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Life Insurance and Providing for the Needs of Members

You probably don’t need much convincing that you should purchase life insurance from your fraternal benefit Society, but you may still have questions about which policy is right for you and will best fit your needs, currently and into the future. Obviously, as your situation changes so will your wants and desires as far as life insurance is concerned.


Whether it’s because of your mortgage, a growing family, or other obligations you may have, as you take on new responsibilities, and perhaps your family grows, your life insurance needs can definitely change. You should therefore periodically review your needs in order to determine if any changes have taken place that affects your situation, in order to ensure that your life insurance coverage adequately reflects your situation as it stands.


Get outlines of life insurance coverage and compare policies


Make sure that you fully understand any life insurance policy you may be considering and that you’re comfortable with the insurer, their licensed representative, and the products and services being offered. Also check that the company is licensed in your state. Speak to as many life insurance agents as possible to help you to determine who offers a program that is tailored to fit your needs.


There are a number of insurance rating services that rate the financial strength of companies, information that can be obtained from your agent or from most public or business libraries. Rating agencies include A.M. Best Company, Standard & Poor’s Insurance Rating Services, Duff & Phelps Inc., and Moody’s Investor Services Inc.


Be truthful when answering all pertinent questions


In order to get the best rates always answer questions about your medical history and health carefully and as truthfully as possible, and be sure to fill out your life insurance application accurately. Make sure that you contact the life insurance company if you don’t receive your policy within 60 days and always check the date the insurance becomes effective.


It’s probably better not to keep life insurance policies in your safe deposit box. Remember that, in the event of your death, safe deposit boxes are often temporarily sealed, which will likely cause a delay for the settlement at a time when funds may be needed most. Make sure that you review your policy periodically or when a major event occurs in your life, such as a birth, marriage, or purchasing a home, to ensure your coverage from the Fraternal Benefit Society is adequate.