British Seniors Life Insurance Review 2020

If you are looking for life insurance coverage and over 50, you might wonder if there are policy specialists that cater for your demographic. British Seniors is one such insurance provider, so let’s see what they might be able to offer you.

Who Are They?

British Seniors is a specialist Over 50’s Life Insurance agency, focused on the needs of the over 50’s.

What types of life insurance does British Seniors offer?

British Seniors offers two types of life insurance with various options to create a tailor-made policy for you.

Over 50’s Life Insurance with Cash-In Option

The payout received is fixed in time, as is your monthly premium. Neither will reduce over the duration of the policy. So, if you chose a £10,000 cover amount at the beginning of a policy, you will still receive that £10,000 at the end of the policy period.

This comes with a Cash-In Benefit option. Should you reach 80 years old or have been a policyholder for 15 years (whichever later), you are able to cash in your policy, receiving 50% of the total payout amount.

Increased Benefit Option

Your payout (as well as your premium), rises in line with inflation. This is a way to protect your policy from inflation, ensuring the value of the payout will not lose its worth over time and continue to meet your financial needs.

Of note: it is free to make certain changes to your policy. Should your budget change you will be able to decrease the amount of cover you’ve purchased for free, as well as increase it when you feel like it. These changes can only be made up to the age of 80, and you can only increase it to the maximum sum insured for an 80 year old (£6,000).

 

British Seniors Life Insurance Product Offerings

Name Age Range at Application Cover Range Terms Pays Out Joint Cover
Over 50’s Life Insurance with Cash-In Option 50 - 80 £1,000 - £10,000 Whole Life Cover If you die or get a terminal illness during the cover period Yes, but the policy will only be paid out once
Increasing Benefit Option 50 - 80 £1,000 - £10,000 Whole Life Cover If you die or get a terminal illness during the cover period Yes, but the policy will only be paid out once

Life Insurance Features

  • Pays out a lump sum on death
  • Option to choose between single or joint policyholders
  • Two policy types available:
    • Over 50’s Life Insurance with Cash-In Option
    • Increasing Benefit Option
  • Can put your policy in trust for your beneficiaries. This means your lump-sum payout will not be subject to inheritance tax and go further for your next of kin
  • Guaranteed premiums - i.e. fixed over time for security and peace of mind
  • Flexible coverage and premium options: if your circumstances change and you need to reduce your monthly outgoings, it is free to adjust monthly premium amounts (coverage amount might be reduced also)
  • Covered abroad: worldwide coverage so that you are protected even if on travels outside of the United Kingdom

Coverage Table

The maximum benefit amount at your start date is:

Age Coverage Amount
Ages 50 to 69 Up to £10,000
Ages 70 to 74 Up to £9,000
Ages 75 to 80 Up to £6,000

Additional Benefits

  • £300 Funeral Benefit option offered at no extra cost. When you take out British Seniors Over 50s Life Insurance, you will be given a £300 contribution (in addition to your benefit amount) towards the cost of your funeral.
  • If death occurs as a direct result of an accident and where death occurs within 90 days of the accident, British Seniors will pay three times your benefit amount - up to £30,000.
  • Free cover after age 95 - from the policy anniversary following your 95th birthday, premiums are no longer payable and your cover continues for life

Coverage Summary

Minimum Coverage Limits

  • £1,000

Maximum Coverage Limits

  • £10,000

Entry Ages

  • Minimum age 50, maximum age 80
  • Maximum Term: whole-of-life coverage

Why Might British Seniors Not Payout?

  • In the first twelve months, payout will only be paid in the event of accidental death (if death is the result of an accident, then the benefit payout will be three times your originally purchased benefit).
  • Failure to provide accurate policyholder details given at time of application, such as date of birth
  • Missing scheduled premium payments: if two monthly instalments are missed then policy cancellation and claim denial might follow

Defaqto Rating 2020

Five stars (out of five): this product provides one of the highest quality offerings in the market.

Advantages

  • Cash in option: this is unique to the British Seniors Life Insurance policy, allowing you to cash out your policy for a 50% payout at 80 years old (or being 15 years into your policy)
  • Also able to choose between single or joint coverage for a cost-effective way of protecting both yourself and your partner
  • As long as you are a UK resident aged 50-80 you have a guaranteed acceptance
  • No need to have a medical on application, or an extensive personal history on your health and lifestyle required
  • Flexible premium amounts: if your monthly outgoings need to be tightened, British Seniors Life insurance will allow changes free of charge. If you subsequently want to increase your cover back to its original amount, you will be able to do that also
  • Whole life cover: some other insurance policies will only cover up until a certain again, for example to 80 years old. British Seniors looks to cover its policyholders for the entirety of their lives
  • British Seniors has very competitive monthly premiums starting at less than £4 a month
  • Platinum Trusted Service Award (2020) from Feefo, the customer review site

Disadvantages

  • Maximum cover decreases with age on application
  • Maximum limits of £10,000 which for some is not enough to keep their family financially secure in the event of their death
  • Only covers those on the age bracket of 50 to 80 years old

If you would like to see how the British Seniors compares to other leading life insurers please fill the form.

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