a DAB digital radio or our cashback scheme where we’ll give you three months’ premiums back after you’ve paid six. Click here to see 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 £3,435 24 months age 90
Post Office £3,015 12 months age 90
LV= £3,012 12 months age 90
Tesco Bank £2,871 12 months age 90
Sun Life Direct £2,840 24 months death

All information is correct as at 12/05/2014.

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

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.

Read about your Over 50s Life Insurance

It's important you understand what you're buying when you take out a policy with us. To get full details of your plan, download these policy summary and key facts documents.

To see these documents you need to have Adobe Reader installed on your computer. Don't have Adobe Reader? Download it free from the Adobe Reader Website.

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.

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

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 ►

Play Video
Related Products

Savings Products

 

Savings and Investments

Health Products

 

 

Health Products