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Why do I need life insurance?

You may not want to think about what would happen if you were to die tomorrow but if someone relies on you financially, you probably need life insurance. The reason is simple – life insurance can help ease the financial burden caused by a critical illness or death in the family. 

What is life insurance?

Life insurance is a contract involving three parties – an insured person, a life insurance provider and a beneficiary. Depending on the product, it is designed to pay a benefit to the beneficiary or beneficiaries when the insured person dies or becomes critically ill.

But the impact of life insurance is far-reaching. It can make all the difference to your loved ones by enabling them to enjoy the lifestyle you planned for them, even when you’re no longer here.

Ready to take the next step? Get a quote.

Types of life insurance

Life insurance is not a "one-size-fits-all" proposition. At Foresters Financial™, we have a range of products to meet your needs. We can review your personal situation and make appropriate recommendations. And as your life changes, we’ll be there to re-evaluate your needs and suggest new products or changes to existing products.

Term Whole life Critical illness

Overview 

Term life insurance provides coverage for a defined number of years. You generally pay a fixed premium for a policy that covers you for a specific period of time and pays out a set amount if you die within this time period.

Overview 

Whole life insurance has no fixed term and is designed to cover you for the rest of your life. The premium for whole life is typically guaranteed not to increase for the life of the contract.

Overview 

Critical illness insurance provides coverage in the event of a serious illness such as a heart attack, stroke, paralysis or life-threatening cancer.

Duration 

10, 20 or 30 year terms

Duration

Lifetime

Duration

Defined term

Cost 

Lower initial cost but premiums increase if renewed for additional terms.

Cost 

Premiums are typically guaranteed not to change for the life of the policy.

Cost 

Premiums increase if renewed for additional terms.

Cash value 

No

Cash value 

Yes

Cash value 

No

1 Underwritten by Foresters Life Insurance Company.

2 Underwritten by The Independent Order of Foresters.

412526 CAN (10/16)

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