General insurance plan pays out for serious illness

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Engage Mutual has added to its guaranteed over 50s life cover plan to enable pay out for serious and terminal illness.

The general insurance plan will offer cash lump sum claims on diagnosis of a serious or terminal illness and guaranteed acceptance without a medical.

Karl Elliott, marketing director at Engage Mutual, said: "This provides extra reassurance, and offers benefits to the insured, as well as their families. It can help support customers during those difficult periods when serious or terminal illnesses can suddenly hit."

Policyholders diagnosed with a terminal illness at the end of the moratorium period, which will apply in the first two years of the plan, will be able to claim the full sum assured.

Those diagnosed with a serious illness after the moratorium period can claim 20% of the full sum assured. The serious illness benefit can be claimed once and will be deducted from any subsequent claims for terminal illness, or on death.

The policy will pay out three times the level of cover to a maximum payout of £48,000 if death occurs as sole result of an accident in the first two years.

The plan includes free access to a personal nurse adviser in the event of serious or terminal illness; and a funeral funding option in association with The Co-operative Funeralcare.

Mr Elliott said: "This provides an opportunity for advisers to re-connect with existing and back book customers, and to provide what has traditionally been a purely ‘direct purchase' product."

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