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Foresters Friendly Society is a mutual society company that offer a variety of financial services, including life insurance policies for over 50s.
Their services are highly rated by both experts and customers, being rated 4.5 on the honest customer reviewing sight, Reviews.IO.
We have written a detailed 2023 review of Foresters Friendly, covering all you need to know about their over 50 life insurance plans and what they have to offer. Discover all your unanswered questions in this quick and easy read.
Please note, Reassured don’t sell Foresters Friendly over 50 life insurance. However, we do sell policies from other leading insurers and are able to compare quotes for you, which could help you save time and money on a policy.
Should you secure an over 50s plan with Foresters Friendly Society? Continue reading to decide for yourself…
An over 50s plan is a type of life insurance for those aged between 50 - 80 or 85 with some insurers.
It’s a popular option for those who may have been declined before or have health issues as there are no medical questions or exams required when applying for a policy, which makes the application short and simple (as well as affordable).
It’s also a good option if you don’t require a large pay out and are just looking to help cover expenses like funeral costs or a small inheritance for loved ones as the maximum pay out is typically around £20,000.
Unlike many insurers, Foresters Friendly offer an increasing over 50s policy, called '50+ Life Cover'. This policy offers a potential for cover to increase by them investing the monthly premiums you pay into their ‘Order Insurance Fund’ which offers the chance to increase your pay out by way of bonuses.
The only type of life insurance Foresters Friendly offer is over 50s, below are some key points about the cover they offer.
If you need help understanding the product further you could seek financial advice, to make sure it’s the right product for you.
Reassured offer a quote comparison service for over 50 life insurance from other leading insurers, helping you obtain a guaranteed acceptance policy if you are between the required age of 50 - 85.
When searching the market for insurers, reading reviews is a great way to find out about customer experiences and how reliable they are as a company.
Many review sights have rated Foresters Friendly highly, for example Reviews.io rate them a 4.5 (out of 5). However, this is a reflection of all of their products.
To consider only their life insurance reviews, we have looked at ratings for their over 50s policy.
Fairer Finance, is a review website where experts review and rate businesses, considering all its factors. Foresters Friendly has been awarded 5 stars for its over 50s policy.
Defaqto, another expert rating service, reviewed Foresters Friendly as 4 stars.
|Review website||Star rating|
(The above accurate as of 14/09/23)
At Reassured, we’re rated ‘Excellent’ on Trustpilot with more than 70,000 customer reviews.
Starting in 1834, Foresters Friendly originated from the idea of when a household breadwinner fell ill and couldn’t work, meaning they wouldn’t receive wages.
Providing financial and social support to members has been a priority throughout their entire history.
Being a mutual society company means there are no shareholders, and all their profits are distributed to members through policyholder bonuses.
Foresters Friendly also include many benefits to their members. Taking out any of their financial products automatically makes you a member.
Foresters Friendly offer a variety of financial services, such as:
They have also been FCA-regulated since 2000, meaning you are secure buying a plan through them.
How much life insurance you need will depend on factors such as your financial commitments, personal circumstances and budget.
For example, many people who take out over 50s cover plan for it to help towards funeral costs, as this can be an expensive financial burden to leave for loved ones.
According to the SunLife Cost of Dying report, the cost of a basic funeral in the UK is £3,953 on average.
Enter your financial commitments into our life insurance calculator to discover how much over 50s cover you might require:
If directly purchasing from Foresters Friendly, your monthly life insurance premiums can vary from £10 to £100.
You’re able to choose how much you pay each month, although this will determine how much the pay out will be.
The more you pay monthly can also increase the amount of potential investment money you could receive in your pay out.
|Premium paid||Basic sum assured||Sum assured with 1.5% growth a year||Sum assured with 4.5% growth a year|
Based on someone aged 50
At Reassured, over 50 life insurance quotes start from just £5 a month and you could secure up to £20,000 depending on your personal circumstances and budget.
We have created a table to compare other over 50s policies with Foresters Friendly to help you find a suitable option for your needs.
|Age restrictions||50 - 80||50 - 85||50 - 80|
|Waiting period||24 months||12 months||24 months|
|Max sum assured||£29,000||£18,000||£20,000|
|Free funeral benefit + contribution||None||£250 contribution offered||£300 contribution offered|
|Increasing sum assured||
It’s common for insurers to offer a ‘gift’ incentive in return for customers to directly secure a policy with them. Foresters Friendly are currently offering a £35 gift card to customers when you secure an over 50s policy.
Once you have made 3 months’ worth of premium contributions, you’ll receive your eGift card, however you will only receive the gift card if buying directly through Foresters Friendly (not via a broker or adviser).
The eGift card offers 200+ shops to choose from, which is a better variety than many other insurers gift cards.
Here at Reassured, we have written an updated guide on over 50 life insurance with a free gift, so you can see what other insurers have to offer »
Listed below are some pros and cons of over 50s life insurance with Foresters Friendly, compared to other generic over 50 policies:
|A potential increase on sum assured due to investments||No terminal or serious illness benefits|
|Premium payments stop at 85 (with other insurers this is later or until death, this is to prevent paying more in premiums than pay out)||No funeral benefit or discount offered with a funeral provider|
|Full pay out of the basic sum assured for accidental death during the waiting period||24 month waiting period (compared to others who offer 12)|
|A £35 gift incentive (not all insurers offer a free gift)||Pricing starts from £10 which is expensive compared to some other policies (pricing through Reassured starts from £5)|
If you’re between the age of 50 - 85, securing an over 50s policy can help you cover financial burdens for the future when you are no longer around.
When you reach 50 you may have different financial priorities to what you may have had in the past.
Over 50s pay outs usually help to cover smaller obligations, such as funeral costs, as it offers a smaller pay out than other policies.
If you feel that you would like to cancel a policy with Foresters Friendly, you must complete a cancellation form and return it to their office address:
Third Floor, Enterprise House
After your application is accepted you will receive a statutory notice of your right to cancel. This gives you 30 days from the day your plan commences to change your mind.
With an over 50s policy, they offer you a proportionate amount of money back if you choose to cancel after paying 50% or more of the policies monthly payments.
Before securing any type of life insurance, it is important to shop around before deciding on a policy.
You can do this by directly contacting an insurer, using a comparison website, or using a life insurance broker.
Here at Reassured, we can’t offer policies with Foresters Friendly, but we can compare quotes from some of the UK's top leading insurers.
By comparing quotes, you can find your perfect policy for an affordable price.
Why not get in touch with one of our expert brokers today to find our best deal?
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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