It pays to be part of a mutual
Tuesday, April 14, 2015
Foresters Friendly Society in 2014 paid out a total of £871,000 in discretionary financial grants for members in addition to the bonus payments made to with profits policyholders (source: Report & Accounts 2014).
When you take out a financial product with the Society you automatically become a member and have access to the Foresters unique range of member benefits, known as Foresters Extras, at no additional cost. These include discretionary:
- healthcare grants to help cover the cost of optical and dental care,
- educational grants to assist with the costs of higher education,
- hardship grants when members fall on hard times such as during flooding.
Other member benefits include helplines for
- a 24/7 GP consultation service,
- a care advisory service provided by a Personal Nurse Adviser,
- welfare benefits information provided by Citizens Advice.
As a mutual society, where profits are distributed to members or reinvested to enhance customer service, member benefits form an essential part of Foresters' ethos with the Extras package being a key component of Foresters' member-focussed approach.
Commenting, Foresters Friendly Society Head of Marketing Sally Waterfield said: “Friendly societies are one of the oldest types of financial institutions and have been around for hundreds of years. The idea behind them is simple- if a group of people contribute to a mutual fund, they can receive benefits from that fund in times of need – such as ill health or old age. Foresters has been supporting families with their finances since 1834 and we now have more than 80,000 members. The payment of grants and charitable donations is a strong part of our heritage.”
You can find out more about Foresters Extras here.The discretionary grants and benefits offered by Foresters Friendly Society are not regulated and are regularly reviewed by us to ensure they are relevant to our members.