Member benefits
Our members have been our number one priority since 1892 and we aren’t about to change that now. As well as our members benefitting from being part of a mutual organisation, where all surplus profits go back to members not shareholders, they also have access to a whole host of other benefits.
Tell-a-friend about us and earn up to £50 each...
By recommending a friend or family member to us, both you and your friend will receive a gift card worth up to £50 after your friend’s policy starts.
There’s no limit to the number of friends or family members you can recommend and if they require advice, your friend’s policy can be arranged through them seeking help from a financial adviser.
To recommend a friend to us, register for an account here.
Optical & dental benefits
We currently offer discretionary grants of up to £30 every two years per member for both optical and dental treatment, once the policy has passed its first anniversary. You’ll need to contact us before you make a claim, as these benefits are discretionary and, therefore, could be withdrawn at any time.
To make a claim, download a form, or if you contact us we can send you a form by post or email.
You will need to send a copy of your receipt (which should be dated within the last three months) with the completed claim form and we'll do the rest!
Dental benefits include check-ups and treatment. Optical benefits include eyesight tests, glasses, contact lenses and prescription sunglasses.
You may claim optical and dental benefits on all of our policies that have passed their first anniversary and are still active. The minimum benefit is £10, but we offer an extra £1 for every £20 annual contribution made to your policy(ies). The maximum benefit is £30 for dental and £30 for optical per member and you can make a claim once every two years for both optical and dental expenses.
How does it work?
You may claim optical and dental benefits on all Sheffield Mutual policies that have passed their first anniversary and are still in force. The minimum benefit is £10 but we will offer an extra £1 for every £20 annual contribution made to policies. The maximum benefit is £30 for each benefit per member and you can make a claim once every two years for both optical and dental expenses.
| Regular savers | Calculation | Example |
| Calculate your total annual premium by adding together your monthly policy payments and times this by 12. |
Annual premiums of all your regular premium policies over one year old ÷ 20+10 = benefit (max £30) |
If you have a policy (or combination of policies) that you pay £25 per month to: Your annual premium =£25x12 = £300 Therefore £300÷20+£10 (basic) = £25 benefit available. |
| Lump sum investors | Calculation | Example |
| Simply divide the lump sum by ten to produce an equivalent annual premium. |
Lump sum ÷ 10 = annual premium ÷ 20+10 = benefit (max £30) |
If you have invested a lump sum of £4,000: Your equivalent annual premium = £4,000÷10 = £400 Therefore £400÷20+£10 (basic) = £30 benefit available. |
Exclusive access to a range of savings with BenefitHub
As a Sheffield Mutual member, you also have access to BenefitHub, provided by UK Healthcare. A platform with exclusive discounts from every category you can think of and featuring the brands you love.
Access to a Member Assistance Programme
As a member, you also have access to the Member Assistance Programme, which includes a range of valuable telephone services for you to use.
The services are available 24 hours a day, 365 days a year and include legal advice, counselling, bereavement services and legal and medical information.
Enhanced guaranteed amount on reinvestments...
We will offer an enhanced final amount of 104% (normally 103%) on all maturing policies reinvested into our Investment Bond.