Review of OneFamily Life Insurance
OneFamily specialises in over 50s life cover. Their policy offers one of the highest payouts you can find. This is offset by slightly higher premiums than some other policies, but there are a lot of great extras thrown into the policy. Find out more below.
- 5-star rating from Defaqto
- Affordable cover from £8 a month
- £30 M&S gift card or 3 months cashback when taking out a policy
- Quick, easy, and free quotes
- Practical, emotional and health support for you and your family
- One of the highest payouts among popular life insurance options in the UK
OneFamily is the result of a merger between Family Investments and Engage Mutual. Based in Brighton, they are a mutual fund with no shareholders, instead, they are owned collectively by their over 2 million members. OneFamily is one of the most trustworthy and popular services for ISAs, mortgages, and life cover.
They are currently the biggest mutual behind Royal London and LV=. OneFamily’s Over 50s Life Cover Plus policy is one of the most popular in Britain and comes with many advantages such as guaranteed acceptance of UK residents between 50-80 and affordable cover from just £8 a month.
Life Cover Options: Our Honest Breakdown
OneFamily life insurance presents itself as a good option for those who are looking for a stable and trustworthy over 50s life cover plan with great extras. The policy is explained in simple terms and all of the information can easily be found below.
Their 5-star Defaqto rating is a good indication that OneFamily life insurance is a trustworthy service and a great product. OneFamily’s life insurance for over 50s isn’t the cheapest, but it offers great value when you consider the benefits such as terminal illness cover being included as standard (after you’ve had the policy for 24 months).
This is in addition to legal and care advice, practical, emotional and health support, and also a £250 contribution to your funeral. Acceptance is guaranteed and there is no need to take a medical examination. The cover is available to UK residents between the ages of 50 and 80 and premiums start at £8 a month.
There are also separate rates for smokers and non-smokers with OneFamily life insurance, meaning you’ll get cheaper premiums if you’re currently healthier and don’t have poor health habits.
Here’s a summary of what life cover with OneFamily offers:
Over 50s OneFamily Life Insurance
OneFamily life insurance is only offered to Over 50s, and it only offers one policy. While this means that there isn’t any variety to choose from, the Over 50s Life Cover Plus policy does come with great benefits.
Over 50s Life Cover Plus
- Premiums start at £8 a month and are fixed for the length of the policy.
- You stop paying premiums on your 90th birthday but your coverage continues.
- Whole of life policy.
- Guaranteed acceptance for UK residents aged 50-80
- No medical checks necessary to get OneFamily life insurance policy.
- 5 star Defaquto rating.
- Separate rates for smokers and non smokers.
- Good coverage during the first 2 years.
- 100% of life cover paid in the event of being diagnosed with a terminal illness after the first 2 years.
- 20% of life cover paid if diagnosed with a serious illness after the first 2 years.
- Pay outs are in the form of a lump cash sum and you can nominate beneficiaries to receive a prompt pay-out of up to £5,000 while any claim is assessed.
OneFamily Life Insurance: Conclusion
If you’re looking for cheaper premiums then there are other services available. But the quality of service you get from OneFamily life insurance merits the added cost. This is one of the best over 50s life protection policies around and OneFamily doesn’t offer any other policies. If you’re younger you’ll have to look elsewhere.