Engage Mutual Assurance has increased the distribution of its Guaranteed 50 Plus cover plan to IFAs.
The plan is now available through SimplyBiz and Intrinsic Financial Services following a pilot with partner network Park Row.
Karl Eliot, marketing director at Engage says the Guaranteed 50 Plus Life Cover is a simple and affordable plan designed for over 50s looking for life cover without the intrusion and complexities of underwriting.
“For IFAs seeking to address the reduction in their income from mortgage business prompted by the credit crunch, it provides an opportunity to revisit their clients' protection needs," he says.
The Guaranteed 50 Plus Life Cover provides certain acceptance without a medical, an assured lump sum payment on death, fixed premiums and low cost life insurance premiums which will cease at 90 but cover will continue.
It pays out on death and has no cash in value at any time and is available for 50-80 year olds. The premium payable depends on the level of cover chosen as well as age, gender and tobacco habits and in some cases premiums paid can exceed what would be paid out on death.
The plan is not inflation-proof and if payments stop before age 90, it will end and the cover will cease. The lump sum paid out may also be subject to inheritance tax unless the policy is written in trust.IFAonline
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