British Seniors Life Insurance Review 2023

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 Insurance Agency, trading under the name of Neilson Financial Services Limited, is a reputable and reliable provider of life insurance for seniors in the United Kingdom. The agency is authorized and regulated by the Financial Conduct Authority, and is registered in England and Wales under the number 07986483. The registered office is located in Landmark Place, Windsor Road, Slough, Berkshire SL1 1JL.

The policies offered by British Seniors Insurance Agency are underwritten and administered by AIG Life Limited, a highly reputable and financially stable insurance company. AIG is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. They are also registered in England and Wales under the number 6367921, with their registered office located at The AIG Building, 58 Fenchurch Street, London, EC3M 4AB.

Customers can rest assured that their policy is in good hands with AIG Life Limited, as they have a strong track record of business performance and financial stability. Information about the company’s business, performance and financial position can be found in their Solvency and Financial Condition Report (SFCR) which is available on their website, www.aiglife.co.uk.

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

It is a great option for seniors looking for a reliable and flexible life insurance policy. The payout received under this policy is fixed, meaning that it will not reduce over the duration of the policy, regardless of how long the policy is in force. For example, if you choose 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. Additionally, the monthly premium is also fixed, and will not reduce over the duration of the policy.

This policy also comes with a Cash-In Benefit option, which allows policyholders to cash in their policy if they reach 80 years old or have been a policyholder for 15 years (whichever comes later). By cashing in their policy, policyholders will receive 50% of the total payout amount, giving them the flexibility to use the funds as they see fit.

This option is particularly beneficial for seniors who may have a change in their financial situation and may need access to the funds from their policy earlier than the end of the policy period. It also provides an added layer of security, knowing that in case of an emergency, they can access a portion of the payout amount before the end of the policy period.

Increased Benefit Option

The Increasing Benefit Option allows the benefit amount on your policy to automatically increase by a fixed percentage of your initial benefit amount each year on your policy anniversary. This option includes an annual increase of 3% of your initial benefit amount.

However, if you prefer, you have the ability to opt out of this automatic increase at any time, and neither the benefit amount nor your premium will increase at the next policy anniversary. If you choose to opt out of the automatic increase for 3 consecutive years, the Increasing Benefit Option will be permanently removed from your policy and there will be no further automatic benefit amount increases applied. Your premium will remain fixed, and your payout will be adjusted in line with inflation, providing protection for your policy against the depreciation of its worth over time.

It’s worth mentioning that making certain changes to your policy is free of charge. You are allowed to decrease or increase the amount of cover you have purchased at any time, but it should be noted that these changes can only be made up to the age of 80, and the maximum sum insured for an 80-year-old is £6,000.

British Seniors Life Insurance Product Offerings

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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 policy has set limits on the benefit amount that can be selected for each life insured. The minimum benefit amount that can be chosen is £1,000. The maximum benefit amount that can be selected at the start date of the policy is based on the age of the life insured at the start date. These limits are as follows:

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

British Seniors Gift Card

British Seniors is offering a special promotion for new customers in the form of a £100 Marks and Spencer gift card. This offer works as follows:

• If you purchase a policy to cover one person, you will receive a £100 M&S gift card.
• If you purchase a policy to cover two people jointly, you will receive a £200 M&S gift card.
• The gift card will be issued after you have made 6 months worth of payments which must exceed £100.

Please note that this offer is only available to customers who buy directly with British Seniors and not through any intermediaries.
This offer is a great way for new customers to enjoy some extra savings and reward themselves for making a responsible decision to protect their loved ones with a life insurance policy. It’s also a way to show British Seniors appreciation for their customers loyalty.

British Seniors Life Insurance 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

British Seniors Life Insurance 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

How To Buy The Best Over 50s Life Insurance?

When looking to buy the best life insurance over 50s, there are several factors to consider. Here are a few tips to help you make an informed decision:

• • Assess your needs: Before purchasing a life insurance policy, it is important to assess your needs and determine the amount of coverage you need. Consider any outstanding debts, mortgages, or other financial obligations that you want to protect in case of your death.
  • Compare different providers: Research different life insurance providers and compare their policies, coverage amounts, and premium rates. Be sure to read the fine print and understand the terms and conditions of each policy.
  • Check for exclusions: Some policies may have exclusions or limitations, so it’s important to be aware of these before purchasing a policy. For example, some policies may exclude coverage for certain illnesses or pre-existing conditions.
  • Look for added benefits: Some policies may offer additional benefits such as a cash-in option or the ability to add riders for critical illness coverage or long-term care coverage. Consider whether these added benefits are important to you and your family.
  • Consider the company’s reputation: Research the company’s reputation and financial stability. Look for customer reviews and check the company’s rating with independent rating agencies.
  • Choose the right term: Life insurance policies come in different terms. Some policies are for a specific number of years, while others are permanent. Determine which term is best for you based on your needs and budget.

By following these tips, you can be confident that you are making an informed decision when purchasing the best life insurance over 50s. It is also important to work with a professional insurance agent to help you in the process of selecting the best policy for you.

At lifecoverquotes.org.uk, we have a network of FCA regulated brokers who can assist you with the process of comparing different policies and providers. They can provide you with no-obligation quotes and help you find the policy that best suits your needs and budget. By working with a reputable broker, you can have peace of mind knowing that you are getting the best coverage at the most affordable rates.

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