Thinking about the future and what loved ones will do after you pass away is a scary thought and individuals in their golden years of life think about this situation more often than others. Planning for this future is a great way to bring peace of mind and security to you and your loved ones.
Life Insurance coverage is one of the first steps in this planning process and Sainsbury’s Over 50 Life Insurance may be a great option for older individuals looking for cost effective and beneficial coverage.
Details of Sainsbury’s Over 50 Life Insurance
This Over 50s Life Insurance plan comes with a number of features and benefits. This type of coverage is provided for the whole of life of the policy holder and offers a cash sum payout upon their death. These funds can be used for a number of different expenses including funeral costs, outstanding debts, and small gifts for family and loved ones. Sainsbury offers this plan to policy seekers with guaranteed acceptance and no medical exam or health screening required.
Low Premiums and Flexible Coverage from Sainsbury’s
Sainsbury’s Over 50 Life Insurance allows policy seekers to choose the level of coverage that best suits them and offers two different policy options: Fixed Plan and Increasing Plan. In addition to comprehensive coverage, Sainsbury is also offers low monthly payments – depending on your, age premium payments can be as low as £8 a month.
Another great benefit of this insurance plan is that the cash sum payout is guaranteed after just one year.
Claim Payment Timeline with Sainsbury’s
Sainsbury’s Over 50 Life Insurance offers a Claims Payout Promise which guarantees that loved ones will get the financial assistance they need quickly – on average, cash sum payouts can be given to beneficiaries within 5 days of filing a claim. To help ensure a quick payout, it is important to provide the death certificate reference, cause of death and ensure that the policy holder was paying their premiums and maintaining coverage at the time of their passing.
Important Notes on Sainsbury’s Over 50 Life Insurance Plan
Depending on which policy you choose, Fixed Plan or Increasing Plan, these are some specific details that should be reviewed. Regardless of what policy you choose, a claim can be made after one year of owning the policy or, in the case of accidental death, within one year of owning the policy. But, if death occurs for any other reason besides accidental, only the premiums paid into the policy will be paid out. If the death is accidental within one year, the full policy amount will be paid.
If you choose a Fixed Plan, it is important to note that inflation may have a negative effect the cash sum value. If you choose an Increasing Plan, the cash sum will be reviewed along with premiums annually in line with the Retail Prices Index (RPI).
Generally, premiums will increase yearly and change by 1.5 times the change in RPI. If there is concern about paying increased premiums, a policy holder can decline the increase, meaning both the premiums and the cash sum will remain the same, but will not have the option to increase them in the future.
Obtaining a life insurance policy is a great way to put your mind at ease and guarantee that loved ones will be cared for when you pass away.
Sainsbury’s Over 50 Life Insurance Plan offers guaranteed acceptance, low monthly premiums and flexible coverage to help meet anyone’s insurance needs – this may just be the perfect option for older individuals looking to provide financial support for their families when they are no longer around to provide that support.