Schoolteachers Friendly Society Review

Watch this item
4.5 stars
Average rating for this product is: 4.5 out of 5

From 0 ratings and 1 review

Thumb up 100% of users recommend this product

Rate it Now:

Click on the stars above to rate this product:

Tweet This Item


paulandemiko's Review of Schoolteachers Friendly Society

9th Dec 2004

Overall Rating

4.5 stars
  • Value for money
    4 stars
Good Points

Pays promptly from the first day of sickness.
Returns member's funds on demand or at age 70.
Both fund and deposit account roll up tax free interest.


Bad Points

Complex in concept. Interest rate is only known when it is added at the year's end.


General Comments

Despite its name and history the Schoolteacher's Friendly Society is open to anyone. Its main business is the Sickness Income Plan, a form of income replacement insurance. The scheme sounds fearfully complex but, in practice is simple to use. In essence a member pays in a monthly premium plus 50p admin fee. For every day of sickness the Society will pay the monthly fee to the member from day 1. The payment comes partly from the members fund and partly from the society's investments. A member also can pay up to 4 times his premium into a deposit account.
In practice it is easy to use by post and any contact whether by phone or post is promptly and politely processed.

Tweet This Review

paulandemiko's review has yet to be rated - Be the first!

How helpful did you find this review?