Saga collaborates with PruProtect for over-50s life package

Friday, July 9, 2010

Saga, the organisation which provides information and services for people over fifty years old, has teamed up with PruProtect, the Prudential’s life insurance division. In collaboration, the two companies have developed an enhanced life insurance package which provides a number of benefits for people of a certain age.

Justin Taurog, PruProtect’s marketing director, has commented: “Thinking about the future and how a family will cope should the unexpected happen is an extra worry but a simple plan can ease the worries of those concerned about passing on funeral costs and debts.”

Features of the new plan include a guaranteed acceptance criteria, which removes the need for medical examinations or extensive health questionnaires, making it much more simple for people to sign up to the policy and gain instant life cover. In addition, the new plan also offers a fixed level of cover and fixed premiums for life. People who reach ninety years old while being insured with the new policy are no longer required to pay premiums, even though they remain covered under the new plan.

The policy provides financial help with funeral costs for the policyholder, easing the burden on families. It also offers a lower premium for customers who can answer four simple criteria questions which ascertain whether or not the applicant should be offered an additional fifteen percent of cover for free.

Saga’s new product provides serious illness cover within the package, and bereavement services for families in the event of the named policyholder’s death. The firm will also pay out the complete cash amount of the policy after it has been held for a year.

In a recent study of internet users over the age of fifty, Saga was found to be in the top five of the most popular sites visited within the UK. This suggests that the new policy should be readily taken up by its target consumers.