We all know the future can be unpredictable, that's why we have a range of products that can give you that added peace of mind
Nobody likes to think about what will happen when they're no longer around, but when the time comes it's reassuring to know that your nearest and dearest, as well as any expenses, will be taken care of.
Our life insurance plans give you the added security and peace of mind you've been looking for. You can view our plans below but if you need any further information please don't hesitate to get in touch - we're happy to help.
This 'whole of life' plan is a simple and affordable way of providing a legacy for a loved one with the option to nominate a beneficiary
Tax-free savings with the added benefit of life insurance for you and your loved ones
Risks you should be aware of:
If you surrender the plan before maturity (which is the term you select when first starting the plan), you may get back less than you have paid in.
Tax treatment depends on individual circumstances and may be subject to change in the future.
The Whole of Life Plan is a pure protection life insurance policy and doesn’t participate in the profits of the Society’s investment fund or have any surrender or maturity value.
Thinking about what happens after we’re gone is never easy, but having a plan in place can offer you and your family security and peace of mind.
At Sheffield Mutual, we have created products to help our members provide financial support to their families when they need it the most.
By choosing one of our life insurance options, like our Whole of Life Plan or our Tax Exempt Savings Plan with Life Insurance, you can create a guaranteed payout to help cover funeral costs, pay for any unforeseen expenses, or provide a financial legacy to help your family.
Our plans start from just £5 a month and offer guaranteed amounts upon maturity or death, helping you and your family manage any unexpected costs and provide for their futures.
The right plan depends on a variety of factors, including your life circumstances and the amount you want to invest in your insurance.
At Sheffield Mutual, we offer two life insurance products to allow our members to choose the plan that is right for them.
With our Whole of Life Plan, you can rest assured knowing that a fixed lump sum will be paid out after your death, as long as you continue paying your premiums until you pass away or reach the age of 90. This option also allows you to nominate £5,000 for a specific beneficiary, or to help towards funeral costs.
To apply for Sheffield Mutual’s Whole of Life Plan, you must be a UK resident between the ages of 16 and 70 (inclusive of your next birthday) and in good health.
Tax Exempt Savings Plans with Life Insurance are a type of product exclusive to Friendly Societies, such as Sheffield Mutual. Regular Tax Exempt Savings Plans are tax-efficient ways to save, meaning that you won’t be charged tax on any interest or bonuses earned. A Tax Exempt Savings Plan with Life Insurance offers all of these benefits, with the addition of life cover, meaning that if you pass away during the term, we will pay the final guaranteed amount, plus any bonuses that have been accrued.
It can be uncomfortable to think about what happens when we pass away, but Sheffield Mutual’s team of friendly experts are here to help. If you have any questions about our life insurance products or if you are interested in becoming a member of Sheffield Mutual, please contact us for more information.
For more information on the risks involved with this product, please refer to the relevant ‘Risks You Should Be Aware Of’ section on the product page.
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