Frequently asked questions about Seniors Term Life Insurance

• What is Seniors Term Life Insurance?

  Seniors Term Life Insurance is a type of protection that allows you to leave behind a larger nest egg for your loved ones later in life. You must be aged 45-80 and a UK resident to apply, and you will be asked just a few health and lifestyle questions in order to determine your eligibility. If you meet the criteria, you could choose a benefit amount up to £100,000 depending on your age. It could help your loved ones with funeral expenses and outstanding bills, or it could simply be left as a gift. 

• How does Term Life Insurance for seniors work?

  Seniors Term Life Insurance offers protection for a fixed amount of time. The term is fixed at 20 years, or the policy anniversary after you turn 89, whichever is soonest. You must be aged between 45-80 and a UK resident to apply. You just have to answer a few questions about your health and lifestyle and your answers will determine your eligibility. Your policy will end when your term is complete, when you die, or if you cancel it. There is no cash value.  
  
  We offer level or increasing policies. When you choose a level policy, the benefit amount you leave behind for your family will be fixed. Your monthly premiums will also remain fixed for your policy duration. If you decide to opt for an increasing policy, your benefit amount will increase each year in line with the Retail Price Index, up to a maximum of 10%. Your monthly premium increases each year by 1.4X the rate of your benefit amount increase rate until your term is complete. These are compound increases. An increasing policy can help you to protect your cover from inflation. 

• Am I covered for Coronavirus?

  Yes, if you already had protection with British Seniors and were to contract COVID-19 and subsequently pass away, you would be covered under your policy.

• What's the difference between Seniors Term Life Insurance and Over 50 Life Insurance?

  Seniors Term Life Insurance is a type of protection that is in place for a set number of years and is for UK residents aged 45-80. We will ask you a few health and lifestyle questions so that we can determine your eligibility. Over 50 Life Insurance is a guaranteed whole of life policy that is for UK residents aged 50-80 and it requires no medical or blood test to get covered. Over 50 Life Insurance provides cover up to £10,000 and Seniors Term Life Insurance provides up to £100,000 of cover. Seniors Term Life Insurance provides immediate cover for death due to any cause excluding self-inflicted injury in the first 12 months. While Over 50 Life Insurance provides immediate cover for accidental death plus death due to any cause after 12 months.

• What are the benefits of Seniors Term Life Insurance?

  Seniors Term Life Insurance allows you to leave behind a nest egg later in life for your loved ones. As well as ensuring that there’s a financial cushion in place for your family when you die, you’ll also get access to free healthcare services for your family right now. That means that you, your partner and your children (up to age 21) will have 24/7 access to a range of healthcare services to help keep the family’s health in good working order.

• Do I need a medical for Seniors Term Life Insurance?

  No, however, we will ask you just a few health and lifestyle questions when you apply for cover. Your answers to these questions will help determine if you’re eligible to take out a Seniors Term Life Insurance policy.