Fraternal societies are known for the charitable work they perform in communities, but there are other services these organizations provide that may not be as well known. It shouldn’t be surprising that fraternal societies serve their members by offering financial protection through insurance and retirement products. In fact, fraternal life insurance products include some of the most popular types of coverage.
Choosing which policy is appropriate for yourself may require professional guidance; however, learning about the choices available to you can be a good place to start. A couple of the most popular types of insurance are term and whole life. Term is considered a less expensive option, but variables such as an insured’s age and health condition can affect price. Yet, term can serve as a cost-effective way to ensure a family’s protection for a specified time. Whole insurance typically costs more, but the payments accrue and cash value accumulates over time. There is also a guaranteed death benefit as well unlike term which is temporary fraternal life insurance.
While term and whole life tend to be the most popular, there are differences to these products which can be explained by an expert. Members of fraternal organizations are fortunate in having the benefit of professional resources to help them make an informed decision.