Although we don’t like to think about it, unexpected accidents and illnesses can – and do – occur. And when they happen, having the proceeds from a life insurance policy can help those who you love and care about to go forward financially.
Life insurance proceeds can be used for any number of different needs by survivors, such as the payment of large debts (including the balance of a mortgage), the paying of ongoing living expenses, and even future financial needs like ensuring that a child or a grandchild has the money that they need for college.
There are many different options to choose from when you’re seeking life insurance coverage, as well as numerous insurance carriers that offer it. With that in mind, before you make a commitment to purchase life insurance, it is essential to ensure that you’re moving towards the proper type and amount.
You will also want to make sure that the insurance company that you’ve decided on has a history of financial stability and consistently pays out claims on time. One carrier that meets these criteria is Foresters Financial.
The History of Foresters Life Insurance Company
For over 140 years, Foresters Financial has been serving the needs of its customers. This insurer was initially founded in 1874, with the primary mission of offering access to life insurance coverage for the average working family. Starting out as The Independent Order of Foresters, the company holds strong to its key focus of operational excellence, talent development, and strategic planning and implementation.
Over time, this insurer has expanded. It has added a number of different insurance and financial products to its lineup, including life insurance, mutual funds, savings and retirement planning services, and investment and portfolio management.
The wide array of products and services that are offered through Foresters Financial allow its members to accomplish their financial goals, regardless of what stage of life they are in. Just some of these financial solutions include:
• Protection of family and loved ones
• Planning for life’s events
• Mortgage protection
• Saving for education
• Retirement planning
• Leaving a legacy
• Preparing for final expenses
Foresters Financial is chartered as a fraternal benefit society, and as of 2016, the company has more than one million members who take part in the firm’s product and service offerings, as well as additional benefits. These members span across the United States, as well as from Canada and the United Kingdom.
This insurer provides a long list of services for those who are members, such as an emergency assistance program that offers financial aid to those who have personal hardships, legal assistance for a variety of different issues, college scholarships, and terminal illness loans that can help a member if he or she contracts a serious health condition.
Foresters is also highly active in the communities in which it serves. For example, in 2015, the company invested in excess of $21 million in its member benefit – including the clean-up of littered beaches and the building of playgrounds for children to enjoy. Foresters Financial Holding Company, Inc., is headquartered in New York City, New York.
Foresters Life Insurance Review
Foresters Financial holds approximately 3 million certificates and insurance contracts and paid out more than $700 million in insurance claims and benefits in the year 2015. From a financial standpoint, Foresters Financial has a positive reputation.
As of year-end 2015, the company had just under $975 in total insurance premiums received, and it had a surplus of roughly $2.3 billion. At that time, Foresters held more than $34 billion in total assets under management, rendering it the ability to pay out its policyholder claims.
Insurer Ratings and Better Business Bureau Grade
Due in large part to its financial stability, Foresters has high rankings from the insurer rating agencies, including an A (Excellent) from A.M. Best Company. The company has attained this A rating from A.M. Best for 17 years.
In addition, while Foresters is not currently an accredited business of the Better Business Bureau (BBB), the company has received a grade of C- from the BBB. This is on an overall grade scale of A+ to F. (One reason for this grade is the company’s failure to respond to eight complaints that were filed against the business).
Over the past three years, Foresters has received a total of 28 customer complaints through the Better Business Bureau, of which 8 were closed out within the past 12 months. Of the 28 total complaints, 26 of them had to do with problems with the company’s products and/or services, and the other two were related to delivery issues.
Life Insurance Products Offered By Foresters
Foresters Financial offers a variety of life insurance coverage options to choose from, including term and permanent policies. Term life insurance, which provides a benefit for a certain period, is typically less expensive than permanent life insurance – which provides both death benefit coverage and a cash value component.
The company provides several term life insurance policies. These include a Leven Term 10, 20, or 30-year coverage. In addition to providing a level benefit for the period that has been chosen, this plan provides a guaranteed convertibility option. Here, a policy holder can convert their existing level term life insurance policy for a permanent policy at his or her attained age – regardless of their health condition. In fact, there are no health questions to answer, and no medical exam required for this conversion to take place.
In early 2017, Foresters Financial introduced its Your Term Non-Medical policy. This level term life insurance coverage offers coverage lengths of 10 years, 15 years, 20 years, 25 years, and 30 years, and it is available to applicants who are between the ages of 18 and 80, with coverage amounts of up to $400,000 in death benefit.
There are several additional riders that are available that can be added to this policy, which in turn can help to better customize the coverage to fit an individual’s needs. These riders include the following:
• Accelerated Death Benefit rider
• Common Carrier Accidental Death Benefit rider
• Waiver of Premium rider
• Disability Income rider (for accidents only)
• Disability Income rider (for accidents and illness)
• Children’s Term Life Insurance rider
There is no medical exam necessary to be approved for this policy. (However, there are other sources that the company will check in order to learn more about an applicant for coverage. These may include a motor vehicle report, data from the Medical Information Bureau (MIB), and/or the prescription database. In addition, the company may also ask questions about the applicant in order to determine his or her overall health by inquiring about certain health issues such as high blood pressure, diabetes, digestive orders, kidney/urinary disorders, and others).
Foresters also offers the prepared Accidental Death Term insurance. Here, an insured can secure up to $300,000 in coverage that is highly affordable – and there are also several additional riders that can be included on this plan. These include a return of premium rider, as well as a disability income and/or waiver of premium rider.
With regard to permanent life insurance, Foresters also offers a number of different options, including:
• Whole Life
• Universal Life
• Variable Life
With whole life insurance, the amount of the coverage, as well as the amount of the premium, will be fixed for the entire life of the policy. There are no time limits on whole life protection, so the coverage can remain in force for as long as the insured lives (provided that the premium is paid).
Because whole life is a form of permanent life insurance, these policies offer a cash value component where the funds can grow on a tax-deferred basis. This means that there is no tax due on the growth of these funds, until the time of withdrawal.
There are several different whole life insurance plans that are offered through Foresters Financial, including the:
• PlanRight Whole Life
• Advantage Plus Participating Whole Life Insurance
• Interest Sensitive Whole Life Insurance
• Your Legacy Single Premium Whole Life Insurance
Foresters also offer universal life insurance coverage. This, too, is a form of permanent life insurance protection, offering a death benefit and cash value build up. Universal life is considered to be more flexible than whole life in that the policyholder is able – within certain guidelines – to change the due date of the premium payment, based on his or her needs. They may also be able to determine how much of their premium goes towards the insurance component of the policy, and how much goes towards the cash value.
The company’s SMART Universal Life Insurance plan option can help to ensure that death benefit protection is there if it is needed. It can also help with other financial needs, such as ensuring that there is money available for retirement, and/or for a child or grandchild’s future college education.
There are several features that are automatically included with the SMART Universal Life Insurance plan, such as the:
• Family Health Benefit Rider
• Common Carrier Accidental Death Rider
• Accelerated Death Benefit Rider
There are also several additional riders that can also be added in order to better fit this coverage to specific needs.
Variable life is also offered through Foresters Financial. With a variable life insurance policy, the cash value can be invested into equity vehicles, such as mutual funds. Because of that, the cash value can grow based on market performance. There is also, however, more risk here due to the potential for a downward market movement.
Foresters offers several different variable and variable universal life insurance plans, including the:
• ISP CHOICE Variable Life Insurance
• ISP10 EXPRESS Variable Life Insurance
• Single Premium Variable Life Insurance
• Variable Universal Life Insurance
Other Products and Services Available
In addition to life insurance coverage, Foresters Financial also offers a number of other products and services that can help its clients with building and protecting wealth, such as:
• Retirement Annuities
• Mutual Funds
• Savings Plans (for both individuals and employers)
• Advisory Services
How to Get the Best Premium Rates on Life Insurance with Foresters Financial
If you are seeking the best premium rates on life insurance from Foresters Financial – or from any other top insurance or financial company – then you should consider working with an independent life insurance agency or brokerage that can show you multiple policies, and a variety of premium quotes. That way, you can then pick and choose the policy and the price that works the best for you.
If you’re ready to take a closer look at the life insurance policy and premium rate options that are available to you, we can help. We are an independent life insurance entity, and we work with many of the top life insurance carriers in the industry today. We can provide you with all of the important details that you will need for making a well-informed decision. If you would like to begin this fast and easy process, then just simply take a moment to fill out the quote form on this page.
Should you find that you still have any additional questions or concerns, then please feel free to reach out to us directly via phone. Our experts can be contacted toll-free by dialing 888-554-3432.
We understand that finding the right life insurance protection from the best carrier can be a daunting task. There are so many different options and variables to choose from – and you want to be sure that you are heading in the right direction. But the good news is that this process can be so much easier when you have an ally on your side. So, contact us today – we’re here to help.