5 reasons to consider Foresters whole life insurance

Whole life insurance has no fixed term and is designed to cover you for your whole life as long as the premiums are paid on time. Typically, the premium for whole life insurance is guaranteed not to increase for the life of the contract.

Many insurance companies offer whole life insurance, but what makes Foresters Whole Life Insurance different? What could be the reasons to consider buying it?

4 reasons to consider Foresters whole life insurance

#1 – Affordable protection for the rest of your life

Foresters whole life insurance comes with attractive features and guarantees, plus flexible options and add-ons to meet your family’s unique needs. Your policy generally provides a tax-free death benefit, coverage is guaranteed for life as long as the policy is in effect and the premiums can’t increase if your health status changes after coverage comes into effect.

This whole life insurance offers stability and long-term financial protection designed to cover your permanent insurance needs such as:

• Estate planning
• Funeral or other final expenses
• Income for your surviving spouse
• A financial legacy for your children
• Cash value accumulation for expenses during your lifetime

#2 – Cash value accumulation for expenses during your lifetime

When you pay your premium, a portion of it is pooled into your cash value. Whole life insurance cash values are usually guaranteed and grow based on calculations from your insurer. These calculations generally take factors such as your age, gender, and smoking status into consideration.

Cash value is the amount of money paid to the policy holder if the policy is terminated. As long as you pay your premiums and your policy stays in force, the cash value accumulates year after year starting in year 11. It’s a real asset with real value that can help protect you and your family.

Guaranteed cash values are usually lower in the early years but build over time. The guaranteed cash growth can also help supplement your family’s overall savings strategy. Depending on the policy, the cash value can also provide much-needed funds in the event of an emergency because the policyholder may be able to access the cash value as a loan, make a partial withdrawal, or use the funds to pay their life insurance premiums.

Additionally, some whole life insurance products pay dividends to policy holders. This is called participating whole life insurance. Such dividends may not be guaranteed. Whole life policies that don’t pay dividends are known as non-participating.

#3 – Great features and benefits

• Coverage type – Single Life, Joint First-to-die or Joint Last-to-die.
• Two different premium-paying periods – You can select the premium-paying option that is most convenient for you – 20 years or to age 100.
• Quit Smoking Incentive Plan – Offers lower rates for the first two years of the policy. If the primary insured person is classified as a Smoker, and is at least 16 years old on the policy issue date, they will charge non-smoker premiums for the first two policy years. If at any time before the second policy anniversary the owner submits evidence (as to the smoking habit of the insured person) the lower premiums will continue.
• Medical Experts – The insured person may be eligible, at no additional cost, to access medical experts. The insured’s spouse or domestic partner and the insured’s dependent children up to age 18 may also be eligible. This program provides personalized advice and recommendations on medical issues from leading experts.

#4 – Many optional add-ons

Foresters whole life insurance offers optional add-ons that allow you to customize your coverage to your personal circumstances and future goals:

• Choice of terms – You can add additional layers of protection to cover shorter term risks for 10, 20 or 30 years.
• Spousal Term – Your spouse can take advantage of additional protection for 10, 20 or 30 years
• Child Term – Term life insurance for your children that allows them to convert coverage to a Foresters permanent insurance plan without evidence of insurability at specified option dates.
• Accidental Death Benefit – An additional benefit to help your family when they need it most
• Disability Benefit – Helps maintain coverage if you are totally disabled and unable to work.

#5 – Amazing complimentary benefits

Foresters members enjoy unique complimentary benefits including competitive academic scholarships, financial counseling and discounted legal services as well as opportunities to give back through volunteering opportunities. You’ll save money with a member discounts website that gives you deals on everyday essentials, online shopping, theme parks, movies, electronics and more. Amazing discounts help Foresters members live well, have fun and save money.

To become a Foresters member, you can apply as part of the purchase of a life insurance product underwritten by The Independent Order of Foresters, which is a fraternal benefit society

If you’re looking for a lifetime of protection to help your peace of mind, whole life insurance may be the ideal choice for you.

Source: www.foresters.com