Age Co Insurance Review
Age Co, a subsidiary of Age UK, a registered charity committed to improving the lives of older people, offers a range of insurance products and services specifically designed for individuals over 50. Their mission is to empower older people by providing them with the necessary tools and support to live independently and securely.
Overview
Year of Establishment and Background Story
Age Co was established in 1996 as AGECO LIMITED, with its registered office at One America Square, London, EC3N 2LB.
Key Milestones in the Company’s History and Growth
- 1996: Incorporated as AGECO LIMITED.
- 2010: Renamed from AGECO LIMITED to AGE UK ENTERPRISES LIMITED.
- 2022: Renamed from AGE UK ENTERPRISES LIMITED to its current name, Age Co.
Regulatory Compliance and Licenses
Details on Licenses and Certifications Obtained
- Financial Conduct Authority (FCA): Age Co is authorized and regulated by the FCA. The company's Financial Services Register number is 311438.
- Charity Work: As a subsidiary of Age UK, Age Co is committed to donating its profits to support older people in need.
Insurance Products and Services
Main Insurance Products
Types of Insurance Offered (e.g., Life, Health, Auto, Property)
- Home Insurance: Age Co offers home insurance policies with two levels of cover: Silver and Gold. The Gold policy is 5-star rated by Defaqto and includes home emergency and accidental damage as standard.
- Car Insurance: Age Co provides car insurance that covers against misfuelling, accidental, and malicious damage. The policy also includes optional extras such as unlimited windscreen cover.
- Travel Insurance: Age Co Travel Insurance offers annual and single-trip policies that cover 99% of pre-existing conditions, with no upper age limit. The insurance is provided by IES Limited, trading as AllClear.
Coverage Options and Policy Details
- Home Emergency Cover: Available with the Gold Home Insurance policy.
- Accidental Damage: Included in the Gold Home Insurance policy.
- 24/7 Medical Assistance: Included in the Travel Insurance policy.
Additional Services
Other Services Provided (e.g., Financial Advisory, Retirement Planning, Claims Assistance)
- Personal Alarms: Age Co offers personal alarms to aid mobility and enable users to feel confident and secure in and out of the home.
- Stairlifts and Homelifts: The company provides stairlifts and homelifts to support independent living.
- Incontinence Products: Age Co offers incontinence products to help manage incontinence issues.
- Funeral Plans: The company provides funeral plans to help individuals plan for their funeral expenses.
Premiums and Pricing
Pricing Structure
Overview of Premium Rates for Different Types of Insurance
- Home Insurance: Premium rates vary depending on the level of cover chosen (Silver or Gold). The Gold policy is more comprehensive and includes additional features like home emergency cover.
- Car Insurance: Premium rates depend on factors such as driving history and the type of vehicle insured. The policy includes optional extras like unlimited windscreen cover.
- Travel Insurance: Premium rates depend on the type of policy (annual or single-trip) and the level of coverage chosen. The policy covers 99% of pre-existing conditions.
Comparative Analysis with Industry Averages
Age Co's premium rates are competitive with industry averages. The company's partnership with LV= ensures that customers receive excellent customer service and comprehensive coverage.
Discounts and Special Offers
Available Discounts (e.g., Multi-Policy, Safe Driver, Loyalty Rewards)
- Multi-Policy Discount: Customers who take out multiple policies with Age Co may be eligible for a discount.
- Safe Driver Discount: Drivers with a clean driving record may be eligible for a discount on their car insurance premiums.
- Loyalty Rewards: Long-term customers may receive loyalty rewards or discounts on their premiums.
Promotional Deals and Limited-Time Offers
Age Co occasionally runs prize draws where customers can win £500 by sharing their home and car insurance renewal dates or providing their email address.
Customer Service and Support
Contact Methods
Available Customer Service Channels (e.g., Phone, Email, Live Chat)
- Phone: Age Co has a UK-based call centre available for customer inquiries and support.
- Email: Customers can contact Age Co via email for general inquiries and support.
- Live Chat: The company does not explicitly mention live chat as a contact method, but it is recommended to check their website for the most up-to-date information.
Availability of 24/7 Support and Multilingual Assistance
- 24/7 Support: Age Co offers 24/7 emergency medical assistance with its Travel Insurance policy.
- Multilingual Assistance: The company does not explicitly mention multilingual assistance, but it is recommended to check their website for the most up-to-date information.
Pros and Cons of Age Co Insurance
Pros
Advantages of Choosing This Insurance Company (e.g., Competitive Premiums, Comprehensive Coverage)
- Comprehensive Coverage: Age Co offers comprehensive coverage options, including home emergency and accidental damage with the Gold Home Insurance policy.
- Charitable Ties: The company's charitable ties with Age UK make it a unique choice for those who want to support a good cause while securing their insurance needs.
- Customer Service: Age Co's partnership with LV= ensures excellent customer service and a UK-based call centre.
Cons
Potential Drawbacks or Areas for Improvement
- Limited Information on Multilingual Assistance: The company does not explicitly mention multilingual assistance, which might be a drawback for non-English speaking customers.
- Specific Exclusions: Certain properties, such as those under flood warnings or showing signs of subsidence, may not be eligible for insurance coverage.
Conclusion
Summary of the Main Points Covered in the Review
Age Co is a subsidiary of Age UK, offering a range of insurance products and services designed to support older people. The company is known for its charitable ties and comprehensive coverage options. Key highlights include:
- Regulatory Compliance: Authorized and regulated by the FCA.
- Insurance Products: Home, car, and travel insurance with comprehensive coverage options.
- Customer Service: UK-based call centre and 24/7 emergency medical assistance.
- Charitable Ties: Donates profits to Age UK, supporting older people in need.
Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings
Age Co's insurance offerings are particularly beneficial for older people who value comprehensive coverage and charitable support. The company's partnership with LV= ensures excellent customer service, making it a reliable choice for those seeking insurance solutions.
Frequently Asked Questions about Age Co insurance
Answers to Common Questions about the Company’s Policies, Claims Process, and More
- What types of insurance does Age Co offer?
- Age Co offers home, car, and travel insurance.
- How does Age Co support older people?
- Age Co supports older people through its charitable ties with Age UK and by donating profits to the charity.
- What is the process for making a claim?
- The process for making a claim typically involves contacting the relevant insurance provider (e.g., LV= for home and car insurance, AllClear for travel insurance) and following their specific claims procedure.
References
- [1] https://www.ageco.co.uk
- [2] https://find-and-update.company-information.service.gov.uk/company/03156159
- [3] https://www.ageco.co.uk/terms-and-conditions/
- [4] https://www.ageco.co.uk/insurance/home-insurance-over-60s/
- [5] https://www.ageco.co.uk/insurance/
