Foresters Financial Increases Face Amount Limits for Strong Foundation Non-Medical Term Life Insurance

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Jul 25, 2022, 09:10 ET

TORONTO, July 25, 2022 /PRNewswire/ - Foresters Financial™ (Foresters), the fraternal life insurer that's boldly redefining the life insurance industry through innovation, purpose and wellness, today announced that it has increased the standard face amount limits for its Strong Foundation product offering¹, an industry-leading non-medical term life insurance solution designed to meet a range of client needs. Insurability depends on answers to medical and other application questions and underwriting searches and review.

Effective immediately, the maximum standard face amount limit for individuals aged 18-55 is now $500,000, an increase of 25%. The maximum standard face amount limit for those aged 56+ is now $250,000, an increase of 66%.

Strong Foundation is available with 10, 15, 20, 25 or 30-year term guaranteed^{2, 3} death benefit durations and conversion to permanent life insurance privileges; approval decisions are also often provided in 10 minutes or less.

Foresters Financial US President, Matt Berman, said, "Too many individuals are still living without life insurance at a time of significant economic uncertainty. We're excited to announce this increase in face amount limits for Strong Foundation, our non-medical Term life solution. Additionally, our recently relaxed underwriting for individuals living with diabetes will allow more individuals to attain higher levels of life insurance and in turn, be able to provide greater protection for themselves and their loved ones."

This non-med solution represents an opportunity to offer greater insurance protection to those living with chronic obstructive pulmonary disease (COPD), and those who consume tobacco and certain amounts of cannabis, and individuals living with diabetes. In addition, in light of heightened inflation and with the rising cost of home ownership, Strong Foundation provides protection for larger mortgages, for qualified applicants.

In addition to higher face amounts and non-medical underwriting, Strong Foundation insureds are members who have access to all of Foresters exclusive member benefits⁴ and privileges.

About Foresters Financial

Foresters Financial is redefining the life insurance and individual savings industry across the U.S., Canada and UK by enriching the lives, communities, and overall well-being of its members. Agents and members alike appreciate the turnkey-decisioned product offerings and end-to-end digitized sales processes that make it easy to get life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver tailored insurance protection to members. Dedicated to its members' well-being, Foresters offers a suite of member benefits and is redefining the conventional life insurance model, bringing improved financial security and overall wellness to everyday North American families. Foresters joined forces with Canada Protection Plan in 2020 to add being a leading life insurance distributor to its Canadian business. Foresters Financial is the trade name for The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 21 straight years, The Independent Order of Foresters has received an "A" (Excellent) rating from A.M. Best.⁵

For information purposes only.

Foresters Financial, Foresters, Helping Is Who We Are, Foresters Care, Foresters Go and the Foresters Go logo are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Road, Toronto, ON, Canada M3C 1T9) and its subsidiaries.

Underwritten by The Independent Order of Foresters.

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^{1 Life insurance contracts are underwritten and issued by The Independent Order of Foresters, a fraternal benefit society. Foresters Strong Foundation may not be available or approved in all states and are subject to underwriting approval, limitations, contract terms and conditions, and state variations. Refer to the Foresters Strong Foundation Insurance contract for the specific state for these terms and conditions. Foresters Strong Foundation is filed under the following form numbers: ICC16-TERM-ALB-US01 or TERM-ALB-XX01-2016.}

^{2 Foresters products and riders may not be available or approved in all states and are subject to eligibility requirements, underwriting approval, limitations, contract terms and conditions and state variations. Refer to the applicable Foresters contract for your state for these terms and conditions.}

^{Underwritten by The Independent Order of Foresters.}

^{3 Foresters members are insureds under a life or health insurance certificate issued by The Independent Order of Foresters or Foresters Life Insurance Company.}

^{4 Foresters member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice or are no longer available.}

^{5 The A.M. Best rating assigned on July 29, 2021, reflects the overall strength and claims-paying ability of The Independent Order of Foresters (IOF) but does not apply to the performance of any non-IOF issued products. An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by. A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. See ambest.com for our latest rating.}

SOURCE The Independent Order of Foresters