Policyholders diagnosed with a terminal illness after the moratorium period, which applies in the first two years of the plan, can close the policy and claim the full sum.
Those diagnosed with a serious illness after two years can make a onetime claim of 20% of the full sum, leaving 80% available in the event of a terminal illness diagnosis
Maria Harris, sales director, said: “The terminal and serious illness option on the plan provides real financial help when most needed, while the client is still alive.
“With the two year moratorium on the first policies sold now at an end, we are expecting to start receiving claims through for cash lump sums from clients who find themselves in this situation. They should provide a welcome financial helping hand at a time they might need it most.”
Engage cover up to £40,000, with a wide range of premiums ranging from £10 to £75 per month dependent on the sum assured.
The policy pays out three times the level of cover up to £48,000 if death occurs in the first two years solely as the result of an accident
Harris added: “This is an over 50s life cover plan with a difference. It provides extra reassurance, and for the first time it offers benefits to the insured, as well as their families.
“It is there to support clients and their loved ones when serious or terminal illnesses can suddenly hit and options need to be considered.”