0800 526 249Help & support
Over 50’s Life Insurance FAQs
Opening a plan
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Who can open a plan?
You can get a quote and apply for our Over 50s Life Insurance as long as you live in the UK and are aged between 50 and 80.
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Is acceptance subject to a medical?
The Plan is not medically underwritten meaning that you are guaranteed to be accepted with no medical questions to answer, regardless of your health.
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How do I get a higher sum assured?
Simply by paying more in each month. The higher your monthly premium is, the higher your sum assured (that’s the amount that your estate receives if you die) will be.
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How much will the insurance cover cost me?
You can choose how much you want to pay into your Over 50s Life Insurance, subject to a minimum contribution of £10 a month and a maximum of £50 a month. Premiums are payable monthly by Direct Debit.
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When will I get my Love2Shop voucher?
You will receive your voucher code via email. To find out more about when you will receive your voucher visit our Love2Shop terms and conditions.
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What is the additional funeral benefit option?
When you start your application, you will be asked whether you want to opt-in to receive the funeral benefit option.
The funeral benefit option is an extra £300 on top of your cover. If you take the funeral benefit option then the cash lump sum will be paid to Golden Charter Funeral Services, one of the UKs largest independent funeral service providers, who will then administer the funeral. Any money left over after the cost of the funeral will then go to your estate.
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What can the National Bereavement Service offer me?
An additional benefit of the Over 50s Life Insurance plan is access to the National Bereavement Service, a not for profit organisation that offers counselling, guidance and support to the recently bereaved. If you would like more information about this additional benefit, you can contact the National Bereavement Service on 0800 0246 121.
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What is a Defaqto rating?
Defaqto is a financial information business which was established to help financial institutions and consumers make better informed decisions. They give financial products a Star Rating to indicate where a product or proposition sits in the market based on the quality and comprehensiveness of the features it offers. A 4 or 5-Star Rating indicates that a product or position represents one of the highest quality offerings on the market.
Managing the plan
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Can I change what I pay into the plan, or the amount that I am insured for?
You cannot decrease what you pay into the plan, or your sum assured. If you want to increase the amount payable to your dependants on your death, you can take out another Over 50s Life Insurance plan, just as long as the total premiums under all your policies do not exceed the maximum of £50 a month. Rate tables are available on request.
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What happens if I apply and then change my mind?
You have the right to cancel your Over 50s Life Insurance up to 30 days after the date of application. Any premiums you have paid within this period will be refunded to you.
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What if I want to cancel more than 30 days after taking out the plan?
In this case you will be outside of your ‘right to cancel’ period, and if you stop paying your premiums then your cover will end and you will lose any premiums you have paid up to that point. This will mean that there will be no lump sum payable on your death.
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What happens if I stop paying my premiums after the 30-day cancellation period?
If you do stop paying your premiums before age 90, cover will cease and no lump sum will be payable on your death. This Over 50s Life Insurance has no encashment value and therefore you will not receive any money back if you stop paying the premiums.
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What happens if I miss a premium payment?
If you miss a premium payment we will write to you to inform you about this. You must then contact us to arrange the collection of future premiums. After three consecutive missed premiums your plan and your cover will end.
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How do I inform Shepherds Friendly of change of my home address?
To inform Shepherds Friendly that you have changed your home address, the plan holder should call our customer services department on 0800 526 249 and our friendly team will get the address changed for you.
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How do I cancel my plan?
Junior ISA
You have 30 days from the date your open your account in which to cancel the Junior ISA and your money will be returned. If you cancel within the 30 days you will be treated as though you had not used the child’s Junior ISA allowance and would be able to subscribe to another Junior ISA in the current tax year.
After the 30 days, the Plan becomes a valid Stocks and Shares Junior ISA and cannot be cancelled. If payments are stopped, the Junior ISA would be left dormant until the child reaches the age of 18 or it is transferred to another Provider. The amount subscribed is a gift to the child and cannot be repaid if you change your mind after 30 days.
To cancel within 30 days of opening your plan please email our Member Services Team on [email protected] with your full name and plan number.
Junior Money Maker
If you want or need to stop paying your premiums, you should contact us as quickly as possible to discuss what options are available to you.
After three successive missed premiums no sickness benefit can be claimed and we will no longer accept payments into the plan.
Any money invested is done so on behalf of the child therefore if the plan is surrendered the proceeds will be made payable to the child.
To cancel your plan or ask for your surrender value please email our Member Services Team on [email protected] with your full name and plan number. Please read the Junior Money Maker Key Information Document for more information.
Please note: If you stop paying premiums during the early years, the value of your Junior Money Maker could be less than you have paid in.
Young Saver Plan
If you want or need to stop paying premiums, you should contact us as quickly as possible to discuss what options are available to you.
After three successive missed premiums no sickness benefit can be claimed and we will no longer accept payments into the plan.
Any money invested is done so on behalf of the child therefore if the plan is surrendered the proceeds will be made payable to the child.
You are able to withdraw up to 25% of the value of the fund when the child reaches age 11 to help with the costs of sending them to school, but any other money will remain invested until the plan matures.
To cancel your plan or ask for your surrender value please email our Member Services Team on [email protected] with your full name and plan number. Please read the Young Saver Plan Key Information Document for more information.
Please note: If you stop paying premiums during the early years, the value of your Young Saver Plan could be less than you have paid in.
Making a claim
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If I die how soon after can my next of kin make a claim?
Your next of kin can make a claim from day one of the plan being issued, but there are restrictions on when we will pay out the full sum assured on the plan. These are as follows:
1) Death from natural causes within two years of the plan being issued – In this case the estate will receive 150% of the total value of all premium paid to date.
2) Death as the result of an accident within two years of the plan being issued – In this case the estate will receive the full sum assured.
3) Death by any cause after two years from the plan issue date – In this case the estate will receive the full sum assured.
These restrictions assume that all premiums that were due to be paid have been paid in full.
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How do my dependants make a claim on my death?
A claim can only be submitted upon the death of the plan holder. The deceased’s Executors or next of kin will be responsible for making the claim and the claim process will differ depending on whether the insured chose the funeral benefits option when they applied for their cover. If the funeral benefit option with Golden Charter was not selected then the deceased’s Executors or next of kin should contact Shepherds Friendly, but if the funeral benefit option with Golden Charter was selected then contact should be made with Golden Charter instead.
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Where will the money be paid to?
This depends on whether the plan holder chose to nominate Golden Charter Funeral Services as the funeral provider when they took out the plan or not.
If Golden Charter was nominated then the money will be paid to them, and they will then add an extra £300 of benefit on top of the sum.
If Golden Charter was not nominated then the money will be paid into the estate of the deceased. In this case, it will be the responsibility of the next of kin to organise this with Shepherds Friendly.
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Who are Golden Charter Funeral Services?
Golden Charter is our nominated funeral services partner. They work on behalf of over 3,300 funeral directors across the UK, helping families to plan and administer funerals. If the insured selected the funeral benefit option when they applied for their Over 50s Life Insurance then Golden Charter will have been nominated, and will receive the sum when we pay out. Golden Charter will also add an extra £300 of benefit on top of the sum.
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What if the amount Golden Charter receives is different to the cost of my funeral?
If the funeral benefit option has been selected and the sum is paid to Golden Charter, there are two outcomes. If the sum is more than the cost of the funeral, and there is money left over, then this will be added to the estate once the funeral costs have been settled. However if the cost of the funeral is more than the sum paid to Golden Charter, then it is the responsibility of the next of kin to arrange to make up the difference from the estate.
Our Member Services Team are always happy to help. You can call them on 0800 526 249
or email us at [email protected]
