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Live your best life
Now's the time when you can have the time of your life. And if you know you have a small cash sum in place to help your family when you die, you can get on with doing the things you’ve always wanted.
What is over 50s life insurance?
Over 50s life insurance provides cover for the whole of your life and pays out a cash sum when you die. It’s a simple and affordable way to leave a small cash sum for your partner and family when you pass away. Your loved ones could use this money to help towards funeral costs, or they might just want to treat themselves to something special.
Why choose an over 50s life insurance policy through Sainsbury’s Bank?
What is Legal & General Wellbeing Support Services?
It is a suite of telephone-based Wellbeing Support Services provided by RedArc Assured Limited, offering expert help and advice from qualified nurses from the day you take out cover for the duration of your policy.
Choosing your plan
You can choose from two over 50s life insurance plans - Fixed Plan and Increasing Plan.
Over 50s fixed life insurance offers a simple way to help plan for the future. It’s designed for those who want to leave a fixed cash sum to their loved ones when they die. Choose your premium based on how much you can comfortably afford each month, and the cost will be fixed and guaranteed not to increase. Remember that inflation will reduce the buying power of your cash sum in the future.
With the Increasing Plan your cash sum increases in line with inflation as measured by the Retail Price Index (RPI). RPI measures the changing prices of everyday household goods and services like food and energy bills and shows how inflation rises over the years. The plan is designed to help protect your cash sum against the effects of inflation. With this type of plan your premiums will also increase every year.
Compare over 50s life insurance
Decide which plan suits your needs:
|Fixed monthly premiums
|Flexibility to reduce your premiums if you’ve had your plan for a year and your circumstances have changed. Minimum premium applies
|Fixed cash sum if you die after one year of the plan starting
|Monthly premiums reviewed each year
|Cash sum reviewed each year in line with the change in RPI
|Cash sum paid on death to your estate - unless assigned or placed in trust
|Inflation will reduce the buying power of the cash sum
The benefits of over 50s life insurance
By making simple monthly payments, when you pass away the policy pays a small cash sum to your beneficiaries. There are many benefits, including:
Things you need to know
Before you apply it is important you understand how the policy works:
- These plans are not designed to meet the full costs of a funeral, and do not guarantee to do so
- They are not savings or investment products and have no cash value unless a valid claim is made
- Depending on how long you live, the total premiums paid may be greater than the cash sum paid out
- If you stop paying your premiums when due, your cover will end 30 days after your missed premium and you will not get anything back
- You can take out more than one plan as long as the total of your cash sum for all plans added together is not greater than £10,000. This includes any existing Legal & General Over 50s Plan you may have. For existing plans taken out on or before 25 November 2017, please refer to your Policy Terms and Conditions for your total sum assured value
- There may be other products available if you want to answer further lifestyle and medical questions
Increasing Plan only
- With the Increasing Plan your cash sum is reviewed each year in line with the change in the Retail Prices Index (RPI). Your premium will also be reviewed each year and it will increase by the change in the RPI, multiplied by 1.5. To keep pace with inflation you need to make sure you can meet the premium increases over the years. RPI may not keep up with future rises in funeral costs
- If the change in RPI rises to over 10% the maximum increase in your cash sum will be 10% and the maximum increase in your premium will be 15%. If RPI is less than or equal to 0%, there will be no change in the cash sum and premiums will remain the same
- If you’re worried you won’t be able to afford the increases in future, you can decline the increase following your annual review. If you do this the cash sum will remain at the same value from that point, and inflation will reduce its buying power in the future. You won’t be able to increase your cash sum or premium in future years
Fixed Plan only
- Inflation will reduce the buying power of your cash sum in the future
- If you choose to reduce your premiums, your cash sum will also be reduced
- Flexibility to reduce your premiums if you’ve had your plan for a year and your circumstances have changed. Minimum premium applies
Make sure you read all the information available including the policy summary document.
There are no medical questions, so you’re guaranteed to be accepted as long as you’re aged 50 to 80 and a UK resident.
Legal & General Wellbeing Support Services Explained
There are lots of reasons why you might want access to Wellbeing Support; maybe you’d like a friendly chat following a medical diagnosis, or advice on navigating healthcare systems. We want to support you as much as possible. Here are just some of the ways Legal & General Wellbeing Support can help.
Dealing with a serious illness
If you’ve been diagnosed with a serious illness or require support for a disability, your nurse will be there to offer wellbeing support. That includes helping you understand a diagnosis, advice on managing life with an illness or disability or return to work coaching.
We know how hard it is to lose a loved one, but you can count on the bereavement support to help you cope. Even if all you need is someone to listen, RedArc nurses will lend an ear.
Second Medical Opinion
For your own peace of mind following a diagnosis or course of treatment, RedArc can arrange face-to-face appointment with a UK-based specialist consultant.
Mental health support
If you’re having difficulties with your mental health and you’re not sure how to improve it, nurses can provide long-term support and guidance from a mental health nurse as well as counselling, therapy sessions and other forms of wellbeing support.
Looking after a sick or elderly loved one is challenging for anyone, and if you’re in that situation, you’ve got to think about your own health and wellbeing too. RedArc can offer emotional and practical support for carers whose wellbeing can be improved.
Help at home
It’s one thing to be discharged from hospital, but the recovery phase can also be a challenging time. RedArc nurses provide health and wellbeing advice over the phone while you’re at home.
Keeping your loved ones safe is the most important thing in the world, and RedArc can provide advice on how to support an elderly relative, whether they’re living independently or at a residential home.
Loneliness and isolation
We can all experience loneliness at different times in our lives – whether we’ve lost a loved one, relocated from our usual home or been diagnosed with an illness. No one should have to face these challenges alone, but our Wellbeing Support provides a direct line to a supportive RedArc nurse.
No two people have exactly the same challenges, and Legal & General Wellbeing Support treats you as an individual. Specialist counselling caters for you and your needs.
Dietary and lifestyle guidance
If you’re seeking advice on healthy living – for example, if you’re at risk of a heart attack, stroke or diabetes – RedArc nurses can offer you the guidance you need.
Legal & General Wellbeing Support Services are available to customers purchasing a new Over 50s Life Insurance policy via Sainsbury’s Bank on or after the 13th January 2020.
How much cover do I need?
The amount of cover you need will depend on a few factors. You should consider how much you would like to leave your loved ones. You should also think about how much you can comfortably afford to pay each month, both now and in the future.
Before you apply please make sure you read all the information available including the Policy Summary document.
It’s your responsibility to make sure the policy meets your needs. If you require advice please contact a financial advisor.
Please read our privacy statement before applying.