New whole life product hits the market

Foresters is targeting families with its new whole life product.

Advantage Plus, a new, fully underwritten, participating whole life product is designed to cover a broad range of protection needs with several unique features that will appeal to consumers who have or are planning to have children.

“We’re committed to providing flexible products that answer the needs of today’s families and are also valued by our business partners,” said Hendrik Verdurmen, Vice President, Product Development, North America Life Insurance, Foresters. “Advantage Plus offers solid protection as well as some offerings that are not generally available in Canadian products.”

Advantage Plus has features that can help Canadians plan for every stage of life including convenient pay periods, dividend options, and built-in children’s term insurance. Product features include:

• Term Riders of 10, 20 and 30 years plus Spousal Term Riders of 10, 20 and 30 years
• Built-in Children’s Insurance Benefit – for insured persons between 18 and 55, Advantage Plus includes $3,000 of convertible term life insurance for the insured person’s children with an overall conversion amount of $10,000.
• Juvenile Guaranteed Insurance Benefit which provides the right to purchase new insurance for the insured person on certain option dates, without evidence of insurability, if the insured person is younger than 18 on the certificate’s issue date.
• Quit Smoking Incentive Plan - if the insured person is classified as a Smoker, and is at least 16 years old on the certificate issue date, we will charge Non-Smoker premiums for the first two certificate years.
• Access to Advance Medical’s Expert Medical Opinion Program² which can provide expert advice to certificate holders and their families upon request.