Foresters financial review on life insurance for overweight people
Why Foresters Financial is a Great Option?
Change is the only permanent thing in this world. Thereby, changes and challenges can greatly impact your finances and thereby life situations.
With this, financial security is of great importance. You have to make sure that your LOVED ONES are well-taken cared of at all times. A great financial strategy is to get a life insurance policy.
Foresters Financial is a good partner for affordable options for your financial plan. It is because they have the flexibility to give you the financial security you need.
Want to know if they are the right company for you? Fill out the quote on this page.
We at Hi BMI have expert underwriters who are happy to help YOU get the best rates & deals. YOU and your LOVED ONES are our #1 priority!
How Does Foresters Insurance Handle Life Insurance for Overweight People?
They are great at handling customers! Specifically, they are great for handling high-risk conditions and overweight clients. As a matter of fact, they even have great benefits in store for you and your loved ones. This company is a powerhouse of products. It is because they have just the right product to protect you and your loved ones.
Foresters Financial is amongst the top ten best life insurance companies in the US. They are also amongst one of the top ten non-medical life insurance providers. Non-medical life insurance is a product for overweight clients and high-risk conditions in many ways.
Points Where Foresters Financial Standout
Foresters are well-known for being a fraternal benefit society. Foresters don’t have the same set up as other tradition for-profit life insurance companies. They have members whom they provide aid from the policies they buy rather than mere policyholders. Specifically, here’s a long list of where they outshine other carriers, namely:
Favorable High-Risk Underwriting
Foresters are certainly the life insurance carrier option for most clients with high-risk conditions who are having a difficult time getting approved for affordable life insurance.
Payments don’t change once you have chosen your term
You know exactly how much your policy will cost and that payments remain the same all throughout the term.
Best Dividend Paying Whole Life Insurance
Their whole life insurance policies have great features and benefits compared to others. The dividends can be used for payments for a certain term, pay life insurance loans, withdrawn or left to build cash value, or purchase added riders.
Certain Riders Come with your Policy Free of Charge
Accelerated Death Benefit, Family Health Benefit, and Common Carrier Accidental Death come as a base coverage.
Foresters allows the owner to choose a registered charitable organization who will receive an additional 1% (with $100,000 as the maximum face amount) on top of the claim.
They have a toll-free financial assistance line – Everyday Money, where members can ask about personal money matters.
Forester members may seek assistance from local legal counsel on legal issues.
Emergency Assistance Program
This program targets to grant emergency temporary financial aid to members affected by natural disasters and/or hardship.
- Orphan Benefit – This program provides up to $900 monthly payments per child upon the death of one or both parents.
- Orphan Scholarship – This gives up to $6,000 per year on higher learning scholarship for Foresters members’ children left behind. This is renewable for up to 4 years.
Terminal Illness Loan
Forester members may qualify for a no-interest loan of up to 75% of the face value of their Foresters life insurance policy.
They champion in working for their customers. They provide great benefits and allot a great budget for such. Also, as reflected in the Better Business Bureau, Foresters had no complaints over the past 12 months. It has closed on customer complaint on product/service in the past three years.
Points Where Foresters Financial Need to Step up More
May Not Give the Best Rates for All Cases
Foresters Financial is like many other life insurance companies. They have a specific niche. Also, they do have their underwriting guidelines. As a result, they may not cater to all cases the same way. However, it would be great to know if they are the perfect fit for you. Underwriter experts at HiBMI can help you with that!
History & Standing of Foresters Financial
Foresters Financial trace their humble beginnings in 1874. They made life insurance accessible for average working families.
Since then, Foresters expanded their products and services for protection and financial growth. Consequently, they also widened their territory. They now have a great presence in the United States, Canada and the United Kingdom.
The company has over $34 Billion in total assets under management by 2015. Specifically, they earned a staggering $385 Million income in 2015 alone. Through the years, the company has continued to exhibit a hefty increase per year.
Today, over 3 million clients’ serviced and over 1 million members enjoy the numerous benefits of their non-for-profit set-up. In fact, in 2015 alone, more than $21 million were allotted by Foresters for member benefits. $2 Million of this amount went to student scholarships. As well as $10.5 Million was for playgrounds, family fun days (all costs sponsored by the company), care packages and other community initiatives.
Financial Strength Ratings of Foresters Financial
Foresters Financial got good grades. As such, you can trust that they are financially strong and stable.
Financial Ratings by A.M. Best Company
A rating means it has an excellent ability to meet ongoing insurance obligations.
Better Business Bureau
A+ rating is given to Foresters. It is the highest rating given by BBB. Though they haven’t got an accreditation, BBB has great confidence that the company is trustworthy in its operations and that they will resolve customer concerns in good faith.
Foresters Financial Products and Services
Level Term Life Insurance
Edge: This policy has guaranteed convertibility feature wherein one can convert term into the permanent plan in the future regardless of health condition.
Duration: temporary coverage (10, 15, 20, 25 or 30 years)
Suited for: replacing lost income in case of critical illness or total disability, providing funds for starting and caring for your family, covering short-term debts, and paying off the mortgage
Riders included (free of charge):
- Accelerated Death Benefit: allows one to receive a portion of the death benefit while living to cover for expenses on critical, chronic and terminal illness diagnosis.
- Family Health Benefit: allows one to receive coverage for limited family expenses as a result of natural disasters.
- Common Carrier Accidental Death: allows one to receive an additional death benefit as a result of a death in accidents as a fare-paying passenger in planes, bus and the like.
- Charity Benefit: allows one to make a donation to the owner’s chosen charitable organization worth 1% (with $100,000 as the maximum face amount).
Edge: Lower cost than YourTerm Non-Medical but with underwriting
Duration: Temporary Coverage (10, 20, or 30 years)
Suited for: Clients who don’t mind going through underwriting
YourTerm Non-Medical Life Insurance
Edge: There is no medical examination required for qualification and approval. Processing is quick – may take only a few minutes. This policy can be renewed or converted to a permanent policy without underwriting or medical examination. Base coverage comes with Family Health, Accelerated Death and Common Carrier Accidental Death Benefit Riders at no cost.
Duration: Temporary coverage (10, 15, 20, 25 and 30 years)
Suited for: Clients with health conditions between age 18 to 80 (coverage between $50,000 and $400,000) looking for quick coverage or coverage to qualify for a loan.
Process: Instead of going under the needles, they will just look into your Medical Information Bureau, Rx database and Motor Vehicle Report. Medical History including drug and/or substance use may also be asked.
Permanent Life Insurance
Edge: This policy providespermanent death benefit protection. Has a tax-free cash value that grows with you and this cash can be withdrawn or borrowed for any reason. A non-medical variation is offered.
Suited for: Providing additional income, protecting your business, building retirement income and a legacy for loved ones left behind. Its cash component is great at paying off debts, paying tuition or even going on vacation.
- Whole Life
- Universal Life
- Variable Life
- Variable Universal Life
Smart UL Non-Medical Life Insurance
Duration: Permanent coverage
Suited for: Clients up to age 55 (up to $250,000 in coverage available); clients up to age 70 (coverage up to $150,000 available).
Prepared Accidental Death Term Insurance
Edge: This policy is low cost yet with coverage of up to $300,000
Duration: temporary coverage
Suited for: accidental death benefit
PlanRight Life Insurance
Edge: This final expense insurance cost lower as compared to other companies; coverage never changes for a lifetime.
Suited for: Covering medical bills, debts, funeral, and burial expenses
Fixed Death Benefit: 100% proceeds from the very start.
Graded Death Benefit: Limited proceeds for the first two years – either 4.5% of total payments or 30% of the face amount in the first year and 70% in the second year. 100% proceeds apply after two years.
Modified Death Benefit: Limited proceeds for the first two years based on the return of payment paid plus 10%. 100% proceeds apply after two years.
***Fixed and Graded Death Benefit caters to clients ages 50-85. Modified Death Benefit caters to clients 50-80.
Riders (coverage that you can add to your existing policy at additional cost)
- Accidental Death Benefit: Allow one to leave a legacy for loved ones left behind.
- Waiver of Premium: Payment is stopped for the remaining period of the policy if total disability happens prior to age 60.
- Disability Income: Covers for accident-caused disability
- Children’s Term: Provides life insurance protection for each child for one set price – available from $10,000-$25,000 coverage.
- Guaranteed insurability: Allows you to buy more life insurance with no proof of insurability at ages 25, 28, 31, 34, 37 and 40 respectively. This is to cover for major life events such as marriage, childrearing or adoption.
- 10 or 20-year term: Supplement death benefit with term coverage as you are building cash value in your policy.
Wealth Protection and Accumulation Products
- Financial Literacy (budgeting and Saving)
- Social Security Education and Planning
- Savings and Retirement Planning
- Advisory Services
- Mutual Funds
How to Get the Best Rates for Overweight Clients at Foresters Financial?
We’re glad you’ve asked. There can be no better way to know but to fill out the quote found on this page to connect with one of our underwriting experts.
And no better time to do this than NOW! Stop waiting on getting the right life insurance to PROTECT YOU and YOUR LOVED ONES at the best deal!
What more can you ask, this company is oozing with goodness!
However, hIBMI guarantees your 100% satisfaction. If you want to keep your options open, we’re definitely at the right place! We have access to more than 50 largest life insurers to give you the BEST.
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