Shepherds Friendly Over 50 Life Insurance Review

• Monthly payments from £10

• Premiums stop once you reach 90 years of age

• You are covered immediately if you die as a result of an accident

This review of Shepherd’s Friendly Over 50s Life Insurance is intended as a guide to help you understand the features and benefits, options available and things to consider. Do make sure you understand and are happy with the terms and conditions of any plan you decide on. You may also wish to compare and get quotes from other over 50 plan providers.

Shepherds Friendly Over 50s life cover

Shepherds Friendly, a multi-million-pound company that has been in operation for more than 180 years

Why Choose Shepherds Friendly for over 50s life insurance

• Guaranteed cash sum for your family when you die
• Open to anyone who lives in the UK and is aged between 50 and 80
• You are guaranteed to be accepted with no medical or health questions to answer
• Choose a monthly premium from £10 to £50
• Fixed monthly payments that never change
• The flexibility to reduce premiums
• Premiums stop after 30 years or when you reach 90 years of age (whichever comes first), but your life cover continues
• 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
• Non-smokers get preferential rates
• 5-star Defaqto rating

Free Funeral Benefit Option

The Shepherds Friendly Over 50s Life Insurance 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.

Things to consider

• You will 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.

Next steps

There are a range of companies offering over 50 life insurance and whilst the Shepherds Friendly plan could be right for you, we would always advise that you compare several quotes before making your choice.

Compare leading plans here