Foresters Life Insurance is an established company renowned for its dedication to providing flexible and affordable life insurance policies that cater to the various needs of both individuals and families. In addition to offering a variety of life insurance products. This includes term, whole, and universal life policies, Foresters place a strong emphasis on social responsibility and the community.
As insurance buyers look for more value in addition to financial security. It is important to understand the intricacies of Foresters life insurance and their dedication to providing comprehensive coverage to their policyholders. This article aims to enlighten our readers on the distinguishable features of Foresters Life Insurance and the types of insurance policies they offer.
About Forester Life Insurance
You may be wondering why Foresters is rated as one of the best insurance companies nationwide. This company was founded in 1874 as an international fraternal organization. And since then, it has ensured that life insurance policies are easily accessible and affordable to individuals who seek financial security for themselves and their loved ones. The company provides a wide selection of life insurance plans made to accommodate the demands of people and families. Foresters life insurance features flexibility and affordability, making its term, whole, and universal life insurance choices accessible to a wide range of consumers.
It is renowned for the wide range of benefits it offers to policyholders, which includes a variety of riders tailored to meet individual needs. The dedication of Foresters to social responsibility also makes it stand out amongst other insurance companies.
However, the life insurance policies offered by Foresters cannot be gotten online, meaning you can’t get a quote or apply for a policy online. You have to speak to an insurance agent or financial advisor first before you can get coverage.
Life Insurance Policies Offered
Foresters is outstanding for its wide range of term and permanent life insurance policies it offers to individuals across all states. They have a network of insurance agents. And financial advisors across the country that you can contact directly to make a purchase.
Term Life Insurance
This type of life insurance is available to individuals who fall between the age brackets of 18 to 80. With coverage ranging from $50,000 to $5 million, the Term 30 plan enables automatic five-year renewals following a 30-year term. You are free to choose the specific term length you want, ranging from 10, 20, or 30. It all depends on your coverage needs, preferences, and budget.
Whole Life Insurance
For whole life insurance, Forester offers three different types of coverage, namely, PlanRight whole life insurance, Advantage Plus II whole life, and BrightFuture Children’s whole life. These whole life insurance policies serve different purposes, and they feature extensive coverage that is tailored to meet individual needs. For clarification purposes, we strongly advise you to reach out to an insurance broker, as they are in the best position to guide you through the
Universal Life Insurance
Foresters universal life insurance is a flexible and adaptive policy that is made to offer lifetime coverage to policyholders. Additionally, it enables them to adjust their death benefits and premiums in line with their changing financial needs. This type of life insurance also offers the possibility of tax-deferred growth by combining a death benefit with an increasing cash value component over time.
It’s easier for policyholders to manage their finances because they can adjust their premium payments within predetermined bounds. To further increase the value of the coverage, Foresters offers exclusive member perks like access to community resources and support services.
Examples of Riders Offered by Foresters
- Accelerated death benefit rider: This type of rider enables policyholders to use a part of their death benefit to cover a chronic or critical health issue.
- Accidental death benefit rider: If you were to die in an accident, the accelerated death benefit rider will give a payout to the beneficiaries of your policy.
- Child term rider: This specifically provides cover for the number of children listed under your policy. If your needs change over the years, you can convert this rider to a permanent life insurance policy.
- Disability income rider: This type of rider offers coverage if the policyholder is unable to work due to a serious disability. It offers a monthly payout that can be used to cover living expenses and lost income.
- Family health benefit rider: This rider is suitable for family members who do not want to be burdened with the cost of an ambulance and hospital stay. If you suffer a serious health issue caused by a natural disaster, this rider will provide coverage.
Aside from the aforementioned riders, there are other ones you can benefit greatly from, such as guaranteed purchase option, paid-up addition, return of premium, waiver of monthly deductions, and waiver of premium riders. Each of these riders has its unique feature. You can reach out to Forester or a professional insurance broker on how to choose a type of rider that is suitable for your needs and budget.
Pros of Forester Life Insurance
There are several benefits you can enjoy from purchasing life insurance from Foresters. We have helped to curate some of the benefits attached.
- Availability of several coverage terms.
- Affordable premiums.
- Flexible policy options.
- No medical exam is required for some policies.
- Unique membership benefits such as cheaper legal services and scholarships.
- Digital e-policy.
- child rider available
- Option to convert your term life policy to a whole life policy.
Cons of Forester Life Insurance
While we point out the benefits of Foresters life insurance, let us also consider some of its downsides:
- Limited terms up to 30 years only.
- Limited availability in some states.
- No online quotes are available.
- Claims can only be processed by mail-in.
- Policies can only be purchased through a financial advisor.
- Additional fees for certain riders.
- Medical underwriting for larger policies.
How to Buy Foresters Life Insurance
- You can apply for life insurance from Foresters by following these steps.
- Visit the company’s official website.
- Explore the life insurance section.
- Choose the type of life insurance policy you want to purchase.
- Once you have selected it, enter your postal code. This would enable you to find a forester’s agent in your area.
- Provide the required details, such as coverage amount, age, gender, and health status.
Afterward, the advisor from Foresters will provide a quote; ensure you review it carefully and determine whether or not it meets your life insurance needs. If you also need clarifications about the policy type, you can ask the advisor.
