Reliance Mutual has entered the over-50s life assurance market with a direct offering to the consumer.
The new plan provides a guaranteed cash lump sum upon death or more years after starting the cover, or a full refund of premiums paid if the policyholder dies within the two years.
It also includes choice of cover up to £20,000 and choice of how much policyholders pay, starting at £10 a month and this will be a fixed monthly premium for the life of the policy.
The plan also features guaranteed acceptance if a UK resident is aged between 50 and 74 and no medical questions are required.
Premiums are payable until age 90, but cover continues after this age. However, if premiums should be stopped before the 90th birthday, cover will also stop and the policyholder will not get anything back.
Clive Allison, head of member recruitment at Reliance Mutual said, "Our over-50s plan is very straightforward, it will pay a cash sum when you die. We have designed the website to provide a no fuss journey and it includes an easy to use cover calculator which uses a person's age and has a simple quote slider to highlight the monthly cost for different levels of cover.
"There are no ‘free' promotional gifts on application, which always have to be paid for somewhere, as we prefer to give the maximum value within the product itself. The monies paid can be used for any purpose and there will be many different reasons why people start a plan like this. It could be to provide a valuable nest egg for someone special, pay off unpaid bills, or go towards paying the funeral expenses."
