Frequently asked questions
Here we answer common questions about OneFamily’s life cover policy. But if you can’t
find the answer to your question, please contact us.
About your policy:
When does my Over 50s Life Cover Plus start?
Immediate cover is available in most cases if you apply for Over 50s Life Cover Plus online or by phone. If you apply by post, your cover will start once we’ve processed your application and you should get your policy documents within a few days.
How long does my Over 50s Life Cover Plus last?
You’ll be covered for life as long as you pay your premiums. What's more, once you reach the age of 90 you stop paying premiums but your cover will carry on until you die or if you claim a terminal illness pay out. However, if you stop paying premiums before you’re 90, your plan will stop and you won’t get anything back.
Do you offer joint life cover policies?
No. But you can make sure each of you is covered by each taking out an Over 50s life cover policy.
Can I cash in my policy?
No. Your over 50s life cover policy isn’t a savings plan and has no cash in value at any time. It only pays out when you die or claim serious or terminal illness benefit. If you cancel your policy within the first 30 days you’ll receive all of your premiums paid back.
Will the pay out be taxed?
The pay out on death won’t attract Income Tax and Capital Gains Tax, but it may be subject to Inheritance Tax unless your policy is written in trust. This reflects our current understanding of the law and the HMRC practice, which can be subject to change.
When will I get my welcome gift or cash back?
We usually send out your gift within 28 days of receiving your first premium. If you don’t receive your gift card within 6 weeks, call us on 0800 169 4321.
For cash back, we’ll give you back 3 months premiums after you’ve paid 6 premiums. See our gift and cashback terms and conditions.
Can I increase my level of cover after I take out my policy?
Yes. You can increase your level of cover by taking out additional plans. You can pay up to £75 in total premiums (subject to a total level of cover of £40,000) on plans taken out after 1 January 2007. Plans taken out before this date do not count towards these limits.
Can I have more than one Over 50s Life Cover Plus policy?
Yes. You can take out as many plans as you like, provided your total monthly premiums on plans taken out after 1 January 2007 aren’t more than £75 (subject to a total level of cover of £40,000).
Will you stop or reduce my life cover if I get ill?
No. We only stop your cover if you stop paying your premiums before the age of 90.
What is Defaqto?
Defaqto is an independent, unbiased researcher of financial products, committed to helping people make better financial decisions. Their rating system is designed to help you compare products in a straightforward easy-to-understand manner and focuses on providing objective information based on the quality of a product - not just how much it costs.
What does a 5 Star Rating mean for me?
You may already be familiar with the Defaqto Star Rating system. If so you’ll know that if you’re looking at a product with the maximum 5 Star Rating, it’s a market leading product. You can’t get a higher Defaqto rating than that. It means you can trust it to be among those with the widest range of benefits on the market as well as being great value for money. And you can be sure it’s provided by a company that is financially robust.
How much will my Over 50s Life Cover Plus cost?
Does the plan pay out what I pay in?
Please refer to the section above "How your cover works" for more details.
Why do you take my first premium after 10 working days of my policy start date?
To give you at least 10 working days notice of when we’re going to take your premium.
When do I stop paying into the plan?
Unlike some other providers, you only pay your premiums until you reach the age of 90. After that, you don't have to pay any more premiums, but you are covered for life.
Will my Over 50s Life Cover Plus premium ever increase?
No. Even as you get older or if you become ill.
How can I pay my premiums?
You pay your premium by Direct Debit. It’s easy and convenient and means you don’t need to worry about forgetting to make a payment. It’s unlikely there will be any mistakes, but if anything is paid in error you’re covered by the Direct Debit guarantee, which means you’ll get a refund.
Do I need a medical?
No. We guarantee to accept you without a medical. We don't ask any intrusive questions and we don’t need a medical report.
Do I get a higher level of cover if I don’t drink or smoke?
The only thing that makes a difference is whether you smoke. Because smoking has many health risks, we reward non-smokers with higher levels of cover than smokers. To make sure your plan pays out when you die, you need to be honest about whether you smoke when you apply for your policy.
What do you class as tobacco products?
Tobacco products include:
- hand roll tobacco
- snuff and chewing tobacco
For the purpose of clarity, nicotine replacement products will be classed as any product that gives a regular dose of nicotine to help stop someone from smoking.
These products include:
- nicotine gum
- nicotine inhaler
- nicotine nasal spray
- nicotine lozenges
- nicotine patches and e-cigarettes
This list doesn't include everything considered a tobacco product or nicotine replacement therapy. If in doubt, please contact us.