What does Over 50's Life Insurance do?
Put simply, Over 50's Life Insurance is life insurance for the over 50's. It pays out a guaranteed sum of up to €25,000 when you die (after two years, unless it was due to an accident). What’s more we don’t ask any health questions, and there's no medical so it really is hassle free, you can even apply online right now.
The lump sum is guaranteed and regular payments will stop at age 90 but your cover will continue. You could leave the lump sum to your family and loved ones to help to pay the cost of funeral expenses, cover any loans or bills you might still have when you die or to leave a nest egg to grandchildren etc.
When does my life insurance start?
Your over 50's Life Insurance starts when you apply online. Also, you will only be fully covered after two years as we can only pay the cover in the first two years if you die as a result of an accident.
How long do I make regular payments for?
You will continue to make regular payments to your over 50's Life Insurance until your 90th birthday. From the age of 90 onwards, you will not have to make any more payments. Your cover will however, continue for the rest of your life and your estate will receive your guaranteed amount when you die. Your plan ends if you stop making regular payments before age 90 or if you die and someone makes a claim.
Who can apply for cover?It's not just for the over 50's! Over 50's Life Insurance is perfect for the over 60's and over 70's as well. Anyone aged 50 to 80 who is living in the Republic of Ireland can apply.
Could I be turned down for life insurance because of my health?No. Because we do not ask you for any medical details or health history, we guarantee to accept you for life insurance when you apply.
How much life insurance can I have?The most you can apply for is €25,000. If you have more than one over 50's Life Insurance plan with us, the most you can apply for is €25,000 for all of your plans added together.
What regular payments do I make?Your regular payments depend on your age and the amount of cover you want. The minimum regular payment is €15 a month.
Will my payments change in the future?No. Your regular payments are guaranteed never to increase or decrease.
Will my life insurance change in the future?No. Your life insurance and you premium are fully guaranteed and cannot increase or decrease. They will remain the same even if the cost of living increases each year (inflation).
Can I make changes to my plan?As your Over 50's Life Insurance is guaranteed, you cannot make any changes to it. However, you can take out more than one over 50's Life Insurance plan if you want to, as long as your total cover with us is no more than €25,000.
What about claiming?
Our guide to making a claim helps to explain our claims process. We want to make claiming under the plan as straightforward as possible for your loved ones. Because we do not ask you for any medical details or health history when you apply, we do not have to follow up on any of this when you pass and so can process claims quicker. To process the claim, we will need:
- The name and date of birth of the policyholder
- The original death certificate
- A copy of the policyholder's Will if there is one.
- The Policy Schedule
- The name of the person making the claim and evidence of their entitlement to the policy proceeds
It is important that you keep the policy documents safe and let your next of kin know where to find them.
What if I die in the first 2 years?
As we do not ask you to take a medical examination or ask any health questions when you apply, we can only cover you for 'accidental death' within the first two years. If you die in those first 2 years we will pay your estate a full refund of the regular payments you have made, unless you die in an accident, whereby we will pay out your chosen level of cover. If you want to apply for our life insurance products that do not have the 2 year waiting, those involve medicals.
After year two of your Over 50's Life Insurance you are fully covered for life insurance as shown in your schedule. There is no cash-in value at any stage – this is not a savings plan.
What is accidental death?
For this plan, 'accidental death' means ‘death caused only and directly as a result of an accident caused by something violent, which can be seen and which is not linked to any other cause'. Some exclusions apply around the nature of the accidental death, for example we will not pay a claim for suicide. These are set out further down.
Are there any situations when a claim would not be paid?
Yes. If you die as a result of your own deliberate act, or as a result of a penalty imposed by a court of law, at any stage during your plan, we will not pay any benefit under Over 50's Life Insurance.
During the first two years you are only covered for accidental death. However, some exclusions apply to the accidental death cover during this period;
- If the accidental death is caused directly or indirectly by war, riot, revolution or a similar event.
- If the accidental death is caused directly or indirectly by taking part in a criminal act.
- If the accidental death is caused by an assault on you which is not reported to the police.
- If the accidental death is self-inflicted or caused directly or indirectly by you taking alcohol or drugs.
- If the accidental death is as a result of suicide or self inflicted injury causing death.
- If you fail to follow reasonable medical advice.
Claims would also not be paid if accidental death is caused by you taking part in the following pursuits:
|rock climbing||parachuting||scuba diving|
|pot-holing||caving||motorcycle racing or sports|
|boxing||horse racing||motorcar racing or sports|
*other than as a fare-paying passenger on a regular public airline
What happens if I change my mind?
We guarantee to pay all your money back if you choose to cancel within 30 days of when you apply online. As long as you continue to pay your monthly premiums, your plan cannot be cancelled by us for any reason.
Who should I talk to if I have any questions or complaints?
Our over 50's Life Insurance is sold on a non-advice basis and so you should seek independent financial advice if you are not comfortable that it is right for you. If would like a full financial review, you should make an appointment with a financial adviser. You can also contact us on Lo-call 1890 92 87 10.