Over 50s Life Insurance Plan

Over 50s Life Insurance Plan - how it works

• Our Over 50s Life Insurance Plan is a regular premium whole of life plan, which after two years provides the cash lump sum you have applied for (called 'the benefit') on your death. In respect of death in the first two years, please refer to the Important information section below.
  
• So, if you are over 50 and looking for life insurance this could be the policy for you. You don't need to provide any medical information, we won't ask you to have a medical and we will not contact your doctor to assess your application. All applications have guaranteed acceptance.
• You pay us a premium every month until the earlier of your 90th birthday or death. Your cover will continue as long as you pay the premiums when due.
• The minimum premium you can pay is £8 a month, that's just 27p a day. The maximum premium you can pay is £48 a month, taking in to account the premium under any other Over 50s Life Insurance Plans you have with us.
• The monthly premium you pay for an Over 50s Life Insurance Plan depends on the amount of life cover you need and your age when you apply (you must be between 50 and 75 years old when you apply).
• Five years into the term of your Over 50s Life Insurance Plan we will automatically increase the benefit payable upon death by 10% at no additional cost to you. Your premiums will remain the same throughout the entire paying period.
  
• The maximum combined sum you can apply for on this plan is £20,000.
• This plan is only available to UK residents.
• We will never cancel your Over 50s Life Insurance Plan, and your cover will last for the whole of your life as long as you continue to pay your premiums. You should therefore choose a level of premium that you expect always to be able to meet.

Important information

• If you die during the first two years of the plan from natural causes or from reasons explained under the 'Exclusions and risks' section which you must read before applying, the amount payable will be a full return of premiums paid up to the date of death.
• If, however, within the first two years you die from accidental death, unless one of the exclusions applies as detailed in 'Exclusions and risks' section, the benefit will be payable. You can read more about accidental death in the Policy Summary (PDF) on the right hand side of this page.
• After the second year of your plan, the full benefit will be payable, whatever the cause of death.
• After you have taken out a life insurance policy, you have the option to place it in a trust. Find out more about trusts.
• Before you decide to purchase one of our Over 50s Life Insurance Plans, you must read the Over 50s Life Insurance Plan Policy Summary (PDF). You can open and download this from the right hand menu.