If you haven’t started investing in a life insurance policy, it is something you need to consider doing now. Here’s our Foresters Financial Life Insurance Review.
Wondering what exactly a life insurance policy is, or what uses does one have for investing in a good policy?
Having a reliable life insurance policy in place is one of the best ways that you can take. These life insurances will provide for your loved ones if you were to pass away. A good policy can help reduce the financial stress on your family members. This can benefit your beneficiaries in numerous ways.
- Help pay any debt outstanding debt
- Cover basic necessities of comfortable living
- Maintain financial security through a time of mourning and hardship
What’s the most important thing to consider when you invest in a life insurance policy? It’s making sure that the amount of coverage is enough. The type of coverage that you get must be adequate for the specific needs of you and your loved ones.
This way, you are assured that your beneficiaries will be secured. They will be receiving the utmost financial help from your provider.
One of the best ways you can get started on your journey is making sure that you go to one of the top-ranked companies. Finding the right insurance policy should start from the most trusted providers.
Wouldn’t you rather put your finances and trust in the hands of an established company? For them to be deemed as established, they must be highly rated, and financially stable. This ensures you better value than a company who has a far weaker or shorter business history.
Choosing a Life Insurance Company
In the event that you would need to file a claim with your company, it must serve your best interest. You want to make sure you have selected a life insurance company that you can trust and depend. You would want to have a company that follows through with the policy and payouts you had been promised.
Next, we will take a look at a life insurance company that is one of the best in the business. Foresters have been providing quality life insurance and financial services to their members. They have been in business for more than one hundred years. They are also one of the highest rated life insurance companies in The United States.
This company is known as Foresters Financial. This group has created trustworthy company standards and practices. These, in many ways, benefit their customers greatly.
Foresters Financial Company Info
Name: Foresters Financial
Mailing Address: Foresters Financial PO Box 179 Buffalo, NY 14201
Headquartered in Ontario, Canada
Foresters Financial Foresters Company History
Foresters Life Insurance Company has begun over 135 years ago. Since then, they have been helping their customers accumulate and grow their wealth. This comes with their vision to provide them with quality life insurance solutions.
Did you know that Foresters is a fraternal benefit society? This means that they are actually a non-profit association. They provide mutual benefit for its members.
This is vastly different from the for-profit stock insurance companies.
Policy-holders as stockholders
Foresters refer to their customers as members. They give members a lot of benefits from the policies that they purchase. Foresters even provide additional benefits. These can be providing financial consultation to their members. Foresters also give college scholarship opportunities.
Want to know the main reason why Foresters helps ensure your finances are in good hands?
That’s because they are the parent company of First Investors. First Investors is a huge company. In fact they have 550 customer service representatives around the United States.
The primary services provided by Foresters and their parent company is consulting. Also, they provide life insurance services and options to middle America.
The primary offices for this company are located in Ontario, Canada. They have various other offices that are located throughout the United States.
In 2013, Foresters managed 1.4 billion dollars in assets for their clients. During that same year, they also managed 141 million dollars. These are accumulated from the gross written insurance premiums.
Foresters Financial Company Review
What about some of the formal reviews on Foresters that have been made over the years?
AM Best Foresters Financial Company Review
Foresters Life Insurance company is a stable company that has been around for over a century. AM Best has designated this company as financially stable. The Foresters have a good history, and have a reputation for paying out their policy claims.
AM Best gives this company an A-. This is an excellent rating when it comes to financial stability and dependability.
Foresters Financial Customer Service
Foresters is not a member of the Better Business Bureau, and it still has an outstanding rating from the BBB. The BBB has given Foresters an overall score of A+ for their financial stability. This also stands for the services they provide to their customers.
Foresters Insurance Company has very few formal customer complaints on file. Over the last three years, they had one single complaint. This was filed with the Better Business Bureau. They had zero complaints filed over the last calendar year.
Life Insurance Products Offered
With over a hundred years serving North America with quality financial guidance and life insurance coverage, you might wonder…
What are some of the policies are that Foresters offers?
Foresters Life Insurance offers several different options. These include permanent and term coverage policies
Having many options for the type of policy that you can choose, this is ideal for many individuals. Foresters gives their members a high level of customization for their coverage.
This gives Foresters the ability to serve their members with the kind of protection that they need. They also give their members the flexibility to make changes. With this, members can make revisions to their policies. This is to give way to customer needs should they change over time.
Foresters Term Coverage
You can consider term life insurance coverage as the most basic form of life insurance that you can buy. With term life insurance, you get death benefit only protection.
The benefits of the life insurance policy do not take place until the death of the policyholder. They do offer other types of term policy coverage including smokers life insurance.
In general, Foresters offers a tiered system for their term policies (Lifefirst). This includes timeframes of 10 to 30 years. They also provide premium level options.
To add another layer of customization, the policyholder has several different options. They can select to boost the coverage of their policy.
There are distinct ways that an applicant can go about applying for a Lifefirst policy
They can pursue this option in the form of nonmedical or medical. As you might guess, the medical policy will require a medical examination.
This is a part of the underwriting process. Meanwhile, the non-medical option will not need a medical examination.
If you select nonmedical, you will face higher premiums.
The downside to the nonmedical route? The company will assume that the applicant’s choice to opt out of a medical exam is most likely due to a preexisting medical condition.
The plus side of going in for a medical examination is that you could qualify for lower premiums. This is most applicable if you are healthy and qualify for the policy in consideration.
These policies will typically payout at a face value of between 50,000 and 250,000 dollars. They will traditionally issue out between the ages of 18 and 65. The upside to this policy is that non-smokers and smokers alike, can apply for this kind of coverage.
Foresters also offers the option to convert your term policy over to a permanent policy. If you should decide that you want to make that change later down the road.
Another option that Foresters offers is their Strong Foundation Term policy. This term insurance option is available for 10 to 20 years. The largest benefit to this policy is that premiums are guaranteed to stay at a flat rate. This goes for the entirety of the policy.
Foresters members can also select permanent life insurance coverage. One of Foresters permanent life insurance coverage options is Advantage Plus. With this policy, the holder will be able to get death benefit protection. This comes along with a cash value component.
One of the greatest benefits to the cash value component of this policy is that it is tax-deferred. The value of your policy will continue to grow, and no taxes won’t be taken out until you choose to withdraw the funds.
The benefit of permanent life insurance is that the policyholder has the ability to withdraw cash from the policy. You can get it at any time and for any reason.
These reasons include:
- Debt repayment
- Payment for college tuition or student payments
- Funds for general living expenses.
- Vacation allowances.
Foresters Final Expense
The final expense coverage that Foresters offers is PlanRight Whole Life Insurance. This policy also offers a cash value along with a death benefit. What differentiates this policy is that the death benefit can either be Graded, Fixed or Modified.
With this type of policy, all of the proceeds are paid out at the time of the policyholder’s death. Regardless of the time of death, the time frame is only dependent on the time the policy was put into place.
The only time this would differ is if the member chose the graded option. In this case, the payout of the proceeds will be limited. This happens if the death occurs within the first few years after the policy is purchased.
If you choose the modified option, your payouts would also be limited. For this option, the limit of the proceeds would be based on the amount of the premiums that were paid since the policy started. This option may also pay out some interest.
Other Products Offered
Foresters also offers accidental life insurance policy options. In the event of an unexpected accidental death of the policyholder, you won’t have to worry. An additionalsum of money would be paid out to the beneficiaries.
Foresters provides a unique selection of life insurance policies. This is available to applicants all over North America. They are a stable, trusted, and long standing company who puts the needs of their members in high regard.
There are many companies that exist in the life insurance industry. Foresters is one of the companies that serves customers first. They strive to provide exceptional policies to people like you.