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Over 50's Life Cover

  • Life cover from £7 per month
  • Guaranteed fixed lump sum if you die from natural causes after 12 months

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

How it works

Did you know the average funeral costs £3,590*?

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

  • Double the fixed sum if you die from an accident after 12 months
  • No medical screening required: UK residents guaranteed cover
  • Ideal for anyone aged between 50-80 who wants to guarantee a fixed lump sum for their loved ones when they die.
  • During the first 12 months get the full fixed lump sum if you die from an accident.
  • 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.

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

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

Add the free Funeral Benefit Option to your plan

  • This free option 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.

The Funeral Benefit Option is provided by The Co-operative Funeralcare

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

*£3,590 Average cost of a funeral.
Source: Sunlife Direct Cost of Dying Survey 2014

How much?

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 sum assured is dependent on your age and the premium paid.

The following tables provide examples of the level of cover available for a range of ages and monthly premium amounts, should the insured die during and after the first 12 months, either as a result of an accident or due to natural causes.

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 2,113 3,380 5,491 7,603
55 1,620 2,592 4,211 5,830
60 1,242 1,987 3,229 4,471
65 962 1,538 2,500 3,461
70 730 1,167 1,897 2,626
75 539 863 1,402 1,942
80 408 653 1,061 1,470

 

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 11,826 16,049 20,272
55 9,068 12,307 15,545
60 6,954 9,437 11,920
65 5,383 7,305 9,228
70 4,085 5,544 7,003
75 3,020 4,099 5,177
80 2,286 3,103 3,919

 

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.

Death by Fatal Accident after the first 12 months (£).
Monthly premium (£)
Your age now £7 £10 £15 £20
50 4,226 6,760 10,982 15,206
55 3,240 5,184 8,422 11,660
60 2,484 3,974 6,458 8,942
65 1,924 3,076 5,000 6,922
70 1,460 2,334 3,794 5,252
75 1,078 1,726 2,804 3,884
80 816 1,306 2,122 2,940

 

Death by Fatal Accident after the first 12 months (£).
Monthly premium (£)
Your age now £30 £40 £50
50 23,652 32,098 40,544
55 18,136 24,614 31,090
60 13,908 18,874 23,840
65 10,766 14,610 18,456
70 8,170 11,088 14,006
75 6,040 8,198 10,354
80 4,572 6,206 7,838
Which plan?
  Over 50's Life Cover Life Insurance - Level Life Insurance - Decreasing
  For customers between 50-80 years of age at commencement For customers between 18-66 years of age at commencement 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 dependents 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 £20,272 (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 Money Over 50's Life Cover, Post Office Money Decreasing Life Insurance and Post Office Money Level Life Insurance from a single provider.

  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 £20,272 (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 dependents 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
Funeral Benefit Option

Help cover the cost of your funeral

Selecting the Funeral Benefit Option with your Post Office Money 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 Post Office Money Over 50's Life Cover 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

Choosing the Funeral Benefit Option also gives you the opportunity to record how you would like your funeral to be.

The Co-operative Funeralcare will provide 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 will save your loved ones from uncertainty at what can 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 Money Over 50's Life Cover plan, or simply want to add it to an existing plan, enjoying the peace of mind that Funeral Benefit Option brings 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 do make sure you:

  1. Check your details on your Certificates provided within your pack are correct
  2. Tell a loved one about your Funeral Benefit Option and give them a Certificate 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 Money 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 Money 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 Co-operative owned Funeral Home or 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 through one of The Co-operative Funeralcare Funeral Homes, another Co-operative owned Funeral Home or affiliated Funeral Director the £250 Contribution to come off your funeral bill would sill be available.
  • Please remember this is not a funeral plan and may not cover all your funeral costs.

Look after your loved ones

Definitions

0800: All calls to 0800 numbers are free of charge whether made from a landline or mobile phone. Calls may be monitored or recorded for training and compliance purposes.

0845: Calls cost 2.4p per minute (the service charge) plus your phone company's access charge. Calls may be monitored or recorded for training and compliance purposes.

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.

Small print

Post Office Money® Over 50's Life Cover is arranged by Post Office Limited and Aviva Life & Pensions UK Limited and underwritten by Aviva Life & Pensions UK Limited. 

Post Office Limited is an appointed representative of Post Office Management Services Limited which is authorised and regulated by the Financial Conduct Authority, FRN 630318. Post Office Limited and Post Office Management Services Limited are registered in England and Wales. Registered numbers 2154540 and 08459718 respectively. Registered Office: Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ. Post Office Money and the Post Office Money logo are registered trademarks of Post Office Limited.

Aviva Life & Pensions UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, FRN 185896. Aviva Life & Pensions UK Limited is registered in England and Wales. Registered number 03253947. Registered Office: 2 Rougier Street, York, YO90 1UU. 

You can check this on the Financial Services Register by visiting the website www.fca.org.uk/register or by contacting the Financial Conduct Authority (FCA) on 0800 111 6768.

Get Over 50's Life Cover

Get the facts

Can we help?

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:

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

Claims

To make a claim call:

0800 015 1142 8.30am-5.30pm, Mon-Fri
Closed Sat, Sun and Bank Holidays