With the ongoing changes in American healthcare and health insurance, you may be thinking about other insurance policies in your life and their affordable alternatives. As you are shopping around, you may come across the option of fraternal benefit societies, registered not-for-profit membership programs to support financial security and the local community. Before you choose your insurance providers, however, it is necessary to fully understand the benefits they offer.
One of the most common offerings that draw people to become members of fraternal benefits societies is affordable life insurance. Societies also commonly offer annuities for members to begin saving for retirement. Both of these are typically offered at more affordable premiums than for-profit insurance agency policies. A range of insurance options can allow you to choose the best option to fit the needs of your family.
Benefit societies are distinct from typical insurers because they donate part of their members’ buy-ins to local causes. These may include scholarship awards and grants, funds-matching for educational or social projects, or community service initiatives. Members also become part of local chapters which provide fellowship opportunities to connect you with like-minded individuals in your community.
In these ways, fraternal benefits societies serve as alternatives to typical life insurance and IRA providers. By joining one, you not only gain the peace of mind of financial security, but you also become part of a community built upon fraternity and philanthropy.