February 3, 2017
This article is still true today. I've updated the numbers since the original in 2017.
Is there any advantage to Catholic Financial Life being a Fraternal organization? Oftentimes I'm asked, "What is a Fraternal organization?" or "Is a Fraternal organization even relevant?" To answer these questions I went to our VP of Member Engagement, Joe Gabois for some help. Here is some information designed to help you understand the advantages to a Fraternal organization.
~Joe Kohut, Director of Sales Distribution
Fraternal Insurance 101: The Fraternal Advantage
How can a financial services organization started by a Catholic archbishop [154 years ago] have any kind of advantage in today’s market? Valid question, but that’s exactly the advantage! We never changed our philosophy. We offer financial security the way we always have, the way it was meant to be – pure and simple.
Begun during the aftermath of the American Civil War, to protect widows and orphans, Catholic Financial Life started for the noblest of reasons – not to make a profit but to protect those in need. Our mandate to protect families hasn’t changed since that August day in 1868.
Don’t confuse us with nonprofits like the American Red Cross and the Sierra Club. As a 501 (c) 8 organization under the IRS code, Catholic Financial Life is a “not-for-profit” organization. It’s a subtle but definite difference from a “nonprofit”. A nonprofit is established primarily to provide charitable outreach to groups of individuals or for a special cause.
As a not-for-profit financial services organization (a fraternal benefit society) Catholic Financial Life is in the business of providing financial security to families. That’s our reason for being. It was back in 1868. Still is today. We are regulated just like any life insurance company. However, in lieu of paying some federal and state taxes, we offer additional member benefits and programs, over and above the insurance protection, to assist families and improve their communities.
Last year our all-volunteer, member-led chapters donated through our Match Fund program more than [$1.5 million] to help their neighbors in need! Our scholarship program topped [$220,000 in 2021]. Members enjoyed in excess of [1,450] family-friendly [with 138,500 attendees], low cost activities sponsored by our chapters, while [9,910] members and their families attended outings and events sponsored directly by the Home Office
With Catholic Financial Life, financial security is job one! However, with us you can offer more to your clients and their families. Thanks to the brainchild of an 19th Century archbishop, your clients can enjoy so much more of what life has to offer! In this way the advantage definitely goes to Catholic Financial Life!
Joseph E. Gadbois, FLMI, FIC, Vice President - Member Engagement--Retired
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