Fixed, Increasing, and Funeral plans are accessible to anyone aged between 50 and 80

Legal & General has unveiled three new guaranteed acceptance life insurance plans for the people over the age of 50.

The first one is a fixed plan that is a fixed monthly premium and a fixed cash sum paid on death. The second one is an increasing plan in which the benefit increases in line with inflation, and the last one is a funeral plan that protects against rising funeral costs.

The plans are accessible to anyone aged between 50 and 80 and applicants are guaranteed to be accepted for cover. The benefit and premiums for the Increasing plan and Funeral plan are reviewable annually in line with inflation, as measured by the Retail Price Index.

Policyholders are guaranteed a payout after two years if they die, as long as the premiums are paid when due. If death occurs within the first two years, the premiums will be refunded in full unless the death is the consequence of an accident, in which case, the full benefit amount will be paid, claims the company.

Alan Ferguson, director of Marketing and Channel Development, Legal & General, said: “People traditionally take out this type of life insurance to provide their family with funds to go towards funeral expenses or unpaid bills, or as a gift for children or grandchildren. We’re launching three different plans to give people the flexibility to choose the product which best serves their needs. If inflation is a concern, then two of our plans are index-linked and the Funeral Plan is specifically designed to help with funeral costs. Over 50s plans can provide valuable peace of mind at a difficult and emotional time.”