Cuna Mutual FamilyLIFE+
Cuna Mutual Group Europe is part of a global group providing financial services to over 10,000 mutual partners worldwide, including eight building societies in the UK.
This plan is a simple whole life non-profit plan available to those aged 18-69 who are resident in the UK.
Four levels of cover are available—£2,000, £3,000, £4,000 and £6,000—enough to cover most funerals. Premium rates per mille start at £1.00 (ages 18-29) and rise to £6.50 for someone aged 65-69 at outset. Premium rates are guaranteed and children under 18 included free of charge.
Unusually, the plan can cover up to 12 family members (e.g. someone could add parents, children and spouse/partner) and offers 48 hour claims settlement. There are no medical questions and cover is guaranteed for those aged under 70.
During the plan’s first six months, benefit is only paid on accidental death. General exclusions include suicide, being involved in a criminal act and war etc.
Plus points: Simple funeral plans with guaranteed premiums and acceptance; up to 12 family members can be covered; 48 hour payout.
Not so plus points: Some exclusions; can be expensive at older ages (at age 65-69 premiums paid exceed the sum assured after 12.8 years). Accidental death only covered in first six months.
Website: http://www.familylifeplus.co.uk.
Rating (max 10): Innovation: 8. Overall: 6.