Common Life Insurance Enquiries

How does it work?
The Over 50 Guaranteed Life Plan is a whole of life plan. This means that provided your payments are up to date and you have been paying for at least two years the plan will pay out on your death. This guarantees a lump sum is left to your estate to help pay towards costs or simply a lump sum for loved ones. The value of the lump sum may reduce over time due to inflation.
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What if I die during the first two years?
If you die during the first two years of the plan other than for accidental reasons we will refund all your payments.

If you die as a result of an accident then we will pay the death benefit. Please see Key Features (PDF New Window) and Plan Conditions (PDF New Window) for details of exclusions.
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Do I need to have a medical?
No. Provided you are over 50 years old and under 76 you are guaranteed to be accepted into the plan. We ask no medical questions nor do we request any information from your doctor.
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When will my cover start?
Your cover will commence from the time we receive your application in our administration or you indicate a start date on the application form.
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When do my payments start?
Your payments will be collected on the date your plan starts. Due to the time it takes to set up a direct debit your first payment will be collected approximately two weeks after your start date.
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How long do I have to make payments for?
The Over 50 Guaranteed Life Plan is a whole of life plan. You will therefore be required to make payments until you die or your 90th birthday, which ever occurs first. If you live past your 90th birthday, cover will automatically continue until you die but you do not have to make any more payments.
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How do you collect payments?
Payments are collected by Direct Debit.
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How much will it cost me?
Payments start at just £10 per month and you can choose to pay £10, £15, £20, £25 or £30 per month.

The simple rate chart (PDF New Window) shows how much cover will be afforded in return for your payment and age when taking the plan out.

Please note that if you live long enough your total payment that you have made could eventually be greater than the amount payable on death.
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Does the plan have a cash-in value?
The plan has no cash-in value. So if you do stop making your payments your life cover will stop and you won't get anything back.
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How much will the plan pay out?
This depends on your gender, age at the start of the plan and how much you wish to pay. Our simple rate chart will help you to decide what amount of cover you require and the payments you wish to make.
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Will my payments and cover change with time?
Your payments and cover will never change as long as you continue to make monthly payments. However you may wish to consider that, over time, inflation could reduce the final value of your plan.
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Can I cancel my plan?
You may cancel your plan at any time. However the plan has no cash-in value. So if you do stop making payments your life cover will stop and you won't get anything back. If you cancel within 30 days any payments received will be returned.
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What about tax?
Under current legislation the death benefit may be subject to inheritance tax depending on your own personal circumstances. We recommend you speak with your accountant or financial adviser for advice in relation to this.
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