The Increasing Plan
Wouldn't it be great to leave your loved ones a cash sum when you're no longer around?
If you want an Over 50s life insurance plan that will help ensure your cash sum is protected from inflation, you should consider the Increasing Plan provided by Legal & General. Premiums start from as little as £5 per month but it’s up to you to choose the cash sum and the premium to meet your needs. The Increasing Plan will then review your level of cover each year in line with inflation as measured by the Retail Prices Index (RPI).
How it works
Your premiums will increase by 1.5% for every 1% increase in your benefit. Your benefit and premium will be reviewed each year and we will write to tell you of any changes at least three months before. You do have the option to decline the increase, which means your benefits and premiums are fixed at that point in time.
The example below shows how the Increasing Plan works:
David Brown chooses to pay £20 a month for a benefit of £4,000 on death. His cover and premiums are reviewed after one year in relation to RPI. If RPI is 3%:
His benefit rises by 3% to £4,120
His monthly premium increases by 4.5% to £20.90
If RPI is less than 0% there will be no change in benefit and premiums.
Benefits of the Over 50s Increasing Plan
- Reassurance that your cash sum will keep up with the cost of living
- No medical or health assessment when you apply as we offer guaranteed acceptance to UK residents aged 50 to 80
- Peace of mind from guaranteed lifelong cover even though you stop paying premiums if you reach your 90th birthday
- Your benefit will be paid in full if you die two years or more after your plan starts
- If you die within the first two years of your plan we will not pay the benefit but we will return all the premiums paid. However, if you die as a result of an accident, then the full benefit will be paid. Exclusions and limitations apply; for more information, please read the Policy Summary
You can read more about the Over 50s Increasing Life Insurance Plan in the policy details section.
What is RPI?
The Retail Prices Index (RPI) is used as a measure of inflation. It measures the changing prices of everyday household goods and services like food and energy bills, and shows how the cost of living rises over the years.
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Inflation may over time reduce the value of the benefit of your plan.
The plans are provided by Legal & General Assurance Society Limited, who are authorised and regulated by the Financial Services Authority.