Saga's Life Insurance Products: Over 50s, Term and Mortgage Life Cover

Saga carries three life insurance products:

Why Go with Saga?

Here are some reasons to go with Saga:

Quick Facts

  Over 50s Life Cover Term Life Cover Mortgage Life Cover
Primary Purpose of Product

Helps pay for end of life costs (taxes, funeral expenses) upon the death of the Person Insured or provides a lump sum for loved ones.

Covers the person for his entire life.

Provides a lump sum to the beneficiaries upon the Person Insured’s death, terminal illness or critical illness (if this is included).

Ensures that the mortgage is paid in the event of the Person Insured’s death, terminal illness or critical illness (if this is included).

Plan Basics

Provides level insurance cover to those who are 50 years old and above.

No health questions or medical examinations required.

Full payout after 12 months from the start of the policy.

If the Person Insured dies of sickness or natural causes during the first year, all premiums already paid will be refunded.

If the Person dies of accident, the full Sum Insured will be paid out, even if the death occurs in the first year.

Provided by PruProtect for Saga.

Provides level insurance for a selected cover and length of time.

Provides guaranteed cover for those who say “no” to the medical questions, no medical exams needed.

Provided by Legal & General for Saga.

Provides term insurance to cover a mortgage.

The Sum Insured can be level (for interest-only mortgage) or decreasing (for repayment mortgage).

Cover Limits

£25,000 for all policies

Maximum cover is based on maximum premium

Maximum cover is based on maximum premium

Cash-In Value

None

None

None

Eligibility
Minimum Age at entry

50

50

50

Maximum Age at entry

85

For Fixed Life Cover: 77 years

For Fixed Life with Critical Illness : 62 years

For Fixed Life Cover: 77 years

For Decreasing cover: 74 years

For Fixed Life with Critical Illness : 62 years

For Decreasing life and Critical Illness cover: 59 years

Other eligibility requirements

Must be a resident of the UK

Must be a resident of the UK

Must be a resident of the UK

Length of Cover
Minimum Term

Not applicable

For Fixed Life Cover: 1 year

For Fixed Life with Critical Illness : 2 years

For Fixed Life Cover: 1 year

For Decreasing cover: 5 years

For Fixed Life with Critical Illness : 2 years

For Decreasing life and Critical Illness cover: 5 years

Maximum Term

No maximum term, plan can continue for the whole of the Person Insured’s life

40 years

40 years

Maximum Age

Not applicable, as long as premiums continue to be paid (until age 90), the cover will also continue.

70 years old

70 years old

Premiums

Premiums payments are only up to age 90. On the anniversary of the policy following the Person Insured’s 90th birthday, no more premiums are required but cover will still continue.

Minimum Premium

£10 monthly

£10 monthly

£10 monthly

Maximum Premium

£50 monthly, regardless of the number of policies with the company

£50 monthly, regardless of the number of policies with the company

£50 monthly, regardless of the number of policies with the company

Guaranteed premiums

Yes

Yes

Yes

Reviewable premium

No

Yes

Yes

Joint life cover

No

Yes, joint life first death

Yes, joint life first death

Other benefits
  • Serious illness and bereavement care (automatic)
  • Funeral Benefit option (automatic)
  • Terminal illness cover (automatic)
  • Accidental death benefit (automatic)
  • Guaranteed insurability option
  • Critical Illness (Optional)
  • Waiver of premium (optional)
  • Free life cover (automatic)
  • Guaranteed insurability option
  • Critical Illness (Optional)
  • Waiver of premium (optional)
  • SmoothMove (automatic)
Exclusions

For the first year, death due to natural causes and pre-existing conditions are excluded.

For accidental death, the following are excluded:

  • Self-inflicted injury
  • Active participation in a criminal act
  • Active participation in a riot, war, civil commotion or anything similar
  • Racing
  • Any type of flying where Person Insured is not a fare-paying passenger
  • Accidents occurring while the Person Insured is permanently living outside the UK

For Accidental Death Benefit:

  • Self-inflicted injury, including attempted suicide
  • Involvement in a dangerous pursuit (sport or pastime)
  • Flying other than a fare passenger on a licensed airline
  • Involvement in criminal activities (including provoking an assault or criminal offence)
  • War, civil commotion or riot
  • Abuse of drugs and alcohol
  • Accidents that occur prior to the application

Waiver of Premium claims may be declined if the Person Insured has been living outside the European Union for more than 3 consecutive months within a span of 12 months.

For Accidental Death Benefit:

  • Self-inflicted injury, including attempted suicide
  • Involvement in a dangerous pursuit (sport or pastime)
  • Flying other than a fare passenger on a licensed airline
  • Involvement in criminal activities (including provoking an assault or criminal offence)
  • War, civil commotion or riot
  • Abuse of drugs and alcohol
  • Accidents that occur prior to the application

Waiver of Premium claims may be declined if the Person Insured has been living outside the European Union for more than 3 consecutive months within a span of 12 months.

Plan Details

Payment of Benefit. The policy will pay out the Sum Insured when the Person Insured

The payments will only be made if death or illness occurs within the plan term and as long as the policy remains in force.

Number of policies. More than one policy can be allowed, as long as the total monthly premium does not exceed the maximum limit.

Premiums. For life cover and mortgage life cover, the premiums can either be guaranteed or reviewable.

Additional Benefits/Options

Serious Illness and Bereavement Care.  This free cover helps the Person Insured and their loved ones if they undergo trauma and stress due to the death or serious illness of the Person Insured. An advisory service, RED ARC, offers helpful advice and emotional support to callers face-to-face and via the telephone.

Funeral Benefit Option. This allows the proceeds of the life cover to be paid directly through The Co-operative Funeralcare providing that the Person Insured’s funeral is arranged through this provider. This provides an additional £250 towards the expenses.

Other details:

Critical illness Cover. This pays out the Sum Insured (tax-free) if the Person Insured is diagnosed with a covered critical illness. This can be used to pay off a mortgage, cover medical costs or help provide for the family’s needs.

The Critical Illness Cover will pay if the Person Insured is diagnosed with:

Other details:

Accidental death benefit. This is a free cover offered while the application for life cover is being processed. This is guaranteed cover provided without the need for underwriting.

Other details:

Terminal illness cover. This pays out the Sum Insured earlier than the Person Insured’s death if he is diagnosed with a terminal illness. This is designed to help in the last days of the Person Insured in order for him to pay medical expenses, leave a financial gift to loved ones and so on.

Other details:

Waiver of Premium. This pays for the premiums in the event that the Person Insured is unable to work and earn an income due to illness or injury.

Other details:

Free life cover. For mortgage life cover, this ensures that the mortgage is paid up in the event that the Person Insured dies between the time that the contracts are exchanged and the property purchase is finalized. In Scotland, this is referred to as the completion of missive and the date of entry.

Other details:

Guaranteed Insurability Options. This allows the Person Insured to increase the Sum Insured for specific life events without the need to provide additional medical evidence of insurability.

Other details:

SmoothMove. This benefit is provided free of charge to those who have Mortgage Life Cover. It is designed to help out during the Person Insured’s move to a new house. This is provided by Inter Partner Assistance.

Other details:

How to make a claim

Death claims are paid out to the Person Insured’s beneficiaries while Terminal Illness claims and Critical Illness claims are paid out to the Person Insured.

Here are some of the documents required for a claim:

For critical illness or waiver of premiums:

The medical evidence will also be reviewed by the company’s Medical Officer.

For death claims:

To secure your family's future, call now 0808 231 7035 and get your term life insurance quote immediately.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.