Foresters Financial, the fraternal life insurance company that is boldly redefining the life insurance industry through innovation, purpose and health, today announced that it has increased the standard face amount limits for its Strong Foundation product offering1an industry-leading non-medical term life insurance solution designed to meet a range of customer needs.
Insurance is dependent on answers to medical and other application questions and an insurance search and review.
Effective immediately, the maximum standard face amount limit for 18-55 year olds is now $500,000, an increase of 25%. The maximum standard face amount limit for those over 56 is now $250,000, an increase of 66%.
The strong foundation is available with a 10, 15, 20, 25 or 30 year warranty2, 3 duration of death benefits and conversion to permanent life insurance benefits; approval decisions are also often provided in 10 minutes or less.
Foresters Financial US President Matt Berman said, “Too many people are still living without life insurance
, at a time of considerable economic uncertainty. We are excited to announce this increase in face amount limits for Strong Foundation, our non-medical term life solution. In addition, our recently reduced insurance coverage for people living with diabetes will allow more people to achieve higher levels of life insurance and in turn be able to provide greater protection for themselves and their loved ones.”
This non-medical solution represents an opportunity to offer greater insurance protection to people living with chronic obstructive pulmonary disease (COPD), those who consume tobacco and certain amounts of cannabis, and people living with diabetes. In addition, in light of increased inflation and the rising cost of home ownership, the Strong Foundation provides protection for larger mortgages for qualified applicants.
In addition to higher face amounts and non-medical coverage, Strong Foundation policyholders are members who have access to all Foresters exclusive member benefits4 and privileges.
About Foresters Financial
Foresters Financial is redefining the life insurance and personal savings industry in the US, Canada and the UK, enriching the lives, communities and overall well-being of its members. Agents and members appreciate the turnkey product offerings and digitized end-to-end sales processes that make it easy to get life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver personalized insurance protection to members. Committed to the well-being of its members, Foresters offers a range of member benefits and redefines the conventional life insurance model, providing enhanced financial security and overall well-being to everyday North American families. Foresters joined forces with Canada Protection Plan in 2020 to add its role as a leading life insurance distributor to its Canadian business. Foresters Financial is the trading name of The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 21 consecutive years, the Independent Order of Foresters has received an “A” (excellent) rating from AM Best.5
For information purposes only.
Foresters Financial, Foresters, Helping Is Who We Are, Foresters Care, Foresters Go and the Foresters Go logo are trade names and/or trademarks of The Independent Order of Foresters (fraternal benevolent society, 789 Don Mills Road, Toronto, Ontario, Canada M3C 1T9) and its subsidiaries.
Signed by the Independent Order of Foresters.
1 Life insurance policies are underwritten and issued by The Independent Order of Foresters, a fraternal benefit society. Foresters Strong Foundation may not be available or approved in all states and is subject to insurance approval, limitations, contract terms and state variations. See your state-specific Foresters Strong Foundation insurance contract for these terms and conditions. Foresters Strong Foundation is filed under the following form numbers: ICC16-TERM-ALB-US01 or TERM-ALB-XX01-2016.
2 Foresters products and riders may not be available or approved in all states and are subject to eligibility requirements, insurance approval, restrictions, contractual terms and state variations. Refer to the applicable Foresters contract for your state for these terms and conditions.
Signed by the Independent Order of Foresters.
3 Members of Foresters are insured under a certificate of life insurance or health insurance issued by The Independent Order of Foresters or Foresters Life Insurance Company.
4 Foresters Member Benefits are non-contractual, subject to specific eligibility requirements, definitions and limitations and may be changed or withdrawn without notice or no longer available.
5 The AM Best rating given on 29 July 2021 reflects the overall strength and ability to pay claims of the Independent Order of Foresters (IOF) but does not apply to the performance of non-IOF products. An “A” (excellent) rating is awarded to companies that have a strong ability to meet their ongoing obligations to policyholders and have, in general, excellent balance sheet strength, operating results and business profile compared to standards established by. AM Best Company. AM Best gives grades from A++ to F, with A++ and A+ being superior grades and A and A- being excellent grades. Check out ambest.com for our latest rankings.