Over 55 Life Cover

If you are at that point in your life where you are mortgage-free and the children have grown up, you may want the comfort of knowing that you can leave behind a specific amount of money to cover your funeral expenses, unpaid bills and leave a small legacy for all your loved ones.

Like many people in this age bracket, Alison Spencer (60) is very much looking forward to retired life in just a few years’ time.

She has worked for the last ten years as a company secretary for a construction firm but is enjoying planning the activities for her days of freedom ahead, with no routine and minimal emails.

Alison has been married to her husband Neil (59) for 28 years and together they have two children, Simon (35) and Kathryn (32).

They are also grandparents to three little ones – Poppy (5), Lily (2) and George (2months). Alison can’t wait to become a full time grandma to her three grandchildren who she dotes on, always offering to do the school or nursery runs when she can and regularly pestering for babysitting duties.

Having worked hard over the years, and being financially savvy, Alison and Neil have just paid off their mortgage ahead of its term. With no other debts outstanding, they have decided to cancel the remainder of their decreasing Term Assurance policy which was taken out alongside their mortgage. This has got Alison thinking about her finances.


SO what did Alison Spencer do ?

Alison contacted her financial adviser  to discuss her options. Understanding her needs and financial situation, recommended AIG’s Over Fifties Life Plan. They discussed the sum assured amount and agreed on £10,000 as Alison would like to leave £2,000 to each of her grandchildren and the remaining amount to cover her funeral costs.

Expecting the usual lengthy detailed insurance applications, Alison was surprised how simple, quick and easy this short online application was to complete and impressed that she got an immediate decision without the need to have any medical screening. With this plan she will have access to a valuable expert second medical opinion service Best Doctors . Her financial adviser is able to help her put the policy into trust online, with no need for signatures so Alison can be assured that her wishes will be met when she is no longer around.

Further to this, Alison will only pay premiums until she is 90 after which the cover will continue in force until she dies. With most life policies, if premiums stop being paid then the policy is usually cancelled and there is no value attached to it. With our Protected Benefit amount however, there is a guaranteed pay out if premiums are no longer paid provided at least half of the premiums due between commencement of the cover and age 90 have been paid.

If, therefore, Alison were to stop paying premiums at age 75, as she has paid half the premiums due, she would have a Protected Benefit amount of half of the sum assured, £5,000. Should she stop paying premiums anytime thereafter we will simply pro-rata the sum assured in line with the premiums paid.

Included in AIG’s Over Fifties Life Plan:

  • Non-Smoker rates
  • Protected benefit
  • Increasing option – increase in line with RPI,
    subject to a maximum of 10% each year
  • Funeral Pledge of up to £10,000 meaning
    no problematic probate delays
  • Best Doctors
  • Online Trusts – signature free


Guaranteed Over Fifties Life Plans are becoming more popular as funeral costs are rising rapidly, people want to leave a small legacy to their loved ones, and want to ensure their families are not burdened with outstanding debts.  Until now it’s mainly been a product sold direct online, through magazine inserts and daytime TV marketing campaigns.

With our Over Fifties Life Plan, your customers can have peace of mind that when they’re gone, their funeral costs could be taken care of, or that they have been able to leave their loved ones a financial gift.