Nationwide has relaunched the Over 55s Life Cover Plan. The revised plan has significant product enhancements designed to meet the changing needs of customers and includes the introduction of a funeral benefit option.
The Over 55s Life Cover Plan, insured by AXA Sun Life, has been designed to meet the protection needs of the older generation and is now available to people aged between 55 and 80 (the maximum age was previously 75) and includes guaranteed acceptance which, unlike some forms of life cover, does not require you to provide details of your medical history.
New cover options:
Fixed Cover provides fixed premiums and a fixed cash sum payable on death after two years
Increasing Cover allows you to increase the cash sum payable on death by 5% of the starting cash sum each year. In return for providing this additional cover, the monthly premium will also increase by 5% of the starting premium each year
Funeral Benefit option is for customers who want the plan proceeds (cash sum) to contribute towards their own funeral. A contribution of £250 will made by The Co-operative Funeralcare for any funeral arranged through them when the time comes.
Life insurance: News update: 21 October 2009