Shepherds Friendly Society
Encyclopedia
Shepherds Friendly Society is a UK friendly society
and one of the oldest mutual insurers in the world.
It an incorporated society in the United Kingdom within the meaning of the Friendly Societies Act 1992. It has 25,000 members.
led to major changes in society, with village communities diminishing and new towns and industries springing up. As there was no state provision for the poor, mutual aid organisations known as friendly societies were established to help families against hardship brought about illness or death. Such societies began as locally based groups, whose members contributed a small amount each month so that payouts could be made to those in need, with the rest of the money received either saved or invested.
Shepherds Friendly started life as a sickness and benefits society, Ashton Unity, which was formed in Ashton-under-Lyne
, Lancashire on Christmas Day in 1826. It was later renamed as the Loyal Order of Ancient Shepherds, "loyal
" referring to the Crown and "shepherds
" to the Nativity of Jesus. Its objects were "to relieve the sick, bury the dead, and assist each other in all cases of unavoidable distress, so far as in our power lies, and for the promotion of peace and goodwill towards the human race". It later spread across the country, organised into local branches; like other friendly societies such as the Oddfellows
, these were known as 'lodges', and officers wore regalia somewhat similar to those of freemasons
. By 1914 the membership had grown to 143,000. The Ancient Shepherds raised substantial funds from its members to support charities, presenting two lifeboats to the RNLI in the 1800s, and supported the Red Cross and YMCA
in the Second World War.
Various similar mutual associations have since amalgamated with it, including the Royal Shepherds Sanctuary Benefit Society which was established in Yorkshire in the early 19th century, and the Ancient Order of Shepherds.
organisation.
It offers a wide range of savings, protection and insurance plans for its members. However, it still retains its structure as a mutual
, non-profit making organisation owned by and for its members rather than shareholders.
Long term insurance
As family structures and financial needs have changed over the years, Shepherds Friendly has introduced dedicated new plans to provide life insurance
for the over 50s, and children's savings plans that take advantage of tax concessions available only to friendly societies.
General insurance
Its general insurance
products include income protection insurance
, mortgage protection insurance and home expenses insurance
. Products are sold both directly to the public over the telephone and internet
, and through insurance broker
s.
Friendly society
A friendly society is a mutual association for insurance, pensions or savings and loan-like purposes, or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose...
and one of the oldest mutual insurers in the world.
It an incorporated society in the United Kingdom within the meaning of the Friendly Societies Act 1992. It has 25,000 members.
History
The Industrial RevolutionIndustrial Revolution
The Industrial Revolution was a period from the 18th to the 19th century where major changes in agriculture, manufacturing, mining, transportation, and technology had a profound effect on the social, economic and cultural conditions of the times...
led to major changes in society, with village communities diminishing and new towns and industries springing up. As there was no state provision for the poor, mutual aid organisations known as friendly societies were established to help families against hardship brought about illness or death. Such societies began as locally based groups, whose members contributed a small amount each month so that payouts could be made to those in need, with the rest of the money received either saved or invested.
Shepherds Friendly started life as a sickness and benefits society, Ashton Unity, which was formed in Ashton-under-Lyne
Ashton-under-Lyne
Ashton-under-Lyne is a market town in the Metropolitan Borough of Tameside, Greater Manchester, England. Historically a part of Lancashire, it lies on the north bank of the River Tame, on undulating land at the foothills of the Pennines...
, Lancashire on Christmas Day in 1826. It was later renamed as the Loyal Order of Ancient Shepherds, "loyal
Loyalist
In general, a loyalist is someone who maintains loyalty to an established government, political party, or sovereign, especially during war or revolutionary change. In modern English usage, the most common application is to loyalty to the British Crown....
" referring to the Crown and "shepherds
Annunciation to the shepherds
The Annunciation to the shepherds is an episode in the Nativity of Jesus described in the Bible in Luke 2, in which angels tell a group of shepherds about the birth of Jesus...
" to the Nativity of Jesus. Its objects were "to relieve the sick, bury the dead, and assist each other in all cases of unavoidable distress, so far as in our power lies, and for the promotion of peace and goodwill towards the human race". It later spread across the country, organised into local branches; like other friendly societies such as the Oddfellows
Oddfellows
The name Oddfellows refers to a number of friendly societies and fraternal organisations operating in the United Kingdom. It also refers to a number of Lodges with histories dating back to the 18th century. These various organisations were set up to protect and care for their members and...
, these were known as 'lodges', and officers wore regalia somewhat similar to those of freemasons
Freemasonry
Freemasonry is a fraternal organisation that arose from obscure origins in the late 16th to early 17th century. Freemasonry now exists in various forms all over the world, with a membership estimated at around six million, including approximately 150,000 under the jurisdictions of the Grand Lodge...
. By 1914 the membership had grown to 143,000. The Ancient Shepherds raised substantial funds from its members to support charities, presenting two lifeboats to the RNLI in the 1800s, and supported the Red Cross and YMCA
YMCA
The Young Men's Christian Association is a worldwide organization of more than 45 million members from 125 national federations affiliated through the World Alliance of YMCAs...
in the Second World War.
Various similar mutual associations have since amalgamated with it, including the Royal Shepherds Sanctuary Benefit Society which was established in Yorkshire in the early 19th century, and the Ancient Order of Shepherds.
Current products
Shepherds Friendly Society has grown from a traditional insurance provider to a modern diversified financial servicesFinancial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
organisation.
It offers a wide range of savings, protection and insurance plans for its members. However, it still retains its structure as a mutual
Mutual organization
A mutual, mutual organization, or mutual society is an organization based on the principle of mutuality. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship...
, non-profit making organisation owned by and for its members rather than shareholders.
Long term insurance
As family structures and financial needs have changed over the years, Shepherds Friendly has introduced dedicated new plans to provide life insurance
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
for the over 50s, and children's savings plans that take advantage of tax concessions available only to friendly societies.
General insurance
Its general insurance
General insurance
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and...
products include income protection insurance
Income protection insurance
Income Protection Insurance is an insurance policy, available principally in the United Kingdom and Ireland, paying benefits to policyholders who are incapacitated and hence unable to work due to illness or accident...
, mortgage protection insurance and home expenses insurance
Home insurance
Home insurance, also commonly called hazard insurance or homeowner's insurance , is the type of property insurance that covers private homes...
. Products are sold both directly to the public over the telephone and internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
, and through insurance broker
Insurance broker
An insurance broker finds sources for contracts of insurance on behalf of their customers. The three largest insurance brokers in the world, by revenue, are Aon, Marsh & McLennan, and Willis Group Holdings.-Purpose of insurance brokers:...
s.