One of Sons of Scotland’s best-kept secrets is that it also offers life insurance to members, friends and family. At first this may seem an oddity in the mix of regular camp activities, but in a recent interview with Executive Director Robert Stewart, we found that from early on life insurance was one of the most important features of the Society.
Q: Why did Sons of Scotland introduce life insurance to the Society?
A: The heart of our benevolent Society is to help support each other as a community. This may mean celebrating our life’s achievements or just sharing a laugh together. But it also means that we are there for each other when times are tough.
The original idea of a per capita tax to cover a death benefit was designed to eliminate the need to pass the hat to help the family when a member of the Society passed away. Life insurance embodies our spirit of mutual cooperation, assistance and friendship in times of need and is at the core of who we are. This remains as true today as it was back then.
Q: When was “back then?”
A: From our archives we know that there was some sort of mortuary fund associated with Sons of Scotland since at least the 1880s. We federally incorporated the life insurance company in 1937.
Q: Why is Sons of Scotland talking about its life insurance now?
A: We hear from our members about their financial worries. Let’s face it, the modern-day economy has its challenges: new graduates have more debt, jobs are less secure, corporate group benefits have been cut back, and changing jobs and self-employment seem the norm. These financial pressures on growing families compound when you wonder “what would happen if I were gone?”
For older generations, there may be wealth to protect, taxes to offset and legacies to leave for future generations. And, at a minimum, a small life insurance policy can protect loved ones from a surprise $15,000 bill to cover the costs of a basic funeral.
Q: What role does life insurance play in the “business” of Sons of Scotland?
A: Our life insurance premiums have a central role in funding our Society. Membership dues alone do not cover our costs. And Canada has some of the highest regulatory standards for life insurance and we continually work to stay abreast of changes.
So we are focused on growing a strong insurance business. It is key to enabling us to pursue our mission to preserve and promote Scottish culture in Canada for years to come.
Q: What types of life insurance does Sons of Scotland offer?
A: We have a number of products for all ages and budgets, including whole life (permanent, until it’s needed.) And we are particularly excited about a soon-to-be launched term life product (coverage for a fixed period.) It will be sold entirely online to meet the needs of younger, digitally savvy policy holders. It is just one way that we’re growing to meet the needs of new members.
Q: Who should consider a life insurance policy with Sons of Scotland?
A: Everyone should consider life insurance as part of their financial plan. But not every insurance company out there allows you to support your community like we do.
What is most important for our members to know is that we provide policies to members and non-members who share our love and commitment to Scottish culture and values. So members may want to speak to their children and grandchildren and help them focus on this important aspect of their financial plans.
Q: Finally, what is the best reason to choose a Sons of Scotland life insurance policy?
A: We are a not-for-profit fraternal insurance company and the only one in Canada that supports Scottish heritage and values. So when you hold a life insurance policy with us, you know that your premiums are supporting the good of your Scottish-Canadian community, not the wealth of shareholders on Bay Street.
Choosing our life insurance is an important way to protect both your family’s future and our shared Scottish-Canadian legacy at the same time.
You can find more information and details at SonsofScotland.com/insurance.