There are many reasons to purchase life insurance. Certainly, adults want to provide financial protection for their surviving loved ones and life insurance is the most affordable solution for doing this.
Another purpose for life insurance which applies to everyone is to cover final expenses that we all leave to surviving loved ones when we die. There is simply no affordable way to guarantee that the money will be available to pay for funeral and burial expenses and other final expenses when we die.
If you already have life insurance and didn’t consider the costs to cover final expenses, you are probably underinsured when it comes to providing financial protection for your family or loved ones. And if, for whatever reason, you are not carrying any life insurance, now is the time to purchase final expense insurance because it will never be cheaper to purchase than it is today.
When it comes to traditional life insurance carriers, Foresters Life Insurance Company is anything but traditional. The company is owned by the Independent Order of Foresters, one of the leading fraternal organizations and is headquartered in Canada. The Independent Order Foresters (IOF) is a large fraternal society which is governed by its members and policyholders and does not answer to stockholders.
Foresters Life Insurance Company’s parent company, Foresters Financial, was established 145 years ago in 1874 with a mission to help ordinary individuals and families meet their long term financial goals. Foresters Life Insurance offers quality and competitive insurance and financial products in the U.S., Canada, and the United Kingdom.
While increasing the company’s footprint over many decades, Foresters has continually met financial goals and maintained high ratings from A.M. Best Rating Services and the company posts their financials on the company website for the end of each year.
The highlight each year for Foresters is that they receive an “A” rating from A.M. Best rating services which means they will pay their claims and operating expenses without difficulty. The company boasts increases in insurance and financial product sales each year and consistently provides resources for member communities through various outreach organizations and scholarship funds.
Final expenses are the expenses we leave to surviving loved ones when we die. The largest portion of this group of expenses are the costs of a funeral and burial. In today’s economy, the average cost of a funeral in the United States runs between $9,000 and $12,000 but can certainly be more, depending on additional services that many people purchase when saying goodbye to a loved one.
Also, included in final expenses are unpaid medical expenses that are typically incurred leading up to the death of an individual and in many cases. nursing home costs that are not paid by the individual’s health insurer.
We have found that the average death benefit for seniors who purchase final expense insurance is between $20,000 and $35,000.
Foresters is commonly one of the “go-to” final expense companies for most independent agents. The company’s final expense plans are very popular among seniors because the company will offer life insurance to virtually anyone regardless of their health status and they do not require a medical exam.
PlanRight Whole Life Final Expense Insurance
Foresters’ PlanRight Whole Life insurance product offers three solutions for seniors who are shopping for life insurance to cover final expenses. It is a popular choice for seniors who are looking for a lower death benefit, level premiums, permanent insurance, and affordable monthly premiums. The company offers three plans to accommodate the needs of the applicant.
All three PlanRight plans are built using whole life insurance and come with the same guarantees and benefits found in traditional whole life policies. They are all guaranteed for life as long as the premiums are paid, they are all guaranteed to have level premiums that will not change for any reason, and they all build cash value over time that can easily be accessed by the policyholder.
The only difference between them is the pricing, the underwriting, and how the death benefit is paid to the beneficiary if the insured dies in the first two years.
As an independent insurance agency, we are pleased to represent Foresters Life Insurance Company and as such, we are able to continually offer their very competitive products to seniors who are looking for final expense insurance. Foresters provides a complete portfolio of insurance products and annuities and they continue to be a go-to company for our agency because of their superior products and outstanding customer service.