What distinguishes Fraternal Benefit Societies from traditional insurers?

Fraternal Benefit Societies are distinguished from traditional insurers primarily by their restriction to members only. These societies operate on a mutual basis and are typically organized around a common bond, such as a religion, ethnicity, or other similar affiliations. Membership in these societies is limited to individuals who meet specific criteria, which fosters a sense of community and shared purpose among members.

In contrast, traditional insurance companies generally serve a broader market and are not limited to a specific membership requirement. This membership aspect of Fraternal Benefit Societies allows them to provide unique benefits and services tailored specifically to their members, often including not just insurance products but also social and community support. This mission-driven approach, emphasizing mutual aid and shared values, sets them apart from traditional insurers, which focus on profit and market expansion.