“Scottish Friendly” is a mutual investment and life insurance company headquartered in Glasgow, Scotland.
This life insurance plan is designed by “Scottish Friendly” for older individuals who do not have existing life insurance cover.
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“Scottish Friendly” is a mutual investment and life insurance company headquartered in Glasgow, Scotland. Founded in 1862, “Scottish Friendly” has over 150 years of experience. The group manages over £5 billion in assets and has over 400,000 members.
Since the company has no shareholders, all profits are distributed back to the members. When a person invests in a “Scottish Friendly” investment plan or purchases life insurance cover, they immediately become a member of the society and, as a result, can benefit from the company’s profits. Currently, the company has three divisions that provide different services: an asset management division, a trustee company, and a life insurance division. “Scottish Friendly” offers two types of services: over 50s plans and term assurance plans.
Scottish Friendly’s term insurance includes two types of cover: life and critical illness. To purchase a term insurance contract, the person has to pay regular monthly payments. As a result, if the insured person dies or is diagnosed with a terminal illness with a life expectancy of less than 12 months, their family or dependents will receive a lump sum payment. However, the terminal illness must be diagnosed at least 18 months before the policy’s end date. The maximum level of cover offered by “Scottish Friendly” is £200,000. To apply for this life insurance product, the individual must be aged between 18 and 69 and be a resident of the United Kingdom. The person can choose the amount of cover and the length of the contract. When the contract is underwritten, the premiums are fixed for the entire term of the contract.
Before signing the contract, the person must provide the company with all relevant information to help underwriters determine the appropriate premium price. The company also requires all medical records and other relevant information from the potential client. “Scottish Friendly” also requires individuals to disclose any changes in personal health, family history, occupation, participation in hazardous hobbies, travel, and residence before the contract terms are finalized. The policy has no cash-in value, and at the end of the contract term, the policy simply expires if no claim is made.
This life insurance plan is designed by “Scottish Friendly” for older individuals who do not have existing life insurance cover. The plan accepts people aged 50 to 75 who are residents of the United Kingdom. This provides a simple way to leave a lump sum for family members after death. The lump sum will be paid out after two years of premium payments. If the individual dies within the first two years, their dependents will receive only the total premiums paid. However, if death occurs due to accidental causes within the first two years, dependents will receive the lump sum payout. To determine if a death was accidental or due to natural causes, the insurance company may contact the deceased’s doctor for their opinion. Accidental death is defined as an unexpected and unforeseen event that occurs during the insurance contract period. Premiums must be paid until the age of 85. After this age, the insurance contract remains active even if premiums are no longer paid.
The minimum monthly premium is £8, and the maximum is £50. The company guarantees that premiums will never increase and the cover amount will never decrease. The policy has no cash value at any time, and if premium payments cease, the cover will be canceled.
The payout from the over 50s life insurance plan can be used to cover funeral expenses. The payout is typically nominated to “Golden Charter”, a leading independent funeral plan provider. In this case, upon the policyholder’s death, “Golden Charter” manages all funeral arrangements and contributes an additional £200 towards funeral costs.
The cover amount for the over 50s life insurance offered by “Scottish Friendly” depends on four factors: the chosen cover amount, the policyholder’s gender, smoking status, and age. The maximum total cover for this life insurance product is £25,000. If a person requires more cover, they can purchase additional cover, but the total amount cannot exceed the maximum limit. The contract is available on a single life basis only.
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Defaqto ratings are an independent assessment of financial products, designed to help consumers understand the quality of different offerings. A 5-star rating signifies an excellent product with a comprehensive suite of features, while a 1-star rating indicates a more basic product. It’s important to note that these ratings are current as of March 7, 2025.
Scottish Friendly’s Over 50s Life Assurance plan has received a 1-star Defaqto rating. This rating positions it lower compared to many competitors in the market. When looking at similar Over 50s plans from other providers, we see:
For consumers considering Over 50s life insurance, the 1-star rating for Scottish Friendly suggests that while it offers a basic level of cover, exploring options from providers with higher ratings might be beneficial to secure more comprehensive features and benefits. Always compare policy features and costs to find the best fit for your needs.
| Type | Plan name | Rating |
|---|---|---|
| Over 50s life assurance | My Mutual Guaranteed Over 50s Plan | 1 |
