New over 50s Life Plan launched by RIAS

Tuesday, June 8, 2010

RIAS, the over 50s specialist insurance company has launched a new over 50s life assurance policy this week aimed at providing guaranteed cover with a cash lump sum payable on death. The Over 50s Life Plan offers customers between the ages of 50 and 75, guaranteed acceptance and can help with paying for funerals, a cost that has risen 66% in price over the past seven years to an average of £2733. The policy is underwritten by Fortis Life.

Cover includes:

Three times cash sum paid out if the policy holder was to die accidentally within the first two years

One and a half times premium back if the policy holder dies for other reasons in the first two years

No premiums to pay after 90th birthday whatsoever

10% extra with the funeral benefit option if using the proceeds of the plan to pay for funeral costs

Option to increase the cover every year to keep pace with inflation

Janet Connor, Managing Director at RIAS comments: “We understand that many people over 50 would like to leave money to their family or loved ones, but are concerned that they may not be able to in the current climate, with almost a fifth (18%) concentrating on paying off their mortgage or other debt2. With low monthly payments, and guaranteed acceptance without a medical, our new plan makes it really easy to leave something of value behind. It’s a good way to take care of funeral costs, any outstanding bills, or simply to leave money to loved ones.”