What Is Fraternal Life Insurance?

Fraternal life insurance is a type of life insurance for individuals who have joined a fraternal group and gotten life insurance from that group. When you get a policy from a fraternal life insurance company, you can realize a number of benefits aside from just a life insurance policy.

Organization

In most cases, members will join these fraternal insurance companies in order to try to achieve some common goal. For example, the organization might try to help a specific group of disadvantaged people or try more broadly to help people in need. These organizations often hold meetings and seminars in various parts of the country so that they can share ideas and work together to help others.

Financial Benefits

For being part of the organization, you get a number of financial benefits. Besides getting life insurance and, in some cases, other insurance products, you will have access to other programs. For example, sometimes these fraternal life insurance companies will offer college scholarships to the children of members of the organization. This can help you if you have not set aside enough money for your child's college fund. Some companies also provide an orphan's benefit. This benefit is designed to provide a regular income for a member's child if both parents pass away. They also offer discounts for members purchasing certain products, which can save you money over the long-term. 

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