Ageas Over 50 Life Insurance Review – The Ageas Over 50s Plan
May 30, 2014
The fifth part of my Over 50 Life Insurance Review is all about the Ageas Over 50s Plan; a name you may not necessarily be aware of but one you are bound to have come across through the companies they either own, part own or are associated with.
Who are Ageas?
Ageas (Insurance UK) is part of the Ageas Group. They provide both life and non life products which are distributed through a range of agents, partners and either wholly or partly owned businesses. They have around 9 million policyholders and employ approximately 6,000 people throughout the UK.
They are the name behind well known household names such as Autodirect, Castle Cover, Kwik Fit Insurance, Tesco Underwriting Ltd and RIAS to name but a few. As I mentioned, one of the big companies you are certain to have come across without realising it!
How does the Ageas Over 50s Plan work?
The Ageas Over 50s life insurance plan is sold through their own insurance companies RIAS and Castle Cover and comparison websites such as Over50choices.
These whole of life plans are guaranteed to pay a cash sum when you die and you are guaranteed to be accepted as long as you are between the ages of 50 and 75 (a slightly lower age limit than with other over 50 plans) and live in the UK.
There is an initial waiting period of 2 years before you are covered for the full cash sum but if you were to die during this time, 150% of the premiums you have paid would be fully refunded. That is unless the death is as a result of an accident, in which case 3 times the value of the cash sum would be paid out.
It is worth pointing out that Ageas gives you have the option to increase your cover on an annual basis. This does mean that your monthly premiums will go up but it may be worth some consideration if you can afford it as the cash sum paid out will keep in line with inflation.
Is there a Funeral Benefit Option?
The Ageas funeral benefit option is in conjunction with Dignity and gives you the opportunity to increase your life cover for free by 10%.
It is a free service; you agree to have your cash sum paid directly to Dignity when the time comes and they will nominate one of their local funeral directors to carry out the service.
Any money left over would be paid to your estate; likewise any outstanding balance would need to be paid for by the person organising the funeral.
What are the Payment options?
Premiums for the Ageas Over 50s Plan depend on your age and are payable until your 90th birthday. If you are between 50 and 70, you can choose life cover from £5 to £50 a month however monthly premiums start from £10 to £50 for those aged between 71 and 75.
What do I need to consider?
As always there are a few things you need to consider before taking out an Ageas Over 50s life insurance plan. These are as follows:
You are not covered for the full cash sum for the first 2 years. If you were to die during this time 150% of your premiums paid would be refunded.
If you stop paying your monthly premiums or decide to cancel, the life insurance cover, there would be no refund and no money paid out.
Depending on how long you are paying into the plan, there is a chance you could pay more in premiums than the cash sum paid out.
As the cash sum is paid to your estate, it may be subject to inheritance tax. This of course all depends on your personal circumstances.
Unless you choose the increasing cover option, your cash sum is fixed and will never change, so inflation will reduce its value over time.
What makes the Ageas Over 50 life insurance plan different?
Obviously the fact that Ageas sells its life insurance plans through various channels rather directly to the consumer makes them a slightly different animal however here is a recap of the salient points:
• If you die within the initial waiting period, 150% of your premiums would be refunded
• If you were to die as a result of an accident within the first 2 years, 3 times your cash sum would be paid out
• Your monthly premiums stop when you reach 90 but your life cover continues
• You do have the option to increase your cover in line with inflation. Ageas will contact you on a yearly basis to inform you of the increase and check you are happy to go ahead. You can decide to opt out of the increasing option but your cover will remain fixed if you do so over 3 consecutive years.
So what now?
Now you have read all about Ageas, it is important to see how they compare on price with their competitors. Use our quick and simple comparison service to compare over 50 life insurance quotes or why not take a look at the rest of my series of reviews.