No one likes the thought of leaving their loved ones with money worries once they have passed away, as any additional financial burden can only add to emotional stress to what is already a very difficult time. Some people find that choosing to pay into an over 50s plan can help provide them with some peace of mind that their loved ones will receive a lump sum of money after they pass away.
Engage Mutual’s over 50s life cover is one way that a person can provide their loved ones with a one-off lump sum of money following their death. The sum could potentially help loved ones to pay towards some of the policyholders’ small debts, contribute towards funeral costs or could provide them with a small nest egg. However, inflation may ultimately reducer the buying power of the amount a policyholder’s loved ones will receive.
The over 50s life cover is not an investment plan or a dedicated funeral plan, and there is no cash in value at any time, as it will only pay out a one-off lump sum payment following the death of the policyholder.
In order to be accepted on the over 50s plan, applicants must be aged between 50 and 80 years old and be a UK resident. Anyone who has been accepted for the policy will not have to undertake a medical. Once a person reaches 90 years old, their premium payments will cease but their cover will remain in place for life. However, you could pay in more money than is paid out on death.
Once a person signs up to an over 50 life insurance plan, the policy holder can cancel their policy within 30 days of receiving an application pack and in order to receive a full refund of any premiums paid during that period.
As with any financial product, it is important to read all of the terms and conditions and look at several different options to see which one best fits your requirements before making an informed decision and applying for your chosen policy.
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