National Friendly launches new over 50s Guaranteed Life Assurance Plan
National Friendly, the Bristol based mutual insurer which celebrates 150 years in business this year, has launched a new life assurance product specifically for those aged between 50-80 years old.
The new whole of life policy pays out a guaranteed cash lump sum when you die and can be used to help pay for funeral costs, outstanding debts or to simply leave behind a cash legacy for loved ones. The policy can also be placed in trust so beneficiaries receive a tax free lump sum.
Wayne Carter, Head of Sales and Marketing at National Friendly observes, “Average funeral costs have almost doubled in the past 10 years and the average person in the UK owes £8,000, on top of any mortgage debt. Our Guaranteed Life Assurance Plan can provide a really useful financial cushion for the family at a difficult time. It is also a way of leaving something nice behind for family, perhaps to help pay towards a deposit on a house or a holiday.”
Premiums start from £20 per month, up to a maximum of £100 per month, and remain the same for the duration of the policy. Policyholders can either decide how much cash they would like the policy to pay out or the premiums they want to pay each month, and all applicants are guaranteed acceptance, irrespective of medical history. A few things policyholders should bear in mind are that they could pay in more in premiums than the cash lump sum pays out, inflation will reduce the buying power of the pay out over time, and there is no cash-in value at any time.
National Friendly is owned entirely by its members and with no shareholders to satisfy, the profits are used to look after the members themselves. Founded in 1868, the Society also offers private health insurance policies and savings and investment plans to help provide for life’s uncertainties.
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