31 July 2020
Foresters Friendly Society’s Over 50s Life Insurance Rated 5 Stars
Foresters Friendly Society’s Over 50s Life Insurance, the 50+ Life Cover policy, has been rated 5 Stars by the Fairer Finance company, whose research is independent.
Fairer Finance is a research and ratings agency that looks to help consumers make more informed decisions, and which encourages financial services businesses to compete on more than price. Their product ratings are designed to help consumers choose a good quality product. Fairer Finance award 5-star ratings to the products which have a set of features which most customers will need and expect.
Foresters’ 50+ Life Cover’s features include:
- Monthly premiums automatically stopping when the policyholder reaches age 85. This is with the aim of reducing the possibility of them over-paying into the plan. Life cover continues until they pass away.
- A payment back (also known as a surrender value) if premiums stop after 2 years.
- Unlike most policies, our Over 50s Life Cover policy provides your cover with the potential to increase. We do this by investing your monthly premiums in our With Profits fund, which has performed consistently well vs. comparable funds. It has the potential to grow thanks to annual and final bonuses. (Source: Barnett Waddingham Survey Dec 2019)
Couple this with the fact that Foresters is a mutual Society, meaning it is owned by and run for its members, it all starts to add up.
Established in 1834, with over 70,000 members today, in addition to the millions paid out in the form of policy bonuses each year, in 2019 Foresters also paid out over £1.6million in member benefits which include discretionary financial grants to members, which don’t require paying back.
Foresters also boasts a 96% member satisfaction score (2018 member survey) and a 4.6 star rating on its member reviews site.
Commenting on the 5 star rating, Sally Waterfield, Head of Marketing for Foresters Friendly Society, said:
“We are thrilled that our over 50s plan has been recognised as offering true consumer value in the market place. As a unique plan, with its with-profits investment element, one of the plan’s key aims is to safeguard our members and their families from their insurance payout being eroded by the effects of inflation, thus providing loved ones with peace of mind when the time comes. Planning for the future is made simple by taking out a guaranteed acceptance over 50s plan with Foresters and the added touch of our valuable member benefits program assists our members even further should they need it”.
To find out more about the 50+ Life Cover policy, click here
The Fairer Finance ratings are designed to help customers make more informed decisions, but they should not be taken as recommendations or advice. Every customer has different needs, and the ratings are simply designed as a short cut to help consumers make sense of the complex world of financial products.
Depending on how long you live, the total amount you pay in may be more than the amount payable on your death. Please also bear in mind that if you should die during the first two years of the policy, payouts are limited to the return of premiums – other than in the case of accidental death when your dependants will receive your full lump sum.
Bonuses are not guaranteed and depend on the performance of our Order Insurance Fund and how we decide to distribute any profits. The lump sum your loved ones eventually receive may be subject to inheritance tax.