Typical questions asked about our Tax Exempt Plan with Life Cover
How much can I save in a Tax-Exempt Plan?
The Government restricts the amount that an individual can save in a tax-exempt plan because of the tax concessions available. Under current legislation the maximum individual investment is £25 per month or £270 annually. The minimum you can save in Sheffield Mutual plan is as little as £5 per month or £50 annually.
Is Life Cover included?
Yes, subject to underwriting. The amount of life cover will be the guaranteed sum assured plus any bonuses, which may already have been added. This payment will be made should you die before the end of the agreed term.
Can I make early withdrawals?
You cannot make any withdrawals but if your circumstances change, providing you have paid at least one year's premiums, you can surrender your policy. Keep in mind however, that the plan is designed for medium to long-term investment and the surrender value may be less than the amount you have paid in.
Can the Society provide me with advice?
Sheffield Mutual is happy to provide any advice you need, to help you make the right choice. If you would like one of our financial advisers to speak with you either at your home or other convenient location please write to us at:
Sheffield Mutual Friendly Society
3 Maple Park
Maple Court
Wentworth Business Park
Tankersley
Barnsley
South Yorkshire
S75 3DP
or by telephone 01226 741000
or via e-mail on enquiries@sheffieldmutual.com
Do I need to provide any additional Information?
In order to comply with regulations, Sheffield Mutual will require confirmation of your identification and address. We will therefore ask to see documents such as a passport or driving licence and utility bills or bank statements before issuing a policy.
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