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| Value for Money | 8/10  |
|---|---|
| Overall rating | 9/10 |
Full review by
paulandemiko
on 9th Dec 2004
User Rating : 9
Respect :
0
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.
paulandemiko's review and ratings | 161 words
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