Shepherds Friendly, a multi million pound company that has been in operation for more than 180 years recently re-launched their over 50s life plan. They have recently increased cash sums so it may be worth taking a look at their levels of life cover when you come to compare over 50s life insurance.
The Shepherds Friendly Over 50 Life Insurance Review is a guide to help you understand the features and benefits of the plan, options available and things to consider. Do make sure you read, understand and are happy with the terms and conditions of any plan you decide on.
Why Choose the Shepherd's Friendly Over 50s Life Plan
Guaranteed cash sum for your family when you die
People who live in the UK aged between 50 and 75 are covered
Guaranteed acceptance with no medical or health questions to answer
Choose a monthly premium from £10 to £50
Full cover after an initial period of 2 years - if you die within this period, Shepherds Friendly will pay out one and a half times the total premiums paid
Immediate full cover if death is as a result of an accident
Fixed monthly payments that never change
Premiums stop when you reach 90 years of age but your life cover continues
Non smokers are given preferential rates
Funeral Benefit Option
The Shepherds Friendly Over 50s Life Plan free funeral benefit option is offered through Golden Charter. By allowing your cash sum to be paid to Golden Charter, they will arrange for a local independent funeral director to carry out your funeral service and make a £3000 contribution to your cash sum.
Your beneficiaries or estate would receive any balance if the funeral costs are less than the cash sum paid out however the person arranging the funeral would need to pay any outstanding amount if there is a shortfall.
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Things to consider
You would not be covered for the full cash sum for the first two years unless you died as a result of an accident. If you were to die during this initial period, Shepherds friendly would refund one and a half times the total premiums you have paid.
Depending on how long you live, there is a chance you could pay more in monthly premiums than the over 50 plan pays out.
As the cash sum is fixed, inflation will reduce its value over time.
The money paid out on death usually forms part of your estate and therefore could be subject to inheritance tax.
If you stop paying your monthly premiums prior to your 90th birthday, your life cover would cease and no money would be paid out.