Shepherds Friendly scooped the honour of Best Over 50s Life Insurance Provider at the YourMoney.com Personal Finance Awards 2024.
It is the first time Shepherds Friendly has won a gong at the awards, which celebrate their 27th year in 2025.
As part of YourMoney.com’s Spotlight series, Liam Cross, senior marketing manager at Shepherds Friendly, provides five key facts about the mutual’s over-50s life insurance plan.
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Accepting we’re getting older is something we try not to think too much about, especially when it means we may be leaving loved ones behind. This is why taking out an over-50s life insurance plan can be extremely beneficial, offering a way to ease these financial burdens.
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If you’re considering signing up for an over-50s life insurance plan or want to learn more, here are the top five facts you need to know!
1. You don’t need a medical exam
This is the most common question asked when taking out over-50s insurance. Many people also ask, “will I be accepted if I have pre-existing conditions?”, “what if I’m a smoker?”, etc. In short, the answer is no, you don’t need a medical exam, as everybody is accepted regardless of their current or future health conditions.
2. If you take out a plan, you can claim a Love2shop voucher worth up to £125
One of the best things about a Shepherds Friendly Over 50s Life Insurance plan is after paying your sixth monthly payment, you will be eligible for a Love2shop voucher worth £125. You can use this at many of your favourite retailers, including Argos, Marks & Spencer, John Lewis and Sainsburys.
3. The cost is up to you
One of the biggest questions people ask when thinking about life insurance is: “How much does it cost?” You can choose to invest £10-50 per month. The higher the premium you choose, the greater the level of cover you will have. This means your loved ones will receive a larger lump sum when you’ve passed away.
4.Coverage is guaranteed
Anyone aged between 50 and 80 can open this plan, as long as you’re a resident of the UK or the Isle of Man. Also, once you have agreed to your monthly payment, we guarantee this will never increase.
5. The lump sum your family receives can be put towards any funeral or outstanding costs
Once you’ve passed away and your family receives the lump sum from your plan, this money can be used to cover your funeral costs or any outstanding bills you may have. Furthermore, if you choose the funeral benefit option that is available with your plan, you can nominate your lump sum to be received by Co-op Funeralcare. This gives an up to £250 discount on your funeral on top of your Over 50s Life Insurance cover when you choose Co-op Funeralcare, a UK-based funeral care provider. Terms and conditions apply.
Founded in 1826 and based in Greater Manchester, Shepherds Friendly is a modern mutual known for its straightforward ISAs, investments, life insurance, and income protection plans. Offering products for life’s many milestones, it is dedicated to putting members first.
