What is a Friendly Society?
Before the advent of insurance companies and investment groups, a friendly society was a means to provide for the future and pool assets together. Believed by some to date back to burial customs of ancient Greece, friendly societies were voluntary groups that would contribute money to a general fund that could be distributed to other members in case of illness, death, or destitution. friendly societies still exist today, and can carry out a variety of functions for members, from investing to insurance to annuities.
Before the advent of insurance companies and investment groups, a friendly society was a means to provide for the future and pool assets together. Believed by some to date back to burial customs of ancient Greece, friendly societies were voluntary groups that would contribute money to a general fund that could be distributed to other members in case of illness, death, or destitution. friendly societies still exist today, and can carry out a variety of functions for members, from investing to insurance to annuities. When the world was far less global in scope, a community depended on the health and fitness of each individual. If the local dairy farmer got sick, the whole village could suffer, unable to buy milk for their children. If a husband died, leaving a wife and several children, it fell upon the village to take them in. From such desires to keep communities healthy and stable were born some of the first friendly societies. These organizations would take dues from members and dole
