Dec. 6, 2016 18:00 UTC
TORONTO--(BUSINESS WIRE)--
Foresters Financial™, an international financial services provider, has
increased the non-medical face amount limit of its U.S. life insurance
products from $250,000 to $400,0001. The limit increase is
part of an aggressive new strategy to significantly grow Foresters
product portfolio in the U.S. over the next decade.
Products benefiting from the increase include Lifefirst Term Life (issue
ages 18-55), SMART Universal Life (issue ages 16-55) and Advantage Plus
Whole Life (issue ages 16-55).
“The limit adjustments were designed to meet the rising customer demand
for higher face-amounts in the non-med market,” said Eric Miller,
Vice-President, US Life and Annuity Sales. “And Foresters is proud to
offer these larger face amounts without making any changes to our
underwriting process, which is a huge advantage for our distribution
partners and customers who will benefit from the time savings and
convenience.”
“These changes demonstrate Foresters ongoing commitment to providing our
distribution partners with competitively priced products to help them
meet the protection needs of families,” Miller continued. “In addition,
the Foresters member benefits2 offer so much more – it’s a
winning combination that is unique in the marketplace.”
Foresters new non-medical face amount limits were designed to appeal to
the family market with features including no increases to premiums, no
changes to the underwriting process with no additional underwriting
requirements including no fluids or saliva collection, no paramedical
examinations and no life event or mortgage requirements.
Furthermore, Foresters distribution partners can submit non-medical
business through iPipeline’s iGO e-application3, which
benefits both clients and agents as they will receive a point of sale
decision by email within just 10 minutes4. This process also
expedites commission payments to agents.
In addition to all of these valuable features, insureds will be
Foresters members and have access to Foresters Member Benefits for the
primary insured and their immediate family members. These benefits, many
of which are complimentary, currently include competitive academic
scholarships, financial counseling and discounted legal services.
Foresters new non-medical face amount limit increases are available as
of December 5, 2016.
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 $34 billion5. 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 has assets of almost $14 billion, liabilities of
$11.4 billion, total funds under management of almost $34 billion and a
surplus of $2.3 billion (all figures in Canadian dollars as of December
31, 2015). 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.
1Products referred to are underwritten by The Independent
Order of Foresters (a fraternal benefit society, 789 Don Mills Road,
Toronto, Canada M3C 1T9). Insurability depends on the answers to medical
and lifestyle questions and an underwriting review based on underwriting
requirements and guidelines.
2Foresters Financial member benefits are non-contractual,
subject to benefit specific eligibility requirements, definitions and
limitations and may be changed or canceled without notice.
3E-App is available for non-medical Lifefirst, Advantage
Plus, SMART. Currently available only through the iPipeline iGO e-App
platform. E-App is not available in MA, NY and VT. Use existing paramed
process where e-App is not available.
4POS will be unavailable Mondays-Saturdays from 2:00 a.m. to
6:00 a.m. and from Saturday 10:00 pm to Sunday 10:00 a.m. (EST).
5in Canadian dollars as of December 31, 2015
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