50 Plus plan (Over 50's Life Insurance) - Frequently Asked Questions (FAQs)

What does the plan do?
What cover is provided?
Can I be turned down due to my health?
How much will it pay out?
What if I change my mind after I apply?
Will anyone call on me if I apply?
How can I apply for the 50 Plus Plan?

It offers guaranteed life insurance for UK residents (excluding Isle of Man and Channel Islands) aged 50 to 80 at the start of the policy. You pay a monthly amount and after the first year it guarantees to pay a cash lump sum when you die, providing you keep up your premiums. There is no cash in value at any time.

In the first year the plan will only pay out the full level of cover if you die as a result of an accident subject to the conditions outlined in the section "Policy Limitations" in the Policy Summary. Death must occur within 90 days of the accident. If it is not an accident or death occurs later than 90 days then all premiums paid will be returned, without interest. After the first year the full level of cover will be paid whatever the cause of death.

No. We don't ask any health questions and there is no medical. So the plan offers an easy, convenient way to secure guaranteed life cover.

It depends on your age, your sex and the level of the premium you select. When your plan begins your cover will stay fixed, so you know right from the start how much will be paid out. When you are choosing how much cover you need, remember that inflation means that the cost of goods and services, such as funerals, will rise over time but your cash lump sum is fixed. This means it will buy less in the future.
Depending on how long you live, the total amount of premiums may amount to more than the cash sum payable on death. Payment from this plan will normally go to your estate. Inheritance tax could apply to the part of your estate that is currently worth more than £312,000. Tax treatment depends on your personal circumstances. Any references to taxation are based on our understanding of current legislation and HM Revenue & Customs, which is subject to change.

You can cancel your plan at any time. If you change your mind within the first 30 days of it starting we'll refund your premiums. If you cancel at any other time, your cover will end and you won't get anything back. This plan has no cash in value at any time.

No. We may phone you if we have any queries with your application or to make sure you have everything you need, but nobody will call at your home.

You can get a quote and buy the 50 Plus plan online or you can apply by downloading an application form and once completed sending it to:

LV=Pynes Hill House
Rydon Lane
Exeter
EX2 5SP