Life InsuranceOct 28 2014

Engage Mutual rolls out adviser campaign

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Engage Mutual has launched an adviser campaign to highlight how easily it can make quicker payouts on its over 50s life cover, releasing up to £5,000 before probate.

A feature unique to friendly societies means that if policyholders simply nominate a beneficiary, in the event of their death the named person can provide a death certificate and complete the claim form, up to £5,000 can be released the next working day.

Stuart Tragheim, sales director at Engage, said: “Advisers tell us that the simplicity of the product is a key advantage to the sales process.

“But what advisers can also offer their customers through Engage is a quick and easy claim process that can release up to £5,000 within a day of us receiving a claim form and death certificate from a nominated beneficiary – something not available from non-friendly society organisations.”

Research undertaken by Engage showed that the majority of people buying its over 50s life cover want the policy’s lump sum to go towards their funeral costs.

Dominic MacKenzie, a member of the Law Society’s probate section and partner at Ison Harrison, explained that probate takes around three months for a simple estate, whilst the average length is six months, and for more complicated estates where property or inheritance tax is involved, it could take a year or more.

“That’s why this is a fantastic benefit which can get funds released quickly at a very stressful time. The option should be put in place at the same time as doing your will so that your affairs are easier for your loved ones to deal with when you die.”

Engage Mutual recently launched an updated ‘funeral calculator’ on its adviser community site, providing access to average cremation and burial costs by county throughout the UK.

Mr Tragheim added: “Feedback from our advisers has shown that the funeral calculator is an extremely useful tool for them.”

peter.walker@ft.com