£40 M&S Gift Card welcome gift
As a thank you for taking out a policy, we will reward you with a £40 M&S Gift Card (Terms and conditions apply).
How does it work?
Saga Term Life Insurance is designed to provide cover should you die during the term of the policy. There are two options to choose from - Life Insurance and Decreasing Life Insurance.
Leave a fixed lump sum to help your family cope financially if you are no longer around to support them (Life Insurance).
Help to cover your outstanding mortgage. You can choose whether you want your cover amount to remain the same if you have an interest-only mortgage (Life Insurance) or decrease over the full length of the policy for a repayment mortgage (Decreasing Life Insurance).
Features and Benefits
Premiums start from just £6 a month, the equivalent of around 20p a day (based on an average 30 day month).
You could make changes to your policy if your circumstances change. Terms and Condition's apply.
You have the option to pay premiums monthly or annually and you will receive a discount if you pay annually.
You select the amount of cover and length of time you would like to be insured for.
Your premiums are guaranteed to stay the same throughout the length of the policy (unless you alter your policy).
Re-assurance that cover is provided by Legal & General, the UK's number one term assurance provider*.
3 reasons to choose Saga Term Life Insurance
1. Cover for a variety of needs
Life Insurance can help make sure your family is financially protected in the event of your death during the term of the policy or it can help pay off an interest-only mortgage.
Decreasing Life Insurance can help protect a repayment mortgage in the event of your death during the term of the policy, as the amount of cover decreases roughly in line with the way a repayment mortgage reduces.
2. Accidental Death Benefit
Accidental Death Benefit covers you from application through to the acceptance decision (up to 90 days). So even if you or Legal & General decide not to go ahead with the policy, you will still have some cover during this period.
3. Critical Illness Cover and Waiver of Premium
When you take out your policy, you have the option to add Critical Illness Cover and/or Waiver of Premium for an additional cost.
Critical Illness Cover is designed to pay out a cash sum if you are diagnosed with one of the specified critical illnesses during the policy term.
Waiver of Premium is there to help pay your life insurance premiums if you are too ill or incapacitated due to sickness or injury to do your normal job.
How can it help?
Accidental Death Benefit
Terminal Illness Cover
If your policy term is over 2 years, it could pay out a lump sum if you're diagnosed with a terminal illness and have a life expectancy of 12 months or less. Please read the for more information.
Free life cover between exchange and completion if you have chosen a policy that covers mortgage protection
Critical illness specified conditions
- Alzheimer’s Disease – resulting in permanent symptoms
- Aorta Graft Surgery – requiring surgical replacement
- Aplastic Anaemia – with permanent bone marrow failure
- Bacterial Meningitis – resulting in permanent symptoms
- Benign Brain Tumour – resulting in either surgical removal or permanent symptoms
- Blindness – permanent and irreversible
- Cancer – excluding less advanced cases
- Cardiac arrest – with insertion of a defibrillator
- Cardiomyopathy – of specified severity
- Coma – with associated permanent symptoms
- Coronary Artery Bypass Grafts – with surgery to divide the breastbone or anterolateral thoracotomy
- Creutzfeldt-Jakob Disease (CJD) – resulting in permanent symptoms
- Deafness – permanent and irreversible
- Dementia – resulting in permanent symptoms
- Encephalitis – resulting in permanent symptoms
- Heart Attack – of specified severity
- Heart Valve Replacement or Repair – with surgery
- HIV infection – caught from a blood transfusion, physical assault or accident at work
- Kidney failure – requiring permanent dialysis
- Liver failure – of advanced stage
- Loss of hand or foot – permanent physical severance
- Loss of Speech – total permanent and irreversible
- Major Organ Transplant – from another donor
- Motor Neurone Disease – resulting in permanent symptoms
- Multiple Sclerosis – where there have been symptoms
- Multiple System Atrophy – resulting in permanent symptoms
- Open Heart Surgery – with median sternotomy
- Paralysis of a limb – total and irreversible
- Parkinson’s Disease – resulting in permanent symptoms
- Primary Pulmonary Hypertension – of specified severity
- Progressive Supranuclear Palsy – resulting in permanent symptoms
- Removal of an eyeball – due to injury or disease
- Respiratory failure – of advanced stage
- Spinal stroke – resulting in symptoms lasting at least 24 hours
- Stroke – resulting in symptoms lasting for at least 24 hours
- Systemic Lupus Erythematosus – with severe complications
- Third Degree Burns – covering 20% of surface area of the body or 20% of the face or head
- Total and Permanent Disability – of specified severity (see definition below)
- Traumatic brain injury – resulting in permanent symptoms
Terminal illness cover pays out the cash sum if you become terminally ill and you meet the definition.
Legal & General also pays out an additional lower amount separate to your main policy for the following conditions: Carcinoma in situ of the breast – treated by surgery, and Low grade prostate cancer – requiring treatment.
Own Occupation and Specified Work Tasks definition
Loss of the physical or mental ability through an illness or injury to the extent that you are unable to do the material and substantial duties of your own occupation ever again. The material and substantial duties are those that are normally required for, and/or form a significant and integral part of the performance of your own occupation that cannot reasonably be omitted or modified.
Own occupation means your trade, profession or type of work you do for profit or pay. It is not a specific job with any particular employer and is irrespective of location and availability.
The relevant specialist must reasonably expect that the disability will last throughout life with no prospect of improvement, irrespective of when the cover ends or you expect to retire.
For the above definition, disabilities for which relevant specialists cannot give a clear prognosis are not covered.
Specified Work Tasks
Loss of the physical ability through an illness or injury to do at least three of the six work tasks listed below, ever again.
The relevant specialists must reasonably expect that the disability will last throughout life with no prospect of improvement, irrespective of when the cover ends or you expect to retire. You must need the help or supervision of another person and be unable to perform the task on your own, even with the use of special equipment routinely available to help and having taken any appropriate prescribed medication.
The specified work tasks are:
• Walking - The ability to walk more than 200 metres on a level surface
• Climbing - the ability to climb up a flight of 12 stairs and down again, using the handrail if needed.
• Lifting - the ability to pick up an object weighing 2kg at table height and hold for 60 seconds before replacing the object on the table.
• Bending - the ability to bend or kneel to touch the floor and straighten up again
• Getting in and out of a car - the ability to get into a standard saloon car, and get out again.
• Writing - the manual dexterity to write legibly using a pen or pencil, or type using a desktop computer keyboard.
For the above definition, disabilities for which the relevant specialists cannot give a clear prognosis are not covered.
Planning your family's future
After visiting a friend who had recently lost her husband and seeing the impact this had on their friend’s family's lifestyle, Mr and Mrs Scales started thinking what would happen if the same were to happen to one of them.
Would they still be able to help their two daughters financially at university or if either decided to marry?
They hadn’t considered whether maintaining their lifestyle would be an issue and decided to take steps to make sure it wouldn't. After much research, they both took out Life Insurance policies with Saga, allowing them to have cover in place for a fixed period of time until their daughters became financially independent.
Whilst applying for their policies, Mr and Mrs Scales also found out about the Critical Illness Cover, which could pay out a lump sum if they were diagnosed with a critical illness. By adding this cover, they could have the finances to adapt their home and would not have to move out if they became critically ill.
Protecting your mortgage
Mr Finch (aged 57) was employed by a local company and, as he was getting older, started to worry about how he and his wife would pay the remaining five years worth of mortgage payments if he fell ill for a period of time. Or, even worse, how his wife would pay the remaining amount alone if he died.
After calculating how much they still owed and the savings they had, it became apparent that there was a gap. Mr Finch took out a Decreasing Life Insurance policy with Saga to help cover the remaining mortgage repayment period.
The policy was ideal as the amount of cover decreases roughly in line with the way a repayment mortgage reduces, meaning they were able to have the cover they actually required. The added benefit of being able to add Waiver of Premium meant Mr Finch could have peace of mind that the monthly premiums would be covered if he were too ill to work for a period of time.
Saga Term Life Insurance helps you protect your loved ones financially or helps to pay off a mortgage in the event of your death. You choose the amount of cover you need and the length of time you want to be insured for. If you die during the term of the policy, your policy could pay out the chosen amount of cover.
Saga Term Life Insurance policies automatically include Terminal Illness Cover at no extra cost (minimum 2 years), and this means your policy could pay out if you're diagnosed with a terminal illness and have less than 12 months to live. Terms and conditions apply. Please read the Policy Summary for more information.
It depends on your individual circumstances. You may want to think about leaving a lump sum to your dependants, or to help clear an outstanding mortgage or debt on your death. Our cover calculator can be helpful when trying to work out how much cover you need. If you'd like more help you may wish to speak to your financial adviser.
Saga Term Life Insurance premiums start from £6 per month, the equivalent of around 20p a day. Your individual premium will depend on the amount of cover you need and your individual needs and circumstances.
Life Insurance – designed to help make sure your family is financially protected in the event of your death, or to help pay off an interest-only mortgage. A lump sum is paid out if you die during the policy term.
Decreasing Life Insurance – designed to help protect a repayment mortgage as the amount of cover reduces roughly in line with the way a repayment mortgage decreases. A lump sum is paid out if you die during the policy term.
Your premiums are guaranteed to stay the same for both types of policy, unless you alter your policy. Full details can be found in the Policy Summary. When you take out a Saga Term Life Insurance policy, you can add Critical Illness Cover and Waiver of Premium for an additional cost.
Mortgage life insurance is designed to help pay off your outstanding mortgage amount in the event of your death during the policy term. You choose the amount of cover you need and the length of time you want to be insured for.
Saga Term Life Insurance policies automatically include Terminal Illness Cover at no extra cost (minimum 2 years), and this means your policy will pay out if you're diagnosed with a terminal illness and have less than 12 months to live. Terms and conditions apply. Please read the Policy Summary for more information.
The policies include different options that allow your cover to adapt with you, because you have the freedom to:
- change the length of your policy
- increase or decrease the amount of cover under your policy
- remove a life from a joint policy where cover is no longer required for that person
- change from monthly to annual premiums.
There is also a 'Joint life policy separation' option. This allows a joint policy to be split into two new single policies if a couple divorce, dissolve their registered civil partnership or change a joint mortgage into one name.
If you decide to cancel your policy within the first 30 days, you should complete the cancellation form provided with your policy documentation and return it straightaway. If you cancel within 30 days, Legal & General will return any premiums paid.
If you cancel after 30 days you won't get anything back. Term life insurance policies are not savings or investment products and have no cash value unless a valid claim is made.
For Life Insurance you can choose a term between 1 and 50 years and the policy must end before your 90th birthday.
For Life Insurance with Critical Illness Cover you can choose a term between 2 and 40 years and the policy must end before your 70th birthday.
For Decreasing Life Insurance the term must be between 5 and 50 years, and again it must end before your 90th birthday.
For Decreasing Life Insurance with Critical Illness Cover the term must be between 5 and 40 years, and again it must end before your 70th birthday.
Your premiums are guaranteed, so they won’t change for the length of the policy, unless you alter your policy.
Yes, you can apply to add Critical Illness Cover when you take out a Life Insurance policy. If you're aged between 18 and 67 and a UK resident at the time of your application, then you're eligible. The policy must end before your 70th birthday. If you choose to take out a Decreasing Life Insurance policy you can also apply to add Critical Illness Cover at the outset. If you're aged between 18 and 64 and a UK resident at the time of your application, then you're eligible. The policy must end before your 70th birthday.
Adding this important benefit means that your policy could pay out on your death or on diagnosis of one of the specified conditions during the policy term. It also pays out if you are terminally ill and you meet Legal & General’s definition.
Saga Critical Illness Cover, provided by Legal & General, is designed to help cover critical illnesses which could have a severe impact on your lifestyle. The policy covers more conditions than the most recent guidelines published by the Association of British Insurers (ABI).
You can call Legal & General’s claims team on 0800 068 0789, Monday to Friday between 9am and 5.30pm. Ideally you need to have your policy number to hand, as well as details of the illness, including the diagnosis.
Each claim is treated individually and your claims handler will explain everything to you in detail if you ever come to make a claim.
If you have been diagnosed with a carcinoma in situ of the breast or low grade prostate cancer, and are eligible to claim, Legal & General will pay out 25% of your amount of cover up to a maximum of £25,000. If Decreasing Life Insurance is chosen we'll pay 25% of the decreasing amount up to a maximum of £25,000. This benefit is in addition to your main amount of cover so your cover will not end after this benefit is paid. Your cover and monthly premium will remain the same.
Your premiums are guaranteed, so they won’t change for the length of the policy, unless you alter your policy.
No, the policy pays out either on death, terminal illness or diagnosis of a critical illness. The policy ends once a valid claim has been made and the cash sum has been paid out.
However, if your claim is for carcinoma in situ of the breast or low grade prostate cancer, the policy will continue as normal after a pay out for one of these types of claim.
Helping you decide
A Saga Term Life Insurance policy may be suitable for you if:
- You’re aged 50 or over
- You want a fixed monthly cost
- You want a plan which can adapt with your needs
- You want protection to help pay off a mortgage
- You want some peace of mind for your family
- You require cover for a fixed period of time.
What else may be relevant?
- The main factors are your age, occupation, smoker status, health, the level of cover you need and type of contract that you choose. Generally, the older you are, the higher the premium. Your individual height, weight, medical history and lifestyle are all assessed.
- There are no hidden extras – premium payments include all costs. Premiums are guaranteed – you pay the same throughout the term of the plan, unless you alter your policy.
- With these Term Life Insurance policies, you have the option to pay your premiums monthly or annually. If you decide to pay annually you will receive a discount.
Who is the provider and how are they regulated?
Saga Term Life Insurance is provided by Legal & General Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales (registered no.00166055).
Saga Personal Finance is a registered trading name of Acromas Financial Services Limited, which is authorised and regulated by the Financial Conduct Authority. Acromas Financial Services Limited is registered in England and Wales (Company No. 3023493). Registered office: Enbrook Park, Sandgate, Kent CT20 3SE.