FOR IMMEDIATE RELEASE
Foresters Financial changes the term life insurance game with the launch of Your Term in the U.S.
Unique Charitable Benefit Provision combines affordable protection with charitable giving
(Toronto, ON, April 24, 2017) – Foresters Financial™, an international financial services provider, is setting itself apart in the term life insurance space with the launch of Your Term1 – a competitive term life product that combines affordable protection with charitable giving through its unique Charity Benefit provision.
The launch is part of an ambitious new strategy to significantly refine and grow Foresters product portfolio in the U.S. over the next decade.
“At Foresters Financial, we believe in enriching lives and building strong communities, and our clients and members share this passion for giving back,” said Knut Olson, President, North American Life Insurance and Annuity at Foresters Financial. “That’s why we’re so excited to launch Your Term as it upholds our commitment to providing American families with quality, affordable protection products that are aligned with their values.”
Your Term is designed to appeal to the family market and is highly competitive with rates in the top five2 amongst the competition for medically underwritten business. And unlike many other term products on the market, Your Term offers non-medical3 face amounts up to $400,000 with no life-event or mortgage requirements and no saliva collection is required.
Customers can further customize their coverage to meet their needs with many additional product features, including: five term periods for both non-medical and medically underwritten plans, three built-in riders1 − including an Accelerated Death Benefit Rider at no additional premium – five optional riders for additional protection and the new Charity Benefit provision – so unique that only a handful of other life insurance carriers currently offer similar provisions.
Your Term’s Charity Benefit provision makes it easy for Foresters certificate holders to make a difference. When a death benefit claim is paid to the beneficiaries, Foresters will donate4 an additional 1% of the face amount to a chosen registered charity so the certificate holder can support their favorite cause. The provision is automatically included, does not require additional premiums and does not impact the value of the death benefit. The payment is made as a donation in the name of the insured, will not impact the insured’s estate, and may be eligible for a charitable tax deduction from the charity.5
In addition, insured clients will be Foresters members and have access to Foresters Member Benefits6 for the primary insured and their immediate family members. These benefits, many of which are complimentary, currently include competitive academic scholarships, toll-free financial counseling and discounted legal services as well as opportunities to give back through community volunteering opportunities.
“Your Term’s Charitable Benefit provision and Foresters member benefits give clients so much more – it’s a winning combination that is unique in the U.S. marketplace,” said Olson. “As Foresters continues to build on our financial strength7, we look forward to a new decade of growth that will unlock the tremendous potential of our purpose. This is just a starting point and we hope to include a Charitable Benefit Provision on more products moving forward, as we continue to expand, evolve and improve our protection solutions.”
Foresters new Your Term products are available as of April 22, 2017.
About Foresters Financial
Foresters Financial™ is an international financial services provider with more than three million clients and members in the United States, Canada and the United Kingdom, and total funds under management of $44 billion8. With a history of more than 140 years, we provide life insurance, savings, retirement and investment solutions that help families achieve their financial goals, protect their families and improve their communities. For more information, visit foresters.com.
Foresters Financial and Foresters are trade names and trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9) and its subsidiaries.
Products offered vary by country. Not all products are available for distribution in all jurisdictions. In the United States, products are offered by The Independent Order of Foresters and its subsidiaries, including Foresters Financial Services, Inc. a registered broker-dealer. Securities, life insurance and annuity products are offered through Foresters Financial Services, Inc. or independent producers. Insurance products are issued by Foresters Life Insurance and Annuity Company, New York, or The Independent Order of Foresters. Investment advisory products and services are offered through Foresters Advisory Services, LLC, a registered investment adviser.
1Foresters Your Term and its riders may not be available or approved in all states and are subject to eligibility requirements, underwriting approval, limitations and state variations. Underwritten by The Independent Order of Foresters. Your Term is not yet approved in NY where Foresters continues to offer Lifefirst. Charity Benefit provision not available in NY. Foresters Your Term is filed under: ICC16-TERM-ANB-US01 or TERM-ANB-XX01-2016.
2Data cited with permission of Compulife® (as of March 1st, 2017). Compulife® is a registered trademark of Compulife Software, Inc. All trademarks belong to the respective trademark owners. Data is subject to change and may not be accurate.
3Insurability depends on the answers to a few medical and lifestyle questions and an underwriting review, based on underwriting requirements and guidelines.
4Foresters will make a donation to a designated, accredited, and eligible charitable organization in the name of the insured to a maximum of $100,000.
5Foresters does not provide tax advice. Prospective purchasers should contact their own legal, tax, or estate planning advisors.
6Member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or canceled without notice.
7Financial strength refers to the overall financial health of The Independent Order of Foresters. It does not refer to nor represent the performance of any particular investment or insurance product. All investing involves risk, including the risk that you can lose money.
8in Canadian dollars as of December 31, 2016
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