Saga Guaranteed Life Insurance is provided specifically for the over 50s by PruProtect, part of the Prudential Group.
The Saga 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 Saga Guaranteed Life Insurance
A whole life insurance policy that guarantees to pay out an agreed cash sum when you die
Acceptance is guaranteed regardless of any health issues – This is life insurance for the over 50s with no medical or health questionnaires
Premiums range from £10 to £50 a month
Non smokers get preferential rates
You can choose from a range of fixed monthly premiums that will never change
UK residents between the ages of 50 and 80 are eligible
You are fully covered after just 12 months – premiums paid will be fully refunded if you die within this initial period
You are immediately covered for the full amount if you die as a result of an accident
Monthly payments stop on the policy anniversary after your 90th birthday but the life cover continues
Free Funeral Benefit Option
The Saga Guaranteed Life Insurance Funeral Benefit Option gives you the chance to help with funeral costs and get £250 additional life cover for free.
You agree to have the proceeds of your life cover paid directly to Golden Charter who will nominate a local funeral director to carry out the funeral service, contributing £250 towards the final funeral costs.
If your life cover is less than the final cost of the funeral, the person arranging the funeral will need to pay the shortfall when the time comes. If on the other hand the cash lump sum is greater than the cost of the funeral services, the remaining balance will be returned to your beneficiaries or estate.
Unless death is as a result of an accident, you will not be covered for the first 12 months. If you were to die during this initial period, the monthly premiums paid would be fully refunded to your estate.
As the cash lump sum is fixed, inflation will reduce its value over time.
Monthly premiums are payable until the policy anniversary after your 90th birthday. If you stop making payments prior to that time, your cover would cease and no money would be refunded.
The cash sum usually forms part of the estate and therefore may be subject to inheritance tax.
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.
Additional Saga Perks
Saga includes serious illness and bereavement care provided by a company called RED ARC as part of their Guaranteed Life Insurance policy. This includes serious illness care from a personal nurse adviser and bereavement care for your family.
Compare with other Over 50 life insurance UK plans.