AIG Life Removes its Over 50s Life Insurance Plans

author image - cai

By Cai Bradley

on Thursday 23 April 2020

Elderly couple walking in the street

AIG Life – the UK’s life insurance branch of AIG – has withdrawn its over 50s life insurance plans from the market and will not be offering the policy to new customers.

AIG Life will no longer offer over 50s life cover

An AIG Life spokesperson has stated that the move to no longer sell over 50s life insurance policies was a ‘commercial decision’.

Existing customers will not be affected by the change and will remain fully covered if they have over 50s cover in place through AIG Life, so there’s no need to cancel your policy if you already have one.

It’s also worth noting that AIG Life will continue to offer over 50s cover through its partnerships, but not as an AIG Life product.

AIG Life’s over 50s plans were designed for those aged over 50 to leave a pay-out to their loved ones, which they may use to cover debt, and/or pay for their funeral in the event of their death. It was a popular policy as cover started at just £5 and there was no medical exam required – everyone over 50 was eligible.

Read more: Over 50s Life Insurance Explained

Despite no longer offering specialist over 50s life insurance, AIG continues to provide other personal protection policies, including:

  • Basic life insurance
  • Critical illness cover
  • Income protection
  • Whole of life insurance

It also provides various business insurance products and employee benefit schemes, such as group life insurance and income protection.

Alternative options: Over 50s life insurance providers

There are, however, many other insurers that offer specialist protection for the over 50s. Here at Unite Life, we work with a wide range of life insurance providers in order to find the best and most affordable policy for your personal needs.

The benefits of taking out over 50s life insurance through Unite Life include:

  • You are guaranteed to be accepted for cover
  • A cash lump-sum will be paid to your chosen loved ones (subject to your policy terms)
  • Some of our partners offer an early pay-out if you should fall seriously ill
  • Premiums are typically cheaper than standard cover
  • You get the peace of mind in knowing that your loved ones will be financially taken care of in the event of your death
  • You can provide a lump-sum to cover your funeral costs, so that your family don’t have to pay for it themselves

If you would like to know more about life insurance for the over 50s or any other type of cover for that matter, our specialist advisors are on-hand to help.

Get in touch today by calling us for free on the number below, or complete our short contact form and a member of our team will call you at a convenient time.

Our initial life insurance advice is always free and you are under no obligation to purchase our products, so don’t hesitate to give our friendly team a call to discuss your options today.

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08000 106 194
or CONTACT US NOW

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