Vitality income protection
Find out everything you need to know about Vitality income…
6 min
Shepherds Friendly is a mutual society insurer, established in 1826, offering a variety of financial products, from income protection to ISAs.
One of Shepherds Friendly’s top products is income protection, offering customers peace of mind that they’re protected if they were ever unable to work for a period due to illness or injury.
Their income protection is seen to be excellent, rated 5 stars by expert rating site Defaqto.
However, does their income protection truly deliver on its promises and how does it compare to other options available on the market?
The advised team at Reassured can compare whole of market quotes for income protection to ensure you find the best deal.
Why not get in touch today with one of our friendly professionals today to protect your income?
Shepherds Friendly was established on Christmas day 1826. Based in Cheshire and a mutual society company, Shepherds Friendly have no shareholders.
Their profits are reinvested back into the business to enhance the services they provide, operating for the benefit of its members.
Their initial goal was to offer financial protection to members who couldn't work because of illness or injury and 200 years later they are still protecting incomes, as well as offering other financial products; life insurance, ISAs and investments.
Shepherds Friendly income protection is rated highly overall with 5 stars on expert rating sight, Defaqto.
By evaluating expert ratings and customer reviews, you can determine whether a company is trustworthy and if their product is of good quality.
Below is a table showing both customer and expert reviews about Shepherds Friendly:
Review site | Product | Score |
---|---|---|
![]() | Income protection | 5 stars |
| All products | 4.1 ‘Great’ |
| All products | 4.6 |
![]() | Income protection | 4.79 |
(Correct as of 22/11/24)
Certain review platforms may choose not to evaluate specific products, focusing on only the insurance company as a whole instead.
This can limit the scope of information available to consumers seeking detailed product reviews.
Why not check out this Shepherds Friendly life insurance review written by Reassured.
Reassured is rated ‘Excellent’ with over 80,000 reviews on Trustpilot.
Income protection is a form of cover that pays out if you were to have an injury or illness that temporarily prevents you from working.
Insurers could pay out up to 70% of your usual income. Typically, up to a maximum annual cap (for example, with Shepherds Friendly this is £33,600 per year).
You’ll receive monthly (tax-free) payments that can help with essential costs that your usual income would have covered, relieving you of financial stress whilst you recover.
There are different types of policy available, which can be catered to your personal circumstances and budget.
Reassured can help you explore your options through our whole of market comparison.
Protect your income from just 20p-a-day through Reassured ‡ .
Please note, you must be incapacitated for longer than your deferred period in order for your payments to commence.
Get in touch today to protect your income and monthly expenses.
Shepherds Friendly advertise on their website that income protection policies can start from £5.
Typically, the price you pay for income protection can be influenced by:
However, Shepherds Friendly stand out as insurer by not increasing premiums due to health / lifestyle factors like most other insurers do. Instead, premiums are age-banded and will increase the older you become.
Below is an example table of how much Shepherds Friendly income protection could cost:
Age | Price per month |
---|---|
20 | £12.95 |
25 | £13.82 |
30 | £15.58 |
35 | £16.98 |
40 | £19.60 |
45 | £22.22 |
50 | £32.72 |
Quotes are based on a non-smoker, in good health, with an annual income of £30,000. Cover is until age 65, with a 2 year payment period and 6 month deferred period.
Below are the income protection policy terms and conditions offered by Shepherds Friendly:
Maximum benefit amount | 70% gross tax income or £33,600 per year |
Deferred period | 4, 8, 13, 26 or 52 weeks |
Definition of incapacity | Own occupation |
Maximum payment period | - Full cover: pays out until your chosen retirement age, up to a maximum of age 70 - Limited term: pays out for a maximum of 1 - 2 years |
Premium type | Age banded (premiums increase yearly on the anniversary of the plan) |
In 2022, Shepherds Friendly paid out 96.2% of their income protection claims[1].
Usually a good indicator to if an insurance company is actually any good, is by reviewing their annual pay out rates and if they are high.
Pay out rates vary between insurers as they have their own terms and conditions (criteria).
A common figure of insurers paying out claims in income protection is around 84.4%[2]. Therefore, proving that Shepherds Friendly are reliable and tick one of the boxes towards being an excellent insurer.
We can offer assistance in comparing quotes from providers with high pay out rates.
Shepherds Friendly offer a simply automated online application that only takes 10 minutes to complete.
This can make the process for advisers and customers easily accessible and hassle free (based on moratorium underwriting).
Please note this is an option for those who require short-term (one- to two-year) cover and when certain health and lifestyle conditions are met.
Shepherds Friendly include enhanced benefits to all UK customers with an income protection policy open with them.
Partnering with Nuffield Health, Shepherds Friendly offer health and wellbeing support services for those with an income protection policy.
This includes:
As well as this, they also provide family support benefits. This includes:
One or Two-Year Benefit option
You can choose the duration for when benefits will be paid, with the option to set it up to a maximum of one or two years for every claim.
Guaranteed Insurability Option
The option to increase your benefit amount (provided you remain within the maximum benefit threshold) if certain 'life events' like a mortgage increase, marriage, having children, or divorce occur, you won't need to fill out another full application form or provide new medical information.
Waiver premiums
When your claim is accepted, Shepherds Friendly won’t need to collect any premiums for the period commencing 4 weeks after the expiry of the waiting period until your claim ends.
House person benefit
If you become unemployed, you can still be eligible for the house persons benefit which is a capped pay out of 1,400 a month maximum for 12 months.
Career Break
You can apply to suspend cover and premium payments for 3-24 months, known as a ‘career’ break. In this time you won’t be able to make a claim.
The advised team at Reassured can compare Shepherds Friendly income protection with all other UK insurers with its whole of market comparison service.
Meaning, not only can you explore what other insurers have to offer compared to Shepherds Friendly, but you can also find the best deals.
All quotes are personalised, fee-free and with no-obligation, allowing you to explore the market and secure your perfect cover.
Our friendly professionals can assist you throughout the entire process, answering any questions or queries you may have regarding income protection.
So why not reach out today and start your journey to protecting your income?
[1] https://www.shepherdsfriendly.co.uk/news/shepherds-friendly-claims-paid-2022/
[2] https://www.abi.org.uk/news/news-articles/2023/5/protection-insurers-pay-out-6.85-billion-to-support-individuals-and-families/