Scottish Friendly over 50s life insurance review

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.

Please note, Reassured do not sell Scottish Friendly life insurance but can offer a large variety of other polices from leading UK insurers, such as SunLife and One Family.

Reassured offer a fee-free, no-obligation, personalised quote service.

Scottish Friendly over 50s life insurance key points

Key points:

  • No medical questions asked / guaranteed acceptance
  • Cover from just 23p-a-day if bought directly through them (quote based on 50 year old, non-smoker with £2,000 cover)
  • Fixed monthly premiums
  • Guaranteed cash pay out after 2 years
  • Accidental death cover as standard
  • £100 gift voucher for new customers when buying directly
  • Cover between £2,000 - £20,000
  • Your premium payments could stop on your policy anniversary (the month you started your plan) after your 90th birthday

Who is Scottish Friendly?

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.

Scottish Friendly reviews and ratings

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.

However, customer reviews provided on Trustpilot (for all Scottish Friendly products) are more positive. Additionally, Fairer Finance provides a thorough review and high score.

Below is a table showing each reviewing forum and the star rating (out of 5) for Scottish Friendly:

5 star defaqto rating Over 50s1 star
Fairer Finance logo Over 50s4 stars
Trustpilot logo All financial products3.6 stars

At Reassured, we’re rated ‘Excellent’ on Trustpilot from more than 75,000 customer reviews.

How much over 50 life insurance do you need?

Enter your financial commitments below to understand the level of over 50 life insurance you require.


According to Uswitch, it’s estimated that 23,000 people in the UK will still be paying off their mortgage by age 75.

Although an over 50s plan can’t cover the full cost of a mortgage (as cover is capped at £20,000), it could help to contribute some funds towards keeping your family in their home.


Research by Saga shows that nearly 6 million over 50s owe money on credit cards and loans, with average debt amongst this age group totalling £12,000.

Depending on your personal circumstances, an over 50s plan may not be able to cover all debts (as cover is capped at £20,000) but it could allow you to cover some debts in your name.


SunLife’s Cost of Dying 2023 report found that the average cost of a basic funeral is £3,953, with the overall cost of dying totalling £9,200.

A pay out from life insurance can help to cover all or some of these costs.


Age UK have found that many over 50s and 60s will be reliant on their pension to get by.

Life insurance can provide your partner with a helping hand on top of their pension.


An inheritance can provide your loved ones with a cash gift to spend as they wish.

Alternatively, you could leave a portion of your pay out to a charity that’s close to your heart.


If you already have a life insurance (or other financial protection) policy in place, and/or you have your own savings, factoring these into your sum assured could reduce the level of cover you require - helping you to save money.

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How does Scottish Friendly over 50s life insurance work?

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:

Choice Of Options

Choose your cover amount. You can choose between £2,000 - £20,000 depending on your age, smoking status and budget.

Paperwork Application

No medical questions. You won’t get asked any medical questions when applying which can be in favour for those who have pre-existing medical conditions.

Guaranteed Acceptance

Guaranteed acceptance. As an over 50s policy, you will have guaranteed acceptance if you’re aged 50 - 74.

Premium Type

Fixed monthly premiums. Your monthly life insurance premiums will never increase. These are calculated based on your age, smoking status and cover amount.

Family Protection

Guaranteed pay out after two years (waiting period). The policy includes immediate accidental death cover, and full cover after two years.

At Reassured, we can help arrange over 50s life insurance for applicants aged 50 - 85. Get in touch for your free quotes.

How much is Scottish Friendly life insurance?

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:

AgeMonthly cost

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:

AgeMonthly cost

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.

What can Scottish Friendly life insurance cover?

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.

Your life insurance pay out could help towards costs such as:

  • Funeral costs
  • A small inheritance
  • Any remaining credit / financial debts
  • Donate to a charity of choice

The average cost of a basic funeral is £3,953 in the UK[1], therefore having a form of financial protection can help loved ones with these expenses.

Scottish Friendly free gift

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

How does Scottish Friendly compare to other insurers?

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:

Scottish Friendly logo SunLife logo OneFamily logo
Guaranteed acceptance age50 - 7450 - 8550 - 80
Waiting period24 months12 months24 months
Max sum assured£20,000£18,000£20,000
Stop paying premiums but cover continuesAge 90Age Payments stop when you pass away (or until you’re 88 with PayStop premium cap option)ge 90
Rating (Based on Fairer Finance score) Defaqto 4 stars Defaqto 4 stars Defaqto 4 stars
Terminal illness cover included as standard Icon ruby cross Icon ruby cross Icon green tick
Accidental death benefit during the waiting period Icon green tick Icon green tick Icon green tick

Reassured can compare over 50s life insurance quotes from SunLife and One Family.

Pros and cons of Scottish Friendly life insurance

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 awayIt 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

Compare over 50 life insurance quotes

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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