British Seniors Insurance Agency has launched an over-50s plan with a Lifetime Payback Guarantee meaning no customer will ever get back less than they have paid in.
The insurer said this is a first for the UK Over 50s life insurance industry as existing policies often pay out less to beneficiaries on the death of a loved one than was paid in throughout the policy.
The policy will pay out the cover amount or the total premiums paid in.
Dave Sutherland, managing director of Neilson Financial Services said ""Our aim is to provide peace of mind to our customers in the knowledge that their families will not be left with unexpected costs in the event of their death but also to make sure they are rewarded properly when they pay into a policy. We want to help everyone to get full value for their hard earned cash.
"With the Lifetime Payback Guarantee we believe we are on the road to making things better for our customers and ensuring that, on a claim being made, they never get back less than they have paid in, so our customers can't lose."
Further reading
Sunlife introduces premium cap
Whole of Life: In danger of falling behind the times?
