Legal & General is launching three new guaranteed acceptance life insurance plans for the over 50s
Firstly, there is a fixed plan – fixed monthly premiums and a fixed cash sum paid out on death. Secondly, L&G has introduced an Increasing Plan, where benefit increases in line with inflation. Finally, there is a Funeral Plan, which protects against rising funeral costs
All three Over 50s plans are only available direct from Legal & General online, by post or over the phone. The plans are available to anyone aged between 50 and 80 and applicants are guaranteed to be accepted for cover. Monthly premiums stop aged 90 although cover will automatically continue until death.
The benefit and premiums for the Increasing Plan and Funeral Plan are reviewable annually in line with inflation, as measured by the Retail Price Index. However, policyholders can choose to freeze their sum assured at any time and not increase it any further. The Funeral Plan covers the cost of a cremation funeral, provided through Dignity, the UK’s largest funeral plan provider
Alan Ferguson, director of marketing and channel development, said: “People traditionally take out this type of life insurance to provide their family with funds to go towards funeral expenses or unpaid bills