How can you benefit from significant growth in the whole of life market?

At Engage Mutual, we have seen our whole of life sales grow significantly over the past few years. Our adviser network has been the main force driving this growth. And recent customer insight has shown us that many of our advisers’ clients are becoming more aware of these types of products and are actively asking their advisers about them which is great news.

No one else is offering a package of all these benefits. It's a compelling proposition to help introduce protection to your clients!

This increased interest comes from the amount of direct advertising available to your clients about Guaranteed Over 50s life insurance plans. With numerous plans available in the direct market place, adverts on television and leaflets in almost all major supermarkets, customers are already bought in to the value that these products can provide. And they’re turning to their advisers to help them find the right product.

We’ve seen a year on year growth in both sales volumes and the number of advisers actively working with us, as more advisers take advantage of this direct to consumer awareness. Many of our existing advisers and brokers have taken advantage of this increased interest in our Over 50s life Cover as a way to diversify their product offering and retain clients.

From speaking to advisers, we’re seeing a change in mind set about Guaranteed Over 50s plans. Where originally they were seen as a low value add on product to be used when there was no alternative available to the client, they’re now seen as a key part of a suite of simple protection products.

A compelling proposition for your clients to consider.

Listening to both broker and customer feedback, we’ve worked hard to add more value to our product through product innovation so we can offer you and your clients a competitive and unique offer in this market. For instance, we’ve added terminal illness and serious illness benefits, so that the customer can get help from their plan when they need it most – not just as a sum assured on death.

To put this into context: after the second anniversary of the policy, should the policyholder be diagnosed with a serious illness, they can claim 20 per cent of the full sum assured. If they are diagnosed with a terminal illness, they could claim the full sum assured (less any serious illness benefits already paid) and close the policy. The advantage to the policyholder is that this money could help to make their life more comfortable by paying for some simple equipment for their home or providing some money for them to enjoy with their family. It can make all the difference.

Our Guaranteed Over 50s product also comes with access to a free independent initial care advice service from one of the UK’s leading independent care advisers, as well a funeral funding option in association with The Co-operative Funeralcare. No one else is offering a package of all these benefits. It’s a compelling proposition to help introduce protection to your clients!

Our funeral funding option is particularly relevant as ‘funeral poverty’ is now estimated at being 50% higher today than it was three years ago. The average funeral cost is £3,456, which many families don’t expect and can’t afford.* Whilst this is not a funeral plan, now is a good time to introduce Over 50s life cover as product that could provide help towards those funeral expenses.

Our claims commitment to your clients.

As a friendly society, we pride ourselves on the fact that a beneficiary can be nominated enabling quicker access to proceeds on death. This brings us to our claims process. From speaking to our advisers and customers, we understand how important it is to make this as straightforward as possible. As part of our dedication to customer services, we clearly articulate our claims commitments to our customers.

Our commitments:

  • to put the needs of the individual (your loved one) first
  • to provide a named point of contact at Engage Mutual, from the initial contact, through to payment of the claim
  • to make the process of making a claim as easy as it can be
  • to pay quickly – our goal is to pay within 24 hours of receiving all relevant documents and a fully completed claim form
  • to gently remind your loved one to continue the claim, should they pause in the process, we understand other things may be front of mind
  • to try and ensure that your loved one feels supported through the experience

So how does this work in practice?

Amanda’s story

Amanda, 64, used the Engage Mutual life cover claims service when her husband, Roy, passed away earlier this year. Coming to terms with the death of Roy was both shocking and traumatic for Amanda. She appreciated the support and understanding of a dedicated claims team.

“Having never experienced bereavement before, I felt very alone when sorting everything out. A spelling error on the death certificate, amongst other things, added to the stress and shock I was already going through.

“However, when it came to dealing with my husband’s over 50s life policy from Engage Mutual, I was grateful that this one aspect of the whole experience was spot on. The process was seamless and efficient – I could have cried with relief. The staff were courteous and friendly, yet had the human approach. It was calming and compassionate.

“In this day and age, there’s not enough financial institutions taking this personal approach. For most other companies, their claims service takes a backseat. I feel safe in the knowledge that when my loved ones have to go through the same thing, they will be in very good hands.”

Amanda, over 50s life cover customer for 5 years.

From our unique product proposition to our straightforward claims process, we’re proud to provide you with a clear and simple offer to take to your clients.

We’re experts in our market place and would love to show you the value that we could add to your business. To find out what opportunities you could create with Over 50s life cover just call our dedicated sales support team on 0808 252 5651 and we think you’ll be impressed.

About Engage Mutual Assurance

Engage Mutual is a mutual organisation. What that means is we are owned by our customers. We’re not a PLC and we don’t have shareholders to pay dividends to. So all the profits we make are used for the benefit of our customers allowing us to make choices that will benefit your clients now and in the future.

As a result you can be confident that we always strive to make sure our products and services are designed with your clients’ and your needs in mind.

* The Bath Chronicle ‘Poor people cannot afford to die’, Jan 2014.