Rias has launched a new over 50s life assurance policy providing guaranteed cover with a cash lump sum payable on death.
The insurer says its Over 50s Life Plan will provide customers aged between 50 - 75 years old with guaranteed acceptance and can help address the costs of funerals which have risen 66% in seven years to an average of £2.733.
It is underwritten by sister company Fortis Life and includes:
- three times cash sum paid out if a customer dies accidentally within the first two years - which is unique in the market;
- one and a half times premiums back if the customer dies for other reasons in the first two years;
- no payments required after 90th birthday;
- 10% extra with the Funeral Benefit option if using the proceeds of the plan to pay for funeral costs;
- option to increase the cover every year to keep pace with inflation - premiums will increase too.
Janet Connor, managing director at RIAS, says: "We understand that many people over 50 would like to leave money to their family or loved ones, but are concerned that they may not be able to in the current climate, with almost a fifth (18%) concentrating on paying off their mortgage or other debt."
