National Friendly
National Friendly are currently reviewing their product range and have withdrawn their products from the market. As a result, for a period of time they will not be accepting any new business. However, Chase Templeton are able to provide independent advice on many alternate insures including Axa, Aviva, Bupa and Pru Health. Get a free, no obligation Private Medical Insurance quote today.
National Friendly, as it is known today, has gone through many changes during its 141 years.
The company was established in 1868 by Reverend Canon George Portal, John Pares, William Rock Carling and David Williamson. The four founding members named it the Surrey County Benefit Society.
The new name
During the first 3 years of business, the society expanded rapidly and soon had members from beyond the boundaries of Surrey. The name of the society was changed to reflect this and became National Deposit Friendly Society.
The National Insurance act of 1911
The National Insurance act of 1911 stated that friendly societies should administrate state benefits as the government did not have the infrastructure to handle the scheme nationally. The changes brought about meant that it was a legal requirement for all insured workers to join a recognised institution such as National Deposit.
Friendly societies across the country dutifully performed this function without any direct state administration until the implementation of the National Health Service act of 1948.
The groundbreaking legislation provided people in Britain with free healthcare, at home or in hospital, as well as dental and ophthalmic services and a number of National Deposit's staff were transferred to help setup and run the newly formed NHS.
Friendly societies were released from their administration duties and were no longer under any obligations to provide workers with health insurance so a new role was needed for the societies to survive.
A new role for friendly societies
National Deposit suffered during the transition period and 278,206 members left the society as a friendly society membership was no longer required to fund healthcare. National Deposit responded by changing its focus to providing life insurance and endowment policies and by 1966 funds had grown from £221,000 to £2.25 million.
What to do now: