The term-life plan can be customized with a variety of term periods, riders, and a special charity benefit
Toronto-based financial services firm Foresters Financial has launched a new term-life product. Designed for families in the US, the plan combines affordable protection with charitable giving.
The new product, Your Term, has been launched as part of an effort to refine and grow Foresters’ US product portfolio over the coming 10 years. The product has highly competitive rates, which rank in the top five amongst the competition for medically underwrtitten business based on data from life insurance quotes provider Compulife. It also offers non-medical face amounts of up to $400,000, with no need for saliva collection and no life-event or mortgage requirements.
Coverage can also be tailored to customer needs in several ways. Five term periods are possible for both medically underwritten and non-medical plans. Your Term also has three built-in riders, which include an Accelerated Death Benefit Rider, and five optional riders for extra protection.
According to Foresters, the new plan’s Charity Benefit provision is so unique that only several other firms offer similar features. When a death benefit claim is paid to beneficiaries, Foresters will contribute 1% of the face amount to a registered charity of the certificate holder’s choice. The provision is automatically included, requires no additional premiums and has no impact on the death benefit’s value. The payment is made in the name of the insured, possibly making it eligible for a charitable tax deduction from the charity. The Charity Benefit will also not affect the estate of the insured.
Those insured under a Your Term plan will also become Foresters members, which will unlock certain member benefits for the primary insured as well as immediate family benefits. They include academic scholarships, toll-free financial counselling, discounted legal services, and community volunteering opportunities.
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The new product, Your Term, has been launched as part of an effort to refine and grow Foresters’ US product portfolio over the coming 10 years. The product has highly competitive rates, which rank in the top five amongst the competition for medically underwrtitten business based on data from life insurance quotes provider Compulife. It also offers non-medical face amounts of up to $400,000, with no need for saliva collection and no life-event or mortgage requirements.
Coverage can also be tailored to customer needs in several ways. Five term periods are possible for both medically underwritten and non-medical plans. Your Term also has three built-in riders, which include an Accelerated Death Benefit Rider, and five optional riders for extra protection.
According to Foresters, the new plan’s Charity Benefit provision is so unique that only several other firms offer similar features. When a death benefit claim is paid to beneficiaries, Foresters will contribute 1% of the face amount to a registered charity of the certificate holder’s choice. The provision is automatically included, requires no additional premiums and has no impact on the death benefit’s value. The payment is made in the name of the insured, possibly making it eligible for a charitable tax deduction from the charity. The Charity Benefit will also not affect the estate of the insured.
Those insured under a Your Term plan will also become Foresters members, which will unlock certain member benefits for the primary insured as well as immediate family benefits. They include academic scholarships, toll-free financial counselling, discounted legal services, and community volunteering opportunities.
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