Reliance Mutual Insurance Society has entered the ‘over 50s’ life assurance market with an online direct-to-consumer life policy.
The new plan provides a guaranteed cash lump sum when you die two or more years after starting the cover, or a full refund of premiums paid if you die within the two years, the company said.
It offers a choice of cover of up to £20,000 and choice of how much a client would pay, starting at £10 a month as fixed monthly premium throughout the life of the policy. There is also guaranteed acceptance if the consumer is a UK resident and aged between 50 and 74.
Premiums are payable until age 90, but cover continues after this age. However, if premiums should be stopped before the 90th birthday, cover would stop and clients will not receive any refund.
Clive Allison, Reliance Mutual’s head of member recruitment said: “Our ‘over 50s plan’ is very straightforward, it will pay a cash sum when you die.
“We have designed the website to provide a no fuss journey and it includes an easy to use cover calculator which uses a person’s age and has a simple quote slider to highlight the monthly cost for different levels of cover.
“There are no ‘free’ promotional gifts on application, which always have to be paid for somewhere, as we prefer to give the maximum value within the product itself.
“The monies paid can be used for any purpose and there will be many different reasons why people start a plan like this. It could be to provide a valuable nest egg for someone special, pay off unpaid bills, or go towards paying the funeral expenses.”