When purchasing life insurance, there are various important parameters for you to keep in mind. These parameters include ensuring that the type and the amount of insurance coverage that you will obtain might be enough. These also include making sure that you get insurance coverage from one of the top insurance carriers who are financially strong and stable.
The reason to find a strong and financially stable carrier is when the time was to come for your loved ones to file a claim, and you would like to be sure that this company would make good on the promise. One life insurance carrier that has a long and positive history of paying the claims to the policyholders is Foresters Life Insurance Company.
Foresters Life Insurance is one of the oldest life insurance companies that you would have ever heard of. It provides life insurance, savings, retirement, and investment products as well as the member benefits. Like most other insurance companies, there is a lot to like about Foresters, as well as a few things that you will need to think before making any purchase.
Foresters Financial History
Foresters Life Insurance Company has more than 135 years of experience in providing wealth accumulation and different protection products to its customers. This particular carrier is known as a fraternal benefit society, which means that unlike the traditional life insurance company, it is a not-for-profit company that offers mutual aid or benefit to its members.
This is the reason why, instead of having actual policyholders, Foresters has members who are able to receive benefits from the policies that they buy. There are additional perks, like being able to obtain college scholarships and financial counseling.
Foresters Life Insurance Company is the parent firm to First Investors that provides a variety of investment and insurance products to the middle market in the United States and has more than 550 representatives in offices across the country.
Today this company goes by the shortened name of Foresters Financial and operates throughout the United States, United Kingdom, and Canada. Currently, Foresters Financial provides investments, savings, retirement planning, and life insurance needs to more than three million customers and members. Recently, Foresters Financial has reported assets totaling over $17.7 billion.
The strong financial status and classification as a fraternal benefit society allow continued operation as a not-for-profit organization. The goal of Foresters Financial continues to be to serve the needs of their members and their families by providing benefits and aid to their members.
Foresters A.M. Best Company Rating
Foresters Financial is considered to be a strong and stable company from a financial point of view. Because of this reason, it is has been given high ratings. A.M. Best has rated it as an A- (Excellent). Even though Foresters Life Insurance Company is not actually an accredited member of the Better Business Bureau (BBB), the BBB provides it with a grade of A+ (on an overall grade scale of A+ to F).
Over the past few years, Foresters Financial has closed one customer complaint through the Better Business Bureau and no complaints over the past year. That one particular complaint had focused on problems with the products of the company and services.
Strong Code of ethics
Foresters Life Insurance Company lives by a strong code of ethics that must provide both existing and potential customers with peace of mind. Their top priority has always been to conduct themselves in a way that builds trust as well as protect their customers from the increased cost that are associated with any fraudulent activities.
Something that makes Foresters Life Insurance Company significantly different than the majority of other life insurance companies is how they refer to their insurance policyholders as the members. Over the period of two centuries, Foresters continues to pride itself as being a fraternal benefit society and provides more than just a product, but also membership benefits to its members.
So whenever you purchase a life insurance policy with Foresters or any other service that is offered by Foresters, you get access to several membership benefits. Here is a shortlist of some of the benefits of Foresters members:
Grants and scholarships
Emergency assistance programs
Foresters Community Grants Program
Community Volunteering Opportunities
Life insurance products offered by Foresters
Foresters Life Insurance Company offers a variety of life insurance products, and these include both the term and permanent coverage. By doing this, they essentially allow their members to better customize their coverage in order to meet their protection needs, as well as to make revisions in their coverage over a period of time as their needs might change.
Term Life Insurance Coverage
Term life insurance coverage provides only death benefit protection. Because of that, it is often considered to be the most basic type of life insurance that one can be able to buy in the marketplace. Foresters offer various term life insurance policy options that include smokers’ life insurance.
The Life first level term policy that is offered by Foresters provides a time frame of 10 to 30 years, and it also has a level premium option. There are also various additional benefits that could be added by the policyholder in order to boost the coverage.
There are two ways that an applicant can be able to move with applying for this policy, i.e. either on a medical or a non-medical basis. The first one requires full underwriting while the second does not require a medical examination as a part of the underwriting process.
As far as the second option is concerned, the insured has to pay a higher premium. However, this option could be beneficial for anyone who may have certain health conditions and might not otherwise be able to qualify for any life insurance coverage.
Foresters Whole Life Insurance
Foresters Life Insurance is especially well-known for its whole life insurance products and has two available plans.
The Advantage Plus whole life product is quite a traditional whole life insurance policy that offers a guaranteed lifetime death benefit and also accumulates cash value over time. Advantage Plus is participating life policy
, therefore, the company may also pay dividends that can be utilized for buying more paid-up life insurance, remain in the cash account for the accumulation of interest, used to lower monthly premiums, or just take the cash.
One can access the cash value in the Advantage plus Whole Life Policy through policy loans that can be repaid at any time or not at all. There are three additional benefits of Advantage Plus that are added at no additional cost:
Accelerated Death Benefit
Common Carrier Accidental Death Benefit
Family Health Benefit
Plan Right Whole Life Insurance
Plan Right is the best choice for seniors who are looking for permanent life insurance in order to cover their final expenses like funeral and burial costs. The PlanRight product has all of the guaranteed benefits of the traditional whole life insurance, and you never require a medical exam.
Foresters Life Insurance liberal underwriting for the applicants of PlanRight makes this whole life insurance product a solid choice for the seniors who basically are dealing with one or more health-related issues.
Just like the traditional whole life insurance, a PlanRight final expense policy provides you with the following:
The company will not cancel your PlanRight policy as long as you pay the required premiums. The coverage is guaranteed to the age of 121.
For any reason, the insurance company cannot increase your monthly premium. Even if you are diagnosed with any terminal illness or are forced to live in a nursing facility, for your lifetime, your premium will remain the same.
The PlanRight whole life insurance policy builds cash value over your lifetime that you can access by using policy loans, withdrawals, or surrender the policy for cash value.
Qualifying for PlanRight
Although the applicants are not required to have a medical exam in order to purchase the insurance coverage, there are some medical questions on the application that if answered “yes” would be disqualifying the applicant for coverage. In this case, Foresters offers a PlanRight graded benefit plan and also a modified benefit plan.
These additional plans have waiting periods when the benefit will be paid out in a different way if the insured person dies from the natural causes during the waiting period. The good news is that almost every applicant of PlanRight will be accepted in one of the plans, even when having any serious or multiple health issues.
Amazing Accelerated Benefits Rider
Riders are the features that one can add to a policy. The Accelerated Benefits Rider gives you the ability to access the death benefit before you die. Most of the companies have this rider, but the important point is that not many have it like Foresters. Most companies only accelerate on terminal illness, while Forresters can accelerate the death benefit in all of the following circumstances.
A physician happens to diagnose a chronic illness as permanent, while the person is unable to perform at least 2 of the six activities of daily living for a minimum of 90 days. This is also defined as a severe cognitive impairment.
Critical illness covers various illnesses like life-threatening cancer, Myocardial Infarction or heart attack, stroke, advanced Alzheimer’s disease, end-stage renal failure, major organ failure, and ALS.
It is a non-correctable illness or a physical condition that is reasonably expected to result in death within a year of diagnosis.
Non-medical whole life insurance
Foresters Life Insurance offers a non-medical whole life insurance option. If one doesn’t want to go through the hassle or the pain of doing blood work, then one can be able to get non-medical whole life coverage. Getting this coverage is as simple as completing a questionnaire. The approval process also takes less time, and it should be taking less than four weeks to get a result.
Great Customer Service
There are some life insurance companies that care about nothing more than just selling you a policy. Foresters, on the other hand, take a different approach by ensuring that the customer always comes first. You can get experience, expertise, and reliability from Foresters, and this is what most of the consumers are always looking for.
Foresters Life Insurance online customer reviews
For being in business for such a long time, the company has very little complaints as compared to the huge number of clients that they currently insure. The reason behind this is that they focus on providing personalized service.
When reviewing some of the online complaints of the customers, one can see that there is a strong possibility that their agent who sold them the insurance coverage didn’t do the job well in explaining how it will work and perform.
There are some other customer complaints that revolved around the aggressive salespeople. The reason for this might be the customer requested information through the online website of the company, and Foresters referred the customers to one of their branch offices that only sell Foresters.
Does Foresters have the best life insurance?
Foresters offer their customers a variety of life insurance coverage options that are able to meet various life insurance needs. Their term coverage is priced very competitively, and the final expense coverage often ranks among the top five when it is about the price.
Foresters Life Insurance can be ideal for many people, but it is always a wise choice to work with an experienced insurance agent. You should look for the one who can shop your life insurance coverage with multiple carriers so that you can get the best possible coverage at the best price.
If you are looking for an insurance company with a solid all-round whole life insurance policy, complete with various fraternal benefits, Foresters might be the company for you. It is a fraternal organization that cares about its policyholders and is no doubt a great company to do business with.
Its members can enjoy additional benefits that include access to grants and scholarships, free and discounted legal services in year area, and also loans for terminal illness. If you are to go with whole life insurance, then it is a good option to consider when shopping for the best value on an insurance policy plus all the added benefits of membership.
Hi, this Mitch Winstead with Advanced Mutual Group. I have been selling burial insurance for over 20 years. Our website is http://www.advancedmutulgroup.com Our Facebook page is http://www.facebook.com/advancedmutualgroup.com Our email address is email@example.com
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