OneFamily’s refreshed Over 50’s offering
Premium flexibility, funeral funding and a streamlined claims process
By Steven May, Protection Product Manager
The Over 50s market has grown in each of the last 5 years, with over 316,000 policies written in 2019*. We are OneFamily and we are committed to keeping our products fresh and relevant to our customers’ needs. We have 22 years’ experience in the Over 50s Life market and recently launched the 13th iteration of our Over 50s product, underlining our commitment to continuous product innovation.
To refresh our Over 50s product and to help us better compete with other providers in the Over 50s market, we’ve made a few changes.
Our research showed that customers would value some flexibility in their product, to help them cope better with changing financial circumstances. Therefore, new policyholders now benefit from a new premium flexibility feature as well as the peace of mind of knowing they’re purchasing a product rated 5* by Defaqto.
What’s changed?
- The introduction of a new benefit where customers taking out a policy will be able to request for their premiums to be reduced (and their benefit reduced accordingly), once they have held their policy for at least four years.
- The refreshed product will no longer include Serious Illness Cover; however, Terminal Illness Cover will stay as a feature and we remain the only provider in the Over 50s market to offer this cover as a standard benefit.
- For Funeral Funding, the £300 contribution will no longer apply where a Direct-to-Cremation funeral is opted for.**
- We have also updated our claims processes to make things quicker and more straightforward. We have introduced a new online death notification tool and we now accept customer supplied evidence for serious and terminal illness claims, which speeds up the process and helps reduce the input we need from NHS clinicians.
Sums assured remain unchanged and premiums start at £10 and go up to £75 per month.
* Source: Swiss Re Term and Health Watch 2020
** A direct to cremation funeral means any cremation where there is a direct disposal service only and therefore no funeral service, funeral procession (or other services such as family viewing, limousine(s), embalming or delivery of ashes) and where the cremation is arranged at a crematorium at a date and time chosen by the allocated funeral director and without anyone attending other than the funeral director's staff.
Over 50s Life Cover
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