Engage Mutual can provide an over 50 life plan to local residents who are aged between 50 to 80 years old, and they are guaranteed acceptance without the need for a medical.
The loss of a family member is always difficult but can be made even more difficult for those left behind if they have to pay for unexpected funeral arrangements or outstanding bills. An Engage Mutual over 50s plan policyholder could help to make the experience a little less so, as a lump sum paid out after their death could help to take off some of the financial pressure. It should be noted that Engage Mutual’s over 50s life insurance plan is not a dedicated funeral plan and the amount paid out may not cover the full costs of a funeral. The buying power of this sum will also be reduced over time due to inflation.
This means that a policyholder can opt for a monthly payment plan that suits their budget. The monthly premium is fixed so the policyholder can be sure that this monthly amount will not change throughout the duration of the policy, premiums ranges from £8 per month to a maximum of £75 per month. It is also possible that the policyholder could pay more in premiums into the policy that the lump sum amount that is paid out in some cases. When the policyholder reaches their 90th birthday, the monthly premiums are no longer required but the cover will remain in place for life.
The over fifties plan now includes terminal illness and serious illness benefit for new policies taken out. If the policyholder is diagnosed with a serious illness then they could claim 20% of the policy amount to be paid out early. As a result, the amount paid out on their death will reduce accordingly by 20% and serious illness benefit can only be claimed once. If the policyholder is diagnosed with a terminal illness, they could claim 100% of the lump sum early. In this case the over 50s insurance plan will close and no further payment will be made after death.
The policy must also have been in place for at least two years at the time of diagnosis before a policyholder can claim serious illness or terminal illness benefit. Engage Mutual explain what constitutes a serious or terminal illness in their terms and conditions.
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