One family review.
Is One Family Insurance good? (2024 Update)
What's One Family Insurance like in 2024? Competitive UK Insurer ticks 7 boxes in 'One Family reviews'. (PROS) 1: Mutual Insurer 2: Reliable Reputable 3: Claims Payout 4: Over 50's Focus 5: Defaqto Rated 6: Rider Benefits 7: Broker Only Deals. (CONS) Over 50's only?
- Financial Strength: Stable
- 3'rd biggest UK Mutual Insurer
- Lifetime Mortgage + Over 50's specialists
- Various Tax efficient Savings plans
- Broker support
Review: One Family originally started life as Engage Mutual Assurance, a trading style of Homeowners Friendly Society Limited which had been trading since the start of the 1908's.
In 2010, the Ecclesiastical Insurance announced the transfer of part of Ecclesiastical Life to Engage Mutual Insurance.
From 2015, Engage Mutual merged with Family Investments (originally Family Assurance Friendly Society setup in 1975) to now create the new Provider we know today as OneFamily. They reportedly have over 2.5 million members as at start so of the 2020's.
At the time, their new CEO playing on the new One Family brand name said 'It's clear that personal finance has become family finance'. 'Our research tells us that families are struggling to find relevant products that meet their changing financial needs and so are turning to one another for help'.
Today, One Family still look after the best interests and well being of their UK mutual members, based from their head office in Brighton & Hove. The One Family Foundation helps support local community initiatives.
Their over 50's life insurance, equity release & various savings products are often sold via IFA's and brokers.
In 2022, OneFamily bought Beagle Street. Since then, they have now become the insurer of all new Beagle Street, Budget and Virgin Money term life insurance and critical illness policies.
'One Family Review' Insurance 2024
In this 'One Family Reviews' insurance biased, we will look at some broker available protection plans, key features and FAQ. Their products may give discretionary access to the following services for the customer & immediate family.…
- Emotional help and practical recovery advice when needed through serious illness via associated professionals
- RedArc can arrange one-off nurse home visit; 2nd medical opinion; or therapy programme
- Access to Redarc Careology app (to help with those undergoing cancer treatment) and Podplan;
- Provide information and help for carers on a range of practical, financial and social issues relating to the elderly.
- Access to a Bereavement Advice Service
- Legal Advice access on a range of issues
- Family may receive counselling, guidance and support
*What's MSE Martin Lewis One Family Insurance Review?
In terms of the range of One Family life insurance products, MoneySavingExpert (MSE) are fully impartial with all their best buy reviews. As you maybe aware neither Martin nor MSE never endorse products.
Yes, they mention individual products & services on MSE site, but they make it very clear don't 'support' them.
What does Martin Lewis say about One Family?
Money Saving Expert Martin Lewis has reviewed some over 50's plans, best buys as provided by One Family amongst others.
Note however overall he is not big fan of these no medical style Over-50's plans (unless he says you are in poor health, so may have reduced life expectancy) where they make more sense. As brokers, we would agree on that point.
Martin Lewis hasn't specifically commented on any other particular One Family Life Insurance policies & how it stacks up against the competition. But One Family trust funds are a discussed MSE forum topic.
The MoneySavingExpert however says that he does '100% recommend Life Insurance', especially if you have any dependants. MSE says YES it's a cheap financial lifeline but the ultimate monthly costs choice is always yours.
MSE says 'Thinking about how your family may cope financially if you were to die isn't a very cheerful topic, BUT it is an Important One'.
So Martin Lewis agrees life insurance is important if anyone is reliant on your Income & would struggle financially without you around ie; an insurable interest.
He also discusses the value in other insurance plans if you were off sick, like income protection & critical illness.
Martin Lewis for a good rule of thumb in 2024, his Best Life Insurance formula is 'THE 10 x RULE' ie; aim to cover 10 x the Annual income of the highest earner & the main breadwinner until at least any kids have finished their full-time education or other dependants.
To help you calculate a figure that works for you, Martin Lewis on Life Insurance says it's worth ensuring any policy covers:
- Outstanding Debts: that need to be paid off eg; mortgage unless covered by a separate plan
- Immediate Outgoings: regular bills dependants would need to pay
- Future Spending: you may have wished to make eg; university fees
- Additional Expenses: a death may trigger eg; funeral costs
Martin Lewis also suggests being the Money Expert - that you "NEVER BLINDLY BUY DIRECT" expensive policy offers either via your Bank or One Insurer ie; Shop around or use a Broker.
Lastly, MoneySavingExpert also said generally remember, not all insurers plans are featured on insurance comparison sites. As brokers, we would also agree here - so let us help you shop around for your best broker deals.
One Family Over 50s Life Insurance Review
A no medical cover whole of life insurance policy that will always payout (with no end or fixed term) but after an initial period, and is available on single life basis only. One Family Over 50s Life Insurance is reviewed as a cost effective way to help provide small lump sums lifecover as legacy or funeral funding.
- There are no in depth medical & lifestyle questions to qualify
- ie; No need to disclose if you high BMI kg, blood pressure or cholesterol
- 2 year exclusion period before any natural causes death insurance claims
- Smoking status is still needed for underwritten insurance terms
- Accidental death cover during initial 2 year waiting period
- Terminal Illness as standard after 2 years
- Available ages 50-80 with fixed monthly premiums
- One Family stop taking premiums after age 90
- Provider limits total amount of Lifecover per person
- Funeral funding via £300 to Golden Charter (or opt out if say direct cremation wanted)
- Option to add nominated person re Probate or IHT issues
- Ability to reduce premiums after 4 years & subject to their minimum
- No cash in values
The One Family life insurance over 50's plan is an ideal solution for those with poor health issues or unable to get underwritten whole life insurance. However, you do have to wait 2 years for full natural causes payout although inclusive terminal illness is valuable benefit. Their policy is a competitive no medical whole life insurance levels generally offered against other Over 50's plans sold with a free gift.
FAQ Broker Questions
Can you make changes to your One Family insurance policy?
- decrease the amount of lifecover after 4 years (subject to minimum premiums)
- drop any specific paid for policy features
- change the collection date of your usual premiums
The changes should not be subject to medical underwriting based on your circumstances at the time.
One Family & Engage Mutual Heritage products
Previously Engage Mutual sold various health insurance plans but now looked after by The Exeter Insurance
- Health Cash Plan
- Corporate One Fund
- Medicaid health cash plan
- Medicare private medical insurance
Engage Mutual also supplied products or looked after these companies plans:
- Homeowners Friendly Life Insurance
- Ecclesiastical Life Insurance
- Pendle Life Insurance
- Holborn and Metropolitan Counties Society (HMCS)
- Lancashire & Yorkshire Assurance (L&Y)
- National Farmers’ Union Mutual (NFU Mutual)
- St Andrew’s Life Friendly Society
- Moneywise Friendly Society
- Freeway Appropriate Personal Pension
- St Andrews Woolwich
- GAN Pep Managers Limited
Funeral Funding Feature
The One Family funeral plan feature & Engage Mutual funeral plan feature both enabled you to help contribute towards the cost of your funeral.
Golden Charter, are their nominated chosen partner here. They currently would allocate a funeral director, who will receive a £300 contribution towards your funeral planning costs.
They say that this payment is made directly from the policy to the chosen Golden Charter funeral director at the time of settling the final bill. This helps negate the need for some of those costs of the funeral to be found up front.
Note: They do say that if you are considering a direct to cremation funeral, this £300 contribution will not apply. This Funeral Funding feature is also not a sole Funeral Plan and so might not always meet the full cost of a funeral.
You are only able to have funeral funding on one policy, whether with One Family or another provider ie; avoids confusion as to whom is dealing with your funeral.
Importance of Disclosure & Claims
All Insurers are in business to protect, insure & payout. Insurance cover is therefore based on your full disclosure at the time you took the original Onefamily Insurance policy out ie; being 100% as honest & accurate as possible. The Consumer Insurance Act 2013 says you must not be acting careless, deliberate or reckless when applying. If so, it may not payout ! eg; If you vape or smoke cigarettes, then you must tell them you are smoker (even if it costs more).
Should you make a claim, your Insurers will send you a claim form to complete. Once received back, they will usually contact your GP to confirm any health details. They will then assess if your insurance claim is valid and cross check if you originally disclosed all the correct details. If you look at most Insurers recent claims payout, you will see that it is Good (but like most Insurers if doing 'One Family reviews' - not 100%).
How do I cancel my Over 50's Policy?
You may cancel your One Family Life Insurance plan at any time, if your circumstances change. Like all life insurance, you do have the right to change your mind within 30 days of your policy starting. The Insurers will then refund any premiums taken and your Life insurance cover would then end.
However, if you should cancel the One Family insurance cover at any other time, you won't get anything back because your policy usually has no cash in values at anytime. This also means if you then tried to request your Over 50's life insurance policy is put back onto cover again, this may either induct another 2 year wait period or maybe declined due to age eg; over 80.