TORONTO, April 29, 2013 /CNW/ - Today, Foresters™ launched a new participating whole life insurance product, Familylife1, designed to provide families with cost-effective permanent insurance options tailored to their budget and unique protection needs. Foresters is a leading life insurance provider that champions family well-being through quality products, unique member benefits and inspiring community activities.
"We're delighted to provide a product like Familylife to meet the changing needs of Canadian families," says Sharon Giffen, President, Foresters Canada and President and CEO, Foresters Life Insurance Company. "We are committed to providing flexible products that answer the needs of families and are valued by our business partners."
In addition to offering lifetime protection and cash value accumulation, Familylife includes a variety of features to help families plan for every stage of life including convenient pay periods, dividend options, and built-in children's term insurance. The product also has some unique components including a quit-smoking incentive plan and access to Advance Medical's Expert Medical Opinion Program2.
Familylife can pay dividends that may be used to purchase additional coverage, reduce premiums, or be received in cash. The cash value of the policy can help build additional savings for the future. If a client forgets to make a premium payment, the Familylife Automatic Premium Loan feature will pay their premium from the available cash value provided it is sufficient to cover that premium amount.
Another advantage of Familylife is access to Foresters Member Benefits3 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.
As part of its portfolio review, Foresters is also withdrawing its Advantage Series Whole Life product today.
Foresters™ is a life insurance provider with a difference. The fraternal benefit society, founded in 1874, supports family well-being through quality products, unique member benefits and inspiring community activities. Foresters shares its financial strength with over one million members in Canada, the United States and the United Kingdom. Foresters has assets of $9 billion with liabilities of $7.5 billion resulting in a surplus of $1.5 billion4 (all figures in Canadian dollars as of December 31, 2012) and maintains an "A" (Excellent) rating by A.M. Best5. Foresters subsidiary Foresters Life Insurance Company's rating is "A" and First Investors Life Insurance Company, also a Foresters subsidiary, received an "A-" rating. For more information, visit foresters.com.
ForestersTM is the trade name and a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9; its subsidiaries are licensed to use this mark.
1Underwritten by The Independent Order of Foresters.
2This Program is provided solely by Advance Medical, Inc., subject to eligibility requirements and limitations and may be changed or cancelled at any time without notice. This benefit is not part of the certificate.
3Foresters member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or canceled without notice.
4This surplus represents excess funds above the amount required as legal reserves for insurance and annuity certificates in force and provides additional assurances to members for Foresters long term financial strength.
5An "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. In assigning the ratings for The Independent Order of Foresters (Foresters) and its subsidiaries Foresters Life Insurance Company and First Investors Life Insurance Company on July 6, 2012, A.M. Best stated that the outlook for all ratings is "stable", which means they are unlikely to change in the near future. See ambest.com for the latest ratings.
- Independent Order of Foresters