OneFamily’s Over 50s plan has been upgraded and key features now include:
• Guaranteed acceptance whole of life cover.
• Guaranteed premiums.
• Built-in funeral funding with an opt-out option. This enables the benefit to be paid direct to Golden Charter, which adds a £300 contribution to the policy if one of its chosen providers is used.
• Serious illness cover. 20% of the sum insured is paid in the event of a serious illness diagnosis as long as the policy has been in place for over two years. The serious illnesses covered are malignant cancer; heart attack; stroke; Alzheimer’s disease and other dementia; aorta graft surgery; benign brain tumour; blindness; breastbone surgery to treat heart disease; coma; deafness; kidney failure; loss of speech; loss of hand or foot; major organ transplant; motor neurone disease; multiple sclerosis; paralysis; Parkinson’s; third degree burns, and traumatic head injury.
• Terminal illness benefit of 100% of life cover, less any serious illness benefit already paid, as long as the policy has been in place for over two years.
• Maximum sum insured is £20K or £10K for those aged 59 and under.
• Premiums stop at age 90.
• Full cover paid on death after two years. Before then 150% of premiums paid in is paid to the customer’s estate unless the death is accidental, when three times the sum insured is paid.
• Additional benefits include care advice, will writing, health support, legal advice and bereavement advice. Includes access to the RedArc service.
• Minimum premium is £10 a month; maximum is £75pm.
• The plan is available to those aged 50-80 at outset.
• Single life only.
• Up to £5K can be paid on death to a chosen nominee with minimal formality.