Fraternal Life Insurance
Definition - What does Fraternal Life Insurance mean?
Fraternal life insurance is life insurance coverage that a fraternal group, which is a non-profit organization created through a lodge system, offers to its members.
Insuranceopedia explains Fraternal Life Insurance
Fraternal life insurance is a contract where a fraternal benefit society insures the life of a member who, in exchange, pays monthly contributions to the group. The fraternal group then utilizes its earnings to carry out its member-supported advocacy work, whether social, educational, moral, patriotic, religious, or intellectual. Most fraternal life insurance policies come with a number of other benefits.