Review of Foresters Financial
In order to equip our clients with the knowledge to help them choose the best insurance provider out there, we have written this review about one company that stands out as providing some of the best final expense and burial insurance, Foresters Financial.
About Foresters Financial
Foresters Financial, established in 1874, is an international financial service provider. They began by providing average working families access to life insurance and 140 years later they have grown in the establishment to provide investment, life insurance, retirement and savings solutions.
They conduct their business in a professional and ethical manner guided by their code of ethics and their noble purpose is to protect their customers from increased investments and savings costs associated with fraudulent activities.
Goal: To build solid relationships with long-term value, helping you grow, protect and enjoy what you have by ensuring your financial strategies work just as hard as you do.
Foresters Financial Ratings and Products
A.M. Best (Effective August 2016)
According to A.M. Best, Foresters Financial is rated A (Excellent) based on:
- Their financial strength and solid footing
- Their diversification of product lines
- Their strong and noble commitment to issuing favorable underwriting to high-risk clients
BBB Review
Foresters Financial BBB review attributes of A+ (Stable), is due to the following factors:
- They have a strong financial risk profile and;
- A strong business profile
Here, a letter grade scale, ranging from AAA (highest) to CCC, (lowest) is used. In addition, these ratings (from AA to B) may be modified by a plus or minus sign to identify relative standing within those specified grades.
Having being rated higher than ‘BBB’, Foresters Financial™ is regarded as having greater financial security characteristics, outweighing any vulnerability, and is more likely to have the ability to meet financial commitments. Therefore ideal for the policyholder.
Customer Service
Foresters Financial array of customer services enables ease of access and use. They have a 24/7 operating hotline that you can call and inquire further on any issue that may arise. This provides ease of access and use by the policyholders.
Foresters Financial Products
Foresters Financial have a wide range of solutions, tools, and strategies that can help you make a decision on your selection of financial services. Foresters makes our top burial and final expense insurance companies list.
Life Insurance Policies
Life Insurance helps to provide for the people who rely on you financially. Foresters Financial provide the following Life Insurance products: Term Life, Whole Life, Universal Life, Variable Universal Life and Variable life. It also pays to know the difference between guaranteed acceptance and simplified issue.
Term Life Insurance policy is designed to offer you peace of mind by providing a guaranteed death benefit, flexibility to convert to permanent and affordable premiums for 10, 15 or 20 years.
Whole Life Insurance products are designed to offer protection as they build cash value. When you borrow from the cash value, it provides you with the opportunity to meet your future goals.
Universal Life Insurance policy offers flexible premiums and the cash value is varied and determined by the company.
Variable Universal Insurance policy guarantees cash value on a fixed account and it fluctuates depending on subaccount performance. Offers flexible premiums.
Plan Right Whole Life Insurance
Our favorite policy is Foresters Plan Right Whole Life. This is an excellent choice for anyone looking for a top final expense or burial insurance policy. There are three options to choose from: Fixed, graded and modified.
Fixed Death Benefit: Here the death benefit kicks in immediately, i.e. no waiting period. If you die the day the policy goes in force then your beneficiary would receive 100% full death benefit payout. This is typical of fully underwritten life insurance.
Graded Death Benefit: The first two years of the policy contains a graded death benefit where the death benefit paid out will be a percentage of the death benefit or premiums paid. In the first year you will receive the greater of either the total amount of premiums paid into the policy and 4.5% interest or 30% of the death benefit. In the second year you will get 70% of the death benefit. The full death benefit will be paid after year completion of the second year. This is typical of some easier to get simplified issue life insurance policies.
Modified Death Benefit: This is a true graded death benefit where the policy pays out only the premiums plus 10% for two years. This covers the company’s backside in case an insured is very unhealthy and dies in the first two years. After two years the policy pays out the full 100% of the face amount. Graded death benefits are common with guaranteed issue life insurance.
Annuities
Annuities, on the other hand, are investment options that are designed to grow funds and then later provide a stream of payments to the investor. In relation to a financial plan, they are commonly used as a way to secure a retirement steady cash flow. Foresters Financial offers a number of annuities options, structured in ways to suit your specific needs:
Immediate Annuities: Purchased with a single payment, and provides an income stream immediately. This income stream, however, is determined by the initial principle amount, the length of time the payout continues, and the number of lives covered by the annuity.
Deferred Annuities: Characterized by an accumulation period. Payment is via either periodic premium payments or by a single, lump-sum payment. Assets accumulate tax-deferred and payment is put off until a later date.
Fixed Annuities: These are simple, low-risk retirement planning that protects your principal and allows your investment to grow with time. Your retirement savings become credited with interest at an unchanging stated rate. Your savings can then receive the credited interest until you decide to receive a stream of payments.
Variable Annuities: These offer a wide array of investment options, allowing you to customize your investment strategy, in order to successfully meet your needs and risk tolerance. In addition, variable annuities provide protection options, safeguarding against inflation and market volatility. Thus, a variable annuity is a long-term financial retirement option that offers the highest growth potential. However, it is subject to market fluctuations and may lose value.
Potential drawbacks
There is only one negative when it comes to Foresters, it is just one of many options available. Foresters offers some great simplified issue products. We will often quote Foresters to our clients and compare it along side another equal option. It is then up to our clients to decide which company best meets your needs.
Advice
Give us a call and let us go over your options with you. It may turn out that Foresters is the best choice for you. Alternatively, it may be that another company offers a better price or policy for you.
Conclusion
Foresters Financial is definitely one of the best life insurance companies. Often they provide the right products for our clients. However, with so many options to choose from it is important that you compare the different choices out there so you can be sure you are getting the best policy for your specific needs.