The plan is currently the only one of its kind to offer customers the flexibility to claim a cash lump sum on the diagnosis of a serious or terminal illness at no extra cost. It continues to offer guaranteed acceptance without a medical, affordable premiums and a simple application process.
The terminal illness benefit on the plan provides real financial help and emotional support when most needed, while the client is still alive. Policyholders diagnosed with a terminal illness at the end of the moratorium period, which applies in the first two years of the plan, can now claim the full sum assured, in which case the policy would close. Those diagnosed with a serious illness after the moratorium period can claim 20% of the full sum assured. The serious illness benefit can be claimed once, and the remaining cover would then be reduced for terminal illness, or on death.
Engage Mutual increased levels of cover on the product last year to £40,000; a wider range of premiums from £10 to £75 per month was introduced; and the maximum accidental death benefit was increased to £48,000 (the policy pays out three times the level of cover to a maximum payout of £48,000 if death occurs as sole result of an accident in the first two years).
Providing access to a cash lump sum at a time of crisis can help alleviate money worries and assist with any practical changes that may need to be made at home.
In addition, the plan includes free access to a personal nurse adviser in the event of serious or terminal illness, offered as part of a range of free services provided by Engage Health Support.
Engage Mutual’s Marketing Director, Karl Elliott said:
“This is an over 50s life cover plan with a difference. It provides extra reassurance, and for the first time it offers benefits to the insured, as well as their families. It goes the extra mile to help support customers and their loved ones during those difficult periods when serious or terminal illnesses can suddenly hit.”
Feedback from advisers to date has been overwhelmingly positive, with particular endorsement for clarity and simplicity around applicability of the serious illness benefit option.
Karl Elliott continued:
“As a mutual organisation owned by our customers, we go to great lengths to offer products that will benefit and support them and their families.
"Clarity and making it easy to claim are central to this, which in turn presents a real opportunity for advisers to strengthen their own client relationships.
“Guaranteed 50 Plus Life Cover provides an opportunity for advisers to re-connect with existing and back book customers, and to provide what has traditionally been a purely ‘direct purchase’ product, as an intermediary offering.”
Two additional services are also integral to Engage Mutual’s Guaranteed 50 Plus Life Cover: access to a free independent long term care advice service from one of the UK’s leading independent care advisers; and a no cost funeral funding option in association with The Co-operative Funeralcare, which pays a £250 contribution towards funeral costs (terms and conditions apply).