What’s the best over 60 life insurance? Find out about your…
Scottish Friendly are a Glasgow based, financial services group who offer a large range of financial products, including savings and investment products, as well as ISAs and OEICs.
With a variety of online ratings from both experts and customers (via Defaqto, Trustpilot and Fairer Finance), they are rated between 1 and 4 stars out of 5 for their life insurance.
Scottish Friendly only offer one life cover product; over 50s life insurance. This is a type of policy that guarantees acceptance if you’re aged between 50 - 74.
But is Scottish Friendly the right insurer for you?
Read this in-depth review to find out. We unpick all you need to know about Scottish Friendly over 50s life insurance and if they offer a suitable policy for your needs.
Reassured offer a fee-free, no-obligation, personalised quote service.
Scottish Friendly is a Scotland based insurer group who offer many financial services. Within the entire company, there is around 200 members of staff.
They claim to be the largest mutual life offices in the UK, managing over £8 million in assets and having over 400,000 members.
Established in 1862 with the original company name of ‘City of Glasgow Friendly Society’, they have since flourished over the past 160 years by growing the business and winning awards, such as Best Junior ISA provider in 2021 for the third year running, as well as changing names to what it is today in 1992.
As well as offering financial services, they also take pride in participating in local Scottish charitable events.
They are a mutual company, with no shareholders, meaning they are owned and run for the benefit of their members.
By reading customer and expert reviews for life insurance products, you can gain a reliable understanding of customer experience and if the insurer is as good as they claim.
According to expert rating service, Defaqto, Scottish Friendly do not provide the best service or life insurance policies on the market.
Below is a table showing each reviewing forum and the star rating (out of 5) for Scottish Friendly:
|All financial products
At Reassured, we’re rated ‘Excellent’ on Trustpilot from more than 75,000 customer reviews.
Over 50s life insurance is a type of policy which guarantees to pay out a cash lump sum to your loved ones when you pass away.
The Scottish Friendly over 50s life insurance policy is called ‘My Mutual Guaranteed Over 50s Plan’. It’s available to UK residents aged 50 - 74.
Here’s out it works:
At Reassured, we can help arrange over 50s life insurance for applicants aged 50 - 85. Get in touch for your free quotes.
Scottish Friendly advertise their life insurance starting from 23p-a-day (or £7 a month).
However, the price of your policy will be determined by your smoking status and what your pay out amount is.
The pricing comparison between if you smoke or not, typically makes a substantial difference to the premiums you pay.
The table below shows example premium prices for a non-smoker requiring a pay out of £4,000, for an over 50s life insurance policy, bought directly through Scottish Friendly:
The table below shows example premium prices for a smoker requiring a pay out of £4,000, for an over 50s life insurance policy, bought directly through Scottish Friendly:
Pricing correct as of 05/01/24
Over 50s life cover through reassured starts from £5 a month. We can compare prices from different top insurers to help you find our best deal.
Life insurance is designed to help financially protect loved ones when you pass away. The maximum pay out for over 50s life insurance from Scottish Friendly is £20,000.
The average cost of a basic funeral is £3,953 in the UK, therefore having a form of financial protection can help loved ones with these expenses.
If you buy an over 50s policy with Scottish Friendly you may be eligible for their free £100 gift card.
Many insurers offer a ‘free’ incentive for new customers purchasing a financial product. This is to entice potential customers into securing cover with them.
Reassured have written a full guide to free gifts with over 50s life insurance amongst leading insurers.
When securing life insurance through Scottish Friendly directly (not through a broker or agent) and you are a new customer, you may receive a £100 gift card after 6 monthly payments. The voucher can then be spent at a variety of UK shops.
Correct as of 05/01/24 - no specified end date to this deal
Comparing insurers can be a great way to give an insight into which policy could be suitable for you.
Below is a table comparing over 50 leading insurers, One Family and SunLife (basic GOF plan), with Scottish Friendly:
|Guaranteed acceptance age
|50 - 74
|50 - 85
|50 - 80
|Max sum assured
|Stop paying premiums but cover continues
|Age Payments stop when you pass away (or until you’re 88 with PayStop premium cap option)
|Rating (Based on Fairer Finance score)
|Terminal illness cover included as standard
|Accidental death benefit during the waiting period
Reassured can compare over 50s life insurance quotes from SunLife and One Family.
|Premiums could be affordable starting at 23p-a-day (£7 a month)
|You could end up paying out more in premiums than your final pay-out, depending on how long you live
|You could stop paying your premiums when you reach your 90th birthday, whilst some other insurers require payments until you pass away
|It may not fully cover all costs needed, over 50s cover tends to pay out a smaller amount that standard life insurance (could help pay for a funeral but not necessarily cover the full cost)
|If you pay 5 years’ worth of premiums but need to stop paying, you could still get a reduced cash benefit (which will be equal to your cash benefit multiplied by your Payment Share)
|Inflation will reduce its buying power over time, whilst the cash sum is fixed
|Rated 1 star on Defaqto
|The maximum age limit is 74 for a policy, while with other insurers it can be up to 85 years of age
Whilst not ranked highly by reviewers, Scottish Friendly can offer an affordable policy with basic features.
Whilst Reassured don’t sell Scottish Friendly products, we can offer our professional broker services, helping find suitable polices that fit your needs and budget.
Not only can we help compare over 50s life insurance quotes, fee-free and with no-obligation, but we can also provide you with all the information you need to make an informed decision.
Whilst it’s possible to secure a policy with Scottish Friendly from £7 a month, Reassured can find over 50s life cover starting from as little as £5 a month.
Why not get in touch with one of our friendly experts today?
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
very courteous and friendly. Polite professional and empathic.Stedroy Fenton
Another happy customer I am. They are very professional and kind. Fully communicative. I recommend.Piotr Stepien
Really attentive during the call, good clear guidance throughout. Well done.Michael Reynolds
Amazing service quick fast and easy and Joey was a star on the phone really help me thanks.Sera Woolley
I made the right choice and now I feel relieved that I did.glyn
Really genuine kind and compassionate team with great knowledge and friendly approach highly recommend them!Katelia Merritt
I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry