A type of mutual organisation first established in the nineteenth century. Many friendly societies have now come to operate in a similar manner to life insurance companies. Friendly Societies fall under the supervision of the Australian Financial Institutions Commission.
An organisation set up to accept savings from individuals. The policies offered by the friendly society are generally tax free, but there is a limit on the amount you may invest. You may be able to claim limited tax relief for contributions to certain older policies providing a combination of sickness and death benefits.
A financial organisation that sells tax-exempt life insurance investments.
A life and sickness insurer set up and owned by its members. Similar to a mutually owned insurer.
A friendly society is set up for the benefit of and is owned by it's members.
according to the Oxford English Dictionary, the original friendly society was a particular (London) fire-insurance company. During the eighteenth century the term became to be applied to a wide variety of mutual-aid associations, whose members paid a regular sum to insure financial help. More about Friendly Societies. (Insert link to p23 here)
Similar to a mutual insurance company. A Friendly Society, registered under the terms of the Friendly Societies Act 1974, is owned and operated for the benefit of its members. There are limits on the amounts which can be invested by members but tax privileges are available to policies within those limits. Some Friendly Societies now operate with separate sections for 'tax-exempt' and 'ordinary' business.
A mutual society established for the relief or maintenance of its members or their relatives during sickness or other infirmity or in old age or widowhood, or for life assurance and certain other purposes.
Similar to a mutual insurance company. A friendly society is owned by and established for the benefit of its members, mainly through the provision of life insurance and sickness benefit.
A type of mutual investment organisation which are comparable to life insurance companies.
A mutual benefit organisation having the main aim of providing maintenance and relief to members during sickness and retirement. Their tax advantages enable them to offer tax effective policies, but for limited premium levels only.
A friendly society (sometimes called a mutual society, benevolent society or fraternal organization) is a mutual association for insurance-like purposes, and often, especially in the past, serving ceremonial and friendship purposes also. It is a benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance, and the welfare state, friendly societies provided social services to individuals, often according to their religious or political affiliations.
