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What does the Over 50s Life Insurance Promis do?

Make a promis to help take care of your loved ones

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When your time comes there may be things you’d like to say to those you love. The Over 50s Life Insurance Promis can be a way of saying “here’s my final gift of love to you; my way to help protect you after I’m gone”.

What does the Over 50s Life Insurance Promis do?

It’s simple really. When someone covered by the Plan dies (subject to the Accidental Death Period), it pays out a cash lump sum quickly, which can help pay for bills when money might be needed urgently, such as funeral and related expenses, and to leave something for loved ones.

This cover continues for the whole of your life because no matter how long we live, eventually we all pass away. After we’ve paid out the cash lump sum the Plan ends.

Once you take out a Plan all you have to do is keep premium payments up to date, and tell us if any of your details change, such as your name, address or bank account. If you stop paying premiums your plan may be cancelled and you will no longer be covered under the plan.

Because everyone’s different, we have designed the Plan with many options:

  • You can choose a level of cover that suits you and that is affordable for you, from as little as £1,000 up to as much as £20,000
  • You can choose to cover yourself or any family member whose final expenses you are likely to be responsible for
  • You can choose from different premium types (Level or Increasing)
  • You can choose whether or not to add Inflation Fighter

What is included in Over 50s Life Insurance Promis?

We have two different options for premiums: one where your premiums are guaranteed never to increase (called Level Premium); the other option is more affordable at the start but the premiums do increase as you grow older (called Increasing Premium).

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Without inflation Fighter
Example: Age 60 Year 1 Year 5 Year 10 Year 15 Year 20
Cover amount £3,500 £3,500 £3,500 £3,500 £3,500
Level Premium (per month) £17.66 £17.66 £17.66 £17.66 £17.66
Increasing Premium (per month) £11.46 £12.89 £14.95 £17.33 £20.10
With inflation Fighter
Example: Age 60 Year 1 Year 5 Year 10 Year 15 Year 20
Cover amount £3,500 £3,939 £4,566 £5,293 £6,137
Level Premium (per month) £17.66 £21.06 £26.25 £32.71 £40.77
Increasing Premium (per month) £11.46 £15.30 £21.97 £31.54 £45.28

Premiums quoted are correct as of 01/10/2018. Cover amounts do not show pence. The premium you pay will be based on factors such as your age, the amount of cover and premium type you choose, the Accidental Death Period and whether you opt for the Inflation Fighter. The addition of Inflation Fighter does not guarantee that the amount paid at claim will be enough to cover your funeral or other expenses.

What is Inflation Fighter?

Over time, the cost of things can rise due to inflation. The costs associated with dying may be more in the future than they are today - if your amount of cover remains fixed, it may not meet these costs or your expectations of what you can leave your loved ones. So we offer an optional "Inflation Fighter" feature to help protect your cover amount against the rising cost of funerals.

If selected, Inflation Fighter increases your amount of cover by a fixed 3% each year until you reach age 90.

If you have chosen Level Premiums and Inflation Fighter, your premium will increase by 4.5% each year because you are getting more cover each year. If you have chosen Increasing Premiums and Inflation Fighter, your premium will increase by 7.5%.

The addition of Inflation Fighter does not guarantee that the amount paid at claim will be enough to cover all of your final bills or expenses.

If you would like a premium that remains level and never goes up, you should choose Level Premium without Inflation Fighter.

You will be covered for Accidental Death only from day 1, and any cause of death after 12 months or 24 months (depending on the Accidental Death Period you have chosen). As long as you pay premiums when due this cover continues for your whole life because no matter how long we live, eventually we all need a funeral. Premiums are payable only until age 90, at which time cover continues with no more to pay.

If you do die in an accident we will double the payout. This helps, as there is no time to prepare emotionally or financially in the event of an unexpected Accidental Death.

If you do pass away from a non-Accidental Death during the Accidental Death Period, your loved ones will receive a full refund of all premiums paid.

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What makes Promis Life different?

Promis Life know better than most how complex life insurance can be. We’re mums, dads, brothers and sisters, like you. That’s why we prefer to keep things simple.

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