What does the Lifetime Payback Guarantee® actually guarantee?

Over 50 Life Insurance Quote

Jan 25, 2016 by James

Life insurance, especially when you’re over the age of 50, feels like a necessity. With bills, funeral costs and medical care costs all potential hazards to your family’s finances after you die, it would be remiss of you not to do something to ease at least some of the pressure that may fall on them in your absence. Unfortunately, many life insurance policies can result in the customer making a loss when they sign up to one.

What’s the problem with current over 50s life insurance?

If a customer pays £20 per month into a policy for a maximum of £1,000 to be paid after death, they would have paid in more than the receivable after 51 months. Some people have been known to play the odds, assuming that they’ll have passed away before they reach that point, but this is a risky and fairly unpleasant tack to take, so it isn’t an option for everyone.

British Seniors has listened to customer feedback and introduced this new product for customers.


What makes a Lifetime Payback Guarantee policy different?


The Lifetime Payback Guarantee policy from British Seniors is the only over 50s Life insurance policy on the market that guarantees you can never lose money if you sign up to it.

The Lifetime Payback Guarantee ensures that your benefit amount will always be the greater of your cover amount or the total premiums you have paid towards your policy. Any claim that British Seniors pays out on will either be the benefit amount you selected or the total monthly premiums you've paid thus far, whichever is greater.

For example, if you have a life insurance policy for £10,000 and you were to die having only paid £1,000, your payout would still be £10,000. However, if you were to live longer and had paid in monthly premiums totalling £12,000 of your £10,000 insurance policy by the date of your death, your payout would rise to £12,000. The majority of life insurance companies would only pay out £10,000, but the Lifetime Payback Guarantee policy guarantees that the payout would always be the full amount you have paid in.

Additionally, customers are guaranteed that if they change their minds and cancel their policy within thirty days of taking it out, they will not be charged anything to do so.

With attractive premium rates and flexibility a key additional benefit to customers, the British Seniors Lifetime Payback Guarantee is a significant upgrade on the usual life insurance policies available to those over the age of 50.

Available from January 4th, why not be one of the first people to sign up to what could be a game-changing new insurance product and provide guaranteed financial security to your family?