Life insurance helps you protect those you love, even when you're no longer around. Get your free no obligation quotes.
Life insurance pays out a lump sum of cash upon your death, so that your loved ones can carry on their lives, without added financial burden.
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There are various types of life insurance policy available. Standard life insurance, critical illness, mortgage cover, single or joint policies over various years. Request a call back from our advisors if you'd like some help.
It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love. Life Insurance will provide a lump sum to help with the mortgage and other household bills.
It's a daunting thought, but with daily expenses and increasing costs in living, it is vital that you secure the future of those you love - and this is exactly what Life Insurance is for.
Over 50s Life Insurance provides financial protection to your loved ones in the event of your death. No one likes to think about dying, which is why many of us either delay or fail to take out a policy when the time is right.
Without life insurance, the income you once provided for your family goes with you when you die. This could leave your family in a financial crisis at a time when they already have so much to cope with.
What length of life insurance policy should I choose?
Most people usually take out life insurance that lasts until some key date in the future. It could be when they intend to retire, when their mortgage is paid off, or when they feel their children may leave home.
Should I get a joint life or single life insurance policy?
Joint life insurance policies are available, but advisers will typically recommend two single life insurance policies as they usually cost hardly any extra and will provide double cover. (This means that if both people die together, both policies pay out, rather than just one joint policy).
Policies that include critical illness cover are almost certainly better split into two separate life insurance plans. For example, if one person is diagnosed with an illness like cancer, their partner will not want their insurance to be lost, which would be the case on a joint life, first claim policy.
Critical Illness Cover
If you are looking for a life insurance policy, then you might also want to consider adding critical illness cover. It’s a very popular option. Sadly, at least one in five men and one in six women will suffer from a serious medical condition at some stage in their lives.
How does critical illness insurance work?
Critical illness cover provides a lump-sum payment should you become seriously ill with a condition covered by your policy. Cover can be added to a life insurance or mortgage protection policy.
Most critical illness policies cover at least seven major medical conditions including cancer, heart attack, multiple sclerosis, stroke, major organ transplants and kidney failure.
The benefit is tax free and can be used to replace your income, help pay off your mortgage, help you cope with bills and living expenses and let you concentrate on getting better.
Mortgage Protection Insurance
If you have a partner, loved ones or dependents who rely on your income, and the house you live in is covered by a mortgage, then making plans as to how it will be paid in the event of your death is crucial. The solution to this problem is mortgage protection insurance.
Mortgage protection insurance, also known as mortgage life insurance and decreasing term life insurance, is designed to repay the outstanding balance of a standard repayment mortgage if you were to die during the period of cover. This means your family won't have to worry about continuing to pay the mortgage following your death.
What is the difference between decreasing term and level term life assurance?
Decreasing term life assurance is the cheapest form of life assurance. As time passes, and your mortgage debt reduces, the payout on death also reduces leaving your dependants with the money to pay the rest of the mortgage. Level term cover, which tends to be more expensive, pays out a set lump sum during the mortgage term.
Saga is a British company focused on serving the needs of those aged 50 and over. It has 2.7 million customers.
The company operates from several sites on the Kent and Sussex coast: four in Folkestone at Middelburg Square, Enbrook Park, Cheriton Park and Ross Way; the fifth at the Eurokent Business park in Ramsgate, and the newest at Priory Square in Hastings. It is listed on the London Stock Exchange.
The business was founded by Sidney De Haan in 1951 and was passed to his son Roger De Haan who took over in 1984 after his father's retirement. Saga was acquired by staff (20%) backed by the private equity firm Charterhouse in October 2004. Saga merged with The AA (owned by CVC and Permira) to form Acromas Holdings.
In July 2011, Saga acquired Allied Healthcare. On 31 January 2015, it wrote it down to zero, and then sold it, at a small net profit, to Aurelius Group in December 2015.
In May 2014, Saga Group was successfully listed on the London Stock Exchange as Saga PLC.
Also in 2014, Saga acquired Bolton based luxury holiday company, Destinology.
In January 2020, Saga appointed Euan Sutherland as CEO of the Saga Group. At the same time, Saga's escorted touring brand Titan Travel was put up for sale, but has subsequently been paused due to the ongoing impact of Coronavirus.
In February 2020, Saga sold its motorcycle insurance business, Bennetts, to Atlanta Investment Holdings Ltd, part of the Ardonagh group, for £26 million.
In March 2020, Saga sold its Patricia White's and Country Cousins domiciliary care agencies to private equity firm Limerston Capital for a reported £14 million.
In June 2020 Saga Care at Home permanently closed and its assets assigned to another care provider. This marked the end of Saga's involvement in the homecare sector.
Saga's operations include:
Saga Holidays provides package holidays and tours across the globe. It owns and operates the cruise ships Spirit of Discovery and MS Saga Sapphire[a], as well as Titan Travel and luxury holiday company, Destinology.
Saga Services provides a wide range of Insurance products, Motor, Home, Travel, Caravan, Commercial Van, Pet, Private Medical, Life Insurance, Motorhome.
Saga Personal Finance provides savings accounts, credit cards, travel money, financial advice, equity release, share dealing, annuities, life assurance & long term care funding advice.
Saga SOS Personal Alarms.
Saga also owns direct mail and fulfilment service, Metro Mail.
The insurer of this policy is Vitality Life Limited and the policy is administered by Vitality Corporate Services, trading as VitalityLife.
This policy is available to UK residents aged between 50 and 75 years of age.
If you live long enough the total premiums you have paid them may be greater than the amount payable on death. You will need to continue paying premiums until the anniversary of your policy following your 90th birthday after which your cover is guaranteed to continue for the rest of your life.
The policy has no cash-in value at any time, so if you cancel it you will get nothing back.
It is a whole of life policy. This means that you will pay a fixed regular premium for the rest of your life or until the anniversary of your policy following your 90th birthday (whichever is the earliest).
After you have had your policy for 12 months, a fixed cash lump sum which is agreed when you first join, is payable on your death, provided you have kept up with your payments.
The amount payable in the event of your death will depend on when you die:
If you were to die within the first 12 months other than as a result of an accident, the policy will only pay you the total premiums you have paid them over that period.
If death during the first 12 months is due to an accident, they will pay the guaranteed cash lump sum. For the avoidance of doubt, suicide, attempted suicide or self inflicted injury leading to death will not be considered to be an accident.
If you die after the first 12 months, they will pay the guaranteed cash lump sum.
Yes. After 12 months, the size of the cash lump sum paid out on your death is fixed at the amount you agreed to when you joined. This is shown on your Policy Schedule and will not change over the life of your policy.