Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. What other insurance policies does Foresters Financial offer?įoresters offers a wide range of insurance products to customers, apart from term life, such as: Permanent Life Insurance Better Business Bureau Accreditation and Rating : Yes/A.Foresters Financial has been an early champion of gender and racial equality and is known internationally for its charitable efforts in times of tragedy and need. As a fraternal institution, Foresters Financial’s profits are reinvested into causes that enrich the lives of its members and their communities. IOF is a fraternal benefit society that originated in Canada and has offered life insurance and annuities in North America and the UK for more than 145 years through Foresters Financial.įoresters Financial has over 3 million clients and members across Canada, the United States, and the UK. Who is Foresters Financial and Foresters Life Insurance?įoresters and Foresters Financial are operating brand names for the Independent Order of Foresters (IOF), an international financial services provider. The insured under a Foresters Term policy are also eligible for Foresters membership plan – members enjoy unique benefits, including competitive academic scholarships, financial counselling, discounted legal services, emergency and disaster relief, as well as grants to support local volunteer opportunities.įoresters term life insurance also comes with a built-in Bereavement Assistance benefit, which provides reimbursement of up to $1,000 for counselling services to beneficiaries to help them deal with their loss. The Charity Benefit provision is automatically included it does not increase premiums, nor does it lower the value of the death benefit. The payment is made as a donation in the name of the insured. What this means is that when a claim is paid to the policyholder’s beneficiary, Foresters will pay an additional 1% (up to a maximum of $100,000) of the benefit amount to a registered charitable organization, as designated by the owner. Once you purchase an insurance policy from Foresters, you become eligible to participate in their community offerings that assist in personal development, social interaction and voluntary service.Ī unique feature of Foresters Term Life offerings is that they come with the Foresters Charity Benefit. These riders also have conversion and exchange privileges and can be useful for building laddered coverage.įoresters Term Life products also offer some unique benefits that reflect the company’s desire to positively enhance the lives of its client-members and their communities. Term Riders : Term riders are available on the life of the individual insured under the base policy, or their spouse.Waiver of Premium : This rider waives the premium payable in the event of the total disability of the person insured under the rider.The maximum benefit amount has to be the lesser of $300,000 or the death benefit of the base policy. Accidental Death Benefit : This rider provides an additional death benefit when the person insured dies as a result of an accident.Each insured child has the option of converting this coverage to a new permanent life insurance policy without evidence of insurability.
The premium is guaranteed and payable only for 20 years. Children’s Term Rider : This rider provides term insurance for the insured person’s children in the age group of 15 days to 25 years.This is an excellent product for meeting changing financial needs, with the added advantage of these optional riders: It is also exchangeable for another term insurance policy with a longer term, if it is offered by Foresters at the time of exchange. It is renewable and convertible to their permanent life insurance products, without having to go through additional medical underwriting. Our Foresters Finanical life insurance rating and reviewįoresters Financial’s Term Life Insurance is a pure term life insurance product – as its name suggests.
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