Summarized View:
Foresters is a life insurance organizational body that has been helping people (both individuals & families) for the past 130 years. The Foresters Plan Right Final Expense product has prevailed strongly in the market, owing to its spirited (competitive) premiums, excellent customer & agent service & competitive commissions.
Agents Benefits Comprise:
- Access to Oxford Life 125% Final Expense Contract (Oxford Life)
- DOB - Jan 1, 1958 - $30,000 - Male - Oxford premium of $114.64 per month - Foresters premium of $129.25
- A.M. rated “A”
- Guaranteed Highest Commissions - NAAIP really wants You!
- Rapid underwriting
- Excellent agent support
- Sell by phone - it is easy!
- Sample application which indicates if level, modified or graded benefits.
- Foresters Final Expense Producers Guide
- NAAIP Agent website includes (Foresters page)
- Client-facing website with multiple multi-carrier quote engines - it takes 30 seconds to sign up - on right side (via NAAIP)
- Online Foresters Life Quote Engines
- Online Foresters FEX PlanRight Life Quote Engine
Client Benefits Comprise:*
- No medical exam or fully underwritten
- Low premium rates
- Guaranteed premiums
- Riders available
- Fraternal, level & graded benefits
- Easy E-application
Detailed Product View:
With more than one million members, Foresters – a fraternal benefit group - is headquartered in Toronto, Canada while the majority of its membership in the U.S.. Foresters rewards its members by giving them not only a quality financial product, but much more as well. Complimentary benefit services are a special part of being in the Foresters Family: The special benefits for eligible members and its community based opportunities assist policyholders and their families.
PlanRight is a life insurance policy which is part of Foresters whole life insurance product line that are structured in order to cover final expenses related to the policyholder's final days and funeral, probate charges or other financial matters that your client’s family will have to bear at the time of death. Final expenses can often exceed $10,000 and this would maybe too severe financial burden on an average-earning family. The plans that are offered are as follows:
- Level Plans: death-benefit equals the complete face sum of the certificate.
- Graded Plans: death benefit ascends in the tenure of the first 2 years. In the Graded Plans category, death benefit during the first year is 30% of the face value, 70% in the second year, and 100% of the face value in third year and beyond. The death benefit amounts to 100 percent of the face value in the event of an accidental death.
- Modified Plans: during the first 2 years, these give you the death benefit that is equivalent to the premium returns with 10 percent annual interest. Also, you receive 100 percent of the face value in the 3rd year and beyond. Initially, for 2 years, the death benefit is ascended up to 100 percent of the par value (face value) in the event of the insured person's accidental death.
Features of Foresters Final Expense:
- 3 Plan options available
- Cash Vale offered
- Face value sum ranges from $2,000 - $35,000
- Minimum premium rates ( e.g. $10)
- Annual Certificate fee amounts to $36
- Availability of accidental death rider
- Inclusion of ordinary carrier accidental death rider
- Loan offered on full surrender
- 50 to 85 issue age
- Monthly (0.0875), Quarterly (0.26) & Semi- Annual (0.51) Modal Factors
Fraternal Benefits with Foresters
- Benefit to members suffering a Critical Illness: Foresters offers a financial aid of $4,000 if a policy holder is diagnosed with a severe illness such as heart attack, stroke, multiple sclerosis or cancer.
- Benefit of Competitive Scholarship for members: The Foresters Scholarship Program dispenses 350 scholarships that amount to $8,000 applicable to students of Canada (grades 65%) and U.S. (2.5).
- Orphans' Scholarship Benefit for the member benefit: This benefit offers a unique scholarship chance should one or both parents die.
- Benefit for the youngest family member: According to this benefit the guardian (legal) gets $300 per child per month should both parents have passed away.
- Benefit to members with terminal illness: The insured is offered a loan (interest-free) on the account any family member’s terminal illness. Policyholders can request a loan of up to 75 percent of the Face Sum (amount) of the policy originally purchased from Foresters Life Insurance. The loan amount can be repaid from the payable sum when the insured person dies.
Foresters Over the Phone Enrollment (OPE)
Foresters is focused on expanding the availability for its PlanRight sales by phone service. This allows agents to make final expense sales by phone provided they are licensed in that state and they are certified with the Foresters Voice Signature process.
With Foresters you get extra benefits that you wouldn’t normally get from other life insurance plans. As a fraternal benefit society, Foresters offers excellent rates, plus will creation and legal assistance, college scholarships for families, etc.
Foresters Lead Program
Foresters PlanRight sales targets for getting your rebate:
Agent Training
- Live App User Guide
- PlanRight with Voice Signature Webinar
- PlanRight with Voice Signature Webinar Presentation
Agent Resources
Foresters Mobile Quotes
MOBILE QUOTES
NEEDS ANALYSIS
Check out the Foresters Getting More Out of Life brochure to learn more about their final expense product while you wait for your appointment.
* The information provided is intended for licensed insurance agents only. It is not intended for the purpose of advertising the insurance products to the general public. Agent Contracting and Appointments Foresters Life
