Scottish Friendly are offering a different approach with their Guaranteed Over 50s Life Insurance Plan

What is Over 50s Life Insurance?

Over 50s life insurance is an affordable and popular way to plan ahead and leave behind a fixed lump sum after you’re gone. Depending on the level of coverage you choose, that lump sum could help towards paying for things like, funeral costs, or any unexpected bills.

Scottish Friendly’s My Mutual Guaranteed Over 50s Plan is a guaranteed way for anyone resident in the UK, aged from 50 to 74, to leave something behind for their loved ones.

It gives you peace of mind knowing that, as long as the plan is up-to-date, they’ll receive a  lump sum payment after you’ve had the policy for two years, while giving you immediate cover for accidental death in the first two years.

It’s worth remembering that your lump sum is fixed, so inflation will reduce its buying power over time. You can set up your over 50s life insurance plan quickly and easily online and then get on with enjoying life, safe in the knowledge that your cover is in place.

How does Over 50s Life Insurance work?

With Scottish Friendly’s Over 50s Plan, there are no medical questions to answer, and you’ll be guaranteed acceptance if you’re aged between 50 and 74 and are resident in the UK.

There’s budget-friendly cover, starting from just £7 a month, or 23p a day. But this depends on your age, whether you smoke, and the level of cover you choose, so you may pay more than that.

However, once your policy starts it cost’s the same each month, so you can be comfortable that your premiums won’t increase.

Bear in mind that depending on how long you live, the payments you pay could be more than the cash pay-out and that there’s no cash in value for these types of policies, and they’re not guaranteed to meet the full costs of a funeral.

What’s different about Scottish Friendly’s Over 50s plan?

If you need to stop paying you can still keep some cover. That’s because, importantly, once you’ve paid five years’ worth of premiums, your loved ones will still get a proportion of your cover amount back when you pass away – even if you’ve stopped paying in. The final amount depends on how much you’ve paid and how long it is until your 90th birthday.

You may even reach your full cash benefit early as some of your premiums participate in Scottish Friendly’s With-Profits fund. Growth in the fund may mean they’ll let you know you can stop paying before you are 90, with your cover fully secure.

To find out more and get a quote click here

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