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What does it mean to be a “mutual society”?

November 2022

Last month, we announced that we’re acquiring Beagle Street, which specialises in affordable life and critical illness insurance.

We already provide Over-50s Life Cover, but the acquisition will mean that we’ll be able to offer life insurance to the whole family.

That’s not the only reason we were so thrilled to welcome Beagle Street to OneFamily.

Beagle Street is part of Scottish Friendly and we have something in common already: we’re both mutual societies.

That means we’re owned by our members - the people who buy our life cover and invest in our products. As a OneFamily customer, you have a say in how we spend our profits and which charities we support both financially and practically.

Take a look at the notes from our last Annual General Meeting to see how attendees held us to account on things like our environmental impact and gender pay gap.

Being a mutual also means we don’t have stakeholders. If we did, we’d need to pay them dividends and would have less money available to support good causes, champion financial wellness and offer additional benefits to our members.

We and our members choose how we spend our profits.

We’re proud to be a mutual society and think that you, our customers, should be just as proud of the good work you’re supporting as members.

Did you know?

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