Fairer cover with Over 50s Life Cover
There’s no doubt that when you take out over 50s life insurance, you intend to pay for it. But circumstances can change.
Losing a payout
It may come as a surprise, but if you’re with another provider and stop your payments, your family will get no money at all.
We don’t think that’s fair.
A fairer way
If you need to stop paying, your family could still get some money when you pass away. With our Over 50s Life Cover, as long as you’re at least halfway through paying for your policy, your family will still get some money. No other over 50s life insurance gives you this protection.
Even at the risk of losing a payout, it’s alarming how many people stop paying. Tough times happen to all of us and often leave no choice to keep a household going.
Almost a third of people who bought over 50s life insurance later cancelled their policies.*
In 2014, that was £86m worth of payments lost to their providers.*
How long do I pay for?
How long you pay for is the payment term. Some over 50s insurance providers ask you to pay for the rest of your life – however long that is. With us, the full payment term is where you pay to the policy anniversary date after you turn 90, or until you pass away, whichever comes first. If you are halfway through paying and stop, you’ll still be covered for at least half the cash amount for the rest of your life.
How it works
Jane takes out cover when she is 60. When she is 75, she finds that she can no longer afford to keep making her payments. By then she has been paying for 15 years – that’s halfway through paying for her policy. From this point whenever Jane passes away, her family will still get half the payout amount.
If Jane pays £20 a month for her Over 50s Life Cover and stops when she is 75, her family will still get £2,352 when she is gone. If she was with another provider, her family would get nothing.