Over 50s Life Cover frequently asked questions
See below for some common questions about Over 50s Life Cover.
General product information
Immediate cover is available in most cases if you apply for Over 50s Life Cover 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.
You may also choose a start date up to 4 weeks from the date of application, should you wish. Remember that during the first two years of your policy, the policy will pay out 150% of premiums paid if you die of natural causes and three times the life cover (up to a maximum of £48,000) if you die as a result of an accident. After the first two years, when you die, we'll pay out the sum assured. Terminal Illness benefits do not apply until you've held the policy for 2 years.
You’ll be covered for life, or until a terminal illness claim is paid, 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.
No. But you can make sure each of you is covered by each taking out an Over 50s life cover 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 terminal illness benefit. If you cancel your policy within the first 30 days we'll refund any premiums you've paid.
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 and does depend on individual circumstances.
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 £20,000 (£10,000 for customers aged 59 or under) on plans taken out after 1 January 2007. Plans taken out before this date do not count towards these limits.
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 £20,000 (£10,000 for customers aged 59 or under).
We won't stop or reduce your cover if you get ill. Should you make a successful terminal illness claim, we will pay out the full sum assured and your policy will close.
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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. And you can be sure it’s provided by a company that is financially robust.
Premiums start from as little as £10 and go up to £75 (depending on your age and sum assured limits). See how much life cover you can get for your money.
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.
No. Even as you get older or if you become ill.
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.
No. We guarantee to accept you without a medical, subject to premium and sum assured limits. We don't ask any intrusive questions and we don’t need a medical report.
The amount of cover offered is affected by smoker status and age. Because smoking has many health risks, for any given monthly premium, 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.
Tobacco products include:
- cigarettes
- cigars
- pipes
- 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 (including zero nicotine e-liquid mixtures)
This list doesn't include everything considered a tobacco product or nicotine replacement therapy. If in doubt, please contact us.
To help make things easier during this time, you can notify us of a death by completing our online death notification form.
If you buy an Over 50’s Life Cover policy from us, please make sure you retain the policy documents in a safe place and let your next of kin know where to find them.
We are very sorry to hear about your loss. To help make things easier during this time, you can notify us by completing our online form.
Once we receive notification of the death, we will send a claim form to be completed with a request for all required documents.
Once we receive all the documents required with a completed claim form, we will send a cheque for the settlement.
Funeral Funding feature
Funeral Funding allows you and your loved ones some financial peace of mind during a difficult time. Payment is made directly from the policy to the chosen funeral director at the time of settling the final bill negating the need for the cost of the funeral to be found up front.
Learn more about our Funeral Funding option, our partner network, what to do with remaining monies or shortfalls, how to remove the option from your policy, and much more, on our Funeral Funding option page.
If you die within the first two years of taking out your Over 50s Life Cover, the full cash sum will not be payable. We will pay 150% of the premiums paid or the accidental death benefit (if applicable) to your estate or nominated beneficiary. Please see the Policy Document for full details.
Your representatives will still be able to use the Funeral Funding Feature's £300 Contribution towards the cost of your funeral, provided it is being arranged by the Funeral Funding Feature provider.
It's important to keep paying your premiums, otherwise your cover will cease and the charge will be removed.
You may be able to reduce your premium once you have held your policy for at least four years. Your benefit will reduce and minimum premiums apply but your Funeral Funding charge will remain in place.
You can only charge one Over 50s Life Cover policy to the Funeral Funding provider.
If your next of kin decide not to use your chosen Funeral Funding provider to arrange the funeral, funeral funding can be removed from the policy at any time by calling 0800 028 1112.
We'll inform the Funeral Funding provider that they wish to cancel the 'charge'. The Funeral Funding provider would then release the 'charge' and the benefit payable would be paid to your estate or nominated beneficiary. The Funeral Funding provider's Contribution would not be payable.
If the proceeds of the policy together with the £300 contribution are equal to or exceed the cost of the funeral there will be nothing to pay.
If there is an outstanding balance to pay for the agreed funeral arrangements, this will need to be paid by your representatives at the time of arranging the funeral.
If the proceeds of your plan together with the £300 contribution exceed the cost of the funeral, then the excess will be paid to your estate or nominated beneficiaries.
No. In 'charging' your Over 50s Life Cover you are saying that you want the benefit payable from your policy to go towards the cost of your funeral, when arranged through the nominated Golden Charter Funeral Director.
If you die abroad and wish to have your funeral conducted in Great Britain or Northern Ireland, the Funeral Funding Feature provider's Funeral Director may be able to arrange repatriation to the UK.
If they are able to arrange repatriation the Funeral Director will advise your representatives of the costs involved.
Provided that the Funeral funding Feature is still in force, and your funeral is arranged with the Funeral Funding Feature provider, the Funeral Funding Feature provider’s £300 Contribution will still apply.
In the event of a terminal illness claim then the money is paid to you and the policy is closed, however, the £300 contribution will still be offered by the nominated funeral director if they are providing your funeral services.