Life insurance solutions
A crucial part of your financial plan, life insurance can help protect your family.
Why do I need life insurance?
You may not want to think about what would happen if you were to die tomorrow, but if someone relies on you financially, you probably need life insurance. And you’re not alone! In a recent survey, 44% of Americans said they would feel the financial impact from the loss of a primary wage earner1 within six months and 41% say they need life insurance or need to get more life insurance coverage1.
What is life insurance?
Think of it as a contract involving three parties – an insured person, a life insurance provider and a beneficiary. When the insured person dies, the contract (i.e. the life insurance policy) stipulates that, following the filing of a death claim, the life insurance provider pays a sum of money to the beneficiary or beneficiaries. But the impact of life insurance is far-reaching. It can make all the difference to your loved ones by enabling them to enjoy the lifestyle you planned for them, even when you’re no longer here.Some major reasons to own life insurance include covering burial and other final expenses, replacing lost wages, leaving an inheritance, help pay off the mortgage, or leaving a gift to a favorite charity. Permanent life insurance can help you accumulate cash value on a tax-deferred basis2 to supplement your retirement savings.
Choose the product that’s right for you
Life insurance is not a “one-size-fits-all” proposition. At Foresters Financial™, we have a range of products to meet your needs. Take a look at the following chart to see what product might be right for you.
| Term life | Whole life | Universal life |
|---|---|---|
|
Ideal for Short-term solutions |
Ideal for Short-term solutions Long-term solutions |
Ideal for Short-term solutions Long-term solutions |
|
Premiums Level |
Premiums Level |
Premiums Flexible |
|
Tax-deferred cash value accumulation2 No |
Tax-deferred cash value accumulation2 Yes |
Tax-deferred cash value accumulation2 Yes |
|
Policy loans allowed3 No |
Policy loans allowed3 Yes |
Policy loans allowed3 Yes |
|
Cash withdrawals allowed4 No |
Cash withdrawals allowed4 Yes (based on potential dividends5 on some products) |
Cash withdrawals allowed4 Yes |
| Term life |
|---|
|
Guaranteed cash value No |
|
Does cash value grow or shrink? No |
|
Premiums Level |
|
Policy loans allowed2 No |
|
Cash withdrawals allowed No |
| Whole life |
|---|
|
Guaranteed cash value guaranteed minimum |
|
Does cash value grow or shrink? May increase based on potential dividends |
|
Premiums Level |
|
Policy loans allowed2 √ |
|
Cash withdrawals allowed Possible based on potential dividends on some products |
| Universal life |
|---|
|
Guaranteed cash value guaranteed minimum |
|
Does cash value grow or shrink? Variable rate determined by the insurers |
|
Premiums Flexible |
|
Policy loans allowed2 √ |
|
Cash withdrawals allowed √ |
412733 US (04/23)
Foresters products and their riders are underwritten by The Independent Order of Foresters and may not be available or approved in all states and are subject to eligibility requirements, underwriting approval, limitations and state variations. If you have questions regarding Foresters products and their riders, please contact your insurance agent or contact Foresters to be connected with an agent in your area.
1 2022 Life Insurance Barometer study, LIMRA
2 Foresters, their employees and life insurance representatives, do not provide, on Foresters behalf, legal or tax advice. The information given here is merely a summary of our understanding of current laws and regulations and is not specific to your situation. Prospective purchasers should consult their tax or legal advisor.
3 Depending on the product, loan interest is charged daily either at a fixed rate or the current Foresters U.S. variable loan rates. Loans can be taken if the policy is in effect and has a positive cash surrender value. Loans will reduce the death benefit and cash values and may affect how long the certificate is in force. The frequency of loan interest accrual and the rate of interest (fixed or variable) will vary based on the product. Death benefit payable is net of the outstanding certificate loan amount(s) (loan amount includes accrued interest). If, at any time, the loan amount exceeds the cash value at that time plus (if applicable) the present value of paid-up additional insurance then in force and the amount of dividends on deposit at that time, then the policy will terminate. Loans may be considered a reportable tax event. You should consider consulting your tax advisor for details on your specific situation.
4 Withdrawals will reduce the death benefit and cash values and may affect how long the insurance contract is in effect. Surrender charges may apply to withdrawals.
5 For some products, dividends can be expected but not guaranteed, while for other products, dividends are not expected. Past dividends are not an indicator of future dividend performance.
6 Foresters products and riders may not be available or approved in all states and are subject to underwriting approval, limitations, contract terms and conditions, and state variations. Refer to the applicable Foresters life insurance contract for your state for these terms and conditions. Foresters products and riders are filed under the following form numbers, where “XX” represents either “US” or your state’s postal abbreviation, as applicable. Foresters Strong Foundation: ICC16-TERM-ALB-US01 or TERM-ALB-XX01-2016; Foresters Your Term: ICC16-TERM-ANB-US01 or TERM-ANB-XX01-2016; Foresters Prepared II: ADTERM-XX01-2020; Foresters Advantage Plus II: ICC21WL-US01 or WL-XX01-2021; Foresters PlanRight: ICC19-WL-PRL-US01 or ICC19-WL-PRB-US01 or WL-PRL-XX0l-2019 or WL-PRBÂXX0l-2019; Foresters BrightFuture: ICC20-JV-WL-US01 or WL-JV-XX01-2020; Foresters SMART Universal Life: ICC18-UL-SMART-US01 or UL-SMART-XX01-2018 or UL-SMART-FL02-2018.
1 2022 Life Insurance Barometer study, LIMRA
2 Foresters, their employees and life insurance representatives, do not provide, on Foresters behalf, legal or tax advice. The information given here is merely a summary of our understanding of current laws and regulations and is not specific to your situation. Prospective purchasers should consult their tax or legal advisor.
3 Depending on the product, loan interest is charged daily either at a fixed rate or the current Foresters U.S. variable loan rates. Loans can be taken if the policy is in effect and has a positive cash surrender value. Loans will reduce the death benefit and cash values and may affect how long the certificate is in force. The frequency of loan interest accrual and the rate of interest (fixed or variable) will vary based on the product. Death benefit payable is net of the outstanding certificate loan amount(s) (loan amount includes accrued interest). If, at any time, the loan amount exceeds the cash value at that time plus (if applicable) the present value of paid-up additional insurance then in force and the amount of dividends on deposit at that time, then the policy will terminate. Loans may be considered a reportable tax event. You should consider consulting your tax advisor for details on your specific situation.
4 Withdrawals will reduce the death benefit and cash values and may affect how long the insurance contract is in effect. Surrender charges may apply to withdrawals.
5 For some products, dividends can be expected but not guaranteed, while for other products, dividends are not expected. Past dividends are not an indicator of future dividend performance.
6 Foresters products and riders may not be available or approved in all states and are subject to underwriting approval, limitations, contract terms and conditions, and state variations. Refer to the applicable Foresters life insurance contract for your state for these terms and conditions. Foresters products and riders are filed under the following form numbers, where “XX” represents either “US” or your state’s postal abbreviation, as applicable. Foresters Strong Foundation: ICC16-TERM-ALB-US01 or TERM-ALB-XX01-2016; Foresters Your Term: ICC16-TERM-ANB-US01 or TERM-ANB-XX01-2016; Foresters Prepared II: ADTERM-XX01-2020; Foresters Advantage Plus II: ICC21WL-US01 or WL-XX01-2021; Foresters PlanRight: ICC19-WL-PRL-US01 or ICC19-WL-PRB-US01 or WL-PRL-XX0l-2019 or WL-PRBÂXX0l-2019; Foresters BrightFuture: ICC20-JV-WL-US01 or WL-JV-XX01-2020; Foresters SMART Universal Life: ICC18-UL-SMART-US01 or UL-SMART-XX01-2018 or UL-SMART-FL02-2018.