04 February 2011

AA introduces new life insurance cover for over 50s

AA introduces new life insurance cover for over 50s ; AA Financial Services has announced the launch of a new cheap life insurance policy for people aged 50 and over. The cover, called AA 50 Plus Life Insurance, is a whole of life plan that offers a guaranteed cash sum on the death of the life assured, with no medical examination necessary.

The AA, which already offers level term and mortgage protection life insurance and critical illness cover, claims the policy, which is being provided by Friends Provident, is the most affordable product of its type on the market.

The minimum premium for the policy is GBP4.99 per month, with the maximum being GBP49.99. For a man of 50, this means the sum assured would be GBP1,371 at GBP4.99 each month and GBP19,043 at the GBP49.99 level.

The plan returns 1.5 times the total premiums paid if the policyholder dies during the first two years, although if the death is because of an accident, during this period, the full sum assured will be paid.

Mark Huggins, director of AA Financial Services, commented "The beauty of the AA 50 Plus plan is its simplicity – it does just what it says it does. It's easy to start and there's no medical underwriting or complex form-filling."

He added "Customers can pick their premium rate, which of course will influence the sum assured. You are guaranteed to qualify providing you're a UK resident aged between 50 and 80 at the time of application."

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