Fraternal Life Insurance

What Does Fraternal Life Insurance Mean?

Fraternal life insurance is life insurance coverage provided by a fraternal organization, a nonprofit group formed through a lodge system, exclusively for its members.

Insuranceopedia Explains Fraternal Life Insurance

Fraternal life insurance is a contract in which a fraternal benefit society insures a member’s life in exchange for monthly contributions paid by the member. The fraternal group uses these contributions to support its advocacy work, which may be social, educational, moral, patriotic, religious, or intellectual in nature. Most fraternal life insurance policies also include additional member benefits.

Anyone weighing options can compare what a fraternal society offers against the different types of life insurance available commercially. Fraternal coverage usually isn’t included in rankings of the best life insurance companies because eligibility runs through membership rather than open enrollment, so members typically have to request a quote from the society directly to compare terms.