It’s a subject so often procrastinated on or avoided altogether, but it’s one that, sadly, needs confronting as life moves along. What’s more, it’s one which is almost impossible to approach alone with any real clarity. So, if your parents are considering choosing life insurance, it’s more likely than not that they’ll need a helping hand.
When it comes to securing such cover there are many options to choose from. What’s more, most policies offer a free welcome gift as an incentive to take out cover. But are these free gifts worth considering, and who are offering the best incentives in 2023?
With the help of life insurance broker, Reassured, we’ve spent time reviewing all the over 50s plans on the market to help you make an informed decision. With that in mind, read on to learn about the best over 50 plans that come with a free gift and why they might not be as appealing as they first seem. Here’s our IDEAL 2023 guide to over 50’s life insurance plans that come with a free gift.
LEGAL & GENERAL – FREE £120 AMAZON, ARGOS OR M&S GIFT CARD GIFT CARD
As one of the most popular life insurance insurers, Legal & General offer a £120 gift card when buying their over 50s fixed life insurance policy. It’s currently offering new customers a £120 gift card, one of the most generous offers (on the face of it) that we found. However, word of warning, you’ll not receive the gift until 6 months into your policy, that is if you haven’t cancelled and kept up to date with payments. You are only eligible for the gift if you apply directly to Legal & General. Frustratingly, if you apply via a Financial Adviser, or through any other website that isn’t their own, you cannot claim it, making comparing quotes for a good deal, slightly difficult. To sum up Legal & General’s policy:
- You’re only entitled to the £120 gift card if you apply via them directly
- You must hold a policy with them for at least 6 months before you receive the gift card
- No cash alternative is offered by Legal & General
AVIVA – £120 M&S, SAINSBURY’S, OR AMAZON GIFT CARD
A very similar option to competitor Legal & General, but instead of Argos, Aviva are offering a Sainsbury’s gift card which is subjectively better if that is your supermarket of choice! Similarly, you also will need to purchase your over 50 policy via Aviva.co.uk or the MyAviva app, not through other sites such as comparison sights. As well as this, you will need to have had your policy for 6 months as well as paying the monthly payments before claiming your gift. However, if you have previously cancelled an over 50s policy with them in the last 12 months, you will not be able to claim your gift card. So to sum Aviva policy up:
- Limited to 1 gift card per policy and 2 gift cards per household
- Only available to new Aviva over 50 life insurance customers
- Your policy must be purchased directly through the Aviva website or MyAviva app
SUNLIFE – FREE £100 LOVE2SHOP GIFT CARD
SunLife’s much publicised ‘Guaranteed Over 50 Plan’ is probably the most recognisable policy in the UK. They’re currently offering new customers a £100 gift card with Love2Shop. Not just for over 50 policy customers, but also as part of their welcome pack for all new customers. You must have made 6 premium payments in order to claim this free gift. If you stop paying your premiums or cancel your policy before 6 months has passed, you’ll no longer qualify for this gift. A bonus is that, unlike many life insurance gifts, you’re eligible for the gift whether you apply online or over the phone. Although, sadly this offer expires very shortly in 23/08/23. So to sum SunLife’s policy up:
- You’re only entitled to the £100 gift card if you apply online or by phone
- You must have 6 premium payments in order to claim these free gifts
- No cash alternative is offered by SunLife
- A free gift for ALL policies not just over 50s
- Free gift offer expires on 23/08/23
CHURCHILL – FREE £100 AMAZON, ARGOS OR M&S GIFT CARD
Another very popular over 50s plan comes from UK insurer, Churchill. They currently offer a £100 gift card, however you do get more flexibility because they offer an Amazon option. (As we know, there is very little you’re not able to buy now online through Amazon these days!) As with most offers we have investigated you’re not able to claim the gift until you have paid in 3 consecutive months premiums, (and obviously you’ve not cancelled). It’s very clear, and to a degree understandable, that the insurer makes sure you’re committed to the policy before they part with the gift. So, to sum Churchill’s policy up:
- Following the purchase of your policy, you’ll receive an email or letter confirming how to redeem your gift card
- Allow 30 days for delivery of this communication
- All gifts must be chosen within 90 days of the eHow to claim communication being sent
- 1 gift card per policy sold and limited to 2 per household (within 12 month period)
- Cashback customers are excluded from this offer
So, by now you’re wondering, is a free gift actually worth it? Well, it’s possible, especially if there is very little difference in cost between all the policies you researched, that a free gift is actually a nice and worthwhile perk. However, in our opinion, the single most important thing for policyholders is that they choose the right cover, at the right price, with the right insurer and get the right level of cover protection.
In the long-term securing a manageable monthly premium and getting an appropriate level of cover protection is paramount. Ultimately, a free gift is largely insignificant when you consider the total cost of your premiums over a 25-year term! What’s more, the best way to ensure you secure the very best policy deal is to compare quotes yourself by researching online. Alternatively, you could use a credible life insurance brokerage, like Reassured, to do it on your behalf saving both time and money.