Life plan FAQs

  • Who is the RIAS Over 50s Life Plan provided by?

    The RIAS Over 50s Life Plan is provided by AIG Life Limited.

  • Will I be accepted?

    At RIAS we guarantee acceptance onto our life plan for all customers aged 50 - 80. We won’t ask you to take a medical or answer any questions about your health. As long as you’re within the age range and resident in the UK, you will be accepted.

    Application couldn’t be easier, just choose your monthly premium and fill in our online application form. You will need to provide your direct debit details. As soon as your application has been processed, we’ll send your insurance documents and begin automatically charging your monthly premium from your chosen bank account. Unless you decide to stop your payments for any reason, you’re then covered for life.

  • How much does the life plan cost?

    The RIAS Over 50s Life Plan is paid for by monthly premiums via direct debit, so you never need to worry about forgetting to pay. Starting from just £5 (£10 for anyone 71-73; from £15 for anyone 74-77; from £20 for anyone 78-80). The more you pay, the larger the cash lump sum at the end.

    Your premiums won’t increase if your health deteriorates or your circumstances change. You can choose to increase your premiums for a larger cash sum – including the option to keep pace with inflation rates – but this decision is entirely up to you.

  • Will my life plan always pay out more than I’ve paid in?

    Depending on how long your cover is in place, it is possible that you may end up paying in more than the plan pays out on your death.

  • Can my partner apply?

    If your partner is a UK resident aged 50 - 80, they are eligible for the RIAS Life Plan. We also offer a free gift to customers who refer friends or partners. Your partner can get this process started by filling in our online application form. Please note you cannot apply on your partner’s behalf.

  • Will my life plan be affected by inflation?

    Due to inflation, your fixed cash sum may be worth less in real terms when you die than when you take out the plan. However, when you first take out your policy you can choose to have your premiums, and therefore your cash lump sum, index-linked to keep pace with inflation.

    If you choose this option, we will write to you each year to show your premium for the next twelve months, how it affects your level of cover and to confirm you’re happy with the changes.

  • How can my cash lump sum be used?

    The RIAS Over 50s Life Plan pays a cash lump sum to your estate when you die. Many customers may want to use it to leave a legacy to their loved ones, or to ensure that outstanding bills are taken care of.

    Other customers may choose to donate the money to a charity that is particularly close to their heart, or to help make arrangements for their pets to be taken care of.

    Another option is to use the sum to make a contribution towards your funeral costs. With RIAS, you can get an extra 10% on top of your cash lump sum if you select our funeral benefit option in association with Dignity, the UK’s leading funeral director. When the time comes, Dignity will be available to provide all the support and guidance your family needs to make the necessary arrangements.

    You can find out more about this option by downloading a copy of our funeral benefit leaflet.

  • What will my family receive?

    With the RIAS Over 50s Life Plan, your estate will receive a lump sum when you die.

    The life plan also comes with the following benefits:

    - If you die as a result of an accident, as defined in your life plan details document, within the first two years of taking out your plan, we’ll pay out three times the value of your cash lump sum.

    - If you die from any other cause within the first two years of taking out your plan, we’ll pay back one and a half times (150%) the value of your cash lump sum.

    - After your 90th birthday, your payments stop but your cover will continue for the rest of your life.

  • Can I cash in the plan at any time?

    It is important to understand that the life plan only pays a cash sum upon your death, so you cannot claim it at any time. If you decide to stop paying your premiums, your cover will stop and you will not get any money back. All benefits paid out under the RIAS Over 50s Life Plan are currently free of income or capital gains tax, but may be subject to inheritance tax, depending on the inheritance tax threshold upon your death. Please be aware that tax rules may change.

  • How do I claim my free gift?

    Your free Marks & Spencer vouchers will be sent out to you automatically once you have paid your third premium payment, providing you plan has not been cancelled. Please allow up to 28 days from your third premium payment to receive your gift. There is no cash alternative to the vouchers, and they can only be claimed by the policy holder. Your vouchers are subject to the standard Marks & Spencer terms and conditions. We reserve the right to change or withdraw the gift entitlement, or limit the total number of gifts issued per customer.

  • How does the cancellation period work?

    When you take out our life plan, you have a thirty day period during which if you are not completely satisfied you can cancel at any time, with no obligations and all payments fully refunded. Full details of how to cancel your policy will be included in your welcome pack.