Over 50's Life Cover



Post Office Over 50’s Life Cover offers affordable peace of mind from £7 per month, so you can rest assured you could have the help towards the funeral you want.

Post Office® Over 50's Life Cover is provided by Aviva Life & Pensions UK Limited.

Enjoy one night’s FREE hotel stay for two

And what's more, we’re giving all new Over 50’s Life Cover customers a free night’s hotel stay for two, which could be worth over £100, perfect for that romantic getaway. You’ll have more than 250 dream locations nationwide to choose from, including Hotel du Vin and De Vere venues, as well as many other independent hotels.

Minimum premium of £10 to be eligible for promotion. Offer available until 31 December 2014. Voucher to redeem the offer will be sent after the 3rd monthly premium payment. Read our full terms and conditions.

Key benefits

  • No medical screening required: if you’re a UK resident you’re guaranteed cover
  • A guaranteed fixed lump sum: if you pass away from natural causes on or after 12 months of cover
  • Double the fixed lump sum: if you die as a result of an accident on or after the first 12 months of cover
  • During the first 12 months: we’ll pay the full fixed lump sum if you die as a result of an accident. If you die from natural causes during this time an amount equal to premiums will be paid

How it works

Over 50’s life cover is ideal for anyone aged between 50-80 who wants to guarantee a fixed lump sum for their loved ones when they die.

Applying is easy and you'll be covered from the moment your application is accepted.

Your premiums won’t change so you'll know exactly how much you'll pay each month. You can choose the amount you wish to pay - premiums range from £7 to £50 per month and are payable by Direct Debit, for a maximum payment term of 30 years.

Important Information

You can have more than one plan, but for plans issued on or after 25/01/2010 the number of plans you can have is restricted to a total monthly premium of £100 per life insured. Any plans issued before 25/01/2010 are not taken into account when applying this limit

The plan has no cash-in value. Please be aware, depending on your circumstances, the lump  sum paid out could be less than the total amount paid in premiums and that inflation will reduce the value of what the lump sum can buy in the future. The policy ends if you stop paying premiums during the payment term. Your sum assured is dependent on your age and your chosen monthly premium.

Terms, conditions and exclusions apply. For more information, read our FAQs.

Add the Funeral Benefit Option to your plan

A free option, this enables the fixed lump sum from your plan to be paid directly to The Co-operative Funeralcare - to help pay towards the cost of your funeral.

The Co-operative Funeralcare will also contribute £250 towards your funeral costs, helping to reduce any financial burden on your loved ones when the time comes.

The Funeral benefit option is provided by The Co-operative Funeralcare.

Terms, conditions and exclusions apply. For more information, read our FAQs.

Definitions

0800: Calls to 0800 numbers are normally free from UK landlines but charges may apply from mobile phones. Calls may be monitored or recorded for training and compliance purposes.

0845: Call costs may vary depending on your service provider. Calls may be monitored or recorded for training and compliance purposes.

Average cost of a funeral: Average funeral cost according to the Sun Life Direct Cost Of Dying Survey 2013.

Fixed lump sum: Depending on your circumstances, the fixed lump sum paid out could be less than the total amount paid in premiums. Please remember that inflation will reduce the value of what the fixed lump sum can buy in the future, so please take this into account when deciding upon your fixed monthly amount. If you wanted to increase your guaranteed lump sum in the future, you can apply for an additional policy.

For a maximum of 30 years: You’ll either pay for 30 years or until the plan anniversary after your 90th birthday, whichever comes first.



The following table provides examples of the level of cover available for a range of ages and monthly premium amounts.

Death by fatal accident within the first 12 months, or death by any other cause after the first 12 months (£).
Monthly premium (£)
Your age now £7  £10 £15 £20 £30 £40 £50
50 £2,198 £3,515 £5,711 £7,907 £12,299 £16,690 £21,082
55 £1,685 £2,696 £4,380 £6,064 £9,432 £12,800 £16,168
60 £1,292 £2,067 £3,358 £4,650 £7,232 £9,815 £12,397
65 £1,000 £1,600 £2,599 £3,599 £5,598 £7,597 £9,597
70 £759 £1,214 £1,973 £2,732 £4,249 £5,767 £7,284
75 £561 £898 £1,458 £2,019 £3,141 £4,263 £5,385
80 £425 £679 £1,104 £1,528 £2,378 £3,227 £4,076

The table below shows the fixed lump sum payable, for the equivalent age ranges, if the insured dies as a result of an accident after the first 12 months.

Monthly premium (£)
Your age now £7  £10 £15 £20 £30 £40 £50
50 £4,396 £7,030 £11,422 £15,814 £24,598 £33,380

£42,164

55 £3,370 £5,392 £8,760 £12,128 £18,864 £25,600 £32,336
60 £2,584 £4,134 £6,716 £9,300 £14,464 £19,630 £24,794
65 £2,000 £3,200 £5,198 £7,198 £11,196 £15,194 £19,194
70 £1,518 £2,428 £3,946 £5,464 £8,498 £11,534 £14,568
75 £1,122 £1,796 £2,916 £4,038 £6,282 £8,526 £10,770
80 £850 £1,358

£2,208

£3,056 £4,756 £6,454 £8,152

Please note if the insured dies of natural causes within the first 12 months the fixed lump sum would not be payable. In this instance an amount equal to the premiums paid would be returned to your estate..

The following table provides examples of the level of cover available for a range of ages and monthly premium amounts.

Death by fatal accident within the first 12 months, or death by any other cause after the first 12 months (£).
Monthly premium (£)
Your age now £7  £10 £15 £20
50 £2,198 £3,515 £5,711 £7,907
55 £1,685 £2,696 £4,380 £6,064
60 £1,292 £2,067 £3,358 £4,650
65 £1,000 £1,600 £2,599 £3,599
70 £759 £1,214 £1,973 £2,732
75 £561 £898 £1,458 £2,019
80 £425 £679 £1,104 £1,528
Death by fatal accident within the first 12 months, or death by any other cause after the first 12 months (£).
Monthly premium (£)
Your age now £30 £40 £50
50 £12,299 £16,690 £21,082
55 £9,432 £12,800 £16,168
60 £7,232 £9,815 £12,397
65 £5,598 £7,597 £9,597
70 £4,249 £5,767 £7,284
75 £3,141 £4,263 £5,385
80 £2,378 £3,227 £4,076

The table below shows the fixed lump sum payable, for the equivalent age ranges, if the insured dies as a result of an accident after the first 12 months.

Monthly premium (£)
Your age now £7  £10 £15 £20
50 £4,396 £7,030 £11,422 £15,814
55 £3,370 £5,392 £8,760 £12,128
60 £2,584 £4,134 £6,716 £9,300
65 £2,000 £3,200 £5,198 £7,198
70 £1,518 £2,428 £3,946 £5,464
75 £1,122 £1,796 £2,916 £4,038
80 £850 £1,358

£2,208

£3,056
Monthly premium (£)
Your age now £30 £40 £50
50 £24,598 £33,380

£42,164

55 £18,864 £25,600 £32,336
60 £14,464 £19,630 £24,794
65 £11,196 £15,194 £19,194
70 £8,498 £11,534 £14,568
75 £6,282 £8,526 £10,770
80 £4,756 £6,454 £8,152

Please note if the insured dies of natural causes within the first 12 months the fixed lump sum would not be payable. In this instance an amount equal to the premiums paid would be returned to your estate..



Take a look at the life insurance options we offer.

  Over 50's Life Cover

For customers between 50–80 years of age at commencement.
Life Insurance - Level

For customers between 18-66 years of age at commencement.
 
Life Insurance - Decreasing

For customers between 18-66 years of age at commencement.
Purpose Provides a lump sum when you die that can help your family with funeral costs or clear debts. Provides a lump sum if you die during the term of cover.
It can be used to provide for your dependants and/or help pay off a mortgage.
Provides a lump sum if you die during the term which decreases throughout the term of the cover.
Typically used to help pay off a repayment mortgage.
Pays out a fixed lump sum Yes - pays out a fixed lump sum after 12 months or on accidental death in the first year Yes No - pays out a lump sum if you die during the term which decreases throughout the term of cover.
Pays out on terminal illness No Yes - it will pay out if you are diagnosed with a terminal illness with less than 12 months to live, provided this does not occur in the last 18 months of cover. Yes - it will pay out if you are diagnosed with a terminal illness with less than 12 months to live, provided this does not occur in the last 18 months of cover.
Maximum Sum Assured (based on individual circumstances) Up to £21,082 (double for accidental death after the first 12 months) Up to £500,000 Up to £500,000

We will only provide you with information about Post Office Over 50's Life Cover, Post Office Decreasing Life Insurance and Post Office Level Life Insurance from a single provider.

Take a look at the life insurance options we offer.

  Over 50's Life Cover

For customers between 50–80 years of age at commencement.
Purpose Provides a lump sum when you die that can help your family with funeral costs or clear debts.
Pays out a fixed lump sum Yes - pays out a fixed lump sum after 12 months or on accidental death in the first year
Pays out on terminal illness No
Maximum Sum Assured (based on individual circumstances) Up to £21,082 (double for accidental death after the first 12 months)
  Life Insurance - Level

For customers between 18-66 years of age at commencement.
 
Purpose Provides a lump sum if you die during the term of cover.
It can be used to provide for your dependants and/or help pay off a mortgage.
Pays out a fixed lump sum Yes
Pays out on terminal illness Yes - it will pay out if you are diagnosed with a terminal illness with less than 12 months to live, provided this does not occur in the last 18 months of cover.
Maximum Sum Assured (based on individual circumstances) Up to £500,000
  Life Insurance - Decreasing

For customers between 18-66 years of age at commencement.
Purpose Provides a lump sum if you die during the term which decreases throughout the term of the cover.
Typically used to help pay off a repayment mortgage.
Pays out a fixed lump sum No - pays out a lump sum if you die during the term which decreases throughout the term of cover.
Pays out on terminal illness Yes - it will pay out if you are diagnosed with a terminal illness with less than 12 months to live, provided this does not occur in the last 18 months of cover.
Maximum Sum Assured (based on individual circumstances) Up to £500,000

We will only provide you with information about Post Office Over 50's Life Cover, Post Office Decreasing Life Insurance and Post Office Level Life Insurance from a single provider.



Help cover the cost of your funeral with Funeral Benefit Option

Selecting the Funeral Benefit Option with your Post Office Over 50's Life Cover plan can bring additional peace of mind to you and your loved ones.

It’s free, and enables the fixed lump sum from your Over 50’s Life Cover plan to be paid directly to The Co-operative Funeralcare, the UK’s leading funeral provider. This is designed to help towards the overall cost of providing your funeral. What’s more,
The Co-operative Funeralcare will also contribute £250 towards your funeral cost, helping to reduce any financial burden on your loved ones when the time comes.

Avoid uncertainty and make your wishes known

By choosing the Funeral Benefit Option, you can record how you would ideally like your funeral to be.  

The Co-operative Funeralcare will provide you with a Funeral Requests Form, that enables you to request a particular poem or piece of music, or perhaps for donations to be made to a chosen charity, recording your wishes now will save your loved ones from uncertainty about what you would like at what will already be a difficult time. You’ll also have the confidence of knowing things can be arranged exactly as you’d want them to be

Get the benefits of the Funeral Benefit Option now

Whether you want to select the Funeral Benefit Option when you apply for a new Post Office Over 50’s Life Cover plan, or simply want to add it to an existing plan, enjoying the peace of mind the Funeral Benefit Option brings you couldn’t be easier.

What you need to do after you’ve applied

Once you’ve taken out Funeral Benefit Option, you’ll be sent a welcome pack from
The Co-operative Funeralcare. When you receive this it’s important you follow these three 3 steps:

  1. Check your details on your Certificates and Care Cards provided within the pack are correct
  2. Tell a loved one about your Funeral Benefit Option and give them a Certificate and a Care Card to keep safe for when it’s needed
  3. Complete and return your enclosed Funeral Requests Form to The Co-operative Funeralcare.

Covering the costs

If your funeral costs less than your plan’s value, your loved ones will need to claim the remaining money from the plan’s provider, Aviva Life & Pensions UK Limited.

If your funeral costs more than the plan’s value, the person arranging your funeral will need to pay the difference at the time of arranging it.

What if you change your mind?

If you change your mind, you can remove the Funeral Benefit Option from your plan at any time.

However, you would no longer be entitled to the £250 Contribution from
The Co-operative Funeralcare and you wouldn’t be able to add the Funeral Benefit Option back on to your plan at a later date.

Important things to remember

  • You can only add the Funeral Benefit Option to one plan.
  • If you have more than one Post Office Over 50’s Life Cover plan and would like to add the Funeral Benefit Option to one of these, you will need to tell us which plan you would like the Funeral Benefit Option added to., If you already have a plan with another provider that includes a Funeral Benefit Option through The Co-operative Funeralcare, you can’t add another Funeral Benefit Option to your Post Office Over 50's Life Cover plan.
  • If you remove the Funeral Benefit Option from your plan, you won’t be able to add it back again later.
  • The Funeral Benefit Option only applies to funerals arranged and carried out through one of The Co-operative Funeralcare Funeral Homes, another participating Co-operative Society or an affiliated Funeral Director.
  • When the time comes, the person arranging your funeral is under no obligation to use The Co-operative Funeralcare. However if they do choose another provider the additional £250 Contribution would no longer be valid.
  • If you die within 12 months of taking out your plan, the Funeral Benefit Option will not apply.  Under these circumstances the amount due under the terms and conditions of your plan will be paid to your estate.  If your funeral is then carried out by a Co-operative Funeralcare Funeral Home, participating Co-operative Society or an affiliated Funeral Director the £250 Contribution to come off your funeral bill would still be available.
  • Please remember this is not a funeral plan and may not cover all your funeral costs.

Look after your loved ones

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Small print

Post Office Limited is an appointed representative of Bank of Ireland (UK) plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bank of Ireland UK is a trading name of Bank of Ireland (UK) plc which is Registered in England and Wales (No. 7022885). Registered address Bow Bells House, 1 Bread Street, London, EC4M 9BE. Post Office is a registered trademark and Post Office logo is a trademark of Post Office Ltd. Post Office Ltd is registered in England and Wales. Registered No. 2154540. Registered Office: 148 Old Street, London, EC1V 9HQ. The Financial Conduct Authority register number for Bank of Ireland UK is 512956. You can check this on the FCA’s Register by visiting the FCA’s website www.fca.org.uk/register or by contacting the FCA on 0845 606 1234

Handy info

For more details about this policy including the Funeral Benefit Option, please read the document below:

Over 50's Life Cover - Key Information

(PDF 886Kb)

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Can we help

For more online help:

Read our FAQs

To get a quote or apply for cover over the phone call:

0800 056 6500

8am-8pm, Mon-Fri

9am-6pm, Sat

10am-4pm, Sun

For general enquiries call:

0845 300 5841

8am-8pm, Mon-Fri

9am-6pm, Sat

Closed Sun and bank holidays

To add the Funeral Benefit Option to an existing policy call:

0800 096 5531

8am-8pm, Mon-Fri

8am-6pm, Sat

Closed Sun and bank holidays

To make a claim call:

0800 015 1142

9am-5pm, Mon-Fri

Closed Sat, Sun and bank holidays