50 Plus Life Insurance FAQs

Answers to the most frequently asked life insurance questions.

These days, we are all working with tight budgets, and no-one would want to leave family members who have their own obligations with the burden of funeral and other unexpected costs that can arise when you pass away. That's why our Smart 50 Plus Life Insurance is flexible and straight forward, which can pay out when it's most needed. So your loved ones will have one less thing to worry about at an emotional time.

If we knew when we were going to die, then insurance such as this would not be of value. But insurance is for the unexpected and of course, no-one knows what lies around the corner, whether it's an accident or illness - and securing cover early ensures the protection is there if it's needed.

If you are aged up to 54, the Smart 50 Plus Life Insurance offers benefit levels from £2,000 right up to £20,000, and customers aged between 55 and 79 can get up to £17,000.

Remember too, if death is the result of an accident, then the benefit amount is tripled – meaning that three times the Life Insurance benefit will be paid out. For example, if you have a benefit amount of £10,000, and you die as the result of an accident, the benefit payable to your loved ones would be £30,000.

If you are a UK resident aged between 50 and 79, we guarantee to accept you for this insurance.

No intrusive medical questions will be asked and you will not be required to undergo a medical or blood test.

After the first two years of cover there are no exclusions on the cover provided. During the first two years you hold your Smart 50 Plus Life Insurance, a benefit will only be paid if death is due to an accident. Should you pass away due to a non-accidental death in the first two years we will refund any premiums paid towards your individual cover.

Accidental death means death occurring as a direct result of an accident which took place while the life insured was covered under the policy and where death occurs within 90 days of the accident.

Accident means an event resulting in bodily injury occurring whilst this policy is in force, where the injury is directly and solely caused by accidental, violent and external means and where the injury is not self-inflicted.

Once your application is accepted you're covered anywhere in the world, 24/7.

You can choose to cover your life (single plan), or cover yourself and your partner (joint plan).

Our Level policy is great for people who want certainty, knowing that their increasing age will not affect their monthly premium – it will stay the same each year. As long as you are paying your premium:

  • You will be covered for the whole of your life
  • The lump sum your loved ones receive will never be less than you pay in.

With the Level premium option, it is important to note that the value of the benefit amount you choose at the start of the policy, may not keep up with inflation. So, if you are planning to leave your benefit amount to pay for funeral expenses, its value may not keep up with funeral cost inflation.

You can ask Smart Insurance to make changes to your policy, however these changes may be subject to the payment of an additional premium based on your age at the time of the request

As long as you pay your premiums, the cover is guaranteed for the rest of your life and you'll be covered anywhere in the world, 24/7 – even if your health and circumstances change

You have 30 days from the receipt of your Policy documents, during which time you can cancel your Policy by writing to us or giving us a call. You can still cancel your Policy after 30 days, but you will not get anything back.

There are 3 ways for your family to make a claim in the event of your death:

  • Call us FREE on 0800 458 6901
    Monday - Friday from 9am to 7pm
  • E-mail us at service@smartinsurance.co.uk
  • Write to us at: Smart Insurance, Landmark Place, Windsor Road, Slough, Berkshire, SL1 1JL.

We will send out a claim form to be completed, signed and returned to us.

Note: If the claim is accepted, the insurer will pay the benefit amount to the person who is legally entitled to it and they will refund any premiums paid between the date of death and the date the claim is paid.

You can put your Smart 50 Plus Life Insurance policy into trust after you take out the policy. If you are thinking about putting your policy into trust you can get more information here, download a Trust form or you can seek independent legal advice. We are unable to give you any advice or recommendation on the suitability of Trusts.

With the Lifetime Payback Guarantee®, the lump sum payment will always be the greater of the cover amount or the total premiums that have been paid towards a life insured’s cover (the Lifetime Payback Guarantee amount®). This means that you can rest assured knowing that you, or your loved ones, will never get back less on death than the premiums already paid in.

Things you need to consider

• There is no cash-in value at any time.
• Ensure you choose enough benefit amount, as inflation may reduce its buying power over time,
• If you reduce your benefit amount the Lifetime Payback Guarantee® amount will also reduce,
• For the first 24 months you will only be covered for accidental death.