engage Mutual: Over 50s Life Cover Plus

Product profile

Description 

• Pays out a guaranteed tax-free cash sum when you die. You can  leave money to your family or help pay for your funeral. Is a handy way to help take care of some of the financial considerations your family may be faced with when you die.
  
• You can nominate friends, loved ones or registered charities to receive up to £5000 of your overall payout when you die. If there is any money left over it will go to your estate. The total amount paid out normally counts as part of your estate and may be subject to Inheritance Tax.
  

Age

50 to 79

Maximum cover

£38,016

Benefits

• You choose the amount
  
• Level benefit basis
  
• Guaranteed to be accepted without a medical
  
• Life cover
  
• 100% payout if you become terminally ill
  
• 20% payout if you become terminally ill
  
• Premiums guaranteed never to rise
  
• 5 % discount for online purchase
  
• If you die within the first two years as result of an accident pays out 3 times the sum assured to a maximum of £48,000
  
• No medical or health questions
  
• Premiums will cease at age 90 but cover will continue
  
• Care advice from Grace Consulting
  
• Bereavement advice from Co-operative Legal Services
  
• Wills service from Co-operative Legal Services
  
• Legal advice from Co-operative Legal Services
  
• Health support from Red Arc
  

Restriction

If you die in the first two years then cover is restricted to 150% of premiums paid.

Option

Funeral funding option with Co-operative Funeralcare

Warning

In some cases there may come a point when the premiums paid will exceed what would be paid out on death. The lump sum paid out may be subject to inheritance tax unless the policy is written in trust.

Last updated: 23 May 2012