Engage Mutual Assurance’s Over 50 Life Cover

Engage Mutual Assurance’s over 50s life insurance plan can provide a policyholder’s loved ones with a guaranteed cash sum following their death. Additional benefits recently introduced to the new plan means that the policyholder can now request 100% of the cover to be paid out whilst they are living if they are diagnosed with a terminal illness, or 20% of the cover if they are diagnosed with a serious illness. These benefits are only available if diagnosed after two years and it will affect the remaining cover.

The over 50 life cover application process aims to be as straightforward as possible. To be eligible for Engage Mutual Assurance’s over 50 life insurance plan, the applicant must be a UK resident and aged between 50 to 80 years old. Engage Mutual Assurance also guarantees acceptance without a medical, so applicants can trust that they won’t be asked any intrusive health questions.

The policyholder will choose a monthly premium level which will remain fixed for the duration of the plan, so they can rest assured that the amount will not rise, even if the policyholder becomes ill. The monthly premium amount chosen will determine the sum assured which is applicable after the policy has been in force for two years. If death occurs from natural causes before 2 years have passed, the loved ones will receive 150% of premiums paid to date, or in the case of accidental death, the lump sum will be three times the level of cover chosen, to a maximum of £48,000.

Once the policyholder reaches the age of 90, they won’t have to pay any more premiums but the cover remains in place for life.

The sum paid out by the over 50 life cover plan can be used towards any unpaid bills, to contribute to a funeral or spent otherwise at the loved one’s discretion. However, it should be noted that this is not a dedicated funeral plan and may not cover the full cost of a funeral; the plan could merely provide the policyholder with some peace of mind that their loved ones will receive a cash amount once they pass away.

Those considering over 50s life insurance from Engage Mutual Assurance should note that in some cases the policyholder can pay in more money in premiums than is paid out. Inflation could reduce the buying power of the payout over time.

The Article is written by www.engagemutual.com providing Health Cash Plan and Easy Save. 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!

Leave a Comment