Engage Mutual Over 50 Life Insurance Review – The Engage Over 50s Life Cover Plus Plan


May 10, 2014
Engage Mutual Over 50 Life Insurance Review – The Engage Over 50s Life Cover Plus Plan

In the second of my series of Over 50 Life Insurance Reviews, I take a closer look at Engage Mutual’s Over 50s Life Cover Plus Plan; an over 50 plan that has a number of additional features which set it apart from its competitors.

Who are Engage Mutual - they have now changed their name to "One Family"
Engage Mutual as the name suggests is a mutual organisation owned by its customers. Formerly known as Homeowners Friendly Society established in 1980, the company was rebranded in 2005 to become Engage Mutual Assurance. With over 500,000 customers, the company is based in Harrogate, Yorkshire; important for those who prefer a UK based customer support team.

You can compare One Family over 50 life insurance quotes by clicking here.

They have achieved Investors in People Champion status becoming one of the 3% of companies ever to attain Gold accreditation.
As they say, look after your people and hopefully they will look after your customers.   

How does the Engage Over 50s Life Cover Plus Plan work?
The Engage over 50s life insurance plan is a whole of life insurance plan that is guaranteed to pay out a cash sum when you die, whenever that may be.

You are guaranteed to be accepted if you are between the ages of 50 and 80 and live in the UK and will be covered for the full cash sum after an initial period of two years.

 

Although the plan works in a similar way to other over 50 plans, there are a few bells and whistles. For example you have flexibility to claim the full cash sum if you are diagnosed with a terminal illness; or 20% of the cover if you become seriously ill.
Also the cash sum paid out is tripled if death is as a result of an accident and non smokers benefit from higher levels of cover.

Is there a Funeral Benefit Option?
The Engage Over 50 plan funeral funding option is in alliance with The Co-operative Funeralcare who will contribute £250 to your funeral costs if you agree to have the cash sum paid directly to them in return for their services when the time comes.   

What are the Payment options?
Premiums start from £8 a month increasing up to £75 in increments of £1 and are payable until you die or until your 90th birthday; at which stage payments will stop but your cover will continue.  

What do you need to consider?
To give you a balanced view of the Engage Over 50 life insurance plan, here are some of the things you need to consider:

You are not covered for the full cash sum for the first 2 years however if you die within this initial period, 150% of your premiums paid would be refunded.

The cash sum paid out is fixed and will never change so inflation will impact its value over time.

Depending on how long you live, there is a chance you could pay more in premiums than the cash sum paid out when you die.

You need to continue paying your premiums until you die or until your 90th birthday. If you stop for any reason your cover will cease and no money will be refunded.

The cash sum paid out when the time comes is generally paid to your estate and therefore maybe subject to inheritance tax.

What makes the Engage Over 50 Life Insurance plan different?
To recap, here are some of the features that make the Engage over 50 life insurance plan different to its competitors:

•    You have the ability to claim the full cash sum if you are diagnosed with a terminal illness
•    You can claim 20% of the cash sum if you have a serious illness
•    The cash sum paid out is tripled if death is due to an accident
•    Non smokers are rewarded with higher levels of life cover
•    There is a 5% discount if you buy one of their over 50 plans online
•    Monthly premiums cease when you reach 90 but cover continues
•    You have access to Engage Mutual Support Services

So what now?

Now you’ve read all about the Engage Over 50 life insurance plan, why not see how they stack up against their competitors on price. Click here to compare over 50 life insurance or alternatively, if you want more information on the company and their plan, visit the Engage Mutual website.

Compare Over 50 life insurance

Help your family pay for your funeral costs.


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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