Review of Shepherds Friendly Life Insurance

Shepherds Friendly Society is a long-established company that specialises in over 50’s life insurance. With this cover a lump sum is paid out upon death, and they also have a handy option for adding on funeral benefits for a slightly bigger pay-out.

They guarantee to accept applications from anyone in the UK between the ages of 50 and 75. Premiums are fixed for life, relatively modes, and can be reduced at any point, down to a minimum of £10 per month.

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Pros
  • 5-star rating from Defaqto
  • Guaranteed acceptance
  • Low, fixed premiums
  • Ability to reduce premiums to a minimum of £10 monthly
  • Optional funeral benefits cover
  • No health questions
Cons
  • Relatively low pay-outs
  • Full cover only starts 2 years after you have started paying premiums

About Shepherds Friendly

Shepherds Friendly Society started out back in 1826. This long history means that they can be counted among the oldest insurers in the world. They call themselves ‘your modern mutual’ and are fully regulated in the UK, with their head office based in Cheadle.

Originally launched as a sickness to benefits society designed to help those were ill and bury people whose families couldn’t afford to do so, Shepards Friendly now offers a wide variety of services and has over 85,000 members.

Apart from life insurance, they also offer ISAs, savings plans and income protection cover.

Shepherds friendly life insurance: our honest breakdown

Shepards Friendly only offer over 50s life insurance policies. These are simple, affordable whole of life policy with no cash in value. Premiums are paid until the age of 90 and then cover continues after this age until death.

There are only really two options that you need to make a decision in order to get a quote. The first one is the amount of the premium you want to pay each month. This starts at £10 and goes up in increments of £1 to a maximum of £50.

The other option is whether to add on funeral benefits cover. Shepards Friendly work with Golden Charter Funeral Services, who will add £300 onto the size of your payout if you use them to take care of your funeral.

The size of your premiums is influenced by your age and whether you have used tobacco products or nicotine replacement therapy in the last 12 months.

Everyone aged between 50 and 80 is guaranteed to be accepted for the Shepherds Friendly Over 50s Life Plan. The sum insured is calculated on the basis of your age and monthly premium. It is generally on the modest side but you can get a quote on an increased amount by raising the premiums.

Once it starts up, the policy is designed to run until death, with premiums staying the same until 90 and then ending. You can also reduce the premium to the minimum of £10 at any point before this, although the size of your cash benefit will reduce accordingly.

Here’s a breakdown of the specific policy offered by Shepherds Friendly:

Over 50s Life Insurance

Shepards Friendly’s over 50s life insurance is the only life insurance policy they offer, and comes with flexible premiums and a range of extra features, such as the option to add funeral benefit. Monthly premiums range between £10 and £50, and the amount of cover you’ll be insured for is determined by a variety of factors such as age and whether you smoke. Premium payments stop at 90 but cover continues for the whole of your life.

  • Guaranteed acceptance for UK residents aged 50-80.
  • Cash benefit based on age, size of premium, and whether you smoke.
  • Premiums run a minimum of £10 up to a maximum of £50 monthly.
  • Optional extra £300 funeral benefit if you agree to use Golden Charter’s services.
  • Full payout only available 2 years after first premium payment. If you die before this point, the police will pay out 150% of premiums already paid.
  • No health question or medical examination needed.

Shepherds Friendly: Conclusion

If you are looking for a simple and effective life insurance plan then the offering from Shepherds Friendly tickes all the boxes. Easy to set up and with low premiums, it is designed to give peace of mind to anyone over the age of 50 who wants the reassurance of life cover.

With no medical questions or examination requested, this is a no-hassle type of policy that you can have up and running in a matter of minutes. The sum paid out upon death isn’t massive but it could be enough to cover funeral costs and pay off small debts. It is worth noting, however, that it is possible your premium payments across the course of the policy could exceed the cash benefit.

With a long history behind it, this insurer isn’t the most well-known around but it has been in business long enough to inspire a good deal of confidence.