Part of the worldwide Ageas Group, Ageas (Insurance UK) offer their Over 50s Life Plan through comparison websites like Over50choices and also their over 50s specialist companies RIAS and Castle Cover.
The Ageas Over 50 Life Insurance Review is a guide to help you understand the features and benefits of the plan, 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.
Why Choose the Ageas Life Insurance Over 50s Plan
A whole life insurance plan that is guaranteed to pay a cash lump sum when you die
Guaranteed acceptance for UK residents between the ages of 50 and 75
No medical or health questions to answer - the state of your health is not taken into account
Premiums from £5 to £50 a month (£10 to £50 for 71 to 75 year olds)
Monthly payments stop after your 90th birthday but the cover continues for life
Full cover after 2 years - if you die within this initial period the premiums you have paid would be fully refunded plus an additional 50%
3 times the value of the cash sum is paid out if you die as a result of an accident within the first 2 years
You have the option to increase your cover on an annual basis in line with inflation
Funeral Benefit Option
The Ageas Over 50s plan offers the option to get an additional 10% life cover with their funeral benefit option, a free service offered in conjunction with Dignity funeral services.
You agree to have the cash sum paid directly to Dignity who will arrange for one of their local funeral directors to carry out the funeral service when the time comes.
If the money paid out when you die is more than the cost of the funeral, the remaining funds would be paid to your estate. If the funeral costs are greater than the cash sum, the outstanding balance would need to be paid by the person organising the funeral.
Get a Quote
Things to consider
This is a whole of life insurance plan with no cash in value. If you stop paying your premiums, the cover would cease and no money would be paid out.
If you choose the fixed option, inflation will reduce the value of your life cover over time
There is a chance you could pay more in premiums than the life insurance plan pays out; it all depends on how long you live
The cash sum paid out will usually form part of your estate and therefore could be subject to inheritance tax
If you die within the first 2 years, you wouldn’t be covered for the full cash sum (unless death is as a result of an accident) however Ageas would refund your premiums plus half again.
Additional Ageas Perks
If you choose the Ageas Life Insurance Over 50s increasing option, they will contact you on an annual basis to inform you of the increase to both your monthly payments and level of cover and confirm that you want to go ahead with the uplift.
You can choose to fix your cover but the plan will remain fixed if you do this over 3 consecutive years.