The Over 50s Life Insurance Promis is an insurance plan for when someone who is covered by the Plan dies (subject to the Accidental Death period), a cash lump sum is paid out to help pay for the funeral or any other costs. The cover can continue for the whole of your life, and after we have paid out the cash lump sum claim, the plan ends.
Because everyone's different, we have designed the Plan with many options.
Cover is available from £1,000 up to £20,000 per person. You can always change your level of cover at a later date, upwards or downwards, within the above limits, provided you are aged 50 to 79. Any increase in cover will have a new Accidental Death Period applied to the additional incremental amount. Regardless of how many Promis Life guaranteed acceptance products you take out, the total cover amount for each life insured cannot exceed £20,000 (not including Inflation Fighter increases).
When your family does need to make a claim, we’ll make sure they receive the funds from your plan as quickly as possible. In fact, with our Claim Promis we guarantee that once the correctly completed documentation is back with us and we agree the claim is valid, the payment will be made within 48 hours (2 business days). If for any reason this doesn’t happen, your loved ones will receive an extra £250 on top of the claim.
All UK residents aged 50 to 79 can be covered. There are no medical tests or health questions – acceptance is guaranteed.
You can cover yourself and/or any family member between 50-79 years old for whom it is reasonable to assume you are likely to be responsible for any costs related to their passing, including funeral costs and other final expenses. And if your circumstances or requirements change, you can add new people or amend your level of cover at any time. What’s more, you will receive a 5% discount on all the policies if you cover multiple people at the same time. Amount of discount correct as at 01/05/2020.
Cover can cost the equivalent of only £1.15 a week!¹ We have two great premium options for you to choose from: Level Premium and Increasing Premium.
Level Premium - This may be a suitable option if you want to lock in your rate from the start. The premiums are a little higher than the Increasing Premium option at the start of your policy, but they are guaranteed NEVER TO INCREASE as you get older unless you choose to add the Inflation Fighter option.
Increasing Premiums - This allows you to start your policy at the lowest possible premium. Premiums are lower than the Level Premium option at outset but they will increase by 3% each year as you get older. We will provide you with details of the expected premiums for the life of the cover.
Premiums must be paid when due or your plan may be cancelled, and you will no longer be covered. Premiums are payable to age 90, after which cover continues but there is no more to pay. Total premiums paid may be more than your cover amount depending on how long you live.
Over time, the cost of things rise due to inflation, and funerals are no different. That’s why 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 3% each year. If you have chosen Level Premiums your premium will increase by 4.5% each year because you are getting more cover each year. If you choose Increasing Premiums and Inflation Fighter, your Premiums will go up by 7.5% each year. Please note the cover amount you choose, even with Inflation Fighter, might not meet the cost of a funeral in the future.
During the Accidental Death Period you are only covered for Accidental Death. After the Accidental Death Period you are then covered for any cause of death including death by accident, illness or natural causes. If you die within the accidental death period of a non-accidental death a refund of premiums paid to that point will be made.
You have a choice of either a 12 month or 24 month Accidental Death Period. The 12 month Accidental Death Period costs a little more than 24 months because cover for any cause of death starts sooner.
Sadly, far too many people die without leaving a Will which can lead to huge amounts of stress and problems for those they love. When you take out an Over 50s Life Insurance Promis we’ll send you a DIY Will Kit at no extra cost to ensure your last wishes are reflected. It’s just another way to express how much you love those closest to you, and best of all, it’s at no extra cost!
We’re completely confident you’ll be comfortable with your Plan, but understand you’ll need time to read it carefully and may want to call us with any questions. You have 30 days after receiving your Plan documents to cancel your Plan (as long as you have not made a claim) and get a full refund of any premiums paid, and you will no longer be covered.
Important Information: If you cancel your plan after 30 days you won’t get back any premiums paid and you will no longer be covered under the plan. The total premium you pay over time may be more than your cover amount. In the future your cover amount may not be enough as funeral costs increase due to inflation. The cover you select is not guaranteed to meet all your actual funeral costs. If you would like more information on the Plan features and other important information, please read our Terms & Conditions.
Should you die in an accident, the shock would be enormous to those you leave behind. There’s no time to prepare emotionally, and financial pressures can be hard to cope with. With the Over 50s Life Insurance Promis, if anyone covered by the plan dies in an accident at any time, we’ll pay out double the amount of cover.
1 Premiums depend on age, cover amount and premium type.
The Funeral Protection Promis, the Over 50s Life Insurance Promis and the Life Insurance Promis are administered and underwritten by iptiQ Life S.A. UK Branch registered in England and Wales. Registration No: BR017015. Registered Office: 30 St Mary Axe, London EC3A 8EP. iptiQ Life S.A. is a public limited company (Société Anonyme) incorporated and registered in Luxembourg. Registered Office: 2, rue Edward Steichen, L-2540 Luxembourg. Grand-Duchy of Luxembourg. R.C.S. Luxembourg B 184281. Authorised and regulated by Le Commissariat aux Assurances. Deemed authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.
Promis Life © 2018. Funeral Protection Promis, Over 50s Life Insurance Promis and Life Insurance Promis are promoted by Global Life Distribution (UK) Limited trading as Promis Life, authorised and regulated by the Financial Conduct Authority number 629767. Registered office: The St Botolph Building, 138 Houndsditch, London EC3A 7AR
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