British Seniors® Insurance Agency launches game-changing Over 50s Life Insurance with the new Lifetime Payback Guarantee®

 

An industry FIRST: in a market where Over 50s products continue not to reward many of their customers, British Seniors Insurance Agency promises to pay the cover amount or the total premiums paid in – whichever is more.  

  • British Seniors Insurance Agency (BSIA) is launching the first Over 50s product in the UK with the Lifetime Payback Guarantee® as a standard product feature, ensuring that customers never receive less than the total premiums they have paid *
  • British Seniors offers immediate cover for accidental death and pays out three times the benefit amount 
  • The policy covers death due to any cause after 24months
  • The policy is flexible and allows changes to be made with no additional administration fees
  • There is guaranteed acceptance with monthly payments that remain fixed throughout the life of the policy

British Seniors Insurance Agency today announces the launch of game-changing new Over 50s Life Insurance with the new Lifetime Payback Guarantee® meaning no customer will ever get back less than they have paid in* - a first for the UK Over 50s life insurance industry.

Existing Over 50s life insurance products can pay out less for many customers than they have paid in - consumers don’t like this nor feel it is fair. British Seniors Over 50s Life Insurance with the Lifetime Payback Guarantee® has been created to ensure that the pay-out is never less than what has been paid into the policy, offering peace of mind in the knowledge that families will not be left with unexpected costs they often cannot afford in the event of a loved one dying, and confidence that they will get the full value of all premiums paid.

British Seniors provides an alternative to existing Over 50s life insurance products. Based on their understanding of customers’ concerns about the potential for unfairness in Over 50s life insurance British Seniors has developed this new product to ensure all customers can get a fair deal.  The new British Seniors offer with the Lifetime Payback Guarantee® is the only product in the UK market which pays the cover amount or the total premiums paid – whichever is more.

 

Dave Sutherland, Managing Director of Neilson Financial Services commented:

“At British Seniors Insurance Agency, our focus is on our customers and doing the right thing by them. Our values are to make things simple and fair and the products we offer are guided by customer needs. We believe in providing innovative products that offer ease, convenience and simplicity.

“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.

 

Scenario examples of policy pay-outs, as they rise over time
Age Policy Taken Out Benefit Amount Monthly Premium Age when premiums paid match benefit Death Age (Example) Total Premiums Paid Total pay-out

55

£10,000.00

£36.34

78

65

£4,360.80

£10,000.00

55

£10,000.00

£36.34

78

75

£8,721.60

£10,000.00

55

£10,000.00

£36.34

78

85

£13,082.40

£13,082.40

Age Policy Taken Out Benefit Amount Monthly Premium Age when premiums paid match benefit Death Age (Example) Total Premiums Paid Total pay-out

65

£5,000.00

£30.27

79

75

£3,632.40

£5,000.00

65

£5,000.00

£30.27

79

85

£7,264.80

£7,264.80

65

£5,000.00

£30.27

79

95

£10,897.20

£10,897.20

Age Policy Taken Out Benefit Amount Monthly Premium Age when premiums paid match benefit Death Age (Example) Total Premiums Paid Total pay-out

75

£4,000.00

£43.94

83

80

£2,636.40

£4,000.00

75

£4,000.00

£43.94

83

85

£5,272.80

£5,272.80

75

£4,000.00

£43.94

83

95

£10,545.60

£10,545.60

British Seniors Insurance Agency Jan 2016

A national television advertising campaign for the new Over 50s product featuring the Lifetime Guarantee® began on Monday 4 January 2016.

For more information please visit www.britishseniors.co.uk   

ENDS


Notes to Editors

Existing Over 50s products in the UK provide peace of mind, but the policy holder runs the risk that if they live a long life then they will end up paying more in premiums than they receive in benefit.

* For all policy holders who continue to pay their premium until death 

Product features:

The key product features of British Seniors Life Insurance Over 50s Life Insurance with the Lifetime Payback Guarantee® are:

  • Loved ones will always receive the cover amount or the total premiums paid in – whichever is more
  • Customers can get benefit amount from £2,000 to £20,000 and premiums start from as little as £6.47 a month (for a 50 year old and £2,000 benefit amount)
  • BSIA offers three times the benefit amount from day one for accidental death
  • BSIA offers full flexibility, allowing endorsements or changes to increase or decrease cover amounts without any additional fees or charges
  • Customers (50-79 years old and UK residents) are guaranteed to be accepted with no health or blood tests
  • Should a non-accidental death occur in the first 2 years loved ones will receive all premiums paid in (after 2 years, cover is provided for death due to any cause)
  • Premiums are fixed and do not increase.
  • If the benefit amount is reduced the Lifetime Payback Guarantee® will be affected proportionately 

 

 

About British Seniors Insurance Agency:

British Seniors Insurance Agency® is a trading name of Neilson Financial Services Limited which is authorised and regulated by the Financial Conduct Authority and entered on the Financial Services register www.fsa.gov.uk/register/ under reference 594926. Neilson Financial Services Limited. Registered in England and Wales. Number 07986483. Registered Office: Landmark Place, Windsor Road, Slough, Berkshire SL1 1JL. All products are arranged by British Seniors Insurance Agency and issued, underwritten and administered by Scottish Friendly Assurance Society Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under reference 110002, with permission to effect and carry out contracts of insurance.

 

 

About Neilson Financial Services

Neilson Financial Services (NFS) is a UK Insurance Intermediary specialising in the provision of Life Insurance directly to consumers through two retail brands: British Seniors Insurance Agency and Smart Insurance.

NFS started in the UK 3 years ago and work in partnership with Scottish Friendly an Insurance company with over 150 years of insurance heritage.

The NFS strategy is to distribute innovative products to the direct insurance market, such as the new Lifetime Payback Guarantee®, and to ensure that customers consistently receive a high quality, fully integrated service.