A simple and affordable way to provide a financial gift for a loved one or to help towards funeral expenses
- Affordable plan from just £5 a month
- Protection of a fixed lump sum when you die
- Option to nominate a family member to receive guaranteed lump sum
- Added peace of mind for you and your family
About this policy
The future can be unpredictable at times and we know that no one likes to think about what will happen when they're no longer here. But, when the time comes, wouldn't it be nice to know that your loved ones are taken care of and that there is help towards your funeral expenses, if needed.
Our Sheffield Protect 'whole of life' plan could be the perfect plan to do just that.
Please note: The Sheffield Protect 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. We’ll be happy to provide details of our other plans, which offer an investment return, on request.
What are they?
Our Sheffield Protect plan is a pure protection whole of life insurance policy, provided you pay all your premiums until death (or age 90) a guaranteed amount will be paid out to your estate. You also have the option to nominate* the funds to a specific person or to be used towards your funeral expenses.
Please note, this product does not participate in the profits of our investment fund or have any surrender or maturity value, it is purely a whole of life insurance policy.
Who are they for?
Available to anyone who would like to generate a fixed lump sum amount when they die. You must be a UK resident and aged between 16 and 70 (next birthday) and in sound health when applying.
Why open one?
Nobody likes to think about what will happen when they're no longer around. The Sheffield Protect plan can provide peace of mind in knowing that your loved ones will be taken care of, with added help towards your funeral expenses. The plan can provide a cash lump sum of up to £15,000 cover on death.
Frequently asked questions
Our most commonly asked questions surrounding Sheffield Protect can be found below.
Yes, as long as the total combined premiums do not exceed £50 per month and that your total combined final amount does not exceed £15,000, you can take out additional Sheffield Protect plans at any time before your 70th birthday.
As this is a whole of life plan, there’s no maximum term. The minimum term you can pay premiums for is ten years, but to maintain the full guaranteed final amount you’ll need to maintain premiums throughout your lifetime, or at least until your 90th birthday.
If you’re an existing premium paying member of the Society, or if you take out one of the Society’s with-profits savings policies at the same time as the Sheffield Protect, the Society will waive your first three months’ premiums.
This is called the ‘sum assured’ (guaranteed amount) and is dependent on the monthly premiums you choose to pay and your age, health and lifestyle when applying. Providing you pay all premiums due until your 90th birthday or until your death, if earlier, the agreed lump sum is guaranteed to be paid when you die. The maximum sum assured for the Sheffield Protect plan is £15,000.
Yes. The nomination form (sent out with your application) will give you the option to make a nomination in accordance with your wishes (immediate family including your spouse, civil partner, parent, child, grandchild, sibling, niece or nephew. Any nomination will be invalidated by a subsequent marriage or the death of the nominee.) You can also stipulate whether you would like the Society to make a payment towards your funeral expenses before paying out any balance of the claim and, unlike some other insurance plans, you’re free to choose the funeral director. You may amend the nomination at any time by writing to the Society. If you decide not to make a specific nomination, the sum assured will normally be paid to the executors or administrators of your estate, and your family may have to wait significantly longer to receive the policy proceeds.
We’ll ask the claimant for the original or a registrar’s copy of your death certificate, together with a completed claim form and the original policy document. Providing a valid nomination has been made, we’ll aim to ensure that your family member receives the lump sum within seven days of the claim. If a nomination is not made, we may need to see the Grant of Probate if there is a valid will or letters of administration if there is no valid will.
Please note: Payments to nominated claimants above £5,000 without sight of the Grant of Probate or letters of administration are entirely at the Society’s discretion and will require completion of the Society’s standard Deed of Indemnity and production of the original policy document.
We won’t pay a claim in the unfortunate event of your death before the first three monthly premiums have been paid, unless you die as a result of a fatal accident. Where the first three premiums are waived by the Society (see ‘Do I qualify for any special incentives?’ above) your policy will still need to have been running for at least three months for a non-accidental death claim to be paid.
We will only pay out on death, providing all premiums have been paid.
Any lump sum we pay out will be free of personal income tax or capital gains tax. If the cash sum forms part of your estate, it may not be free from inheritance tax.
When you open a policy with us, you will automatically become a member of the Society (adult policyholders only). As well as being able to have your say on how the Society is run each year, you will also have access to various discretionary member benefits when available, such as optical and dental grants, as well as exclusive access to a range of discounts and offers.
Need some further assistance? Our knowledgeable team would be happy to provide you with factual information about our products and services, so you can make your own decision about how to proceed. However, we are unable to give any advice or recommendations on the suitability of our products. If you are unsure, you should seek advice from a qualified financial adviser, which may incur a fee.
To comply with regulations, the Society will require confirmation of your identification and address. We’ll aim to do this using an electronic verification system, but reserve the right to ask for appropriate documentation from you, if this is not possible.
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