If you are looking for an honest and unbiased review for Foresters Life Insurance, then you have come to the right place. We are not Foresters, nor do we work for them. We have, however, worked with Foresters (as we have worked with numerous other life insurance companies) and thus have a thorough understanding of the life insurance policies they offer, putting us in a good position to write this Foresters Life Insurance review.
Review of Foresters Life Insurance
Foresters is currently one of our top ten best no medical exam life insurance companies. This should tell you straight away that we think Foresters is a great company. But, you want to know why; and we’re going to tell you.
Foresters Life Insurance Review: The Good Stuff
So what’s so great about Foresters? Well, for starters, they are a member-governed organization. This means that they work for their customers/members and not the shareholders. Most companies are driven entirely by shareholders, sometimes at the expense of the customers. But when members are in control, things are a lot different; usually better.
Foresters Life Insurance Ratings
There are some organizations that help consumers to understand the financial strength and future prospect of a life insurance company like Foresters. These companies help you make informed decisions.
Without these organizations it’s hard to really know what a life insurance company is all about: you can look at a website, but anyone can build a beautiful website, can’t they? These organizations help you get to the important stuff: is this a wise investment and will your money be safe? Will you be better off for having a life insurance policy from Foresters?
A.M. Best Ratings is one of the best rating agencies out there and they’ve given Foresters a high rating: A. An “A” in A.M. Best’s books means “excellent” and not that many life insurance companies get it. This rating for Foresters was given in August 2016.
Life Insurance Products Offered by Foresters
Foresters offers a range of different life insurance policies that will suit a lot of different needs. This is another positive side of Foresters as a life insurance company, and one reason why we feel confident recommending them to our customers.
PlanRight Whole Life Insurance
Are you looking for a simplified issue whole life insurance policy that will last for your whole life? If so, then PlanRight is a great product to consider. As we mentioned, Foresters is one of our favorite no medical exam companies, and that’s largely because the PlanRight Whole Life Insurance product is so great. The policy comes in three different options:
Fixed Death Benefit: Unlike other no medical exam policies, PlanRight offers a fixed death benefit. This means that your beneficiaries will collect 100% of the amount from day one. Other life insurance companies offer graded policies that only give a fraction of the death benefit for the first two years. This is a slightly more expensive policy option, but it may be worth it.
Graded Death Benefit: This is the policy with the 2 year waiting period. If you’re pretty confident that no health ailment will take your life in the next two years, then you may want to consider this option to help you save money. If you do die within the first 2 years, your beneficiaries will receive the premium paid accumulated with 4.5% interest or 30% of the face amount in year 1 and 70% in year 2.
Modified Death Benefit: Here your beneficiaries will get the premium paid with 10% if you die in the first two years. After 2 years the policy pays out the full death benefit.
LifeFirst Non Medical
Another no medical exam offered by Foresters is LifeFirst. This is a great policy with a much bigger death benefit: up to $250,000 up to age 50.
Smart UL Non Medical
Similar to LifeFirst, there is $250,000 in coverage available, but up to age 55. Up to 70 years old, you can get $150,000.
As you’ve probably already guessed, we believe Foresters is a great life insurance company. But, every company has its drawbacks and negative sides, so what are some of Foresters?
Really, it depends on your situation and your exact needs. If you happen to have a health condition Foresters does not have favorable underwriting for, then there is probably a better life insurance company for you. That’s not to say they are a bad company or even a bad choice, but in certain circumstances, they aren’t necessarily the best choice.
How to Find the Best Life Insurance Policy
Finding a life insurance company is kind of like finding a soul mate; there are a lot of great people are there, but that doesn’t mean you should get married and spend the rest of your life with all of them. They may be right for someone else, but for you…maybe not.
So how do you find your perfect match when it comes to life insurance companies? We suggest you turn to experts.
How do we find you the best life insurance company and policy?
Our process is simple: we start by learning about you. We gather info on three specific things: your lifestyle, budget, and health. We don’t disclose this information to life insurance companies prior to applying; we simply use it to help us narrow in on your best bets.
We then make customized life insurance recommendations. As an insurance broker, we do not work for Foresters or any other life insurance company, so we have no vested interest in pushing one life insurance company over another. Our goal is to get you great life insurance coverage, and that’s it!
Would you like a free consultation? If so, give us a call today or check out your free online life insurance quotes.