Guaranteed Life Assurance - Over 50's

What are Over 50's Plans ?

Over 50's plans are used to pay outstanding debts, funeral expenses, or pay a lump sum to your children or grandchildren on death.

Unlike some whole of life assurance policies, they do not require medical disclosures, so you can be covered even with pre-existing medical conditions without affecting the premium.

How does this plan differ from other Over 50's plans?

Unlike some similar plans, the plan (Guaranteed Lifelong Protection) will pay out in full if you die after the plan has been in force for just 12 months, where this period is often at least two years with other providers.

Within the first 12 months, if you die as the result of an accident the plan will pay the full sum assured. For death within the first 12 months not as a result of an accident, the plan will pay an amount equal to the premiums paid. After the first 12 months, if you die as the result of an accident the plan will pay double the sum assured.

The plan is effectively capped, as you are not required to keep paying premiums after 30 years or the plan anniversary after your 90th birthday (whichever comes first).

What else should I know ?

The plan has no cash-in value and is not an investment product, so if you stop paying premiums before this period, the cover will end and you would not receive a refund of premiums paid.

Depending on how long the policy runs, the total premiums you pay may be greater than the cash sum paid on death.

The cash sum is fixed, so inflation will reduce what can be bought with it in the future.

Guaranteed Lifelong Protection is provided by Aviva Life & Pensions UK Ltd, the largest provider of life, pensions and long-term financial services in the UK, who serve over 43 million customers.

For more information, please read the key facts document, which can be found here.