Guaranteed life insurance cover for the over 50s launched by SAGA

Thursday, June 10, 2010

Saga Personal Finance announced this week that they will be making their first foray into the life insurance market, as they launch their Guaranteed Acceptance 50+ Life Cover Plan. The life insurance market is continuing to grow, with 2,000,000 over 50s spending over £300 million a year on cover. However, Saga are of the belief that the life insurance products currently on the market do not offer the best deal for the over 50s. Some providers have not moved with the times and appear not to take into account the improved health and fitness enjoyed by today’s over 50s. Saga has used its insight and research into the lifestyles of the over 50s in order to negotiate unique and bespoke terms, which they have promised will deliver enhanced benefits for the Saga Generation.

Those over 50s who have no health problems will benefit from up to 15 percent more cover for the entire duration of their policy, typically worth £685, and will be placed on full cover immediately - a feature that is unique to Saga. Those who declare a health problem will still be guaranteed comprehensive cover and they will also benefit from a one year no claims moratorium only, rather than the two years that is offered by most other providers.

The Saga plan offers whole life cover with no medical required and pays a guaranteed, fixed, sum on death. On entry the plan is open to customers aged 50 to 85 years. For existing customers cover is free from the age of 90 regardless of the amount paid to that date.

Executive Chairman at the Saga Group, Andrew Goodsell, commented:

“We believe the over 50s have been poorly served by the life industry in the past – a problem we aim to put right by offering better terms to those who lead healthy lives. We believe our product is unique in this market.”