When it comes to a Foresters Life Insurance Company Review, there is no other life insurance company that has compassion and understanding for those who want to make sure their loved ones are covered in times of distress.
Forester Life Insurance covers real estate planning and mortgage coverage.
All of those areas are important whenever it comes to having a solid plan that offers coverage to people.
Those looking for the right policy can find affordable premiums that can fit within any budget range and all coverage and payouts will be honored should the worse happen.
Forester’s Insurance Company
Foresters Life Insurance Company has been in the business of offering life insurance coverage to its customers for more than 135 years. However, this unique company is not necessarily a life insurance carrier in the traditional sense, but rather it is considered to be a “fraternal benefit society” that offers life insurance, as well as other types of benefit products to those who are its members.
Foresters are also the parent company of First Investors, a company that offers a wide array of insurance and investment products and services to the middle market. First Investors has more than 550 financial services reps in offices across 26 U.S. states.
As a fraternal benefits society, Foresters Life Insurance Company is considered to be a not-for-profit company. Rather than having policy holders, Foresters instead has members who receive the benefits of the policies that they purchase from the company. In addition to just insurance benefits, though, members of Foresters can also receive perks such as the ability to attend family events, as well as the ability to apply for college scholarships, and the ability to receive financial counseling from professionals at the company.
Forester’s is headquartered in Ontario, Canada. However, the company has local offices that are located in some other locations. As of year end 2013, Foresters had total assets under management of over $1.4 billion and a more than $141 million in gross written premiums. The company’s total revenue for 2013 was just under $79 million.
The company is a member of Assuris. This is a non-profit entity that provides protection for Canadian policy holders in case their life insurer should fail financially. This helps to ensure that policy proceeds will be paid out at the time of policy holder need. Foresters is, however, considered to be strong financially, having been given an A- (Excellent) rating by A.M. Best.
Forester’s has also been a member of the Better Business Bureau (BBB) since February 2005, and it has received a rating of A+ (on a scale of A+ to F). As of this time, there are only two complaints on file with the Better Business Bureau regarding Foresters Life Insurance Company, and both of these have since been closed.
In addition to just providing financial products and support, Forester’s organizes many community events and activities each year throughout the communities that it serves. The company is also heavily involved in volunteer activities. For example, the company has invested more than $10 million into KaBOOM since 2006, and it has either built or planned approximately 120 new playgrounds. Throughout a 15-year period, these will provide more than 2.6 million kids and their families with the opportunity to spend good, quality time together. Also, throughout the past ten years, members of Foresters have also supported approximately 20,000 Ronald McDonald House Charities families.
Nothing can bring a loved one back, but affordable life insurance coverage is a necessary step in making sure that families will not have to suffer under a sea of debt and bills. Foreclosure and having the electricity or water turned is not something that people should have to go through for those who have suffered a loss. With Forester’s Life Insurance, this will not happen. The company will ensure that families are protected. The amount of property and coverage is enough for families to stay afloat.
Life Insurance Products Offered By Foresters
Foresters has a large portfolio of life insurance, including term and permanent coverage. The company also offers critical illness insurance, annuities, and group creditor insurance products, as well as final expense insurance, and accidental death insurance coverage.
Term Life Insurance
The term insurance products that are offered by Foresters offer death benefit only, without any cash value build up. This allows for the premium to be more affordable. Since term plans only cover you for a certain length of time, they are sometimes called “temporary” plans.
The Foresters Life first level term insurance plan features either a ten year, 20 years, or a 30-year level-premium option for insureds. This policy also offers a wide variety of additional optional benefits that can greatly enhance the basic insurance coverage. The policy can also be applied for either based on medical or non-medical underwriting.
This means that an applicant can choose to undergo traditional medical underwriting that entails taking the paramedical examination. This typically requires submitting a blood and urine sample. With this option, the premiums for coverage will be lower than going with the non-medical option.
While the non-medical option may require a higher amount of premium, the advantage of forgoing medical underwriting is that it can allow an applicant who may have certain medical conditions to qualify still for life insurance coverage. For instance if you have health issues such as severe diabetes and are over 50 looking for life insurance, this may be the route for you.
Other details regarding the Foresters Life first level term insurance policy include issue ages of between 18 and 65 and a minimum face amount of $50,000. The maximum face amount on this particular policy is typical $250,000. Both tobacco and non-tobacco users can apply.
With this policy, the policy owner does have the option of converting the term life insurance policy over to a new permanent life insurance certificate – without having to prove evidence of his or her insurability – until the earlier of the certificate anniversary on which the insured is age 65, or 5 years prior to the end of the initial term period.
Foresters also offer a term product called the Strong Foundation level term policy. This plan is available in a ten year, 15 years, and 20-year option, which allows policy holders to select the time frame that best suits their individual needs.
With this policy, the premium amount is guaranteed to remain level throughout the set initial period, or term. This is guaranteed by the company. Here, the policy holder can count on the amount not to go up, at least during this time frame.
Permanent Life Insurance
Foresters offers several options in permanent life insurance coverage, too. The Foresters Advantage Plus Whole Life insurance policy offers lifetime protection, as long as the premiums remain paid. This particular policy may also pay out dividends to the policy owner, as it is considered to be a participating plan. These dividends can either be left on deposit to earn interest at a guaranteed rate, or they may instead be used for purchasing paid-up additions to the policy.
The dividends and the accumulated interest may be paid to the policy holder, or, they could also be used for reducing the amount of out-of-pocket premium that is due. There is also a guaranteed cash value with this particular product. Cash may be withdrawn or borrowed and used for whatever the policy holder sees fit. If you’ve taken any loans on the policy or withdrawals of the benefit those will be paid off first before your beneficiary gets their share.
Final Expense Coverage
One of the firm’s other most popular products is its final expense life insurance plan. This policy is referred to as the PlanRight Whole Life Insurance policy. It is a permanent whole life insurance plan that can be chosen as either a fixed, graded, or modified payout.
As a fixed product, the death benefit will be paid out at 100 percent from the very beginning. This means that even if the insured were to pass away very soon after the policy is purchased, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.
With the graded death benefits option, there is a limit on the amount of death benefit that would be paid out should the insured pass away during the first two years that the policy is in force. This means that the beneficiary would receive the greater of either the sum of the total of the premium paid in – accumulated with 4.5 percent interest – or 30 percent of the face amount in effect for the first year, or 70 percent in effect on the second year. Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.
Should the modified death benefits option be chosen, there would be a limit on the amount of death benefit paid out during the first two years. This limit would be based on the return of premium paid in, plus 10 percent. As with the graded death benefits option, once two years have elapsed, the beneficiary would be able to receive 100 percent of the amount of the stated death benefits proceeds.
In any case, it is important to note that with the PlanRight final expense whole life insurance policy, regardless of the insured’s health condition, provided that the premiums remain paid, the coverage will never be cancelled by the insurance company. And, with this plan, the amount of the premium will always be level. This means that the premium amount will stay the same – guaranteed – for as long as the policy is owned. This makes it easy to budget for throughout the entire life of the plan.
Guaranteed Issue and No Exam Coverage
Forester’s offers several different types of simplified issued life insurance products. These policies, the Guaranteed Issue Policy and the No Exam Policy, just ask simplified health questions to determine if you are even eligible. They will request doctor records. But they don’t require an exam, labs and don’t even ask height and weight. There products fit the description of no exam life insurance.
The products are the PlanRight series and they offer a Level, Graded, and Modified insurance product. Both the PlanRight Level and Graded will be issue to ages 50-85, whereas the Modified is 50-80. Each contract comes with a $36 policy fee.
Forester’s does not issue big face amounts on these type of policies. Their minimum face amount is $2k for each policy while the max is $35k for the Level plan.
Forester’s Your Term
Another unique kind of policy Forester’s offers is their Your Term plans. This is their term insurance which they will customize to fit your needs. Forester’s understand that life insurance is not “one-size-fits-all” and they want to help you find a plan to protect your family. Inside of their Your Term plans are both fully underwriting plans and non-med term policies.
They also offer a Charity Benefit Provision which will pay an additional 1% of the payout of the plan to a nonprofit organization which you can choose. This is an excellent way to give back to the community.
One of the most interest benefits of being a member of Foresters and getting life insurance is they include chronic, critical, and terminal illness benefits at no additional cost. You won’t find this with just about any other life insurance company. Additionally, members of Foresters have some other benefits, like access to scholarships, community grants, and emergency assistance. Foresters shows they are committed to helping their members as much as possible.
Both the non-medical plan and the traditional underwritten policy have extremely competitive rates. In fact, they tend to be in the top five lowest rates for just about any age range.
For their non-med term policy, you can get coverage anywhere from $50,000 – $400,000 as long as you’re under the age of 55. If you’re over 55, then the max drops down to $150. With their non-med Your Term policy, you can get approved for coverage in as quickly as 10 minutes.
The medically underwritten Your Term plan allows you to get $100,000 or more in coverage. One caveat to the underwritten policy is it must be completed using a paper application and done face-to-face.
Some of the categories Forester’s specializes in is pilots. There are no maximum age restrictions for private pilots. If you’re a pilot, Forester’s is going to be one of the best options.
How and Where to Obtain the Best Quotes
Purchasing life insurance coverage is an important step in ensuring that those whom you love are protected from financial hardship in the future. If you are seeking the very best life insurance policy quotes on a policy from Foresters Life Insurance Company – or from any company that offers life insurance coverage – you definitely should reach out to an independent insurance agency. Doing so will allow the employee there to grab you quotes that are tailored fit to your specific budget and goals.
Once you decide to make the move and apply for a life insurance policy we are ready to advise. Our agents have appointments with many companies and our quoting tool is perfect to give you the best rate for your ideal coverage. We work fast, diligently, and always with our clients needs in mind first.
Feel like you are in the middle of information overload? Let us settle your concerns! Our agents have years of experience and are trained to make the process easy, as well as help you in narrowing down other important details such as:
- Should you choose term life or permanent life?
- How much coverage do you need to ensure that your loved ones will not face a financial hardship if the unthinkable were to occur?
- Determining which company will provide you with the very best coverage for your specific coverage needs, as well as for your budget?
We can be reached via phone, toll-free, by calling 888-836-7071.
Purchasing life insurance is a big decision and can lead to a stressful situation for you and your loved ones. With hundreds of different products offered we’re here to guide you in the right direction.