Life insurance annuity. Over 50s Life Insurance Cover, Sainsbury s Bank

expanded Overview

Over 50s cover

The Over 50s Life Insurance plan provides cover for the whole of your life and pays out a cash sum on your death. Life cover.

Available offer

Double points at Sainsbury’s as long as your policy is valid, when you buy a new life insurance, Decreasing life insurance (with or without Critical Insurance cover) or Over 50s life insurance policy and keep paying your policy premiums.‡

Choose from two Over 50s Life Insurance plans

For more details on the Over 50s Fixed Life Insurance Plan and the Over 50s Increasing Life Insurance Plan, please view the tabs above. Please ensure the total cash sum of all Legal & General Over 50s Life Insurance plans does not exceed £10,000. For existing plans taken out on or before 25 November 2017 please refer to your Policy Terms and Conditions for your total sum assured value.

Benefits of the plans

Guaranteed acceptance - if you're aged 50 to 80 and a UK resident for at least 183 days per year

Cash sum – paid out after one year if you die, regardless of the cause of death

From your 90th birthday – you will stop paying premiums but enjoy cover for the rest of your life

Things you need to know

A claim can be made after one year - regardless of the cause of death, or within one year due to accidental death. If you die within the first year of starting your plan, for any reason other than accidental death, only the premiums already paid will be returned.

Depending on how long you live, the total premiums paid may be greater than the cash sum payable on death.

This is not a savings or investment product and has no cash value unless a valid claim is made.

If you stop paying your premiums before the end of your policy, your cover will end 30 days after your missed premium and you won't get anything back.

These plans are not designed to meet the full costs of a funeral, and do not guarantee to do so.

Inflation will reduce the buying power of your cash sum in the future.

Flexibility to reduce your premiums if you’ve had your plan for a year and your circumstances have changed. Minimum premium applies.

If you choose to reduce your premiums, your cash sum will also be reduced.

With the Increasing Plan your cash sum is reviewed each year in line with the change in the Retail Prices Index (RPI). Your premium will also be reviewed each year and will increase by one and a half times the change in RPI. RPI may not rise at the same pace as funeral costs.

If you’re worried you won’t be able to afford the increases in premium, you can decline the increase following your annual review. If you do this the cash sum will remain at the same value from that point, and inflation will reduce its value in the future. You won’t be able to increase your cash sum or premium in future years.

Before you apply please make sure you read all the information available including the Policy Summary document.

To apply by phone please call 0800 197 3373 or you can download a paper application form below. Lines are open Monday-Friday 8am-8pm and Saturday 9am-5pm. Calls may be monitored and recorded. Calls free from a landline or mobile when calling from the UK.

It’s your responsibility to make sure the policy meets your needs. If you require advice please contact a financial advisor.

Offer Terms and Conditions

Fixed Plan

The Over 50s Fixed Life Insurance Plan offers a simple way to plan for the future. It's designed for those who wish to budget, as the monthly premiums are fixed and guaranteed not to increase once the plan starts. The cash sum is also fixed, according to your chosen premium.

Apply for life insurance policy online

Benefits of the Fixed Plan

Fixed premiums – so you'll always know how much you're paying

Guaranteed acceptance - if you're aged 50 to 80 and a UK resident for at least 183 days per year

Cash sum – after one year we'll pay out if you die, regardless of the cause of death

After your 90th birthday – you will stop paying premiums but enjoy cover for the rest of your life

Flexibility to reduce your premiums - if you’ve had your plan for a year and your circumstances have changed. Minimum premium applies.

Things you need to know

A claim can be made after one year - regardless of the cause of death, or within one year due to accidental death. If you die within the first year of starting your plan, for any reason other than accidental death, only the premiums already paid will be returned

Depending how long you live, the total premiums paid may be greater than the cash sum payable on death

This is not a savings or investment product and has no cash value unless a valid claim is made

If you stop paying premiums before the end of your policy, your cover will end 30 days after your missed premium and you won't get anything back

Inflation will reduce the value of your cash sum in the future

The Fixed Plan is not designed to meet the full costs of a funeral, and does not guarantee to do so

If you choose to reduce your premiums, your cash sum will be reduced.

Before you apply please make sure you read all the information available including the Policy Summary document.

To apply by phone please call 0800 197 3373. Lines are open Monday-Friday 8am-8pm and Saturday 9am-5pm. Calls may be monitored and recorded. Calls free from a landline or mobile if calling from the UK.

It’s your responsibility to make sure the policy meets your needs. If you require advice please contact a financial advisor.

Offer Terms and Conditions

Increasing Plan

The Over 50s Increasing Life Insurance Plan is designed to help protect your cash sum against inflation, your premiums and cash sum are reviewed each year in line with the change in the Retail Prices Index (RPI). RPI measures the changing price of everyday household goods and services, like food and energy bills, it shows how the cost of living rises and is used as a measure of inflation.

Benefits of the Increasing Plan

Protection against inflation – your premiums and cash sum are reviewed each year

Guaranteed acceptance - if you're aged 50 to 80 and a UK resident for at least 183 days per year

Cash sum – after one year we'll pay out if you die, regardless of the cause of death

Short term insurance

After your 90th birthday – you will stop paying premiums but enjoy cover for the rest of your life

Things you need to know

A claim can be made after one year - regardless of the cause of death, or within one year due to accidental death. If you die within the first year of starting your plan, for any reason other than accidental death, only the premiums already paid will be returned.

Depending how long you live, the total premiums paid may be greater than the cash sum payable on death.

This is not a savings or investment product and has no cash value unless a valid claim is made.

If you stop paying premiums before the end of your policy, your cover will end 30 days after your missed premium and you won't get anything back.

With the Increasing Plan your cash sum is reviewed each year in line with the change in the Retail Prices Index (RPI). Your premium will also be reviewed each year and will increase by one and a half times the change in RPI. RPI may not rise at the same pace as funeral costs.

If you're worried you won't be able to afford the increase in premium, you can decline the increase following your annual review. If you do this the cash sum will remain the same from that point, and inflation will reduce its value in the future. You won't be able to increase your cash sum or premiums in future years.

If you choose the Increasing Plan and decline the annual plan review, then inflation will reduce the value of the cash sum in the future.

The Increasing Plan is not designed to meet the full costs of a funeral, and does not guarantee to do so.

Before you apply please make sure you read all the information available including the Policy Summary document.

To apply by phone please call 0800 197 3373. Lines are open Monday-Friday 8am-8pm and Saturday 9am-5pm. Calls may be monitored and recorded. Calls free from a landline or mobile if calling from the UK.

It’s your responsibility to make sure the policy meets your needs. If you require advice please contact a financial advisor.

Offer Terms and Conditions

Compare

The table below lets you compare the Fixed Plan and Increasing Plan, so you can decide which one suits your needs.

These plans are not designed to meet the full costs of a funeral, and do not guarantee to do so.

Before you apply please make sure you read all the information available including the Policy Summary document.

To apply by phone please call 0800 197 3373 or you can download a paper application form below. Lines are open Monday-Friday 8am-8pm and Saturday 9am-5pm. Calls may be monitored and recorded. Calls free from a landline or mobile when calling from the UK.

It’s your responsibility to make sure the policy meets your needs. If you require advice please contact a financial advisor.

Offer Terms and Conditions

Important

Things you need to know

A claim can be made after one year - regardless of the cause of death, or within one year due to accidental death. If you die within the first year of starting your plan, for any reason other than accidental death, only the premiums already paid will be returned.

Depending on how long you live, the total premiums paid may be greater than the cash lump sum payable on death.

What is life insurance all about

After your 90th birthday you will stop paying premiums but enjoy cover for the rest of your life. With the Increasing Plan your cash sum continues to be reviewed each year in line with change in the RPI.

If you stop paying your premiums before the end of your policy, your cover will end 30 days after your missed premium and you won't get anything back.

Please remember this is not a savings or investment product and has no cash value unless a valid claim is made.

You can take out more than one plan as long as the total of your cash sum for all plans added together is not greater than £25,000. This includes any existing Legal & General Over 50s Plan you may have.

These plans are not designed to meet the full costs of a funeral, and do not guarantee to do so.

With the Increasing Plan your cash sum is reviewed each year in line with the change in the Retail Prices Index (RPI). Your premium will also be reviewed each year and will increase by the change in RPI multiplied by 1.5. To keep pace with inflation you need to make sure you can meet the premium increases over the years. RPI may not keep up with future rises in funeral costs.

RPI is used as a measure of inflation. It measures the changing prices of everyday household goods and services like food and energy bills, and shows how inflation rises over the years.

If you’re worried you won’t be able to afford the increases in future, you can decline the increase following your annual review. If you do this the cash sum will remain at the same value from that point, and inflation will reduce its value in the future. You won’t be able to increase your cash sum or premium in future years.

Inflation will reduce the buying power of your cash sum in the future.

Flexibility to reduce your premiums if you’ve had your plan for a year and your circumstances have changed. Minimum premium applies.

If you choose to reduce your premiums, your cash sum will also be reduced.

Before you apply please make sure you read all the information available including the Policy Summary document.

To apply by phone please call 0800 197 3373. Lines are open Monday-Friday 8am-8pm and Saturday 9am-5pm. Calls may be monitored and recorded. Calls free from a landline or mobile if calling from the UK.

Sainsbury’s Over 50s Life Insurance is provided by Legal & General Assurance Society Limited, Registered Office: One Coleman Street, London, EC2R 5AA (registered in England and Wales no. 166055). Legal & General Assurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Sainsbury's Bank plc, Registered Office, 33 Holborn, London EC1N 2HT (registered in England and Wales, no. 3279730) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register no. 184514). Sainsbury's Supermarkets Ltd is an appointed representative of Sainsbury's Bank plc.

It’s your responsibility to make sure the policy meets your needs. If you require advice please contact a financial advisor.

Offer Terms and Conditions

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