Regardless of whether you are young or older, life insurance could be a necessary part of your overall financial plan. This is because there are a multitude of reasons why someone may need to have this coverage – such as the payoff of large debt, the continuation of income for survivors, and/or the payment of one’s funeral and other related final expenses.
If you are currently in good health, then it may not be difficult for you to obtain the life insurance coverage that you need. However, if you have certain health-related issues, or you work in an occupation that is considered to be risky, then you may need to seek out some alternatives. One option could be a no exam life insurance policy.
While no exam life insurance can be very beneficial for some people, though, it is still important that you cover a few bases before moving ahead with a purchase. For instance, you will want to ensure that you are getting the proper type and amount of life insurance coverage. You will also need to check out the insurance company you’re considering buying this coverage through to determine whether or not it is strong and stable financially, and that it has a good reputation for payment of its policyholders’ claims. One insurer that meets these criteria is Foresters.
The History of Foresters
Foresters Financial is somewhat different from other insurance and financial companies in that this insurer helps its members to achieve their related monetary goals, while at the same time making a key difference in their communities.
Through its heritage as a fraternal benefit society, Foresters Financial has a global network of members that today is more than 1 million strong. To become a member of Foresters, an individual must first apply for a life insurance policy that is underwritten by the Independent Order of Foresters.
On top of insurance and financial protection and guidance, there is a long list of other benefits that Foresters members can enjoy, such as:
- Academic scholarships
- Discounted legal services
- Volunteering opportunities
In just the year 2015 alone, Foresters invested more than $21 million in member benefits, as well as put more than $10.5 million towards community initiatives such as playground builds, beach clean-ups, care packages, and family fun days.
As of year-end 2015, Foresters paid out more than $700 million in insurance claims and benefits and had 3 million certificates of insurance and contracts in force. The company held nearly $34 billion in assets under management – which represents an 18% increase over the previous year. Foresters Financial is based in Ontario, Canada.
Foresters Insurer Ratings and Better Business Bureau Grade
Due in large part to its positive financial performance, Foresters Financial is highly rated, with an A (Excellent) grade given by A.M. Best Company. In addition, even though Foresters is not an accredited company through the Better Business Bureau (BBB), the BBB has provided this company with a grade of A+. (This is on an overall grade scale of A+ to F).
Over the past three years, Foresters Financial has closed out a total of 25 customer complaints through the Better Business Bureau. Of these, 10 were closed out within the past 12 months. Out of the 25 total complaints, 12 had to do with problems with the company’s products and/or services, and another 7 were related to advertising / sales issues. The remaining 6 customer complaints had to do with billing and/or collection issues.
No Exam Life Insurance Offered By Foresters
Foresters Financial offers both term and permanent life insurance coverage options. This can be beneficial, as there is no one-size-fits-all solution when it comes to this type of protection. Term life insurance offers death benefit protection, with no cash value or investment build up. Because of that, term life can be very affordable – particularly for those who apply at younger ages.
With a term life insurance policy, the coverage is purchased for a set period, or “term.” The term policies that are available via Foresters Financial have a variety of different time frames to choose from.
Often, the premium will remain level throughout this time frame, as will the amount of the coverage. In some cases, a term life insurance policy may be converted over into a permanent policy without the need to undergo a medical exam, or even for the insured to prove evidence of insurability.
The Your Level Term policy offers death benefit protection for 10, 15, 20, 25, or 30 years. The following features may also be included with the base term protection, at no added cost:
- Common Carrier Accidental Death Rider
- Family Health Benefit Rider
- Accelerated Death Benefit Rider
And, a Charitable Benefit provision is also included at no charge. Here, when a claim is paid out to the beneficiary, Foresters will pay an additional 1 percent of the policy’s face amount to a registered charitable organization if one is designated by the policy owner. This payment will be made as a donation in the name of the insured.
There are also some additional riders that may be added by paying an extra amount of premium. These riders include the following:
- Disability Income Protection
- Waiver of Premium
- Accidental Death Coverage
There is also the Level Term Life Insurance plan. This is offered in time frames of 10, 20, and 30 years. And, while the Level Term and the Your Term will typically rely on information from the MIB (Medical Information Bureau), as well as the applicant’s information in the prescription database a motor vehicle report, an underwriting decision on the Level Term Plan could be obtained within just 15 minutes.
Also, the Level Term Insurance policy may be converted over to permanent protection with no evidence of insurability by the insured. This guaranteed convertibility allows the insured to convert over at his or her attained age (the age at the time of the conversion), regardless of their health in the future. Nor will the insured be required to answer any health questions in order to do so.
Permanent life insurance offers both death benefit coverage and cash value. The cash that is in the cash value component of the policy is allowed to grow and compound on a tax-deferred basis, meaning that no tax is due on the gain, unless or until it is withdrawn.
Foresters offers both whole life and universal life, as well as variable universal life insurance coverage. The Whole Life policies offered by Foresters include:
- Plan Right Whole Life
- Advantage Plus Participating Whole Life Insurance
- Interest Sensitive Whole Life Insurance
- Your Legacy Single Premium Whole Life Insurance
Universal Life policies include:
- SMART Universal Life Insurance
Variable Universal Life plans include:
- Variable Universal Life
And, variable life insurance offerings include:
- ISP Choice Variable Life
- ISP 10 Express
- Single Premium Variable Life
Other Products and Services Available
In addition to life insurance, Foresters Financial offers a wide range of other helpful products and services to its members. These include the following:
- Mutual Funds
- Saving and Retirement Planning guidance
- Education Funding
- Financial Literacy workshops
- Guidance regarding Social Security planning
- Employer sponsored retirement plan benefits
- Retirement Annuities (Fixed and Variable, as well as Immediate and Deferred)
How to Get the Best Premium Rates on No Exam Coverage with Foresters
If you have been searching for the best premium rates on no exam life insurance coverage through Foresters Financial – or from any life insurance provider – it is typically recommended that you work with an independent life insurance brokerage or agency. That way, you will be able to review a whole host of policies, carriers, and premium rates, and from there you can determine which one will be the best for you.
We are an independent life insurance brokerage, and we work with many of the top life insurance providers in the industry. Because of that, we can show you many different potential options that may fit with your no exam life insurance policy needs. We can get you the details that you require quickly and easily – all directly from your computer. If you are ready to get started with this process, all you have to do is just simply take a moment to fill out the quote form on this page.
Should you find that you are still in need of any additional information, or if you want to speak with a live representative, our experts are available to chat with you via phone. Please reach out to us, toll-free, by dialing 800-277-3098.
We understand that the process of buying life insurance can be somewhat overwhelming. This is especially the case if you have been turned down for life insurance protection in the past. However, working with an expert on your side can be much more beneficial. So, contact us today – we’re here to help.