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“SAGA” is a private limited liability company operating in London, United Kingdom. The company focuses on providing services and products to people that are 50 and older. “SAGA” has over 2.7 million clients and expands further every year. At the moment the operations of “SAGA” company can be classified into four different categories: package holidays, insurance, personal finance and independent living. “SAGA” offers one of the most developed and widest insurance selection. People can purchase health, home, car, travel, pet, life and other insurance types. “SAGA” offers 6 life insurance types: term life insurance, guaranteed life insurance, critical illness cover, mortgage life insurance, accidental death benefit and personal accident insurance.
Term life insurance offered by “SAGA” is provided by “Legal&General”. The person is allowed to choose the term of the contract and the amount of the cover. The cover and the premiums are guaranteed to stay the same throughout all term of the policy unless the person chooses to increase the cover. The policy has no cash value and the policy is canceled 30 days after the last missed payment. The premiums can be paid annually or monthly. Those clients that choose to pay their premiums annually get a discount.
Terminal illness cover and accidental death benefit are attached to term life insurance policy at no extra cost. What is more, the company offers two additional benefits: critical illness cover and waiver of premium. Critical illness benefit pays out a lump sum of money if the person is diagnosed with one of the illnesses from the list. Waiver of premium is designed for people that are older than 55 and are not able to work because of a serious illness or injury for more than 26 weeks. Waiver of premium benefit seizes the premiums until the person is able to return to work or until the end of the contract.
Guaranteed life insurance offered by “SAGA” is designed for people that are 50 and older. This life insurance is provided by “Pru Protect”. The price of the cover starts from £10 a month. People that are permanenet residents of United Kingdom and are aged between 50 and 85 can purhase guaranteed life insurance regardless of their medical condition. The cover is guaranteed never to decrease and the premiums will always remain the same. After the person reaches 90 years he is still covered and does not have to pay the premiums.
Unlike most life insurance providers that guarantee payout only after the two years, “SAGA” will pay a full lump sum of money after 1 year. If the death of the person during the first year of the contract was caused by reason other than the accident his dependents will get the amount of money equal to all the premiums paid. The person can choose to use the lump sum of money to cover the funeral expenses. In this case “The Co-operative Funeralcare” is chosen as the beneficiary. After the person dies “The Co-operative Funeralcare” adds £250 more to the existing death benefit.
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“SAGA” mortgage life insurance offers two types of cover: fixed and decreasing. The premiums stay the same until the end of the contract and the person can exchange the cover free of charge. What is more, terminal illness cover and accidental death benefit are automatically included. The person also gets two additional benefits: SmoothMove and free life cover between exchange and completion. SmoothMove is a 24-hour moving day rescue service. The service helps people when the person is forced to leave home. SmoothMove provides car recovery, hotel accommodation and legal advice services. Free life cover between exchange and completion is given to people that are older than 55 years when taking the policy. The amount covered will be the lowest of the proposed sum insured, amount of the loan or £300,000.
“SAGA” critical illness cover can be added to term life insurance and mortgage life insurance. The cover includes 39 illnesses: cancer, coma, multiple sclerosis, loss of speech and others. Fixed discount of 4% will be applied to the premiums paid annually. What is more children’s critical illness cover for children under the age of 18 is included free of charge. The policy promises to pay £25,000 or 50% of the sum assured, whichever is lower.
Accidental death benefit will provide the family with a lump cash sum if the insured person dies in the accident. People up to age of 89 are accepted to this life cover. The cover is worth £25,000 and costs only £4.5 per month. The plan accepts all people aged between 50 and 89 and does not require them to undergo a medical examination. The policy can be written on a single or joint life basis.
Personal accident insurance offers protection from injuries suffered because of an accident. The policy offers two covers: premier and premier plus. Premier life contract offers a cover up to £50,000 if accidental injury or accidental disablement, including fractures, dislocations and burns, happens. Premier plus plan offers all the benefits of premier plan, hospital benefit up to £2,500 and accidental death benefit up to £25,000. Both plans can be written on a single or joint life basis. People up to age of 89 can join personal life insurance but they have to know that the cover will end after their 90th birthday.