Saga Life Insurance Reviews Update For 2023
Welcome to our Saga Life Insurance Review. Many individuals over the age of 50 are concerned about taking out the right life insurance policy.
Researching and applying for a suitable life protection scheme may be overwhelming and stressful as many insurance companies consider lifestyle and medical conditions when considering applicants.
Very often, overall health, age, and other related factors are significant in being accepted for a life insurance policy and premium prices.
Older people may be wary of answering questions about their overall health, fearing they may not qualify for the life protection coverage they need.
Saga, however, offers an insurance policy that specifically targets individuals over the age of 50, providing comfortable application and guaranteed acceptance.
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Choose Saga as Your Life Insurance Provider
Saga is a reputable insurance company that provides tailored insurance products and services, including home, motor, travel, and private medical insurance.
The company is popular for catering to older generations by providing exclusive products to individuals over 50. These include money services, holiday packages, and a monthly magazine.
Saga offers a life insurance policy for UK residents aged 50 to 85. The company provides guaranteed life insurance with the maximum sum assured of £19,000, which will only pay 12 months after the beginning of the policy. The protection scheme covers its policyholders for the entirety of their lives.
Guaranteed life insurance does not require a medical or extensive individual history in the application process. The policy can also be put in a trust, which means that your payout will not be subject to inheritance tax, so the total value to your beneficiaries will be greater.
With competitive monthly premiums starting at less than £6, Saga charges fixed premium fees, which means that you’ll always know what your premiums will be as they will stay the same throughout the entire period of your policy.
Premiums based on your cash benefits, age, or gender, are fixed for life at the outset, and so is the sum assured.
In case of death within the first year of the policy period, all premiums are returned in full, but the total sum assured is payable after one year or on accidental death at any time.
Saga’s life insurance policies are fully covered by the financial services compensation scheme, which will pay customers compensation if a family cannot fulfil policy obligations.
What Types of Life Insurance Are Available at Saga?
Saga offers two types of life insurance policies and additional cover options to create a suitable insurance scheme tailored to your needs.
Level Term Cover
Saga’s level term cover protects your total sum payout over the whole course of your policy period, remaining unchanged throughout.
For example, if the policyholder has taken out a £40,000 life insurance policy, it will pay out that sum at any point.
Decreasing Term Cover
This type of life insurance policy means the lump sum amount will decrease across the protection period.
This is a particularly useful option for those with some repayment loans that are also set to reduce in time, as it can provide cheaper monthly premium payments.
For example, if you have bought a £200,000 insurance policy, this will be zero on policy expiry.
Additional Cover Options
If you take out a life insurance policy at Saga, you can opt for additional cover features, such as a critical illness option. If you’re diagnosed with an illness that results in you being unable to work or earn a living, the critical illness cover can be helpful for you and your family.
For an additional premium, you can add this to your life protection coverage so that you’re covered upon critical illness, terminal illness, and in case of your death.
Another additional cover option you can opt for if you take out Saga’s life insurance policy is a waiver of premium cover.
This option will subsidise any premium owed if you find yourself in a position where you cannot work due to illness or injury.
Benefits of Saga Life Insurance Policy
Having a life insurance policy carries numerous benefits that are vital for your family’s wellness after your passing. Saga offers a range of additional benefits with its life insurance cover.
These benefits include:
- Terminal illness cover. If your policy is over 2 years and you’re diagnosed with a terminal illness that leaves you with a life expectancy of maximum 12 months, Saga may pay out the full sum of your insurance funds.
- Accidental death benefit. In case you suddenly pass away in the middle of processing your application for Saga’s insurance, the company will pay out the amount you’d asked to be insured for, up to £300,000.
- Policy premiums are payable until the policy anniversary after your 90th birthday. Once you turn 90 years old and complete another year of your policy period, you’re no longer obliged to pay premiums, and the coverage will continue as usual.
- Depending on your preference, you can pay your premiums monthly or annually. If you decide to go for the latter, you will get a discount for one yearly payment.
- You can get an additional funding amount to cover the cost of your funeral. The benefit can be up to £300 in contribution from a funeral director appointed by Saga towards covering the funeral expenses. Saga’s funeral benefit covers financial assistance and planning assistance for family members coordinating burial services. Saga cooperates with the largest funeral service in the UK, Golden Charter, to ensure your family’s burial service needs are met. The funeral benefit is automatically included in your protection policy.
The Saga Challenge
Customers considering taking out a life insurance policy at Saga can also participate in the Saga Challenge. To participate, you need to call Saga’s freephone number and answer four simple questions regarding your overall health.
If your answers are satisfactory, the sum assured is automatically increased by 15%, and you are entitled to a full payout from day one.
Reasons Why Saga Might Not Pay Out the Life Insurance Funds
In some specific cases, Saga might not pay out the sum of money you’re insured for. There are several reasons why this might happen:
- You fail to provide accurate information and policyholder details in the process of applying for life insurance.
- You subject yourself to a self-inflicted injury, or your death results from a suicide.
- Your life insurance scheme covers terminal illness, but your policy period is less than 2 years.
- Your terminal illness diagnosis for valid payout doesn’t coincide with the illness listed on your policy document.
- You’re missing scheduled premium payments.
Disadvantages of Saga Life Insurance
If you’re considering taking out a life insurance policy at Saga, you need to be aware of some downsides.
The disadvantages of Saga’s life protection scheme include:
- You need to be a minimum of 50 years old to apply for Saga’s life insurance policy.
- Fixed premiums of Saga’s life insurance policy are set with no increasing cover option, which makes the value of your policy payout reduce over time with inflation. As a result, the value of your payout could be less than the premiums you’ve paid in.
- Saga’s life insurance policy has no cash-in value, so if you cancel your life insurance policy, you will get nothing back.
- The maximum sum assured of a guaranteed life insurance policy is £19,000, which for some may not be enough to financially secure their family in case of their death.
Saga Life Insurance FAQs
Who Is Saga Life Insurance for?
Saga is aimed explicitly at seniors over 50. If you’re a UK resident aged 50-85, you’re eligible for a Saga life insurance policy and other services offered by Saga.
Is Saga a Good Insurance Company?
Saga has been awarded the title of Highly Commended in Finder’s 2020 customer satisfaction awards. On a popular customer reviews platform, Trustpilot, Saga has gained 4.6 out of 5 stars, and based on 30,000 reviews, the company is rated as “Excellent.”
How to Find the Best Insurance Policy?
To find the most suitable insurance policy, it may be helpful to follow these few simple steps:
- Evaluate your insurance goals
- Establish the amount of coverage you need
- Find the policy that offers the most suitable deal based on the premium you will be required to pay
- Choose the suitable period of your protection plan
- Select a reputable insurance provider to determine the best life insurance for your needs
If you need help establishing the best possible protection plan for your needs, we can get you a quote and find the right policy tailored to you.
Considering your age, health status, and budget, we will review Saga’s life insurance policies to determine which is the most suitable for you and meets your requirements.
How to Evaluate Life Insurance Goals?
To evaluate your life insurance goals, you need to consider a few factors that determine the scale to which the family will depend on the life insurance policy payout.
It’s crucial to determine whether your family has a stable source of income so that they are capable of providing for themselves independently.
What’s more, you should consider any potential outstanding debts you might have and how they would affect your family after your passing. Your relatives will have to pay the debts off, so your life insurance policy should be able to cover this spending.
Also, make sure the protection policy you would like to take out fits your budget – it’s essential to determine what kind of premiums you can afford so that your policy isn’t a financial burden.
Can I Take Out More Than One Life Insurance Policy?
Yes, you can take out more than one life insurance policy, as there is no limit on the number of policies you can take out.
However, having too many life insurance policies can be overwhelming for you, as you would need to pay multiple monthly premiums and work with various providers who may have different terms and conditions.
What’s more, if you pass away, your family will likely get overloaded with paperwork and legal arrangements regarding your life policies that they will need to sort out to claim their payout.
Further Information For Those Interested In Saga Life Insurance
Saga Group Ltd: (registration number 732602)
Address Of Registered Office: Enbrook Park, Folkestone, Kent, CT20 3SE.
Hours: 8 am-8 pm Monday to Friday, 9 am-5 pm Saturday
Phone: 0370 010 4080