Engage Mutual’s over 50s plan is designed to offer UK residents aged between 50 and 80 some peace of mind that upon your death, your loved ones will be presented with a cash lump sum. This sum could be used to pay towards any bills your family is faced with after you have passed away, or contribute towards the cost of your funeral. The sum could also be used to simply pay for something sentimental for your loved ones to remember you by or for any other purpose at their discretion.
It should be noted that Engage Mutual’s over 50 life cover plan is not a dedicated funeral plan and may not cover the full costs of a funeral. The buying power of this sum will also reduce over time due to inflation.
After 2 years policyholders also have the option to claim up to 20% of their cover before death if they are diagnosed with a serious illness; or 100% if they are diagnosed with a terminal illness. Policyholders that claim serious illness benefit will have the remaining cover reduced by 20% accordingly. If the policyholder receives terminal illness benefit, the policy will close and there will be no payout on eventual death.
Premiums for Engage Mutual’s over 50s life insurance start at £8 per month and range up to £75 per month, depending on the level of cover chosen by the policyholder. On the policyholders 90th birthday, the monthly premiums paid into the over 50s plan will cease, but cover will continue for life. It is possible for the policyholder to pay more in premiums over the duration of the policy than the amount paid out.
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