Over 50s Insurance Cover for Life
Engage Mutual Assurance offer over 50 life insurance for UK residents aged between 50 to 80 years old, with premiums ranging from £8 to £75 a month. Those eligible for cover are not required to undergo a medical. Once the policyholder reaches their 90th birthday, they won’t have to pay any more monthly premiums but the cover remains in place.
The full sum assured is payable as long as the policy has been in force for at least 2 years. However, it is worth noting that the buying power of the lump sum paid out will reduce over time due to inflation, and the policyholder may pay more premiums than the cash sum paid out. After holding the policy for at least 2 years the policyholder can now claim all of the over 50s life cover payout if diagnosed as being terminally ill and 20% of the over 50s life cover payout if diagnosed as being seriously ill.
Any cash sum that the loved ones receive upon the death of the policyholder could help pay towards any outstanding debts or could be put towards the cost of a funeral. However, the over 50’s life insurance is not a dedicated funeral plan as it may not cover the full cost of a funeral. The over 50s life cover plan is not a savings plan and has no cash in value at any time.
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