Engage Mutual’s over 50’s life insurance plan aims to provide UK residents between the age of 50 to 80 years old with some peace of mind that their loved ones could receive a cash amount following their death. The sum could help to pay towards funeral costs or outstanding bills or be used for any other purpose at the discretion of the loved ones.
It should be noted that the over 50s life cover is not a dedicated funeral plan as it may not cover the full cost of a funeral. The buying power of the sum will be reduced over time due to inflation, and, in some cases.
Engage Mutual offer monthly premiums which start from £8 up to £75. As soon as the policyholder reaches their 90th birthday then the premiums will cease but the policy will remain in force. The policyholder may pay more in premiums than the amount paid out once they pass away.
Customers who take out an Engage Mutual policy will be entitled to claim terminal illness benefit or serious illness benefit if diagnosed once the policy has been in force for at least two years.
If the policyholder is diagnosed with a terminal illness then they can claim 100% of the benefit. This means that the policy will then close and no cash amount will be paid to their loved ones once they’ve passed away. A policyholder who is diagnosed with a serious illness can claim 20% of the benefit, but the remaining cover amount will be reduced accordingly by 20%. Terms and conditions apply to what constitutes a serious or terminal illness and the benefit can only be claimed once.
For further information about Engage Mutual’s over 50s life cover plan, visit their website.
