Foresters Financial Launches Children’s Whole Life Insurance
July 7, 2020 by The Independent Order of Foresters
Opportunity for generations to bond around the importance of giving back to their communities
TORONTO, July 6, 2020 /PRNewswire/ – Foresters Financial™ (Foresters) today announces it is now one of very few industry players to offer standalone Children’s Whole Life Insurance, with the launch of BrightFuture, its first product designed specifically for those currently under the age of 181.
Available from July 5, 2020, a single BrightFuture application can be used to apply for coverage for up to six children. By purchasing BrightFuture, the owner, whether it be a parent, grandparent, or other legal guardian, protects an insured child’s future insurability at a low cost and provides the child with an opportunity to join a purpose-driven organization that gives its members the chance to make a difference in their community. The owner can transfer the ownership to the child at any age and time of their choosing2.
The premiums, death benefit amount, and cash value are guaranteed for the child’s lifetime and the built-in Guaranteed Insurability Rider permits the insured to purchase additional life insurance coverage at specific ages or for future life events (such as marriage) without any further underwriting at the time. Up to three supplementary riders are also included at no added premium – an Accelerated Death Benefit Rider (Terminal Illness), a Common Carrier Accidental Death Rider, and a Family Health Benefit Rider.
Create a legacy of giving back
As a fraternal organization, Foresters offers its members unique benefits3, including competitive academic scholarships, orphan benefits, and complimentary access to create on-line wills and powers of attorney4. Importantly, it also provides opportunities for members to give back to their community through Community Involvement Grants.
With BrightFuture, the insured has access to these benefits from the age of 16. And when the certificate-owner is also a Foresters member, they can enjoy their benefits together with the child, passing on a community-oriented value set and teaching life-lessons while building their relationship.
Foresters Financial Chief Distribution Officer Matt Berman, said, “At Foresters, we offer Life Insurance with a Larger Purpose – to enrich the lives of our members and communities. With BrightFuture, you’re not just buying life insurance, you are insuring a child’s insurability later in life, and creating a legacy with the gift of a Foresters membership. As they get older, the child can be part of a like-minded community keen to make a difference in the world. With membership, Foresters offers parents and grandparents the opportunity to teach their children the importance of giving back to their community. This purpose-driven mindset can create a great bond across generations and establish a meaningful legacy.”
About Foresters Financial
Since 1874, Foresters Financial has been providing socially responsible financial services to individuals and families. Foresters Financial includes The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. Foresters is a purpose-driven organization that exists to enrich family and community well-being and offers insurance products to over three million members and clients in Canada, the US and the U.K. For 19 straight years, The Independent Order of Foresters has received an “A” (Excellent) rating from A.M. Best5. For more information please visit foresters.com
|
For information purposes only. |
|
™Foresters Financial, Foresters, and Helping Is Who We Are are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Rd, Toronto, Canada M3C 1T9) and its subsidiaries. For more information, please visit MyForesters.com or foresters.com. To contact us, please call 800 828 1540 (toll-free) or email service@foresters.com. |
|
1Certificates underwritten by The Independent Order of Foresters. |
|
2Gifting a certificate may have tax consequences. Foresters, its employees and life insurance representatives, do not provide, on Foresters behalf, legal or tax advice. Prospective purchasers should consult their tax or legal advisor. |
|
3Foresters Financial member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice. |
|
4LawAssure is provided by Epoq, Inc. Epoq is an independent service provider and is not affiliated with Foresters. Some features not available in Louisiana. LawAssure is not a legal service or legal advice and is not a substitute for legal advice or services of a lawyer. |
|
5The A.M. Best rating assigned on August 14, 2019 reflects the overall strength and claims-paying ability of The Independent Order of Foresters (IOF) but does not apply to the performance of any non-IOF issued products. An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. See ambest.com for our latest rating. |
SOURCE The Independent Order of Foresters
Related Links
https://www.foresters.com/en-ca
