A simple, affordable way to leave behind a cash lump sum for your loved ones
Over 50s Life Cover Plus is a quick and simple way to leave behind some helpful money for your family. Anyone can apply as long as you are between 50 – 80 years old and a UK resident. Like everyone else, we offer guaranteed acceptance without a medical.
If you die of natural causes we will pay out 150% of the premiums paid. If you die as a result of an accident we will pay out three times the life cover up to a maximum pay out of £48,000.
When you die, we'll pay out the sum assured as a cash lump sum, less any serious illness benefit. Please keep in mind that inflation will mean any pay out won't buy as much in the future as it will now.
After two years: 100% of your life cover, paid in full, if you receive a terminal illness diagnosis after 2 years as a policy holder. The policy would then be closed and cover would end. 20% of your life cover if you are diagnosed with a serious illness after 2 years as a policy holder, reducing the life and terminal illness cover to 80% of the sum assured.
Premiums stop at age 90 but cover continues for life. If you stop paying premiums before then the cover will cease and you will not get any money back.The cash lump sum on death normally counts as part of your estate and so may be subject to inheritance tax. You could pay more in premiums that the plan pays out. Our Over 50s life cover is not a savings plan and has no cash value.