Saga launches guarenteed acceptance Life Insurance for the over 50sMonday 7 June 2010
Saga launches guarenteed acceptance Life Insurance for the over 50s
- Full cover after 1-year no claims moratorium
- Saga Challenge – rewarding healthy over 50s with 15% enhanced cover available immediately
Saga Personal Finance today announces its entrance into the life insurance market, with the launch of its Guaranteed Acceptance 50+ Life Cover Plan. The life insurance market is significant, with 2,000,000 over 50s spending over £300 million a year on cover. However Saga believe that life insurance products currently available 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 into the lifestyles of the over 50s to negotiate unique and bespoke terms, which deliver enhanced benefits for the Saga Generation.
Today’s over 50s are leading much healthier and active lives than ever before – in fact 39% say they regularly take part in 30 minutes of exercise three or more times a week and 40% take care of their health by eating their 5 portions of fruit and vegetables a day. This is why Saga has introduced the Saga Challenge, which involves answering four simple questions - and this is a challenge where there are no losers.
Those who have no health problems will benefit from up to 15% more cover for the duration of their policy, typically worth £685, and will be placed on full cover immediately - a feature unique to Saga. Those who declare a health problem are still guaranteed cover and they will also benefit from a one year no claims moratorium only, rather than the two years offered by most other providers. A 60 year old, male non-smoker who passes the SAGA challenge, and pays £20 per month, would have over £4,000 more cover in the first two years than under a typical two year moratorium plan.
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 amount paid to that date.
Andrew Goodsell, Executive Chairman, Saga Group 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.”
Other key features:
· Guaranteed acceptance life cover is designed to pay out on death of the customer, the payout is linked to the monthly premium paid by the customer
· Fixed premium level selected by customer from £10 to £50 per month payable up to the age of 90 and free thereafter
· 100% premium refund in the event of death in the no claims moratorium period, except in the case of accidental death, when 100% life cover will be paid
· Free access to confidential care helpline
· Telephone claims support for bereavement and diagnosis of critical illness
· Benefit levels have been benchmarked against Saga’s competitors to ensure customers receive great value for money
As an introductory offer, Saga Personal Finance will be giving £20 of M&S vouchers to each new customer.
For further information about the Saga Guaranteed Acceptance
50+ Life Cover Plan, please call 0800 015 7588
The Saga Guaranteed Acceptance 50+ Life Cover Plan has been developed with PruProtect, a leading UK insurer, and is underwritten by Prudential Assurance Company.
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
For more information please contact the Saga Press Office on 01303 771529
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