Over 50 Guaranteed Life Plan

Peace of mind for you and security for those you love, provided by St Andrew’s Life Assurance plc*.

If you are between 50 and 75 years of age, the Over 50 Guaranteed Life Plan offers a guaranteed lump sum on death after 2 years, to give your loved ones a helping hand when you’re no longer there.

There is no medical examination or health questionnaire required, you do not have to make any statement about your health and we will not contact your GP.

From as little as £10 per month, this plan for over 50s provides a convenient way to ensure there is money available to help cover any bills, expenses or simply as a legacy for your grandchildren following your death.  For a summary of the cover provided, please refer to the Plan features below.

The product may not be suitable for you if you already have life cover in place, or have a lot of savings.  If you are unsure about suitability, please refer to the frequently asked questions.

Plan features

• Provides a guaranteed cash sum for the ones you love, following your death after 2 years.
• The cash lump sum is guaranteed as long as you continue making payments until you reach age 90, or until you die, which ever occurs first.
• Monthly payments starting from £10.
• Payments will never increase. Depending on how long your cover remains in force, your total payments may eventually be greater than the amount payable on death.
• You won't have to make any more payments after the age of 90, though cover will continue for the rest of your life.
• If you die within the first 2 years of the plan, we will only refund back all the payments unless your death is accidental in which case you may receive the full cash sum.
• Guaranteed lifelong cover unless you choose to cancel. If you do cancel, cover will cease and you will receive nothing back.
• The plan has no cash in value and inflation could reduce the final value received.

Frequently asked questions

How does it work?

The Over 50 Guaranteed Life Plan is a whole of life plan. This means that provided your payments are up to date and you have been paying for at least two years the plan will pay out on your death. This guarantees a lump sum is left to your estate to help pay towards costs or simply a lump sum for loved ones. The value of the lump sum may reduce over time due to inflation.

What if I die during the first two years?

If you die during the first two years of the plan other than as a result of an accident we will refund all your payments.
If you die as a result of an accident then we will pay the death benefit. Please see Key Features (PDF) and Plan Conditions (PDF) for details of exclusions.

Do I need to have a medical?

No. Provided you are over 50 years old and under 76 you are guaranteed to be accepted into the plan. We ask no medical questions nor do we request any information from your doctor.

When will my cover start?

Your cover will commence from the time we receive your application in our administration unit or you indicate a start date on the application form.

When do my payments start?

Your payments will be collected on the date your plan starts. Due to the time it takes to set up a direct debit your first payment will be collected approximately two weeks after your start date.

How long do I have to make payments for?

The Over 50 Guaranteed Life Plan is a whole of life plan. You will therefore be required to make payments until you die or your 90th birthday, which ever occurs first. If you live past your 90th birthday, cover will automatically continue until you die but you do not have to make any more payments.

How do you collect payments?

Payments are collected by Direct Debit.

How much will it cost me?

Payments start at just £10 per month and you can choose to pay £10, £15, £20, £25 or £30 per month.
The simple rate chart (PDF) shows how much cover will be afforded in return for your payment and age when taking the plan out.
Please note that if you live long enough your total payment that you have made could eventually be greater than the amount payable on death.

Does the plan have a cash-in value?

The plan has no cash-in value. So if you do stop making your payments your life cover will stop and you won't get anything back.

How much will the plan pay out?

This depends on your gender, age at the start of the plan and how much you wish to pay. Our simple rate chart (PDF) will help you to decide what amount of cover you require and the payments you wish to make.

Will my payments and cover change with time?

Your payments and cover will never change as long as you continue to make monthly payments. However you may wish to consider that, over time, inflation could reduce the final value of your plan.

Can I cancel my plan?

You may cancel your plan at any time. However the plan has no cash-in value. So if you do stop making payments your life cover will stop and you won't get anything back. If you cancel within 30 days any payments received will be returned.

What about tax?

Under current legislation the death benefit may be subject to inheritance tax depending on your own personal circumstances. We recommend you speak with your accountant or financial adviser for advice in relation to this.

Before you apply, it is very important that you have read the key documents below carefully as they form a legal contract with us. If there is anything that you do not understand, please contact us on 0845 602 4782** before you agree to them, by applying.

*The product is underwritten by St. Andrew's Life which is a member company of Lloyds Banking Group.

**Lines are open Mon - Fri 8am - 8pm & Sat 10am - 2pm