Burial insurance or final expense insurance protects against financial issues by providing funds for costs associated with funeral and burial. Without this coverage, most families will struggle to arrange funds for the expenses resulting from the death of their loved ones.
Burial insurance can thus protect families from having to sell their assets or withdraw their precious savings to pay for funeral and burial expenses.
Foresters Financial is among companies that offer burial insurance. You might have come across it while searching for final expense products.
It is a worldwide fraternal organization that was founded in 1874 with the goal of making life insurance more accessible and inexpensive to its subscribers.
The Independent Order of Foresters, which issues all the company’s insurance, offers a solid array of term, regular, and ultimate expenditure policies.
The company stands out for its extensive list of riders and other features, including financial counseling and legal assistance. You must be wondering whether Foresters delivers all its promises or not?
Don’t worry; we’ve got you covered in this extensive Forester Financial Review. So, let’s have a detailed look into the burial insurance provided by this firm.
This review will describe everything that you want to know:
- Whether Foresters Financial’s burial insurance is worth the investment.
- Worried about the pros and cons? We will explain them thoroughly!
- Want to know about burial insurance plans offered by Foresters Financial? Keep reading.
History of Foresters Financial
Foresters Financial originated in 1834 as the Ancient Order of Foresters, a British social society. It offered life insurance and medical support to its subscribers as a “friendly society.”
The organization expanded to Canada and subsequently the United States, cementing its reputation as a company dedicated to assisting members in leaving a legacy and planning for retirement.
Foresters has a positive community focus, thanks to its fraternal origins. Accessibility to subsidized financial and legal services, crisis grant programs, bursaries, and a Terminal Illness Loan, which gives out up to 75 percent of your policy’s original amount to meet medical expenditures, are just a few of the benefits and perks.
Foresters Financial Burial Insurance
Foresters has a network of suppliers all over the nation that sell a variety of burial insurance plans. To enroll for or purchase coverage, you’ll have to approach one personally.
Foresters’ distinguishing feature is that they provide much more than funeral protection. Foresters provide investment products, annuities, investment advisory services, and retirement accounts plans for both businesses and individuals.
The company also provides competitive scholarships, orphan scholarships, emergency assistance programs, the Foresters granting program, and fun family events. These benefits have no extra charges.
Members who have purchased coverage from Foresters are eligible for the perks. Other insurance companies generally don’t provide these types of benefits when you buy coverage from them.
PlanRight Whole Life Insurance
Most insurance providers give their products a name. PlanRight is the name given to Foresters’ burial insurance. It’s a long-term whole life insurance policy that was created with funeral expenses in mind.
The Foresters PlanRight whole life plan is created to help handle end-of-life expenditures like burial and funeral fees. This policy provides continuous protection up until the age of 121, and rates are guaranteed to be the same for the duration of the policy.
A permanent death benefit pays out 100 percent of the premium upon the policyholder’s death, irrespective of when that tragedy happens. If the death benefit is rated, the amount of money paid out is restricted if the policyholder dies during the first few years of purchasing the policy.
The universal service accidental death rider, familial health benefit rider, and expedited death benefit rider are all included at no incremental expense.
Moreover, a common carrier accidental death rider is also available with the policy. A common carrier is a motorized vehicle if it fits each of the following criteria at the time of the unintentional physical injury for which the compensation is sought:
- A company organized and licensed for transporting fare-paying passengers is operating the vehicle
- It is being flown, driven, or commanded by someone who has been licensed to pilot, operate, or captain that automobile to transport fare-paying passengers.
- It is responsible for transporting fare-paying passengers on prescheduled routes from one site to another.
If these conditions are met, the death benefit will be doubled from what it was previously. If you were insured for $10,000 and died in a tragic accident, Foresters will pay $10,000 for your usual death benefit and an additional $20,000 for the common carrier benefit.
Another fantastic perk is their terminal loan alternative, which comes at no added charge. If you become seriously ill, Foresters will give you a no-interest loan for up to 75% of the full sum of insurance on your coverage, up to a maximum of $250,000.
The best aspect of this policy is that it can be implemented minutes after your sales interview. You will be either insured instantly or denied insurance after completing Foresters’ health registration form.
A point-of-sale screening is part of the application procedure. Foresters will question you for a few minutes. They ask health-related questions and request permission to examine your medical records. Everything is handled electronically, and a judgment is obtained in a matter of minutes.
You need to answer the following questions:
- Are you a member of a nursing home or hospice, an inpatient in a hospital or psychiatry facility, getting skilled nursing care or home health, or incarcerated?
- Do you need a wheelchair because of chronic sickness or disease, or do you need help with daily routines like taking medicine, washing, dressing, dining, or going to the toilet?
- Do you use, or have been recommended to use, oxygen apparatus to help with respiration or had renal dialysis in the last 12 months?
- Have you been instructed to have surgery, hospitalization, or an examination that is yet to begin, finished, or the outcomes of which are unknown?
- Have you ever had organs or bone marrow donation, or been encouraged to have one, and had an injury owing to diabetic complications?
- Have you ever been labeled with heart problems, or any other terminal sickness or end-stage condition, or had or been recommended to undergo treatment or medicines?
- Have you been diagnosed with AIDS, or have you tested positive for the Human Immunodeficiency Virus (HIV)?
The health survey is the first stage in the whole application procedure. These will be discussed with you by your representative. There are three portions to the medical questions. A knockout part, a modified segment, and a graded section are all included.
If you answered no to all the knockout inquiries, you might be eligible for a product. Your health will determine the version that is best for you. There are three versions of the PlanRight insurance. These include Modified Benefit, Graded Benefit, and Level Benefit.
Foresters Modified Benefit
The Modified Benefit program also ensures that your coverage never ends, that your insurance payments do not increase, and that your value does not decrease. Nevertheless, there is a two-year waiting time with this option. Still, confused? Don’t worry; we have all the details!
To be eligible for this program, you must respond no to all the PlanRight program’s primary health concerns, as well as yes to one of these questions:
- In the last two years, have you ever had, or been diagnosed with, or obtained or been encouraged to obtain treatments for drinking and drug misuse, or complications resulting from diabetes like insulin shock or diabetic coma, and did you use illicit drugs in the past two years?
- Have you ever had, or been diagnosed with, angina myocardium, any form of heart or vascular surgeries, stroke, or a brain tumor in the last two years?
- Have you had or have been diagnosed with terminal cancer in the last three years, or have you undergone or been recommended to have chemotherapy or radiation for illness?
The disadvantage of this insurance is that it is more expensive and has a two-year wait time since it is a modified benefit. Foresters will not cash out your death benefit if you die during the first two years of the policy coverage.
If you die during this timeframe, Foresters will reimburse you for all charges you’ve ever paid. Furthermore, they will give you an extra 10%. In case of accidental death, Foresters will pay the entire benefit even if the two years have not passed.
It’s worth stating that these health-related inquiries are only one component of the certification procedure. To evaluate your general eligibility for insurance, Foresters will ask you medical questions, examine your pharmaceutical history, and check your MIB information.
Foresters Graded Benefit
To be qualified for this plan, you must answer no to all the knockout medical questions as well as all the other health questions in the modified plan.
You will be approved for the graded plan if your response to any of the questions in this section is a yes. Here are the relevant questions associated with PlanRight with a graded plan.
- Have you ever had or have been diagnosed with, or received or been recommended to receive medication or treatment for Parkinson’s disease or Systematic Lupus (SLE), kidney or liver disease or condition, emphysema, chronic bronchitis, or chronic obstructive pulmonary disease (COPD)?
This perk is much more expensive than the others mentioned above, although it is comparable to other providers. With a 4.5 percent interest rate, you will earn a sum bigger than all your premiums, or 30 percent of the original price for the first year and 70 percent of the original price for the second year.
You will be assured a 100% payment once you reach the second-year milestone.
The graded benefit funeral insurance provides them with some protection. It doesn’t, however, pay the full sum. It is unquestionably preferable to a complete waiting time.
If you have an illness relevant to the medical questions for the Foresters graded benefit plan, many funeral insurance firms will impose a complete two-year waiting period.
Almost all the health issues they inquire about in this area are chronic. These problems don’t go away after they’ve been obtained. Every rule has an exception, although those instances are extremely rare. The most prevalent reason for patients being authorized for the graded plan is COPD.
If you are approved for this plan despite your medication history, we may suggest a different carrier. Your agent should be able to evaluate the situation promptly and provide you with appropriate advice.
Foresters Level Benefit Final Expense
If you can respond no to every medical question on the clinical questionnaire and pass the pharmaceutical history report, you may be eligible for Foresters Level Benefit Final Expense insurance. This is one of the most powerful plans offered by Foresters Financial.
The insurance never ends, you get complete coverage right away, the monthly price can’t go up, and the value can’t go down.
This coverage is quite robust when compared to that offered by competitors. If you are accepted for this sort of policy, you are among the luckiest people, as you will be able to get the best that this coverage has to offer.
Foresters’ Financial policies come with a variety of riders.
A rider is a type of insurance policy improvement that gives extra benefits or bespoke coverage alternatives to the policy. Rider fee is usually charged as a percentage of the policy cost or as a one-time annual fee. It varies depending on the policy, service, and options chosen.
These are the riders offered for burial insurance provided by Foresters Financial:
Accelerated Death Benefit Rider
If the insured is identified with a specified critical, chronic, or deadly illness, the expedited death benefit rider enables them to obtain a component of their death benefit.
Common Carrier Accidental Death Rider
If you perish in a catastrophe while traveling as a paying customer on a plane, bus, or railway, this rider covers up to two times the total amount of your policy.
Family Health Benefit Rider
This rider may provide a bit of funding to help cover expenses incurred by the family due to a natural disaster.
Pros of Foresters Financial
- Foresters’ members can take advantage of multiple benefits, including academic awards, financial advice, legal assistance, and volunteer activities.
- Foresters sells insurance for those with Type 2 Diabetes, as well as reduced diabetes care supplies for subscribers.
- Members can choose from 3 insurance riders
Cons of Foresters Financial
- With any of its insurance plans, Foresters does not provide online quotations.
- To initiate the process of purchasing insurance with Foresters, you must first approach one of the firm’s independent representatives.
- Foresters can only be contacted by ringing an agent, contacting the company’s main mobile number, or sending emails.
Foresters Financial Customer Service
Customer assistance at Foresters is minimal. You can contact an agent by submitting an email request, and a representative of the sales team will connect you with a salesperson in your region. You can also reach the corporation by phone at 800-828-1540. Foresters is open Monday – Friday from 9 a.m. to 6 p.m. EST.
Service@foresters.com is their primary email address.
You can terminate your Foresters coverage by contacting your agent or calling the firm directly. The procedure of canceling your insurance, as well as any fees that may apply, will be determined by the type of coverage you have.
You could officially end your insurance policy by appointing an agency, or you can just cease paying the monthly payments. Your insurance coverage will terminate, and you will not be compensated by the insurance company.
If you terminate a regular insurance policy, on the other hand, you will be obligated to pay in your cash-value account. When your healthcare insurance expires, your insurance provider will issue you a check for the remaining amount, which you will most likely have to pay taxes on.
Ratings and Reviews
Ratings and reviews play a crucial role in determining the success of any agency. We have got this section covered as well, for you!
AM Best has given Foresters Financial an A rating, indicating that the company is financially sound. It indicates that the organization can pay claims in a timely and hassle-free manner. The highest possible AM Best rating is A++.
Foresters Financial is not evaluated by many reputable third-party research agencies, such as J.D. Power, because it isn’t a huge insurance agency.
Assessing a provider’s NAIC Company Complaint Index is a good place to begin when evaluating insurance companies. It assigns a score to licensed insurance businesses based on policy prices, claims payment satisfaction, complaint backlog, and claim assessor handling.
Foresters Financial received a dissatisfaction index score of 1.45 from the National Association of Insurance Commissioners (NAIC) in 2020, indicating that it receives more claims than the usual organizations of its category.
Cost of Foresters Financial Insurance Policies
You must be wondering – what is the exact price of all the benefits and perks described above? Well, let’s have a look.
Online quotes for Foresters Financial insurance policies are not provided. Prices are usually determined by factors such as age, gender, stature, health, and the level of coverage chosen.
Term insurance is usually the cheapest option because it only provides temporary protection and has no financial value.
Permanent insurance policies, such as whole and universal life, are normally extra expensive, but they build up cash value over time. Riders can also increase the cost of an insurance policy.
Now that you have read everything about the burial insurance coverage offered by Foresters Financial, what are your thoughts about it? Are you interested in buying a burial insurance product from the company, or would you consider the alternative options available in the market?
Foresters Financial certainly has a lengthy history and a wide selection of pension, final expense, and other financial planning solutions. It’s sure to appeal to individuals who like the notion of a membership organization and prefer to choose and purchase such policies with the help of an agent.
Ultimately, Foresters Financial is also a good option for people who want to attach riders to their burial insurance policy for extra protection.
There aren’t many financial institutions that include many free riders with a basic policy. Foresters Financial additionally offers a large range of policy alternatives and provides annual dividends, which we appreciate.
Foresters Financial indeed offers some decent options when it comes to burial insurance. However, you should research other companies too and see their offerings. Compare the rates of various burial insurance policies offered by different firms.
Also, check their eligibility criteria. If the coverage offered by Foresters Financial stands out, then go ahead and invest in the PlanRight coverage of the company and protect your family members from funeral and burial expenses that they will encounter after your death.