An Opportunity for Fraternal Life Insurers – Offer Complementary Online Estate Planning Services

Fraternal life insurers have long been champions of serving specific communities with tailored insurance products and services. Rooted in a tradition of mutual support and shared values, these not-for-profit organizations are uniquely positioned to further deepen their relationships with members by addressing broader financial security needs. One essential service that complements the mission of fraternals is estate planning, including a will, advance health directive and financial power of attorney. Simple online estate planning platforms like LifeLegacy offer fraternal insurers an opportunity to provide a meaningful complementary service that dovetails perfectly with the protection of life insurance and annuity product while fostering loyalty and engagement.

Meeting the Growing Demand for Estate Planning

Estate planning is a critical aspect of financial security, yet it remains underutilized. According to a 2024 survey, nearly two-thirds of American adults lack a will or estate plan. This gap leaves families vulnerable to legal complications, unintended asset distribution, family relationship strain and potential financial peril.

For fraternal life insurers, offering online estate planning aligns with their mission of protecting families and communities. By introducing an easy-to-use platform like LifeLegacy, these organizations can help members take proactive steps toward securing their legacies. This service not only fulfills a practical need but also strengthens the trust members have in their insurer as a comprehensive financial partner.

Aligning with Member-Centric Values

Fraternal insurers are defined by their commitment to serving members rather than shareholders. This distinction fosters a culture of care and community, making estate planning a natural extension of their offerings. Online estate planning resonates with the member-first philosophy by empowering individuals to:

• Protect Their Loved Ones: A properly executed estate plan ensures that assets are distributed according to the individual’s wishes, reducing the burden on surviving family members.
• Support Their Communities: Many fraternal members are deeply connected to their communities. Estate planning allows them to leave charitable gifts to fraternal organizations or other causes they value.
• Plan for the Future: Online tools make estate planning accessible, affordable, and user-friendly, encouraging members to act rather than delay.

Enhancing Membership Benefits

Fraternal life insurers already provide a range of member benefits, from financial products to community programs. Online estate planning represents a modern, value-added service that distinguishes the organization in a competitive marketplace. By integrating a platform like LifeLegacy, insurers can offer:

• Convenience: Members can create wills and other estate documents online from the comfort of their homes.
• Affordability: Compared to traditional legal services, online estate planning is significantly more cost-effective. Fraternals can even provide these services for free to members by paying the will provider a reasonable annual licensing fee.
• Education: Members gain access to resources and guidance that demystify the estate planning process, empowering them to make informed decisions.

Strengthening Member Loyalty

In a world where customers have countless options for financial services, loyalty is paramount. Offering estate planning reinforces the fraternal insurer’s role as a trusted partner in safeguarding members’ futures. By addressing a critical and often-overlooked need, fraternal life insurers demonstrate their commitment to the well-being of their members, fostering long-term relationships and deeper engagement.

Embedding Estate Planning Tools 

Online estate planning can be seamlessly presented during and after the life insurance and annuity sales process. By embedding this complementary product:

• Agents can present a “package of protection” to clients during the sales process;
• The fraternal home office can send member communication post-issue, encouraging them to take advantage of the simple estate planning platform;
• In a direct to consumer environment, the option of including an estate planning solution can be made during or after the life insurance approval process.

Partnering with LifeLegacy

LifeLegacy provides a white-labeled, AI-enabled platform designed to make estate planning simple and accessible. For fraternal insurers, partnering with LifeLegacy means gaining a turnkey solution tailored to their members’ needs. From customizable marketing materials to dedicated support, LifeLegacy ensures a seamless integration that enhances the organization’s value proposition.

Conclusion

Fraternal life insurers have a unique opportunity to lead in providing holistic financial security solutions. By offering online estate planning through platforms like LifeLegacy, they can address an unmet need, align with their mission, and strengthen their bond with members. In doing so, they not only enhance their competitive edge but also reinforce their enduring commitment to the communities they serve.