Over 50s Life Cover

Key benefits

• No medical screening required: if you’re a UK resident you’re guaranteed cover
• A guaranteed fixed lump sumDepending 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.: if you pass away from natural causes on or after 12 months of cover
• Double the fixed lump sumDepending 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.: if you die as a result of an accident on or after the first 12 months of cover

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

How it works

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

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 of 30 yearsYou’ll either pay for 30 years or until the plan anniversary after your 90th birthday, whichever comes first.. To calculate the total premium that you could pay multiply the monthly premium by 12 and then by the premium payment term, e.g. £7.00 x 12 x 30 = £2,520. The minimum premium is the equivalent of 25p a day over a 28 day month.

During the first 12 months we’ll pay the full fixed lump sumDepending 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. if you die as a result of an accident. If you die from natural causes during this time an amount equal to premiums paid will be refunded.

After 12 months we’ll pay double the fixed lump sumDepending 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. if you die as a result of an accident. If you die from natural causes we will pay the full fixed lump sumDepending 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..

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 policy 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 sumDepending 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. 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.

How we compare

The table below shows how Post Office Over 50’s Life Cover compares with similar plans currently available:

Competitor rates taken from associated websites on 02/04/13. The competitor products represented are some of the comparable and equivalent options available. Some of the terms within the competitor policies, such as age criteria, payment term and accidental death benefit, may differ slightly from the Post Office product.

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.

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.

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

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

To calculate the total premium that you could pay multiply the monthly premium by 12 and then by the premium payment term, e.g. £7.00 x £12 x 30 = £2,520.

Take a look at the life insurance options we offer.

We will only provide you with information about Post Office Over 50s 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 50s Life Cover plan can bring additional peace of mind to you and your loved ones.

It’s free, and enables the fixed lump sumDepending 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. 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 50s 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.