Over 50s FAQs

From the start date of your policy, following two years of continuous premiums, National Assurance AIG will pay your full guaranteed lump sum, whatever the circumstances surrounding your death. After your 90th birthday, your cover will continue but you’ll no longer have to pay monthly premiums.

If you die within two years of taking out this plan as the result of an accident, your beneficiaries will get three times the lump sum you were due to receive at the end of the policy. This applies from the first day of cover.

If you die from any other cause during the first two years, it will pay back all the money you have paid plus half as much again (150%). So even if the worst happens in the first two years, your family will get back more than you’ve paid in.

National Assurance distributes the plan but the cover that's provided is delivered by National Assurance AIG.

The answer depends on how long your cover has been in place. You could pay in more than a plan will pay out, but it’s easy to find this out.

Yes. As long as your partner fulfils the application criteria (aged 50-75 and a UK resident) then they may apply for a policy. However, it should be noted that these policies are single life plans. They cannot be a joint policy and therefore separate application forms are required from each applicant.

As long as the policy's premiums are up to date, National Assurance AIG will make arrangements for the cash sum to be paid into your bank account. This money can then be distributed according to your wishes. Perhaps you’d like it distributed to your children or grandchildren or given to a charity. It could also be used to pay for your funeral. Whatever you choose for your money, these policies are creating peace of mind for the people you care about when you’re gone.

You could choose for the sum to be paid directly to Dignity, a leading UK funeral director, who will, together with your loved ones, be involved with your funeral arrangements. Dignity will also pay an additional 10% on top of the lump sum you've chosen towards the costs of your funeral.

If you’re not completely satisfied with your plan in the first 30 days, following the start of your policy, you may cancel it. Any premium you’ve paid will be promptly and fully refunded – no questions asked.

You may also cancel your policy at any time, not just within the first 30 days however no premiums will be refunded and you will no longer have any cover, and no payment will be paid to you when you die.

If you are aged 50-75 and a UK resident, you are guaranteed to be accepted for a National Assurance AIG Over 50s Life Plan. There will be no questions about your health and you do not need to have a medical examination.

The only requirement is for you to choose how much you'd like to pay each month as a premium. You then need to complete the application form and fill out a Direct Debit instruction. Your policy documents will be sent out as soon as your application has been processed. Premiums will then be paid from your bank account each month. Your cover starts immediately and you’ll remain covered for life as long as you keep paying your premiums. Premiums will cease when you reach 90 years but your cover will continue until your death.

No. The National Assurance AIG Over 50s Life Plan only pays out upon death of the policy holder. There's no cash-in value at any time. If you cease the payment of premiums, the policy ends and you will not be paid any benefit or refunded any money if it is outside the cancellation period of 30 days.

Under current tax regulations, these plans’ benefits are free of income and capital gains tax but may be subject to inheritance tax depending on threshold levels that exist and applicable to your entire estate at the time of your death.

Yes. If so, it will not be subject to inheritance tax payments.

Inflation is the sustained increase in the prices of goods over a period of time. Inflation has an impact on the value of money over time so the amount of goods a sum of money will buy you today will decrease as time passes. Taking that into consideration with regards to an Over 50s Life Plan, it's important to know that the fixed sum of money you choose when taking out a plan may be worth less in real terms when you die.

To resolve this, your premiums can be index-linked meaning they will increase with time. The fixed cash lump sum will also be guaranteed to increase. As inflation rates are defined each year by economic activity and depend on public spending and the price of goods, it is not possible to provide policy holders with a statement of premiums and a corresponding lump sum value at any point during the policy term. All that can be clarified is that the premiums increase at a rate of one and a half times the level of inflation and the lump sum will increase at the same rate of inflation.

National Assurance AIG will write to all policy holders who choose the index-linked option annually informing them of the impending year’s premiums and the corresponding lump sum. Policy holders will be given the option to opt out of the index-linked premiums and leave premiums at a fixed rate. If premiums are not increased for three consecutive years, National Assurance AIG will assume you want your policy to remain at a fixed rate and will not increase the premiums or the lump sum in line with inflation for the remaining term of the policy.