What does it offer?

Our Guaranteed 50 Plus Life Cover is available to UK residents aged 50-80, and as its name suggests, it can ensure your clients' guaranteed acceptance without a medical.

Premiums start at just £10 a month and are guaranteed never to rise - they are payable up until your client's 90th birthday, at which point they will stop but cover will continue. If your client stops paying their premiums prior to this time then the cover will cease and they will not get any money back.

Other policies of this type only pay out when you die, but our policy is the only one that pays out on diagnosis of a Serious or Terminal Illness.

Serious Illness Benefit:

Customers can claim 20% of their life cover when diagnosed with a serious illness after 2 years. If your client is faced with this diagnosis it's good to know that they can get access to part of their life cover at a challenging and difficult time. Your clients will still retain 80% of their sum assured which can be claimed if they're diagnosed with a terminal illness or on their death.

Terminal Illness Benefit:

Customers can claim 100% of their life cover when diagnosed with a terminal illness after 2 years, less any Serious Illness Benefit already paid giving your clients the benefit of the policy pay out to help them manage through this period of their life. As the policy has now paid out, cover will cease at this point.


Important:

For a full list of the Serious and Terminal Illness conditions covered by this policy, please download the "At a Glance" document.

As inflation will reduce the buying power of the payout, your client may wish to periodically review whether their cover is sufficient. Please remind your client that this is not a savings
plan and has no cash-in value at any time.

Guaranteed 50 Plus Life Cover in trust

If your client wants to put their Guaranteed 50 Plus Life cover in trust, you can do this quite easily for them during the application process.

Within the “Adding a trust” section of the application, complete the trustee and beneficiary details. We will then send your client a pre-completed form to be signed and returned by them and their additional trustees.

Completing the form will also give your client the freedom to claim their serious and/or terminal illness benefits, should they wish to, without being restricted by the policy being in trust.

If you have any questions about this, call us on 0808 100 5075 or read our OneFamily Flexible Trust Deed Guide.

What will be paid out?

If your client dies...  We pay...
 In the first two years of the plan.  150% of the premiums they've paid up to the date
of their death
 OR
 In the first two years of the plan solely because
of an accident
 Three times the level of cover they've chosen (subject to a maximum payout of £48,000)
 After the first two years of the plan  The level of cover chosen, less any serious illness benefit already claimed

Your client needs to be made aware that depending on how long they pay the premiums for, it is possible that they may pay more in than the plan will pay out.

The lump sum on death normally forms part of their estate, so your client may wish to talk to you about any potential inheritance tax implications.

Another feature of the plan is the Funeral Funding Option. Your clients can choose from either Co-operative Funeral Care or Golden Charter – the choice is theirs. We also include at no extra cost, free initial legal and bereavement advice provided by The Co-operative Legal Services and the free services of OneFamily Health Support provided by RedArc. Find out more about the additional support services available.

OneFamily’s Guaranteed 50 Plus Life Cover has the added benefit of allowing your clients to nominate one or more beneficiaries on their policy. Only friendly societies like OneFamily are able to offer this benefit. Their chosen beneficiaries can receive a prompt pay out of up to £5,000 prior to the rest of the money being paid to their estate. Please be aware that this cash lump sum also normally forms part of their estate and may be subject to inheritance tax. However, it will normally be available to your beneficiaries earlier than the rest of their assets so can make a real difference during this difficult time. If your client has taken the Funeral Funding Option, payment will be made first to their chosen provider and any remaining balance will then be paid to their beneficiary(s).

Your client should be made aware that the option to Nominate Beneficiaries or to take the Funeral Funding Option will no longer be available to them if they decide to put their policy in trust.

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