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The basic idea behind fraternal insurance is that members of the organization can choose to purchase a policy that is underwritten for the entire group. This is the same principle behind getting group insurance coverage as part of working for an employer. The insurance company underwrites the entire group at once and receives a large amount of business from this transaction. In return, the members of the group can secure policies for health coverage, life insurance and disability protection.
Many different groups provide their members with a form of fraternal insurance. For example, the Independent Order of Odd Fellows or the Ancient Order of United Workmen are some groups that have at one time offered insurance to their members. These groups tended to be much more popular during the early 1900s than they are today. Members must join these groups and go through an initiation phase or ritual before they can be included, in
Getting insurance through a fraternal group can provide you with a number of benefits. For example, the most prevalent benefit of purchasing this type of insurance is that you can get a discount. Insurance companies regularly give large discounts on these types of policies because of the increased volume they can bring in by offering their policies to groups. Another benefit is that you may be able to be approved even if you have health issues. These policies can provide guaranteed acceptance.
Depending on what fraternal order you join, you could receive insurance benefits as part of being a member. With this setup, you do not have to pay for a specific insurance policy. Instead, you simply pay dues and help the fraternal order in any way requested of you. Once you are a full member, you may receive some kind of insurance benefits without having to worry about paying your premiums for the coverage.