‘Engage Mutual’ Assurance Review

Article: ‘Engage Mutual’ Insurance Review

Engage Mutual Insurance Review. Broker help & deals

Engage Mutual Assurance Background

Engage Mutual Assurance was a mutual friendly society founded in 1980’s and based in Harrogate, North Yorkshire. They were a trading style of Homeowners Friendly Society Limited. 

They provided a range of financial products, with a major emphasis on healthcare. Their products included types of over-50s life insurance, private health plans & various tax efficient savings schemes.

Engage Mutual expansion was quite acquisitive. In 2010, it bought healthcare provider Provincial Hospital Services (PHSA), & also part of long-term insurance business Ecclesiastical Life.

It also had business partnerships with Clydesdale Bank & subsidiary Yorkshire Bank. This was designed to help promote both its Engage Mutual life insurance & savings products, and they offered funeral funding options in partnership with The Co-operative Funeralcare on their Over 50’s schemes. Their plans were also sold direct or via IFA’s and Brokers.

To help expand their growing financial services business back then, they sponsored the rugby super league, from 2005 to 2011.

engage mutual rugby super league sponsors
Engage Mutual became Rugby Super League sponsors

Family Investments Merger to ‘OneFamily’

In 2015, after negotiations Engage Mutual then merged with Family Investments (originally Family Assurance Friendly Society setup in 1975) to now create a new Provider OneFamily.

Today, One Family look after the well being of their UK mutual members, based from their head office in Brighton & Hove, Sussex. 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’.

Their popular over 50’s life insurance, equity release & various savings products are still sold today via IFA’s, brokers.

one family insurance | Engage Mutual
Engage Mutual & Family Investments now OneFamily

Engage Mutual Review – Broker FAQ

Is ‘Engage Mutual’ now dealt with by One Family?

Yes, One Family now look after their old Engage Mutual policy administration.

Please contact OneFamily customer services for any ongoing policy queries eg; Engage Mutual Over 50’s Lifecover.

How do I cancel my Life Insurance Policy?

You may cancel your existing Engage Mutual Life Insurance plan at any time, if your circumstances change but your life insurance cover would then end. 

However, if you should cancel the insurance policy, you may not get anything back, if your policy has no cash in values. This also means as the Over 50’s Lifecover has a 2 years wait period before full underwritten insurance death cover (accidental death only), if your health changed adversely afterwards, you may then have issues.

If you then tried to request a new (now Onefamily life insurance) policy is put back onto cover again, this may mean another upto 2 years wait before full natural death cover. 

We suggest you seek professional advice before taking this course of action.

One Family | Engage Mutual Assurance

Engage Mutual Insurance Review

Should I put my Life Insurance policy into Trust?

When a life insurance policy isn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will, this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues.

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage. It can also help avoid possible probate delays & IHT costs. Ask the Insurers to kindly provide their available standard trust form wordings & seek legal advice if unsure.

Note; Engage Mutual Over 50’s Lifecover plans had a funeral funding option and this means if chosen, upon a death insurance claim, any proceeds would go direct first to the relevant pre paid funeral providers eg COOP. Any residue may then get paid into the deceased’s estate.

Life Insurance Disclosure

What if my health or lifestyle changes after I had taken the Life policy out?

Any health or lifestyle changes since, usually does not void your existing no medical “Engage Mutual” life insurance Over 50’s policy, as it wasn’t relevant at time of initial application.

However, they did ask your smoking status when you originally applied. So take care to doubly re-check on your application what you initially disclosed to the Insurers, as this information then stands now and in the future. Please check your original T&C’s.

Today, One Family have grown to be one of the more specialist Life Insurers UK selling Life Insurance in United Kingdom (inc NI).

Article on Engage Mutual Insurance by Martyn Spencer Financial Adviser (2024)

One Family | Engage Mutual Assuranceone family insurance
Review: Engage Mutual | One Family

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