Over 50s Life Cover Plus

Now includes more benefits as standard

Wouldn't it be nice to know you can help the people you care about after you're gone? That's why Clydesdale Bank has teamed up with Engage Mutual Assurance, the provider of Over 50s Life Cover Plus. Putting such cover in place for tomorrow could help you enjoy today all the more.

Overview

Important Info

Useful Docs

How To Apply

• Over 50s life Cover Plus can provide your family with a cash lump sum. However, it may also help when you need it most by including serious and terminal illness benefits as well as Engage Health Support services.

  • Guaranteed acceptance without a medical – for UK residents between 50 and 80 years old
  • Provides a fixed cash sum on death
  • Serious & terminal illness benefits included as standard
  • Premiums start from just £10 per month
  • Engage Health Support services included
  • Funeral Funding Option available
  • £30 Marks and Spencer voucher when you start a plan*

  As inflation will reduce the buying power of the lump sum you may wish to periodically review whether your cover is sufficient. The total amount paid out on death normally counts as part of your estate and may be subject to Inheritance Tax.

  This is not a savings plan and has no cash-in value at any time. Over time, you could pay more in premiums than is paid out.

  *Your gift(s) will normally be sent to you within 28 days of our receiving the first premium, however we reserve the right to delay sending the gift(s) until we have received premiums at least equal to the value of the gift(s), or to replace the gift(s) with another of equal value and quality if necessary.

• What is Over 50s Life Cover Plus?

  It is a life assurance policy designed especially for the over 50s.

  If you are a UK resident aged between 50 and 80 you are guaranteed to be accepted without a medical. You can choose to pay a premium between £10 and £75 per month for a cash lump sum on death. You only need to pay your premium until the age of 90 but your cover continues. However, if you are diagnosed with a serious or terminal illness after the first two years you have the flexibility to claim some or all of the cash lump sum early.

  As inflation will reduce the buying power of the lump sum you may wish to periodically review whether your cover is sufficient. The total amount paid out on death normally counts as part of your estate and may be subject to Inheritance Tax.

  This is not a savings plan and has no cash-in value at any time. Over time, you could pay more in premiums than is paid out.

  How does Over 50s life cover plus work?

  In the first two years, the plan will pay out one and a half times the premiums you've paid if you die from natural causes or if you die as a result of an accident during this period, the plan will pay out three times your chosen cover subject to a maximum payment of £48,000. If you die after two years, your chosen level of cover will be paid out.

  After the first two years, Serious Illness or Terminal Illness Benefit can be claimed. See below for more details.

  What is Serious Illness Benefit?

  Serious Illness Benefit is 20% of your life cover which you could claim if you are diagnosed with a serious illness after the first two years of the plan. This sum could help you towards, for example, any necessary costs for your care or treatment. If serious illness benefit is paid, this will reduce the death or terminal illness benefit by 20%. Please refer to the terms and conditions section of the Policy Summary which you can find in the 'Useful Documents' section.

  What is Terminal Illness Benefit?

  Terminal Illness Benefit is 100% of your life cover which you could claim if you are diagnosed with a terminal illness after the first two years of the plan (less any Serious Illness Benefit already paid).

  If terminal illness benefit is paid, the plan will close and no further benefit will be paid out on death. Please refer to the terms and conditions section of the Policy Summary which you can find in the 'Useful Documents' section.

  What is Engage Health Support?

  Engage Health Support is an advisory service provided by RED ARC. If you are diagnosed with a serious or terminal illness you will be offered their services which could help you cope with your particular condition. You may speak as often as you wish to a dedicated Nurse Adviser, and if they think it may help they can arrange a limited course of specialist support for you, free of charge.

  Can I increase my level of cover at any time?

  You can increase your level of cover by taking out additional plans. It's a good idea to review your level of cover from time to time as inflation will reduce the buying power of this lump sum.

  When does my Over 50s Life Cover Plus cover start?

  Immediate cover is available in most cases if you apply for your Over 50s Life Cover Plus by phone or online. If you apply by post, your cover will start once we've processed your application and you should get your policy documents within a few days.

• Policy Summary (pdf opens in a new window)

  Key Facts (pdf opens in a new window)

• There are 3 ways to apply

  Online
  We can only process an application online if the premiums are being paid from an account that is held in your sole or joint name and that you are authorised to make payments from.

  If someone else is paying the policy premium we will need their name and address details so we can send them a Direct Debit mandate.

  Get a quote and apply online
  or request a pack
  
  

  By Phone
  Call Engage Mutual on 0800 2300 923
  Lines are open 8am – 8pm Monday to Friday and 9am – 4pm Saturdays.

  In Branch
  Find your nearest branch