How does it work?

Over 50s Life Insurance icon

Our Over 50s Life Insurance pays out a guaranteed cash lump sump when you die

Guaranteed acceptance, no medical. With cashback from Quidco

Guaranteed acceptance, no medical. With cashback from TopCashback

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We know that some financial products can be confusing, and life insurance is certainly no exception. Because of this we’ve put together a useful guide to how our Over 50s Life Insurance works, to hopefully answer any questions you have about the plan.

Who can have Over 50s icon

Who can have an Over 50s Life Insurance Plan?

If you live in the UK and are aged between 50 and 80 then you are guaranteed to be accepted when you apply.

Health problems icon

I have health problems; will I still be able to apply?

Regardless of any current of previous health conditions you may have had, you are guaranteed to be accepted without having to answer any personal questions or undergoing a medical.

How much icon

How much does the plan cost?

This is up to you – you’re able to choose a monthly premium between £10 and £50 to suit you. There are no set up costs or other fees associated with the plan; you’ll only pay what you are quoted. Your premiums will never be increased either, meaning you’ll always be clear about what you pay.

Miss payment icon

What happens if I miss a payment?

You can’t stop paying into the plan, otherwise your cover will stop and you will lose your previous premiums. However, unlike some other insurers we do give you some breathing space. If you miss a payment we’ll simply send you a reminder and ask you to contact us about your payments. If you miss a second consecutive payment we will do the same again. After a third consecutive missed payment the plan will end.

When do I stop icon

When do I stop paying into the plan?

Your Over 50s Life Insurance Plan is “Whole of Life” meaning it will remain in place until you die. However, you will not have to continue paying premiums when you have paid premiums for 30 years or after the age of 90, whichever comes first.

How much will my family get icon

How much will my family get when they claim?

This all depends on your age, whether or not you smoke, and the amount you choose to pay as a monthly premium. Typically, the younger you are the higher the amount you are insured for will be, and if you don’t smoke you’ll get a higher level of cover too.

How long after icon

How long after I take out the plan can my family claim?

Your family can claim on the insurance plan from day 1 of the cover, but they will not receive the full amount of cover if you die from natural causes within the first two years. Instead, they will get one and a half times the value of the premiums paid into the plan to the date of the claim. After two years they will receive the full amount of cover. If you die as the result of an accident your full amount of cover will be paid from day 1 of the plan.

How to make a claim icon

How to make a claim?

In order to make a claim your family or dependents should call our member services team on 0800 526 249. They will then be referred to our claims department who will take them through the process.

Apply for a Shepherds Friendly plan online and get a Love2Shop voucher code worth up to £50* once you’ve made your first payment into the plan

Apply for a Shepherds Friendly plan online and get a Love2Shop voucher code worth up to £50*

You can redeem this online with hundreds of retailers...

Plus many more!

* Click here for terms & conditions

How to open an Over 50s Life Insurance plan: You can open a plan online quickly and securely by clicking the button below:

Before you apply for a plan you will be required to perform a quote. You can amend your quote as many times as you wish before you apply in order to change your level of cover.

Get a Quote

Alternatively, if you would like assistance with applying or would like more information regarding the plan, you can speak to our Member Services Team by calling 0800 526 249.


  • If your circumstances change and you stop paying the premiums, your life cover will end immediately.
  • Over 50s Life Insurance has no cash in value at any time, so if you cancel it after the first 30 days you will get nothing back.
  • Your life cover does not start until after the second anniversary of your plan start date, as shown in your plan illustration, unless you die as a result of an accident, in which case your life cover begins from the start date shown on your plan illustration.
  • This life plan is not a funeral plan and therefore may not cover the full cost of a funeral.
  • Over time, although the amount we pay out on death is fixed, this amount is likely to reduce in value because of the effects of inflation.
  • If you live long enough the total premiums you have paid may be greater than the amount payable on death.

All references to taxation are to UK taxation and are based on Shepherds Friendly Society's understanding of current legislation and H M Revenue and Customs practice which may change in the future. For our With Profits plans investment growth is by means of bonuses, the amount of which cannot be guaranteed throughout the term of the contract. Please ensure that you read the full terms and conditions of this plan which are available from your financial adviser or by contacting us directly.