Direct Line is a telephone and internet based insurance provider, founded in 1985. Initially formed as a car insurance provider, Direct Line now offer policies ranging from home insurance to pet, travel, breakdown, landlords and of course life insurance.
The Direct Line Over 50s Life Insurance plan is provided by Legal and General, the UK’s largest provider of individual life assurance products. It offers flexibility in that you can reduce your monthly premiums (once during the lifetime of the plan) and differentiates between smokers and non smokers meaning the latter will receive enhanced levels of life cover.
This 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 Direct Line Over 50s life cover
- Acceptance is guaranteed regardless of the state of your health
- Guarantees to pay out a cash sum when you die
- Quick and easy application process with no health or lifestyle questions to answer (apart from smoker status)
- You are fully covered after just one year
- You are fully covered immediately if you die as a result of an accident
- Premiums start from £5 a month
- Flexibility to reduce your premiums once the plan has been in place for one year
- Life insurance available for anyone who lives in the UK between the ages of 50 to 80
- You stop paying your premiums on your 90th birthday but cover continues
- £100 gift card when you buy a Direct Line Over 50 Life Insurance Plan before the 18/07/2019 - Free gift limited to 2 per household and paid after 6 months
Free Funeral Benefit Option
Direct Line offer a free funeral benefit option with all their Over 50 life insurance plans. By choosing this option, you agree for your cash sum to be paid directly to a Dignity Funeral Director when the time comes and in return, Dignity will donate a further £300 towards the cost of your funeral services.
The Direct Line funeral benefit option is completely free and you can remove it if you change your mind at a later date.
Things to consider
- If you were to die during the first year (unless as a result of an accident) you wouldn’t be covered for the full cash sum however the premiums you have paid to that point would be fully refunded.
- As the cash sum paid out on death is fixed, inflation will reduce its value over time.
- There is a chance you could pay more in monthly premiums than the cash sum paid out; it all depends on how long you live and therefore how long you pay into the plan.
- If you stop paying your premiums when due, your life cover would stop and no money would be paid out.
- The cash sum paid out may be subject to inheritance tax.