Over 50s Life Cover
50+ Life Cover is a simple way to give your family a helping hand when you are no longer around, by providing a guaranteed cash lump sum at a difficult time.
Give your family some financial help with 50+ Life Cover, an easy and affordable way to leave your loved ones with a guaranteed cash lump sum which they can use to help towards the cost of your funeral, to pay off any outstanding bills or simply as a gift to remember you by. Peace of mind for you and protection for your family.
Our Over 50s Life Cover is provided by Foresters Friendly Society, which owns POIS.
A little thank you, just for you!
We’re delighted you’re thinking about taking out an Over 50s Life Cover policy. As a thank you, once three monthly premiums have been received, you will receive a £35 M&S Gift Card.
Why choose our 50+ Life Cover?
With cover starting from only 33p a day – that’s £10 per month, its an easy and affordable way to leave a cash lump sum for your family.
If you’re a UK resident aged between 50 and 80 then you’re eligible to apply.
You won’t need a medical and there are no health-related questions to be answered. You’re guaranteed to be accepted, even if you’ve had any health problems in the past.
When you take out your policy the monthly premium you choose is fixed and will never increase. This is how much you will continue to pay until you turn 85 at which point your premiums automatically stop, but your cover carries on.
Unlike most similar over 50s policies, the value of your life cover has the potential to grow with the addition of bonuses as your monthly premiums will be invested in Foresters Friendly Society’s top performing With Profits fund. Dependent on the performance of the fund, annual bonuses and a possible final bonus may be added to your cash lump sum to increase your life cover further. (Source: Barnett Waddingham Survey Dec 2018.)
Access to membership benefits including discretionary grants to help cover the cost of things like higher education and healthcare costs.
How would you describe POIS to someone who had never heard of them before?
“They are a package with benefits, not just taking the money, you get a lump sum at the end of it and a social circle too.” POIS Member
“POIS is a friendly company. I saved for 10 years and I got the money on time. Overall my experience is good.” POIS Member
See how much your loved ones could receive
Added value for you – Member Benefits
Taking out a 50+ Life Cover policy is only the start. By doing so, you’ll be a part of the Foresters Friendly family and can enjoy some wonderful, unique benefits including discretionary grants to help you cover the cost of things like convalescent care, dental and optical costs.
When would my 50+ Life Cover begin?
Your cover begins the second your application is processed. You will receive a policy schedule that confirms the start date of your policy when you apply. This means we don’t wait to collect your first monthly premium before starting your life cover policy, making it fairer for you.
Can I get joint cover through a 50+ Life Cover policy?
No, joint cover is not available, but it is possible for your partner to take out a policy out as well. This way you could both provide a guaranteed lump sum to your family when you pass away.
Why do premiums stop when I reach 85?
This is to reduce the risk of you over-paying into the policy. Although your premiums cease at age 85, your guaranteed lump sum and any bonuses added will carry on and will continue to increase depending on any future bonuses which may be added.
It’s worth noting that the addition of bonuses is not guaranteed. Bonuses will depend on how well Foresters’ With Profits Order Insurance Fund performs, and how profits are distributed.
Can I stop paying premiums before I reach 85?
If you find that you are unable to continue paying your premiums, then we can provide a surrender value for the policy that will mean you get something back, providing you have paid your premiums every month for a minimum of two years. It is however likely that this amount will be less than you paid in. Your life cover will also end immediately.
Please note that if you stop paying your premiums within the first two years, then not only will your life cover stop, but you won’t get any of your money back.
Are there any charges?
Each year there is a management charge of 2.57% to cover the costs of administering your policy. These charges are always deducted before any bonuses are declared, so there are no additional charges for you to cover.
Will my life cover increase?
A 50+ Life Cover policy invested with Foresters Friendly Society has the potential to increase in value over time. Not all over 50s life insurance plans can say this. This is because your monthly premiums are invested in Foresters’ with profits Order Insurance Fund and this means that your life cover has the potential to grow through the addition of bonuses.
Foresters have paid bonuses on the Over 50s Life Cover policy every year for the past 12 years.
- In 2019 the annual bonus rate was 1% of the guaranteed lump sum and 1% of previous bonuses.
Example: When you take out your policy you decide on a level of cover. This is called your guaranteed lump sum. Every year Foresters try to declare a bonus on this amount. These bonuses will then increase the policy’s guaranteed lump sum for the next year, and so on.
Let’s say your guaranteed level of cover was £10,000. If we use the annual bonus rate for 2018, we will add 1% to this, which works out as £100. If you have previous bonuses that have been added to your plan, these might also benefit from a bonus i.e. 1% of £100 = £1. All the bonuses added to your plan will then become part of the guaranteed lump sum. So any future bonuses will be applied to the increased lump sum.
A final bonus may also be added to increase the total value of the policy when you pass away.
Bonuses, however, are not guaranteed and depend on the future performance of the Order Insurance with profits Fund and how profits are distributed.
Please read our Principles and Practices of Financial Management (PPFM) to find out more about the addition of bonuses and how the fund is managed.
The product design may vary to best meet the needs of policyholders. This may affect the timings and amount of any bonuses in the future. Therefore, the above bonus rate is provided for information purposes only. It shouldn’t be considered as an indication of likely future performance.
Where do you invest my premiums?
All your monthly premiums are invested in Foresters Friendly Society’s consistently well performing with profits Order Insurance Fund. This way, your guaranteed lump sum has the potential to grow through the addition of annual bonuses and a possible final bonus when the policy pays out when you pass away. As long as you pay your premiums until you reach age 85 or you pass away, if sooner, the value of the bonuses – once added – can’t be taken away. The addition of bonuses is not guaranteed.
You’ve worked hard for the money you invest with us, so we take extra good care of it. That’s why your money is spread across a number of different types of investments including property, equities, cash and UK government bonds to help minimise risk and boost the potential for returns. Not only that, but you won’t have to make any investment choices as expert fund managers manage the fund on your behalf.
How can I be sure my money will be invested responsibly?
As a friendly society, it’s particularly important to Foresters that your money is managed in an ethical and responsible way. As a signatory of the Principles for Responsible Investment (PRI) it demonstrates their commitment to responsible investment, to reducing their impact on the environment and mitigating climate change risk in their investment portfolios.
When you open a plan, you can be confident that investing with Foresters means your money will be invested in a trustworthy and environmentally conscious way. The PRI is the world’s leading supporter of responsible investment and promotes a better understanding of the investment implications of environmental, social and governance (ESG) factors.
Find out more about the 6 PRI principles Foresters have signed up to here.
Will my premiums increase?
No. The monthly amount you choose when you first take out the policy is fixed and will be the amount you pay for the rest of your life or until your reach the age of 85. When you reach 85 your premiums automatically stop, but the life cover carries on. If you want to increase your total life cover, you can take out an additional policy.
By fixing your premiums in this way, it means that you can rest assured that your premium won’t increase and you can budget your finances better. Please note that if you take out additional policies, your total monthly premiums across all 50+ Life Cover policies held with us cannot exceed £100.
What’s a beneficiary?
When you take out this Over 50s Life Cover you’re given the option to name a beneficiary. This means that the person or people you nominate will receive up to £5,000 immediately following your death, without having to wait for your estate to be sorted out, which can sometimes be a lengthy process.
This can help to ease any immediate financial concerns your dependants may have such as a credit card or household bill in your name which may need paying. Any excess above the £5,000 would become part of your remaining estate and have to wait for probate.
Are there any policy restrictions that means my dependants may not receive the cash lump sum?
Yes. In the first two years of cover the policy will only pay out the cash sum if you pass away as a result of an accident. There are restrictions on the payment of this accidental death benefit. Whereby the policy will not pay out where death is caused directly or indirectly by:
- Intentional self-inflicted injury.
- The taking of drugs, alcohol or poisonous substances including the inhalation of gases or fumes.
- Illness or disease of any kind.
- Active participation in any criminal act.
- Taking part in any form of racing (including time trials).
- Active participation in any riot, civil commotion, insurrection or war (whether war has been declared or not) or any incident thereto.
- Any accident incurred while you are resident outside the United Kingdom.
- Participation in any form of aviation other than as a passenger on a regular fare-paying airline.
If you die as a result of any of the above in the first two years, your dependants will receive a refund of the premiums you have paid plus any bonuses that have been added to the policy to date.
How do I decide if the 50+ Life Cover policy is right for me?
If you’re unsure if this policy is suitable for you, then you should seek advice from a Financial Adviser. Please be aware that you may have to pay for this advice.
We’re here if you need help or have any questions
If you have any questions that we have not yet covered or just want to talk your application through, please give us a call. Our friendly UK based team are on hand to make things as easy as possible (lines are open Monday to Friday 9 am to 5 pm).