Guaranteed 50 Plus Life Cover is an affordable way to help your family financially after you die. The cash payout could go towards any outstanding bills, help with funeral costs or simply provide something to remember you by.
- You’re guaranteed to be accepted without a medical regardless of any pre-existing medical conditions
- Premiums start at £10 a month and are guaranteed never to rise
- Available to any UK resident aged 50-80
- A tax-free cash lump sum for your family
- Provided by engage, a leading mutual society
- Premiums will stop at the age of 90 but the cover continues
- The lump sum could be used to help with funeral costs
- Add to your existing life cover
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Helping with funeral costs
Funeral expenses are the last thing anyone would want their relatives to have to worry about at a difficult time. Without making some provision now, you could be leaving loved ones with a bill of £3,222 or more*. Taking out a life cover plan will provide a cash lump sum that could help towards the costs. This is not a funeral plan and would not necessarily meet the full cost of a funeral.
Low monthly premiums
We believe that life cover should be within everyone’s reach. For this reason, premiums start at just £10 a month. You may, of course, decide to pay a higher premium in order to increase the lump sum your loved ones will receive¹. Premiums cease at 90 but the cover will continue for life.
How the cover works
In the first two years of the policy, if you die of natural causes, we’ll pay back the premiums plus half again. And should you die as a result of an accident in the same period, we’ll pay out either three times the life cover benefit or £32,000, whichever is lower. After the two year period, you loved ones will receive the chosen sum assured. Over time, inflation will reduce the buying power of the amount payable on death.
A cash lump sum
As long as you pay the monthly premiums, your family will receive a lump sum when you die. The amount of cover depends on the premium chosen, age, gender and smoker status. Please note the lump sum normally counts as part of your estate and may be subject to inheritance tax. This is not a savings plan and will only pay out on death.
For more information about Guaranteed 50 Plus Life Cover and how it can help you prepare for the future, please contact us on 0800 622 6824 or fill in the form opposite »
* Source: UK Funeral Costs Research. Prepared by Brahm for engage Mutual Assurance, December 2007.
¹ Depending on how long the premiums are paid for, the total premiums paid may be more than is paid out on death.