Under the rules of the Independent Order of Foresters (and other friendly societies who offer similar policies), a member may designate a beneficiary to whom the benefits under the policy are to be payable. However, no beneficiary has a vested right to the benefits until the member dies and the member may change the beneficiary at any time. As the member is free to nominate themselves/their estate, the policy forms part of their estate for Inheritance Tax purposes on their death.
