Guaranteed life insurance

Saga Guaranteed Life Insurance pays out a fixed cash lump sum when you die, providing you have held the policy for one year.  

  • Guaranteed acceptance for 50-75 year olds living in the UK
  • No medical questions 
  • Premiums start from £10 a month - the equivalent of 33p a day (based on an average 30 day month)
  • Fixed cover and premiums for life (depending on how long you live you may pay in more than you get back) 
  • If premiums are not paid when due, all cover will cease after 30 days
  • Provided by VitalityLife.

Plus choose our Funeral Benefit Option and receive £250 towards your funeral costs^.  

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Guaranteed Life Insurance

If you are aged between 50 and 75 and live in the UK, you can take out Saga Guaranteed Life Insurance regardless of any existing medical conditions. Please note inflation could reduce the buying power of the cash lump sum you leave behind and the plan has no cash-in value. You may cancel your policy at any time, but you will not receive any money back unless you cancel within 30 days of your policy starting, in which case we will refund any premiums paid.

Funeral Benefit Option

When it comes to arranging your funeral, it pays to plan ahead.

Covering the cost of your funeral can be an additional worry for your family at an already difficult time, so planning ahead can help give them peace of mind. 

A 2014 report** shows that the average cost of a UK funeral is now £3,590 - an increase of 80% over the last nine years - and if this trend continues, the average cost of a funeral in 4 years time will have increased to over £4,489.

Consequently, Saga has teamed up with Golden Charter, the UK’s largest independent funeral plan provider#, to enable you to use the proceeds of your Guaranteed Life Insurance plan towards your funeral costs.

Long standing ties with local funeral directors

Golden Charter works with the UK's largest network of over 3,300 local, independent funeral directors, most of whom have been serving local communities for generations. Golden Charter has also been accepted as a Registered Provider by the Funeral Planning Authority.

Helping you through the planning process

By allocating your policy to one of these local funeral directors, you and your family stand to benefit in a number of ways.

Firstly, on your behalf, Golden Charter will select a funeral director that is close to your home, from within their nationwide network. Secondly, a Personal Choices form will be sent out with your Golden Charter Welcome Pack, allowing you to express any personal wishes you or your family may have regarding your funeral.

And finally, the appointed funeral director will contribute an additional £250 towards your funeral expenses - at no extra cost.

By choosing the Funeral Benefit Option, the proceeds of your policy will be paid direct to Golden Charter instead of being paid to your estate. This means the funds will be immediately available to the appointed funeral director to help cover your funeral expenses. If for any reason you are not happy with the choice of funeral director you can contact Golden Charter, after receiving your Welcome Pack, to discuss a suitable alternative.

Things to consider

If your guaranteed cash lump sum is more than the cost of the funeral, the remaining balance will be returned to your beneficiaries. If the lump sum value is not enough to cover the full costs, the person arranging your funeral will be responsible for paying the difference.

You can add this option to your plan at any time and then remove it at a later date if you wish, but you will not be able to add it again.

If you have more than one Guaranteed Life Insurance policy, you will only be able to select the Funeral Benefit option on one of your policies.

**Source: 2014 Cost of Dying report carried out by Mintel Consulting. £3,590 figure includes funeral director costs, cremation or burial fees (including doctor’s fees) and minister costs.

# Source: Golden Charter's own sales data and Funeral Planning Authority half year statistics to end June 2014. 

^By selecting our Funeral Benefit Option, our partner Golden Charter will nominate a local funeral director on your behalf, who will attend to your wishes and as an additional benefit, contribute £250 towards your funeral expenses with them.

*Offer available to new Saga Guaranteed Life Insurance customers who haven’t previously held a policy and may be withdrawn at anytime. Vouchers are sent within 28 days of paying your third premium. In the event that M&S vouchers become unavailable, an alternative of an equal or higher value will be supplied. M&S vouchers subject to separate terms.

Saga Personal Finance is a registered trading name of Acromas Financial Services Limited (‘AFS’), which is authorised and regulated by the Financial Conduct Authority. AFS is registered in England and Wales (registered no. 3023493). Registered office: Enbrook Park, Sandgate, Folkestone, Kent CT20 3SE. Saga Guaranteed Life Insurance is underwritten by The Prudential Assurance Company Limited (registered no. 00015454), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and provides and manufactures benefits under the plan. The plan is administered by Vitality Corporate Services Limited (registered no. 05933141), trading as VitalityLife, which is authorised and regulated by the Financial Conduct Authority, and distributes and services the product and issues the documentation. Both companies are registered in England and Wales. Registered office at 3 More London Riverside, London, SE1 2AQ. VitalityLife will introduce customers who select the Funeral Benefit Option to Golden Charter. Golden Charter is a registered provider with The Funeral Planning Authority.