Insurance - Nationwide offers guaranteed Life Cover for the over 55s

Nationwide Building Society has launched a whole of life plan for the over-55s. And with guaranteed acceptance.

The Over-55s Life Cover plan is offered by AXA Sun Life and provides guaranteed acceptance as there is no requirement for a medical or health questionnaire. Moreover, there is no differential rate for smokers.

Available for those aged between 55 and 75 inclusive, cover continues for life, but premiums cease at age 90 - the last premium paid being that due one month before the policy anniversary prior to the policyholder's ninetieth birthday.

Premiums - guaranteed never to go up - start from £6 per month with the resultant sum assured dependent on the customer's age at application and their gender. The sum assured cannot exceed £20,000 however.

A fixed cash sum is payable on death after the first two years of the policy. During the first two years an amount equal to one and a half times the premiums paid in are payable upon death.

Four times the sum assured is payable if death occurs as a result of a travel accident at any time during the policy (defined as travelling in a car or as a fare paying passenger by road, sea, rail or air). For example the cash lump sum payable after 2 years for a customer aged 60 paying £20 per month will work out to £3,825 (travel accident benefit £15,300) for a male; £4,815 (travel accident benefit £19,260) for a female.

Worth pointing out is that the plan has no cash-in value at any time as it is a pure insurance contract with no investment element.

Customers taking out the plan will be sent £25 in gift vouchers for either Marks & Spencer or Argos and these will be issued within 28 days of receipt of payment of the first premium

Click here for more geat offers on Life Cover!