Serving Canadian Christians
What is a fraternal benefit society?
In Canada's Insurance Companies Act a "fraternal benefit society" is defined as a body corporate that:
- has no share capital,
- has a representative form of government, and
- was incorporated for fraternal, benevolent or religious purposes, including the provision of insurance benefits solely to its members or the spouses, common-law partners or children of its members.
A society is a not-for-profit organization that exists only to serve its members and their common fraternal, benevolent or religious interests.
Where does the money come from for FaithLife Financial's fraternal benefits and programs?
All benefits and programs are funded through the income FaithLife Financial earns from the sale of its products - and from resulting investment income.