Foresters has offered life insurance and other financial protection since 1874. Throughout nearly a century and a half, the company has grown considerably – and it has also greatly expanded its product offerings.
Today, this large insurer has more than three million customers and members, who reside in the United States, as well as in Canada and the United Kingdom. Foresters abide by a strict code of ethics, which can help to assure its customers that the right products and services are being offered to them.
Ratings And The Better Business Bureau Grade
- A.M. Best and Company Grade: A
- Better Business Bureau (BBB) Grade: A+
No Exam Coverage Offered By Foresters
While Foresters Financial is known for offering a wide variety of different wealth accumulation and protection products, the company has a reputation for being a viable alternative for those who are considered to be “high risk” life insurance applicants.
This is because this company offers no medical exam life insurance. This means that there is not a blood and urine sample required to be approved for the insurance coverage. This can be helpful for those who may have certain types of health issues when applying for life insurance protection.
One of the most popular of the products offered by Foresters Life Insurance Company is the PlanRight Whole Life Insurance plan. This policy, which is a final expense life insurance policy, is a whole life insurance alternative that offers both a death benefit, as well as a cash value component.
The nice thing about the cash part of the policy is the different ways the owner can use it. It can be treated like a savings account, and spent later on things like student tuition, or a vacation. But you can also borrow against it, especially if you plan on keeping your policy active for a while. You won’t owe any taxes until you withdraw money.
The PlanRight whole life insurance policy has several variations in how the coverage may be issued. These include the following:
Fixed Death Benefit Option
With the fixed death benefit option, the total amount of the policy’s stated death benefit will be paid out to the named beneficiary – regardless of when the insurance policy was purchased.
Graded Death Benefit Option
With the graded death benefit option, within the first two years of purchasing the policy, only a certain percentage of the death benefit will available. In this case, the named beneficiary (or beneficiaries) on the policy would receive the larger of the total amount of premiums that were paid in, along with a small amount of additional interest, or they would receive 30 percent of the stated face amount of the policy within the first year, or 70% ofthe stated face amount of the policy within the second year. If, however, the insured dies after owning the policy for two or more years, then all of the stated death benefit amounts would be paid to the policy’s beneficiary.
Modified Death Benefit Option
There is also a modified death benefit option. With this alternative, there is a limited amount of death benefit that is paid out if the insured passes away within the first two years of purchasing the policy. In this case, should the insured pass away during this time period, then the beneficiary would receive the full amount of the premiums that were paid in, plus an additional ten percent. Here again, after having the policy for two full years, then the full amount of the stated death benefit would be paid.
In addition to the PlanRight whole life insurance option, Foresters also offers other no exam life insurance, too. With the company’s LifeFirst Non Medical life insurance plan, the insured can choose up to $250,000 in policy death benefit coverage, as long as he or she is age 50 or younger when they obtain the coverage. (If an individual is in need of a higher amount of death benefit, they may be able to purchase it, but a medical examination will likely be required).
The company also offers a Smart UL Non Medical life insurance option. This policy also offers up to $250,000 in coverage for those who are age 55 and under. If an applicant is between the ages of 55 and 70, then he or she may obtain a face amount of coverage that is up to $150,000.
Other Offerings Through Foresters Life Insurance Company
Foresters offers both no medical exam and fully underwritten life insurance coverage. In some cases, while the company may not require a full medical examination, the applicant for coverage may still be required to fully complete an application for coverage – which will ask for various details about his or her age, gender, health, and other important factors that can help the underwriters determine policy approval.
In addition to life insurance coverage, Foresters also offers additional financial and protection products. These include the following:
Mutual funds are defined as “pools” of money in which many hundreds or even thousands of investors are involved. These funds offer a basket of equities such as stocks, bonds, and / or money market products that are managed by a professional money manager. Because mutual funds offer immediate diversification, these financial vehicles can be a good way for those who are just starting out and / or those who may not have a lot of money to invest, a way to obtain a well-balanced financial portfolio.
Today, people are living longer than ever before in history. Yet, while that can be positive in many ways, it can also mean that saving and retirement income must also last for a long period of time – in some cases, 20 or 30 years after retiring. An annuity can provide investors with a way to ensure that retirement income will not run out. These financial vehicles allow investors to grow their money on a tax-deferred basis. Then, when the investor wishes to start taking a retirement income stream, they can opt for income for a certain number of years, or income for life. Should the life income option be chosen, the annuity will continue to pay out a regular income to the individual (or couple) for the remainder of their lifetime – regardless of how long that may be.
Retirement And Savings Plans
Because it is never too early to begin preparing for retirement, Foresters offers additional retirement and savings plans. These can include tax-advantaged assets accumulation, Social Security education, and planning, and even financial literacy, which includes the offering of budgeting and savings knowledge. Foresters offers its retirement preparation products and education to both individuals and to employers.