FAQs

  

   

   

Some commonly asked questions about the Benenden Over 50s Life Cover.

  

The Benenden Over 50s Life Cover is brought to you by the Friendly Healthcare Organisation Ltd (a subsidiary of the Benenden Healthcare Society Limited) and Engage Mutual Assurance, who are the plan provider.

Can anyone apply for Benenden Over 50s Life Cover?
No. Benenden Over 50s Life Cover is only available to people who are already members of The Benenden Healthcare Society and their friends and family, aged 50 - 80 (inclusive) and UK resident.

Is there an incentive for taking out a plan?
You can choose from a plan with £30 worth of M&S vouchers OR a plan with 4 months cash back. Terms and conditions apply.

When will I receive my free welcome gift or cash back?
If you selected M&S vouchers they will be sent to you within 28 days of the first premium which you pay. If you selected Cash Back, you will get 4 months' cash back after you have paid for 6 months' premiums.

Can I have more than one Over 50s Life Cover policy?
Yes. You can take out as many plans as you like, provided your total monthly premiums on plans taken out after 1 January 2007 aren't more than £50 per month (subject to a total level of cover of £25,000).

Can I increase my premium or level of cover at a later date?
Yes - you can increase your premium or cover by taking out additional Over 50s Life Cover plans, provided that the total monthly premiums payable by you on any plan(s) taken out post 1st January 2007 does not exceed £50 (subject to a total level of cover of £25,000). The premiums from any Over 50s Life Cover plan taken out pre 1st January 2007 are excluded from this limit.

Does the plan pay out what I pay in?
In certain circumstances the total premiums you pay may be more than the amount the plan pays out.

Do you offer joint life policies?
No. But you can make sure each of you is covered if the other dies by each taking out an Over 50s Life Cover plan.

Can I cash in my Benenden Over 50s Life Cover policy?
No. Your Benenden Over 50s Life Cover isn't a savings plan, and you can't cash it in. It only pays out when you die. If you cancel your policy within the first 30 days you'll get all your money back, but if you cancel after that you won't get anything back.

What are the age limits for this cover?
You can apply as long as you are a UK resident aged between 50 and 80 inclusive.

Will the payout be taxed?
The payout won't attract Income Tax and Capital Gains Tax, but it may be subject to Inheritance Tax unless your policy is written in trust. This website reflects Engage Mutual's current understanding of the law and the HMRC position, which are subject to change.

Can my cover ever be stopped?
No – just continue paying your premiums until your 90th birthday and your cover is guaranteed for the whole of your life. If you stop paying your premiums before this time the plan will stop and your life cover will cease. However, you can terminate your policy at any time by writing to Engage Mutual.

When will my cover begin?
As soon as your application has been processed. Engage Mutual aim to process your application within 72 hours and you will receive your policy documents a few days later.

Why is the level of cover you offer different for men and women?
Women usually pay less for life insurance than men of the same age because on average women live longer. There are other factors too. For further information please click here.

Why does the full payout not apply in the first 2 years?
If you die within the first 2 years of your plan Engage Mutual pay 150% of the premiums you've paid up to the date of your death - not your full level of cover. This is because you don't need a medical to be accepted for the plan and Engage Mutual don't ask about your medical history. However, if you die solely because of an accident during the first 2 years of your plan, Engage Mutual pay 3 times the level of cover you've chosen (to a maximum payout of £32,000).

How much will my Benenden Over 50s Life Cover plan cost?
Cover starts from just £7.60 per month. That's just £1.76 per week or 26p per day after the 5% premium discount has been applied.

Will the cost of my cover ever rise?
Never - not even as you grow older or if you become ill.

When do you take my first premium?
Engage Mutual will give you notice of at least 10 working days before collecting your first premium.

Can I pay by cheque or credit card?
No – Engage Mutual only accept payment by Direct Debit. This is an easy, convenient way to pay your premiums and means you don’t need to worry about forgetting to make a payment. What’s more, in the unlikely event of an error arising you are guaranteed a refund of any amount paid in error.

Why does it show my Benenden Over 50s Life Cover payment as Engage Mutual on my bank statement?
Your Benenden Over 50s Life Cover is provided by Engage Mutual and as such they are responsible for collecting your premiums which is why their name appears on your bank statement.

Do I stop paying once the amount I've paid in reaches the lump sum that will be paid out when I die?
No. You continue to pay until you reach the age of 90. After that, you don't have to pay any more premiums, but you're covered for life.

Do I need a medical?
No. Engage Mutual guarantee to accept you without a medical. We don't ask any intrusive questions and we don't need a medical report.

Do I get a higher level of cover if I don't drink, take drugs or smoke?
The only thing that makes a difference is whether you smoke. Because smoking has many health risks we reward non-smokers with higher levels of cover than smokers. To make sure your plan pays out when you die, you need to be honest about whether you smoke when you apply for your policy.

What do you class as tobacco products?
Tobacco products include:

• cigarettes
• cigars
• pipes
• hand roll tobacco
• snuff and chewing tobacco

Engage Mutual also class nicotine replacement therapy as tobacco products, including:

• nicotine gum
• patches
• inhalers
• tablets
• lozenges
• sprays
• smokeless cigarettes

These lists don't include everything considered a tobacco product or nicotine replacement therapy. If in doubt, call Engage Mutual on 0845 270 5740*.