AIG Life Is No Longer Selling Over 50s Life Insurance Plans

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AIG confirms the removal of over 50s life plans from insurance market

A spokesperson from one of the UK’s best life insurance providers, AIG Life, will no longer be selling their over 50s life plans directly or via intermediaries such as insurance brokers.

The insurance company said that this was a “commercial decision” to stop selling their over 50s policies from 20th April 2020.

What about existing AIG customers?

The changes will not affect anyone who currently has an over 50s life insurance policy with AIG Life; they will remain covered, so policyholders do not need to get in touch with the provider.

A spokesperson from the insurance company also stated that they will carry on providing over 50s life cover to their customers via their partners, but it won’t be an AIG over 50s life insurance product.

What is over 50s life insurance?

Over 50s life cover does exactly what it says on the tin; it is a type of insurance policy offered by most insurers and is designed specifically for people who are over the age of 50 and who might struggle to get affordable standard life insurance due to their age and any potential pre-existing medical conditions.

An over 50s policy offers the following benefits:

• No medical examination - However, you will be asked whether or not you smoke, but this will not stop you from getting cover.
• Guaranteed acceptance for cover - As long as you are over 50-years-old or over, you will be entitled to purchase life cover.
• Your loved ones (beneficiaries) will receive a cash lump sum in the event of your death (providing all policy terms are met).
• Premiums will stop when you reach 90, but the cover will remain in place until you pass away.
• Peace of mind knowing that your loved ones are financially protected in the event of your death.

Some life insurance providers offer early payouts for those who may become seriously ill within the first couple of years of purchasing the policy, but be sure to check these terms with your specific provider and policy. 

Generally, people tend to purchase an over 50s life insurance plan to cover funeral costs, as they are known to be expensive. A funeral could cost anything above £1,600 as reported by insurer SunLife, but it completely depends on the area in which you live and any extra, personal funeral preferences that the deceased person might have requested and which is likely to cost extra.

Having said this, it is up to you what you’d like your loved ones to spend the life insurance payout on. Some may use it to pay off debt, for example.

For further information, read more in our detailed guide: Over 50s Plans Explained.

Aviva and OneFamily also make changes to life insurance policies

Insurance provider, Aviva, has a new ‘no frills’ life cover policy available; a simple type of life insurance policy that has been designed to help customers who may have previously been rejected life cover, perhaps due to their age or existing medical conditions.

It provides a cheaper option to their more comprehensive, specialist policies (such as their Life Insurance+ policy) and the cost is based on the age of the customer. No medical test or proof is needed and the cost of cover starts from as little as £3.50, with a range of benefits and support services (such as funeral payments, etc).

OneFamily, another top life insurance provider in the UK that specialises in over 50s cover has also tweaked their policy. The insurer has an arrangement with Golden Charter, one of the UK’s biggest funeral plan providers, which is that funeral funding will come as standard with their over 50s policy; in the event of the policyholder’s death, a payment will be made directly to Golden Charter, so it’s already arranged and taken care of, so your loved ones don’t have to. A few other benefits are also included in the over 50s plan.

At Quick Quote Protect, we work with the above-mentioned well-known life insurance companies, and so we can give you more information regarding the policy that best suits you.

What is a life insurance broker?

Insurance companies like AIG use life insurance brokers as a way of promoting and selling their products.

A broker works with a range of insurance companies in order to find customers the best deal; they compare all policies offered by their panel of insurers to find the most suitable one for you with the most affordable monthly premiums - and this is exactly how we work at Quick Quote Protect Ltd!

Many people use insurance brokers in order to get tailored advice and to have an expert find the best policy that suits them, their budget and their needs.

Using comparison sites is another way of finding cheap cover, but the main element that’s missing is that you don’t have the chance to discuss your personal needs and the best policy for you with an experienced life insurance advisor.

Get an affordable over 50s quote instantly with Quick Quote Protect Ltd

At Quick Quote Protect, we work with an array of the best life insurance providers in the UK to find our customers the most affordable cover, but most importantly, the right policy designed for them and their needs to insure that they (and their loved ones) are financially protected should something go wrong.

Despite AIG Life’s decision to stop its brokers from selling their over 50s life insurance plans, we work with a host of insurers who offer the same type of cover, if not better!

Get a quote with us today by giving Quick Quote Protect a call on the number below - you are under no obligation to take out life insurance with us and our approachable and experienced advisors are on hand to help answer any related questions you may have, so that you purchase the right cover for you.