This page outlines the life insurance available from a relative newcomer to the market, although the insurance is underwritten by a global company that dates back more than 100 years.
British Seniors Insurance Agency is a trading name of Neilson Financial Services Limited, an insurance intermediary with its headquarters in Berkshire. It was set up in 2012. All products are arranged and issued by British Seniors which is authorised and regulated by the Financial Conduct Authority (FCA).
The insurance is underwritten and administered by AIG Life Limited, which is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and FCA. AIG Life is the UK life insurance arm of AIG and operates in the UK, Channel Islands, Isle of Man and Gibraltar.
AIG is the American International Group which was founded in Shanghai in 1919 before opening in Hong Kong and New York. It opened its first London office in 1953 and now operates in more than 80 countries.
At 1 August 2020, British Seniors had a TrustScore rating of 2.5 out of 5, based on 6 reviews.
British Seniors Over 50s Life Insurance is targeted at people who are over 50 and it can be taken out by a UK resident at any age up to 85. One of its main advantages is that there are no lifestyle or medical questions.
It means that those who have poor health or pre-existing health problems can obtain insurance. It will be especially useful for those who have paid off all or most of their mortgage or who have other life insurance in place.
Over 50s life insurance is ‘whole of life’ cover as it provides cover for the whole of your life, regardless of the length of time that you live.
Guaranteed acceptance for UK residents aged between 50 and 80.
No health or medical questions.
You can choose the amount of cover between £1,000 and £10,000 depending on your age.
Premiums will not increase unless you choose the Increasing Benefit Option.
Immediate double cover for accidental death: ie, up to £20,000.
Other cover begins after 12 months.
Free cover from the policy anniversary following your 90th or 95th birthday, or after a certain number of years, so you pay no more but your cover continues for life.
Policies are not linked to inflation so the payout loses value over time unless you pay for the Increasing Benefit Option.
Even with the free cover after 95, you could pay more in premiums that you receive.
There is a waiting period of one year before full life cover begins, except for accidental death.
If you miss premium payments, you invalidate your policy and lose what you paid in.
You can add a partner to your policy.
You can apply to make unlimited changes to your policy as often as you like.
With the Increasing Benefit Option the amount of your cover will increase automatically by 3% each year. However your premium will also increase by 4.5%.
Premiums will usually stop on the policy anniversary after your 95th birthday or after a certain number of years.
Accidental death cover is twice the amount insured.
Premiums can start from £4.14 per month, or 14p per day, for a 50-year-old non-smoker with £1,000 of cover.
£75 M&S Gift Card for new policy holders after six monthly payments and when the premiums paid exceed £75.
The Free Funeral Benefit Option gives a £300 contribution per person towards the cost of your funeral with Golden Charter, which has 3,000 branches across the country, although this is not available to people living in more remote areas such as Orkney, Shetland and the Isle of Lewis.