SAGA Over 50s Life Insurance Info
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SAGA Over 50s Life Insurance

  • Fixed monthly payments
  • Pays a Tax-FREE cash lump sum
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  • Peace of mind, financial security

What if - something happened to you? Who would protect your family financially? Life insurance can help protect them.

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Saga Life Insurance Review

Saga is a British company focused on serving the needs of those aged 50 and over. It has 2.7 million customers.

The company operates from several sites on the Kent and Sussex coast: four in Folkestone at Middelburg Square, Enbrook Park, Cheriton Park and Ross Way; the fifth at the Eurokent Business park in Ramsgate, and the newest at Priory Square in Hastings. It is listed on the London Stock Exchange.

SAGA History

The business was founded by Sidney De Haan in 1951 and was passed to his son Roger De Haan who took over in 1984 after his father's retirement. Saga was acquired by staff (20%) backed by the private equity firm Charterhouse in October 2004. Saga merged with The AA (owned by CVC and Permira) to form Acromas Holdings.

In July 2011, Saga acquired Allied Healthcare. On 31 January 2015, it wrote it down to zero, and then sold it, at a small net profit, to Aurelius Group in December 2015.

In May 2014, Saga Group was successfully listed on the London Stock Exchange as Saga PLC.

Also in 2014, Saga acquired Bolton based luxury holiday company, Destinology.

In January 2020, Saga appointed Euan Sutherland as CEO of the Saga Group. At the same time, Saga's escorted touring brand Titan Travel was put up for sale, but has subsequently been paused due to the ongoing impact of Coronavirus.

In February 2020, Saga sold its motorcycle insurance business, Bennetts, to Atlanta Investment Holdings Ltd, part of the Ardonagh group, for £26 million.

In March 2020, Saga sold its Patricia White's and Country Cousins domiciliary care agencies to private equity firm Limerston Capital for a reported £14 million.

In June 2020 Saga Care at Home permanently closed and its assets assigned to another care provider. This marked the end of Saga's involvement in the homecare sector.

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SAGA Operations

Saga's operations include:

Saga Holidays provides package holidays and tours across the globe. It owns and operates the cruise ships Spirit of Discovery and MS Saga Sapphire[a], as well as Titan Travel and luxury holiday company, Destinology.

Saga Services provides a wide range of Insurance products, Motor, Home, Travel, Caravan, Commercial Van, Pet, Private Medical, Life Insurance, Motorhome.

Saga Personal Finance provides savings accounts, credit cards, travel money, financial advice, equity release, share dealing, annuities, life assurance & long term care funding advice.

Saga SOS Personal Alarms.

Saga also owns direct mail and fulfilment service, Metro Mail.

Saga Guaranteed Life Insurance

The insurer of this policy is Vitality Life Limited and the policy is administered by Vitality Corporate Services, trading as VitalityLife.

This policy is available to UK residents aged between 50 and 75 years of age.

If you live long enough the total premiums you have paid them may be greater than the amount payable on death. You will need to continue paying premiums until the anniversary of your policy following your 90th birthday after which your cover is guaranteed to continue for the rest of your life.

The policy has no cash-in value at any time, so if you cancel it you will get nothing back.

What is Saga Guaranteed Life Insurance?

It is a whole of life policy. This means that you will pay a fixed regular premium for the rest of your life or until the anniversary of your policy following your 90th birthday (whichever is the earliest).

After you have had your policy for 12 months, a fixed cash lump sum which is agreed when you first join, is payable on your death, provided you have kept up with your payments.

How much life cover will I receive?

The amount payable in the event of your death will depend on when you die:

If you were to die within the first 12 months other than as a result of an accident, the policy will only pay you the total premiums you have paid them over that period.

If death during the first 12 months is due to an accident, they will pay the guaranteed cash lump sum. For the avoidance of doubt, suicide, attempted suicide or self inflicted injury leading to death will not be considered to be an accident.

If you die after the first 12 months, they will pay the guaranteed cash lump sum.

Is the amount of life cover fixed forever?

Yes. After 12 months, the size of the cash lump sum paid out on your death is fixed at the amount you agreed to when you joined. This is shown on your Policy Schedule and will not change over the life of your policy.

Can I have more than one plan?

You can have more than one plan as long as the total of all the premiums added together does not exceed £50 a month.

What If I Miss A Payment?

30 days’ grace are allowed for the payment of any premiums. During this grace period your policy will continue in force, and you will still be required to pay the overdue premium to them. If, after 30 days you have not paid the premium your cover will stop immediately and you will not receive any premiums back

Can I cancel my policy if I change my mind?

Yes. You have the right to cancel your policy and get back any premiums that you have paid, provided you write to tell them within 30 days of receiving your policy documents. If you wish to exercise your right to cancel, you should write to them at Saga Personal Finance, VitalityLife, Stirling FK9 4UE or call us on 0800 001 5666. Calls may be recorded/monitored to help improve customer service.

After 30 days you can still cancel your policy at any time using the contact details above. Please note that you will not receive any premiums back and there will never be a cash value payable. In addition, you are not able to reduce the level of monthly premiums once the policy has started.

Will I pay any tax on this policy?

Any money paid as a result of a claim on the policy is not currently subject to capital gains tax or income tax. The amount paid on your death will normally form part of your estate, so may be subject to inheritance tax, unless you write your policy in trust

Tax information is based on our understanding of current law and HM Revenue & Customs practice. Tax legislation may change in the future

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SAGA Over 50s Life Insurance Rates

Critical Illness Cover

Critical illness cover is a type of insurance that pays out a tax-free lump sum if you're diagnosed with, or undergo surgery for, a critical illness specified in the terms of the policy. Tell me more...

SAGA Over 50 Life Insurance Calculator

Mortgage Protection

As you pay off your mortgage over time, the amount of life cover you would get if the worst were to happen goes down – just as the outstanding balance of your mortgage does. Tell me more...

SAGA over 50s Life Insurance Quotes

Over 50s Life Cover

Taken out between the ages of 50 and 80, paid out as a lump sum and can be used for financial commitments when you pass away, such as funeral costs, outstanding bills. Tell me more...

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How much life insurance do I need?

The amount of life insurance you take out should ideally be enough to cover your mortgage repayments and the needs of your family if you were no longer around. The average cover amount is £140,000.

Do you need life insurance to take out a mortgage?

Life insurance isn’t a legal requirement, but most mortgage lenders will ask you to take out appropriate cover. You don’t need to take out life cover from your lender – you can buy it elsewhere.

What will life insurance cost?

The cost of life insurance can be as little as £5 per month, but your premiums will depend on your individual needs and circumstances, your age, if you smoke could affect the overall cost.

Do I need life insurance?

Life insurance is for your peace-of-mind, so you know your family will be financially protected in the event that you're no longer around. Life insurance is a form of security to provide for dependants such as children or spouses.

What is term insurance?

Term insurance is the most common type of life insurance and pays out only if you die within the term. For example, you might take out a 25-year policy so your family could claim if you were to die within 25 years.

When should I buy it?

Whatever your age, as an adult it’s always a good time to start thinking about life insurance. In particular, people with loans, mortgages and financial dependants should consider getting a life insurance policy.