What Is The Over 50s Life Cover Plan?
Life insurance for over 50s. It is for UK residents aged between 50 and 80, with guaranteed acceptance with no medical and 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 as long as you pay the premiums, but if you stop paying premiums your cover will stop. You’ll only pay premiums until you’re aged 90 but your cover will carry on for life. What you pay in premiums may be more than is paid out on death – depending on how long you’ve had your policy. All of your premiums will be used to cover the cost of your life cover and expenses.
Guaranteed Acceptance With No Medical
Our life insurance for over 50s guarantees acceptance with no medical.
Get your over 50s life insurance quote here
Tax free payout
On death our life insurance for over 50s guarantees to pay out a tax-free cash lump sum to your loved ones. The amount of the lump sum 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 3 times the sum assured to a maximum of £32,000. If you die after the first two years we will pay out the sum assured.
Like other whole of life insurance plans of this type, depending on how long your policy is in force, you may pay more in premiums than the plan would pay out on death.
Low Cost Over 50’s Life Insurance Cover
We think life cover should be within everyone’s reach. That’s why our premiums start at as little as £8 a month!
The cost of cover depends on the level of cover you choose and your personal circumstances.
Get your over 50s life insurance quote here
Competitive Over 50 Life Insurance Cover
This whole of life insurance plan is extremely competitive. Take a look at how much over 50s life insurance cover we could offer you compared to some of our competitors and get your over 50s life insurance quote here
Nominate A Beneficiary
Only friendly societies like us are able to offer this benefit. It enables us to pay out up to £5,000 of your cash lump sum quicker with a minimum of formality.
The maximum sum which can be nominated under the Friendly Societies Act 1992 and under the Society’s rules is £5,000. This is an overall maximum not per policy or per beneficiary e.g. if you were to hold three plans, 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 the Society and you may make a new nomination for your new spouse if you wish.
Cashback Or A Welcome Gift – You Choose
Our over 50s life insurance gives you a choice of different plan options. Choose from either:
Plan With Welcome Gift
- £ 30 M&S; vouchers
- Digital Radio
- Welcome gift terms & conditions
Plan With Cashback
- cashback – 3 months worth of premiums after 6 months premiums paid
- Cashback terms & conditions
Independent Care Advice At No Extra Cost
We’ve teamed up with Grace Consulting to offer everyone who takes out a new engage Over 50s Life Cover Plan Grace Guidance at no extra cost!
This service is available to both you and your family and gives you access to general advice about choice of care, including care at home, sheltered accommodation, convalescent care and long-term residential care, should the need arise.
If you need to use the service, a Grace Care Adviser will be able to 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 adviser will then send you relevant fact sheets and other information, which will act as a useful first step in finding care, providing you have the time to carry out your own search.
Apply Online And Get 5% Off Your Premiums!
Apply for over 50s life insurance here
Applying for our over 50s life insurance is easy. Apply securely online or you could be covered instantly!