One Family Over 50 life insurance Review
- Premiums start from £10 a month
- Flexibility to claim the full cash sum if you become terminally
- Flexibility to claim 20% of your cover if you become seriously ill
This review of One Family Over 50s Life Insurance is intended to help you understand the features and benefits of the plan, the options available and things to consider. Do make sure you read, understand and are happy with the terms and conditions of any plan you decide on.
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One Family Over 50s Life Cover Plus
The One Family Over 50s Life Cover Plus Plan works in a similar way to other over 50s life insurance on the market but with a few exceptions.
As well as guaranteeing to pay a cash lump sum when you die, you also get the option to claim the full amount in the event of a terminal illness or 20% if you become seriously ill.
Why Choose One Family Over 50s Life Cover Plus
- UK residents between the ages of 50 and 80 are eligible
- Whole life insurance that is guaranteed to pay out a cash lump sum on death
- You’re guaranteed to be accepted with no medical or health questions
- You can claim 20% of the cash sum if you become seriously ill or the full cash sum if you’re diagnosed as terminally ill
- The cash payout is tripled if death is due to an accident
- Premiums from £10 to £75 a month
- Monthly premiums stop when you reach 90 but cover continues
- Full cover after 2 years – if you die within this initial period 150% of your premiums would be refunded
- Access to One Family Support Services
- Non-smokers are rewarded with higher levels of life cover
Free Funeral Funding option
The One Family over 50s life insurance comes with a free Funeral Funding option. This gives you the chance to increase your life cover by a further £300, in return for agreeing to have the cash sum paid directly to Golden Charter when the time comes, as payment towards your funeral expenses.
Depending on the size of the cash sum paid out, your family may still need to help with funeral costs, but if the cost of the funeral is less than the cash sum, the outstanding balance will be paid to your estate.
- The cash sum paid out is fixed so inflation will reduce its value over time
- If you stop paying your premiums, your cover will cease and no money will be paid out
- The cash sum usually forms part of your estate and therefore could be subject to inheritance tax
- There is a chance you could pay in more than the cash sum paid out; it all depends on how long you live
- You wouldn’t be covered for the full cash sum if you died within the first 2 years, however 150% of the premiums paid would be fully refunded
Additional perks of One Family's over 50 life insurance
When you buy a One Family Over 50 Life Cover Plus Plan you will get free access to a range of support services which includes care advice for the elderly, advice on Will writing, bereavement and legal matters and the One Family Health Support Service; support and advice following the diagnosis of a serious or terminal illness.
Next steps
My review of One Family Over 50 Life Insurance is designed to help you compare plans and find the best option for you. I would always recommend that you review all of your options to ensure you’re getting the best deal that suits your budget and needs.
There are a range of companies offering over 50 life insurance and whilst One Family could be right for you, it maybe worthwhile getting several quotes before making your choice.
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