The death of a loved one can present a difficult time for friends and relatives, especially when money is considered. Meeting the necessary expenses, for example for funerals, can be stressful, with many families left with significant costs to meet pertaining to the loss of their loved one.
There are numerous over 50s life cover plans available which are designed to offer a person’s loved ones a cash lump sum upon their death. This sum could be used to provide some much-needed financial assistance at this difficult time.
Engage Mutual offers an over 50s life cover plan, from which the lump sum payment could be used to provide towards a funeral to pay off debts and bills, or as a small nest egg. Please be aware it is not a dedicated funeral plan and may not cover the full cost of a funeral. Engage Mutual’s over 50s plan now enables customers to claim 20% of the sum assured on diagnosis of serious illness or 100% on terminal illness, so customers have the added reassurance that should they be diagnosed with one of these conditions after the first two years and need the money it is available to them. It should be noted that if serious illness is claimed the sum assured will be reduced by 20% and if the terminal illness benefit is claimed there will be no payout on death.
This kind of plan can help to provide some peace of mind for the policyholder; knowing that there will be a sum of money available to them or their loved ones. This is not a savings plan and has no cash in value at any time. Depending on how long you pay premiums for, it’s possible that what you pay in may be more than would be paid out.
Engage Mutual is an established financial services company based in the UK with over 30 years’ experience.
The Article is written by www.engagemutual.com providing Over 50s Life Cover Plan and Over 50s Life Insurance. Visit http://www.engagemutual.com for more information on www.engagemutual.com Products and Services___________________________Copyright information This article is free for reproduction but must be reproduced in its entirety, including live links and this copyright statement must be included. Visit www.engagemutual.com for more services!