There is no one-size-fits-all life insurance company. Foresters Financial has a range of products to help who financially as your life changes.
Foresters Financial is an international financial services provider that began in 1874. At the time they set out to provide life insurance to the average family in America and now over 140 years later they continue to provide life insurance, investment solutions, retirement options, and savings solutions.
The company today has over 3 million customers throughout the United States, Canada, and the United Kingdom. They have an A rating from A.M. Best and manage over $45 billion in total funds.
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Term Life Insurance Policy Review
Your Term Non Medical Review
As of 2017, Foresters began offering term life insurance in the form of no medical coverage. Their no medical exam term life insurance policy is called Your Term Non Medical.
There is no guaranteed cash value with this policy. The premiums are Level. You cannot take out cash withdrawals against the policy nor can you take out a loan.
However, you can receive the accidental death benefit insurance with this policy and select a level Term Policy of 10 years, 15 years, 20 years, 25 years, or 30 years, depending on your age when you apply.
Term Life Insurance Policy Riders
Foresters also offer the following policy riders on their term life insurance policy:
Whole Life Insurance Policy Review
With whole life insurance policies, there is a guaranteed cash value with a guaranteed minimum which means that you will always earn that minimum amount no matter what so long as your premiums are paid on time.
The cash value will increase or decrease based on interest rates or dividends. Your premiums remain level so they never go up or down. You can take out loans against your policy if necessary.
If you do not repay those loans before you pass away the remaining amount owed is simply taken out of your total death benefit. You can also take out cash withdrawals from your cash value directly if you need to supplement your retirement income or cover unexpected medical costs.
Foresters PlanRight Whole Life Insurance Review
Foresters have the PlanRight Whole Life insurance policy. With this policy, you can get life insurance coverage up to the age of 121. Your beneficiary will not owe any income taxes on the death benefit.
Your premiums are guaranteed to remain level. This plan automatically includes the common carrier accidental death rider which means that if you die from an accidental injury such as a plane crash or a bus accident, your beneficiary still receives your death benefit. You can add the accidental death rider and the level death benefit to this policy for an additional fee.
Advantage Plus participating whole life insurance Review
With this particular policy, you can build the coverage that you need with the option to add additional coverage in the future if necessary.
With this policy, you can add a 10 or 20 year term rider to maximize your coverage if you need to cover short-term obligations like your mortgage.
These give you a permanent death benefit at a lower cost and you can convert the policy to a permanent policy without having to undergo a second medical exam at the end of the policy.
This is something typically used by people who open a policy at a younger age when their needs are higher and then need to reduce the financial coverage they are provided as those needs diminish. Once a mortgage is paid off for kids no longer live at home those financial needs are gone.
This policy has built-in coverage at no additional cost including the accelerated death benefit rider, the common carrier accidental death rider, and the family health benefit rider. This last rider gives you a benefit in case your family incurs certain health complications as a result of things like earthquakes, hurricanes, or tornadoes.
Whole Life Insurance Rates
Below are the examples of the an Advantage Plus policy with ADR and WPR riders, for an applicant from Alabama:
|Coverage Amount||Age||Class||Male Monthly 20 Pay||Male Monthly Pay to 100||Female Monthly 20 Pay||Female Monthly Pay to 100|
As you can see there is a significant difference in the premium do you pay based on the length of the term and your health. Smokers are put into a different underwriting class and are typically charge more because of the increased health risk.
Interest-sensitive whole life insurance
This policy has mortgage protection so you can pay off your mortgage or any other outstanding debts.
There is a charitable giving feature built into it at no additional cost where you can make a significant donation to a charity of your choice out of your life insurance death benefit.
It is also a wonderful way to provide the money necessary to cover any estate expenses.
Universal life insurance
With Foresters’ universal life insurance policies you have guaranteed cash value with a guaranteed minimum.
The cash value will increase or decrease based on the variable rate determined by Foresters. Your premiums are flexible. You are allowed to take out policy loans and cash withdrawals against your face amount.
SMART Universal Life Insurance
This universal life insurance policy offers considerable flexibility to adjust your coverage and face amount as your needs change.
Additionally, you can add riders at an additional fee including the child term rider if you need to cover any children, the accidental death rider, the disability income rider, or the waiver of monthly deductions rider.
Variable Universal Life Insurance
With this policy, you build cash value but there is no guaranteed minimum. Instead, your cash value will increase or decrease as your sub-account performance fluctuates. Your premiums are flexible.
You can take out policy loans and cash withdrawals but understand that because this cash value performance is directly tied to another investment account it could dramatically increase your face amount or decrease it if things take a bad turn.
Your policy remains in force for the first 10 years as long as you pay your minimum monthly premiums. This takes away any risk of your policy lapsing if it is not sufficiently funded. This remains to enforce no matter how the market performs.
Foresters Financial Insurance Company Review – Takeaways
Obviously, the plan that you choose is based upon your personal needs. Someone who wants to utilize the life insurance policy as an investment tool would be better off using a variable universal life insurance policy especially if they already have familiarity with the subaccount they want to use.
Somebody who may not want to invest with their policy and risk losing the death benefit but still want a permanent death benefit would be better off choosing a universal or whole life insurance policy.
If you need temporary coverage a Term Policy might be a better fit. Compare different life insurance companies before you make your decision so that you know what the prices will be based on the coverage, the included features, the face amount, and your current age and level of health.
Just because one company provides three benefits for free doesn’t mean that they are the most financially viable option for you. Another company might be more favorable toward a health condition that you have or provide more flexibility if you want to change from a term plan to a permanent policy.
How to Find the Best Life Insurance Policy for You
Finding the best life insurance policy for you should not be as difficult as it may seem, as long as you seek out the proper resources.
Our independent life insurance agents represent some of the best life insurance companies on the market. They can help you find the best life insurance policy for your specific situation by understanding you and your family’s needs.
Give us a call today to speak with one of our experienced life insurance agents and compare dozens of policy options, or get started using our online quoting engine for quick and easy life insurance quotes.