Before you get started

About this product

  • Our Over 50s Life Insurance product pays out a guaranteed lump sum when you die.
  • If you die for any reason after the first 12 months of having the policy, we’ll pay out the full cover amount as a lump sum. We’ll also pay out the full cover amount if you die because of an accident within the first 12 months.
  • However, if you die before the first 12 months is up, and it wasn’t an accidental death, we won’t pay out the cover amount, but we’ll pay a sum that’s equal to the premiums that have already been paid.
  • The policy is not a savings plan and has no cash-in value at any time.
  • The rising costs of goods and services, known as inflation, may affect the value of the cover amount in real terms. You should review your cover needs regularly.
  • You can take out more than one policy if you need more cover. The total monthly premium can’t be more than £100 across all your Over 50s Life Insurance policies taken out with Santander.
  • It’s up to you to make sure your policy meets your demands and needs. If you’re not sure what your cover needs are, Santander’s Life Insurance pages have helpful information.

About the premiums

  • Your monthly premiums won’t change. You’ll pay for 30 years or until the policy anniversary after your 90th birthday, whichever comes first.
  • Depending on how long you live, the total amount of premiums you pay may be more than the amount paid out when you die.
  • If you don’t pay your premiums, the policy will end 60 days after the last premium was due and you’ll get nothing back.
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