Sheffield Protect - whole of life plan

A simple affordable way to provide a legacy for a loved one

Sheffield Protect - whole of life plan

Sheffield Protect - whole of life plan

Why choose this plan?

  • The facility to leave a financial legacy and provide for your funeral and other expenses.
  • Affordable premiums from just £5 per month, which won’t change during your lifetime.
  • A guaranteed fixed amount paid when you die, providing you maintain your premiums.
  • The facility to stop paying premiums after ten years, with a reduced guaranteed fixed amount.
  • The option to nominate a family member to claim the policy proceeds when you die.
  • The option to ask for your funeral expenses to be paid from the policy proceeds.

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.

Who can take out a Sheffield Protect plan?

You can apply for a Sheffield Protect plan as long as you are:

  • Aged between 16 and 70 next birthday.
  • In sound health when applying.
  • A UK resident (this excludes the Channel Islands and the Isle of Man).

Can I take out more than one Sheffield Protect plan?

Yes, as long as the total combined premiums do not exceed £50 per month and that your total combined sum assured does not exceed £15,000, you can take out additional Sheffield Protect plans at any time before your 70th birthday.

How much will the plan pay out on my death?

This is called the ‘sum assured’ 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 sum assured is guaranteed to be paid when you die. The maximum sum assured for the Sheffield Protect plan is £15,000.

How long does my plan run for?

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 sum assured you’ll need to maintain premiums throughout your lifetime, or at least until your 90th birthday. 

How much should my monthly premiums be?

You decide on the premium you would like to pay (from £5 to £50 per month) and we’ll provide a quote which shows what your sum assured will be (up to £15,000). The monthly premium is guaranteed not to change during your lifetime.

For example, for a person in good health, the life cover for a given monthly premium would be:

Age next birthday£5£10£15£25£50
30 £6,375 £12,750 - - -
40 £4,335 £8,670 £13,005 - -
45 £3,520 £7,040 £10,560 - -
50 £2,815 £5,630 £8,445 £14,075 -
55 £2,220 £4,440 £6,660 £11,100 -
60 £1,715 £3,430 £5,145 £8,575 -
65 £1,290 £2,580 £3,870 £6,450 £12,900
70 £940 £1,880 £2,820 £4,700 £9,400

- The given monthly premium would exceed the maximum £15,000 sum assured.

Do I qualify for any special incentives?

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. 

How do I pay the monthly premiums?

You can pay your monthly premiums by direct debit on either the 15th or the last day of the month. 

What happens if I stop paying premiums?

If you stop paying premiums in the first ten years, the plan will lapse without value. After ten years you may stop paying premiums and the policy will be ‘paid up’ with a reduced sum assured for the remainder of your life. This will be calculated by the Society’s actuary and provided to you on request.

Can I choose who’ll receive the lump sum after my death?

Yes. The policy proposal form will give you the option to make a nomination in accordance with your wishes*. You can also stipulate whether you would like the Society to settle 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. 

How is the sum assured claimed?

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 probate or letters of administration.

Please note: Payments to nominated claimants above £5,000 without 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. 

Are there any exclusions I should be aware of?

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. 

Will there be any tax liability?

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.**

Are there any charges?

The society will make an initial charge of 100% of the first year's premiums. In the second and subsequent years the charge is 10% of the annual premiums. The cash sum on death is not affected by these charges.

What about membership?

Yes, you will become a voting member of the Society with access to various discretionary benefits when available, such as optical/dental grants.

Do I need to provide additional information?

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. We don’t normally require identity documents from existing members.

Where can I get further help or information?

Our friendly and knowledgeable staff will be happy to provide you with factual information about the Society’s products and services, so you can make your own decision about how to proceed. No advice or recommendation will be given and if you’re in any doubt about the suitability of a product, you should seek advice from a suitably qualified financial adviser, which may incur a fee.

How do I start my plan?

Simply click on the “Get A Quote / Apply Now” button where you will have the option to:-

  • Get a quote online
  • Apply online or
  • Download an Application Pack
  • View/download/print :- Our Product Brochure and Key Features

If you choose to apply online, this will be submitted to the office where we will check and print out your application and then post it out to you to sign and return.

If you choose to complete a paper application please follow the checklist provided in the application pack and send your application to :-

Sheffield Mutual Friendly Society, 3 Maple Park, Tankersley, Barnsley, South Yorkshire S75 3DP along with a cheque for the initial premium made payable to "Sheffield Mutual" (where applicable). If you prefer we can take your first premium by debit card over the phone.

* You may nominate a member of your 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 may amend your nomination at any time by writing to the Society.

**  All references to taxation are based on the Society’s understanding of current tax legislation and practice, which may change in the future.

The application process should typically take around 10 mins

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