Foresters Friendly over 50s life insurance

Foresters Friendly Society is a mutual society company that offer a variety of financial services, which included life insurance policies for over 50s.

Please note, Foresters Friendly no longer offer over 50s life insurance.

Their services are highly rated by both experts and customers, being rated 4.4 on customer review site, Reviews.IO.

Foresters Friendly logo

We have written this retrospective review of Foresters Friendly, covering all you need to know about their over 50 life insurance plans and what they used to offer. Discover all your unanswered questions in this quick and easy read.

At Reassured, we can compare over 50s life insurance quotes from top UK insurers to help you find your perfect policy. Use our award-winning service for your free quote comparison today.

How did Foresters Friendly Society life insurance compare to other options available on the market? Continue reading to find out…

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What is Foresters Friendly over 50 life insurance?

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 offered an increasing over 50s policy, called '50+ Life Cover'. This policy offered a potential for cover to increase by them investing the monthly premiums you pay into their ‘Order Insurance Fund’ which offered the chance to increase your pay out by way of bonuses.

The only type of life insurance provided by Foresters Friendly was an over 50s plan, below are some key points about this cover.

Foresters Friendly over 50s life insurance key points

  • Cover started from £10-a-month (33p-a-day) directly thorough Foresters Friendly[1]
  • No medical questions or exam
  • Your money is invested in a fund which gives you access to investment types you cannot get directly
  • Guaranteed acceptance (age requirement is 50 - 80)
  • You choose a monthly premium that you pay until you reach the age of 85
  • Full pay out of basic sum assured for accidental death during the waiting period
  • New customers received a £35 gift card (correct as of 20/09/23 with no expiry date stated)
  • Waiting period lasts for 24 months
  • A refund of premiums is issued to loved ones if you pass away due to natural causes during the waiting period
  • Please note, Foresters Friendly life insurance is no longer available to new customers (as of November 2024).

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.

Foresters Friendly reviews

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.

Customer review sites have rated Foresters Friendly highly, for example Reviews.io rate them a 4.4 (out of 5). However, this is a reflection of all of their products.

In the table below, we have compiled expert ratings for their over 50s policy (when it was still available to buy).

Fairer Finance, is a review website where experts review and rate businesses, considering all its factors. Foresters Friendly was awarded 5 stars for its over 50s policy.

Defaqto, another expert rating service, reviewed Foresters Friendly as 4 stars.

Review websiteStar rating
Fairer Finance logo Defaqto 5 stars
Defaqto logo Defaqto 4 stars

(The above was accurate as of 14/09/23)

At Reassured, we’re rated ‘Excellent’ on Trustpilot with more than 80,000 customer reviews.

Cheap Over 50s Life Insurance » Free Quotes

Who are Foresters Friendly?

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:

  • A variety of ISA options
  • Saving plans
  • Investment plans
  • Over 50 life insurance plans (no longer available through Foresters Friendly)

They have also been FCA-regulated since 2000, meaning you’re secure if you purchase a product through them.

How much over 50s life insurance do I need?

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 £4,141 on average[2].

Enter your financial commitments into our life insurance calculator to discover how much over 50s cover you might require:

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.

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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.
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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.
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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.
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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.
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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.
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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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Your total cover estimate

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How much is an over 50s policy with Foresters Friendly?

If you purchased an over 50s plan directly from Foresters Friendly, your monthly life insurance premiums would vary from £10 to £100.

Like other over 50s policies, you were able to choose how much you paid each month, and this would also determine how much your policy paid out.

The more you paid each month could also increase the amount of potential investment money you received in your pay out.

Premium paidBasic sum assuredSum assured with 1.5% growth a yearSum assured with 4.5% growth a year
£10£2,196£2,570£3,680
£30£8,786£9,230£11,600
£50£14,643£15,300£19,800
£70£20,500£21,500£28,100
£100£29,286£30,700£40,400

Based on a non-smoker 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.

Foresters Friendly comparison

We have created a table to compare other over 50s policies with Foresters Friendly to help you find a suitable option for your needs.

. Foresters Friendly logo SunLife logo OneFamily logo
Age restrictions50 - 8050 - 8550 - 80
Waiting period24 months12 months24 months
Max sum assured£29,000£18,000£20,000
Free funeral benefit + contributionNone£250 contribution offered£300 contribution offered
Increasing sum assured Icon green tick
(Not guaranteed)		 Icon ruby cross Icon ruby cross


Both SunLife and One Family are available through Reassured, simply get in touch for your fee free quotes.

What benefits come with a Foresters Friendly over 50 policy?

  • Investment growth on pay out
    Although not guaranteed, your final pay out could be higher due to investments in your premiums
  • Refund of premiums for non-accidental death during waiting period
    100% of premiums paid if you pass away in the waiting period (24 months)
  • Stop paying premiums at 85
    When you secure a policy, you decide how much your monthly premium is and you will pay this until the age of 85, after that your policy will remain for life and you won’t need to pay
  • Foresters extras
    Membership benefits, including discretionary grants to help with costs for things such as dental and optical appointments

Did Foresters Friendly offer a free gift?

It’s common for insurers to offer a ‘gift’ incentive in return for customers to directly secure a policy with them. Foresters Friendly offered a £35 gift card to new customers who took out an over 50s policy.

Once you make 3 months’ worth of premium contributions, you received an eGift card, however you were only eligible for the gift card if you purchased a policy directly through Foresters Friendly (not via a broker or adviser).

The eGift card could be spent at 200+ shops, 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 »

Foresters Friendly life insurance: pros and cons

Listed below are some pros and cons of over 50s life insurance with Foresters Friendly, compared to other generic over 50 policies:

PROsCONs
A potential increase on sum assured due to investmentsNo 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 period24 month waiting period (compared to others who offer 12)
A £35 gift incentive for new customers (not all insurers offer a free gift)Pricing started from £10 which is expensive compared to some other policies (pricing through Reassured starts from £5)

Why do I need an over 50s policy?

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.

Typically, an over 50s pay out could help towards:

  • Funeral costs
  • A small inheritance for family members
  • A charity donation of your choice
  • Any left-over financial burdens (such as unpaid debts in your name)
  • Medical bills left to the remaining partner

Why not speak to a friendly member of our team who can provide all the information you need to make an informed decision on whether over 50 life insurance is right for you?

How can I cancel Foresters Friendly life insurance?

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
Ocean Way
Ocean Village
Southampton
SO14 3XB

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.

Why you should compare over 50 life insurance quotes

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 compare over 50s life insurance quotes from some of the UK's top leading insurers free of charge.

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?

Life Insurance Comparison » Secure Our Best Quote

Sources:

[1] https://www.forestersfriendlysociety.co.uk/protect-your-future/over-50-life-cover/

[2] https://www.sunlife.co.uk/funeral-costs/

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