Your questions answered Our 50+ Life Plan is simple and straightforward. If there’s anything you want explained in more detail and you can’t find the answer here, we’ll be happy to help.
Q. How do I know if I qualify for the Plan?
A. If you’re a UK resident aged 50-79, then we guarantee to accept you.
Q. What medical information do you need? A. We only need to know if you’re a smoker, as this will affect your premium. We guarantee to accept you, without a medical, whatever your state of health.
Q. I’m a smoker. You still guarantee I’ll be accepted?
A. Yes, although you’ll pay a slightly higher premium.
Q. How much will it cost me?
A. You choose how much you’d like to pay between £10 and £40 a month. We need to know your age, gender and if you’ve smoked in the last 12 months, as these affect your premium. Please see our rate tables to help decide what to pay.
Q. Why does my gender affect the premium?
A. We charge different premiums for men and women based on differences in the claims experience. To read more about this, please see the Actuarial profession website.
Q. Does the premium increase every year?
A. No. The premium you choose to pay at the start of the policy is the premium you’ll always pay. That’s a promise.
Q. How long do I need to pay premiums for?
A. They are payable throughout your life or until you reach the age of 90. At this age, premiums stop but cover continues. Similarly, if you enter a nursing home on your doctor’s advice and have held your policy for 10 years, premiums will stop but your cover continues.
Q. How long do I have to hold the policy before it will pay out?
A. If you die of natural causes after 12 months, you’re guaranteed the full lump sum payment. Before that, you won’t qualify for the guaranteed payout but we will refund the premiums you’ve already paid.
Q. What is the qualifying period for accidental death?
A. If you die within 90 days of an accident in the UK, your loved ones will receive a guaranteed lump sum, no matter how long you’ve held your policy. After 90 days, it’s treated as death due to natural causes and the 12-month qualifying period applies. If you die within 90 days of an accident on holiday outside the UK, at any time during your policy, we pay double your guaranteed lump sum. This acknowledges the trauma and cost of travelling back to the UK.
Q. Might the final payout be less than the total I’ve paid in?
A. Yes. If you’re lucky enough to enjoy a very long life, the total you pay in premiums may be more than the amount payable on death. You should also remember that inflation will reduce the value of the final payout. Please bear this in mind when you choose the level of cover you want.
Q. Is the final cash sum subject to tax?
A. Not if it goes to your spouse or civil partner or is written into trust. Otherwise, the payout forms part of your estate and may be subject to inheritance tax.
Q. What restrictions are there on how the payout can be used?
A. None at all. You can enjoy the peace of mind that your loved ones may use the cash sum as they wish – perhaps to help towards the cost of your funeral, to help cover any outstanding payments or to leave a gift to your the grandchildren.
Q. What if I want to cancel the plan?
A. You can cancel your plan within the first 30 days and receive a full refund of any premiums paid. If you cancel after 30 days, you won’t receive any money. That’s because your plan has no value except upon death.