Choose who’ll benefit

Our Over 50s Life Insurance, provided by Legal & General, is ideal if you want a policy that pays out a cash sum to help out your loved ones when you die – choose whether that’s a family member or a special someone or the money paid out could be used to contribute towards funeral expenses – giving you extra peace of mind.

After taking out Over 50s Life Insurance, it’s important that you know who the cash sum will be paid to.

If you don’t specify where the money will go, when you die it will automatically be paid to your estate. This may be subject to Inheritance Tax. If you are unsure how this could affect you, please make sure you speak to a professional adviser.

Taking out the Funeral Benefit Option

Meeting the costs of a funeral can be quite challenging – especially when you’re under emotional stress. But you can plan in advance to help your family from making hard decisions during a difficult time. Choose the Funeral Benefit Option and when you die the cash lump sum will be paid directly to Dignity. This means that an experienced Dignity funeral provider will use the money to provide towards your funeral expenses when the time comes.

Writing the policy to a Trust

Help take control of your family’s financial security by placing the policy in trust. This way you specify who you want to be a beneficiary and who you want to look after and control the proceeds (the trustees) in the event of your death.

A trust is a way of giving away something of value (in this case the life insurance policy) for the benefits of others (the beneficiaries), but without giving them full access to and control over the policy. You may wish to make your own arrangements or alternatively our life insurance provider Legal & General provides further information (you will be directed to Legal & General’s website).

Still unsure whether a Trust is the right option for you? Please take time to discuss this with a professional adviser. Remember it’s your responsibility to make sure the policy is right for you.

You can find more information in the policy summary – you should read this before applying.

Things you need to know:

  • A claim can be made after one year, regardless of the cause of death. If you die from natural causes within the first year we will refund any premiums paid, unless you die as the result of an accident, when we will pay your cash sum.
  • Depending on how long you live, total premiums paid may be greater than the cash sum payable on death.
  • After your 90th birthday you will stop paying premiums but your cover will continue.
  • If you stop paying premiums before the end of your policy, your cover will end 30 days after your missed premium and you won’t get anything back.
  • This is not a savings or investment product and has no cash value until a valid claim is made.
  • Inflation will reduce the buying power of your cash sum in the future.