TORONTO--(BUSINESS WIRE)-- Foresters Financial™, an international financial services provider, is pleased to announce the inclusion of an incomparable Charity Benefit provision to the recent enhancement to our Advantage Plus¹ participating whole life insurance product in Canada.

The Charity Benefit provision makes it easy for Advantage Plus certificate holders to make a difference. When a claim is paid, Foresters will donate² an additional 1% of the basic insurance amount to the owner’s designated registered charity so they can support their favourite cause. This provision is automatically included, does not require additional premiums and does not impact the value of the death benefit paid to the beneficiaries. The payment is made as a donation in the name of the insured and will not impact their estate, and may be eligible for a charitable tax deduction from the charity ³.

“This Charity Benefit provision is not only unmatched in the Canadian insurance marketplace, but it integrates the Foresters Purpose of giving back into our product line,” says Rob Baboth, Foresters Financial Vice President of Canadian sales. “Advantage Plus, as our flagship product, also includes many built-in features like our Children’s Insurance Benefit, Quit Smoking Incentive Plan and Advance Medical’s Expert Medical Opinion Program⁴ at no extra cost.”

The new Advantage Plus includes the optional Additional Purchase Option (APO) rider, which allows certificate holders to purchase paid-up additional insurance (PUAs). These PUAs may be eligible to earn dividends⁵, which may help raise the cash value. This is ideal for clients looking to maximize tax-favoured growth for retirement planning or transferring an estate.

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.

About Foresters Financial

Foresters Financial is an international financial services provider with more than three million clients and members in Canada, the United States and the United Kingdom. We provide life insurance, savings, retirement and investment solutions that help families achieve their financial goals and make a lasting difference in their lives and communities. In Canada, products are offered by The Independent Order of Foresters and its subsidiary Foresters Life Insurance Company. Investment products are offered by Foresters Asset Management Inc.

Foresters Financial has assets of $13.4 billion, total funds under management of almost $44 billion and a surplus of $2.1 billion (all figures in Canadian dollars as of December 31, 2016). For more information, visit foresters.com.

¹Underwritten by The Independent Order of Foresters.

²The maximum payment under this provision is $100,000. The designated charitable organization must be registered as a charity with the Canada Revenue Agency. The Charity Benefit will only be paid if an eligible beneficiary for the benefit has been designated, prior to, and is in effect on, the date of the death of the insured.

³ Foresters, their employees and life insurance representatives, do not provide, on Foresters behalf, legal, tax or estate advice.

⁴This program is provided exclusively by Advance Medical Inc., subject to eligibility requirements and limitations and may be changed or cancelled at any time without notice. This program is not part of the Advantage Plus certificate.

⁵Dividends are not guaranteed.

⁶Foresters Financial member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice.

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.

415938 CAN (01/18)

View source version on businesswire.com: http://www.businesswire.com/news/home/20180102005431/en/