Having a life insurance policy is often part of a good, solid financial planning strategy. This is because life insurance proceeds can be used to ensure that those whom you care about can pay off debt, continue paying living expenses, and won’t have to drastically change their lives – especially at a time that is already difficult for them.
When purchasing life insurance, there are several important parameters to keep in mind. These include ensuring that the type and the amount of coverage that you obtain will be enough. They also include making sure that you purchase coverage from one of the top insurance carriers in the United States who is strong and stable financially.
That is because, if or when the time were to come for your loved ones to file a claim, you would want to be sure that the company would make good on their promise. One life insurance carrier that has a long, positive history of paying its claims to policyholders is Foresters Life Insurance Company.
The History of Foresters Life Insurance Company
Foresters Life Insurance Company has more than 135 years of experience with providing wealth accumulation and protection products to its customers. This carrier is known as a fraternal benefit society, which means that, unlike a traditional stock life insurance company, Foresters is a not-for-profit company that provides mutual aid or benefit to its members.
Therefore, instead of having actual “policyholders,” Foresters has members who can receive benefits from the policies that they purchase. There are additional perks, as well, such as being able to obtain college scholarships and financial counseling.
Foresters Life Insurance Company is also the parent firm to First Investors, which provides a wide range of investment and insurance products to the middle market in America, and has more than 550 representatives in offices across the country.
The home office of Foresters is located in Ontario, Canada. However, there are numerous offices that are situated throughout the U.S. The company possessed assets under management of approximately $1.4 billion as of year-end 2013, and as of that same time, it had over $141 million in gross written insurance premiums.
Foresters Life Insurance Company Review
Overall, Foresters Life Insurance Company offers a good line of insurance products for its members. These include both term and permanent protection. The company is also known for having somewhat more favorable underwriting standards.
Also, it has a good rating through A.M. Best. This means that the company is considered to be strong and stable financially and that it has a good reputation for paying out its policy claims.
Foresters Life Insurance Company Ratings and Better Business Bureau Grade
Foresters is considered to be a strong and stable company from a financial standpoint. Because of this, it has been given high ratings. For example, A.M. Best has rated Foresters as an A- (Excellent).
Also, even though Foresters Life Insurance Company is not an accredited member of the Better Business Bureau, the BBB has provided a grade of A+ (on an overall grade scale of A+ to F) to Foresters.
In the past three years, Foresters has closed one customer complaint through the Better Business Bureau, and no complaints over the past 12 months. That particular complaint had focused on problems with the company’s products and / or services.
Life Insurance Products Offered By Foresters
Foresters Life Insurance Company provides a nice array of life insurance products – which include both term and permanent coverage. Doing so can essentially allow its members to better “customize” their coverage to meet their protection needs, as well as to make revisions in their coverage over time as their needs may change.
Term Life Insurance Coverage at Foresters
Term life insurance coverage provides death benefit only protection. Because of that, term is often considered to be the most “basic” of life insurance that you can buy in the marketplace. Foresters offers several term life insurance policy options, including smokers life insurance.
The Lifefirst level term policy offered by Foresters provides a time frame of either 10, 20, or 30 years, and it has a level premium option. There are also several additional benefits that can be added by the policyholder to boost the coverage.
There are two ways that an applicant can go with applying for this policy – either on a medical or a non-medical basis. The first will require full underwriting while the second will not require a medical examination as a part of the underwriting process.
In the latter option, a higher premium will be required by the insured. However, this option would be beneficial for someone who may have certain health conditions and may not otherwise be able to qualify for life insurance coverage.
This particular policy offers a face amount of between $50,000 and $250,000 and an issue age typically of between 18 and 65. Both smokers and non-smokers can apply for this coverage. A conversion option is also available whereby the term policy may be converted over into a permanent policy (within certain guidelines).
Foresters also offers the Strong Foundation term policy. This level term life insurance option is available for 10, 15, or 20 years. The premium is guaranteed to stay level throughout the life of the policy.
Permanent Life Insurance Coverage at Foresters
There is also permanent life insurance coverage available through Foresters Life Insurance Company. The Advantage Plus is a whole life insurance policy. This “participating” policy offers dividends (although not guaranteed). With permanent life insurance, the policyholder will receive both death benefit protection, as well as a cash value component.
The cash in the cash component is allowed to grow tax-deferred, meaning that there is no tax due until the time that it is withdrawn. This can allow it to grow and compound exponentially over time.
With permanent life insurance, a policyholder is allowed to either withdraw or borrow the cash from the policy for any reason. This could include for paying off debts, for supplementing living expenses, for paying the college tuition of a child or a grandchild, or even for taking a nice vacation.
Final Expense Life Insurance Coverage at Foresters
Foresters also offers final expense life insurance coverage. This plan is the PlanRight Whole Life Insurance. Because it is a whole life insurance policy, it offers both a death benefit and cash value. The death benefit can be either fixed, graded, or modified.
With a fixed death benefit, 100% of the proceeds would be paid out upon the death of the insured – regardless of when that occurs. If, however, the death benefit is graded, the amount of payout would be limited if the insured dies within the first few years that he or she purchases the policy.
Should the policyholder choose a modified death benefit option, the amount of the death benefit that is paid out during the first few years would also be limited. This limit would be based on the return of the amount of premiums that were paid into the policy, plus possibly a certain amount of additional interest.
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.
Other Products Offered
In addition to just pure individual life insurance coverage, Foresters Life Insurance Company also offers other coverage products. For example, the company provides an accidental death insurance policy. With this policy, if an insured dies as the result of certain injuries, an additional amount of benefit would be paid out to his or her beneficiaries.
How to Find the Best Quotes on Life Insurance Coverage
If you are trying to find the best quotes on life insurance coverage from Foresters Life Insurance Company – or from any life insurance carrier – then it is usually good to work either with a company or an agency that has access to more than just one single insurance carrier. This is so that you can more directly compare life insurance policies, benefits, and premium quotes. This is not only true for when seeking life insurance, but when seeking other coverage’s as well, such as the best auto insurance company and policies!
When you are ready to see what policies and prices you can qualify for, we can help. We work with many of the top life insurers in the industry today – and we can assist you with obtaining all of the important details that you require for making a purchase decision. If you are ready to move forward, fill out the form on this page to get a set of customized quotes.
We understand that purchasing the right life insurance policy can seem to be challenging. There are many different variables that you need to keep in mind – and there are lots of carriers to choose from.
When going through the process, it can help to have someone on your side who is looking out for you and your best interests, and who can ensure that you are shopping for the right type of coverage for your needs. The good news is that we can do just that. So, contact us today – we’re here to help.