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Increased IFA distribution for engage over 50s 'whole of life' cover plan

Posted in: Products Last updated: 02 Jul 2008

engage Mutual Assurance has broadened the distribution of its Guaranteed 50 Plus Life cover plan to IFAs. Following a successful pilot with partner network, Park Row, the plan is now available through SimplyBiz and Intrinsic Financial Services Ltd.

engage Marketing Director, Karl Elliott, stated:

“The Guaranteed 50 Plus Life Cover has enjoyed considerable success to date and in response to demand from our IFA partners, we are delighted to extend its availability. A simple and affordable plan, it is designed for those over 50s looking for life cover without the intrusion and complexities of underwriting. For IFAs seeking to address the reduction in their income from mortgage business prompted by the credit crunch, it provides an opportunity to revisit their clients’ protection needs.”

One of the country’s best life assurance new business performers in 2007 in Money Management’s July new business survey*, engage Mutual provides simple value for money protection, savings and investments products. Its Guaranteed 50 Plus Life Cover provides guaranteed acceptance without a medical; the reassurance of guaranteed fixed premiums; and an end to premiums at age 90, although cover continues.

product information
The Guaranteed 50 Plus Life Cover offers:

no medical or health questions

  • guaranteed acceptance without a medical
  • guaranteed lump sum payment on death
  • low-cost life insurance premiums from £10 per month
  • guarantee premiums will never rise
  • premiums will cease at age 90 but cover will continue

People who require full details of Guaranteed 50 Plus Life Cover should contactengage Mutual on 0808 1005075.

The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

notes to Editors

*”the highest year on year increases for total new business in this survey came fromengage Mutual with growth of 27%…” (Money Management New Business Trends Survey, 1 July 2008)

Guaranteed 50 Plus Life Cover:

  • guaranteed 50 plus pays out on death and has no cash in value at any time
  • in some cases there may come a point when the premiums paid will exceed what would be paid out on death.
  • premium payable depends on the level of cover chosen, age, gender and tobacco habits
  • the plan is available to UK resident’s aged 50 to 80.
  • over time inflation will reduce the buying power of the lump sum payout
  • if payments stop before age 90 the plan will end and life cover will cease
    the lump sum paid out may be subject to inheritance tax unles the policy is written in trust.

engage Mutual:

  • is one of the larger UK mutuals providing simple, value for money savings, protection and investment products.
  •  

  • currently helps over 390,000 customers of all ages to protect, preserve or enhance their welfare, with some of the most straightforward products on the market.
  • prides itself as a family-oriented, modern mutual, providing products that help enable households of all kinds to proactively plan their finances to meet their future needs. More information on engage Mutual is available atwww.engagemutual.com
  • engage Mutual Assurance is a trading name of Homeowners Friendly Society Limited (HFSL), Registered and incorporated under the Friendly Societies Act 1992, Registered number 964F and its wholly owned subsidiary engage Mutual Funds Ltd (eMFL). Both are authorised and regulated by the Financial Services Authority (FSA). HFSL’s FSA Register number is 110072, eMFL’s FSA Register number is 181487. You can check this on the FSA’s Register by visiting the FSA website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.