Help & support
Insurance Plans 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 cash lump sum?
Simply by paying more in each month. The higher your monthly premium is, the higher your cash lump sum (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 my child receive an ‘ISA boost’ in their Junior ISA?
The ‘ISA Boost’ will be paid within 30 days of the first monthly deposit being received into your child’s Junior ISA. Please note that this is dependent on the terms and conditions of the offer, including that it cannot be used in conjunction with any other offer.
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What is the additional funeral benefit option?
This is where a cash lump sum is paid to help cover your funeral costs. When you start your application, you’ll be asked whether you want to opt-in to receive the Funeral Benefit Option. This gives up to £250 discount from your funeral on top of your Over 50s Life Insurance cover when you choose Co-op Funeralcare, a UK-based funeral care provider.
Please note, the £250 funeral discount will only apply to ‘Tailored’ funerals. If your loved-ones opts for an ‘Essential’ funeral then the discount will be £100, and if they opt for ‘Direct cremation or burial’ then the discount will be £50. The Funeral Benefit Option is available to UK residents only, excluding Northern Ireland. If you are based in the Isle of Man, Co-op Funeralcare will arrange for you to use an authorised local funeral director that will carry out the funeral to the same standards.
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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?
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.
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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?
You can update your personal details in your online login area or via the mobile app. Alternatively you can can call our member services team who would be happy to help.
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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 members@shepherdsfriendly.co.uk 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
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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 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.
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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.
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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.
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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.
Our Member Services Team are always happy to help. You can call them on 0800 526 249
or email us at info@shepherdsfriendly.co.uk
