Help & support
Managing the plan
Can I change what I pay into the plan, or the amount that I am insured for?
If you would like to increase the amount your dependants will receive when you pass away, you can take out multiple Over 50s Life Insurance plans, as long as the total premiums you’re paying each month under all your plans do not exceed £50 a month.
On some of our Over 50s Life Insurance plans the premium can be reduced. To find out if this applies to your plan, please contact our Member Services Team.
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.
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.
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.
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.
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.
How do I cancel my Over 50s Life Insurance plan?
You can cancel your plan at any time, by emailing our Member Services Team on memb[email protected] with your full name and plan number.
If you cancel your plan within 30 days of receiving your plan documents, we will refund any premiums you have paid, as long as you are not receiving benefit from us during this time. If you cancel after the first 30 days, you will not be entitled to any refund.
Making a claim
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.
How do my loved-ones make a claim on my death?
After your death, your loved-ones should contact Shepherds Friendly through our online form: Help & Support | Shepherds Friendly or via the phone 0800 526249 and our Member Services team will help them with the next steps.
Where will the money be paid to?
If you choose the Funeral Benefit Option which is available with your plan, the cash lump sum will be received by Co-op Funeralcare to be used towards the cost of your funeral in the event of your death. In addition, Co-op Funeralcare will appoint a funeral director and you will get up to £250 discount from the final cost of your funeral. If you don’t opt for the Funeral Benefit Option, your loved-one will receive the cash lump sum.
Who is Co-op Funeralcare?
Funeral Services Limited (trading as Co-op Funeralcare) is a funeral services provider that operates across the UK and allows Over 50s Life Insurance plan holders to choose from a wide range of local funeral homes across the UK.
What happens if the cash lump sum paid out is different to the cost of my funeral?
It is important to note that if the cost of your funeral is less than the cash lump sum paid out by us in accordance with your plan, your loved-ones will receive the difference between the two amounts. However, should the cost of the funeral your loved-ones have selected is more than the cash lump sum paid by us, they will then be required to meet the extra costs incurred.