Strong Foundation Term Life Insurance
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What is term life insurance?
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 (e.g. 20 years) and the policy pays out a set amount if you die within that time period. As term life insurance typically has no cash value and is limited in duration, it’s usually the most affordable type of life insurance.
Why choose term life insurance?
Term life insurance can be an affordable starting point for your overall financial plan. Term life insurance can help support the important changes and challenges in your life, such as:
- Taking on long-term debts (such as a mortgage)
- Starting a new life with your partner
- Caring for your family
- Taking on short-term debt (such as a car payment, college loan)
Term life insurance with Foresters Financial
Strong Foundation Level Term Life Insurance
Foresters Strong Foundation Level Term Life Insurance1 has the flexibility to help support the financial security you need as your life changes. Strong Foundation is renewable, so you can extend the length of your coverage and it is also convertible, which means you can convert2 to a Foresters FinancialTM permanent life insurance product without having to go through underwriting again, if that option better meets your needs.
Features and benefits
Strong Foundation offers initial terms of 10, 15, 20, 25 or 30 years. You can pick the term to reflect your current financial obligations and future plans.
Premiums are guaranteed for the duration of the term you choose, so you’ll have the comfort of knowing exactly how much your life insurance will cost. The premiums for your base coverage and any additional riders will also never increase during the initial term of coverage you’ve chosen.
Coverage is available for ages 18 to 80, with face amounts starting at $50,000 and up to $500,000. Strong Foundation is underwritten on a Non-Medical basis, meaning your insurability depends on answers to medical and other application questions and underwriting searches and review, and doesn’t require any bloodwork, saliva swabs, or visits from a Paramed.
Riders and features
The following riders and/or features may also be included with your basic coverage at no additional premium:
- Common Carrier Accidental Death Rider is designed to provide an additional death benefit if you die of accidental injuries that occur while riding as a fare-paying passenger on a common carrier, such as a plane, bus or train.
- Family Health Benefit Rider can pay a benefit for limited family health expenses that may occur as a result of natural disasters, such as hurricanes, tornadoes and earthquakes.
- Accelerated Death Benefit Rider3 provides an option to accelerate a portion of the eligible death benefit and receive a payment if the insured is diagnosed with a covered illness, which may include critical, chronic, and terminal illnesses.
- Charity Benefit provision4 can help you make a difference in your community. When a claim is paid to the beneficiary(ies), Foresters Financial will pay an additional 1% (up to a maximum of $100,000) of the face amount to a registered charitable organization as designated by the owner. The payment is made as a donation in the name of the insured, and it does not impact the value of the death benefit.
To help extend your coverage, riders such as Waiver of Premium Rider, Accidental Death Rider, or Children’s Term Rider may be available for an additional premium.
Comparing Accelerated Death Benefits with Long-Term Care Insurance
An accelerated death benefit rider (ABR) and long-term care insurance (LTCI) provide different types of benefits.
A Foresters ABR is a rider attached to a life insurance certificate:
- It provides the opportunity for the owner to accelerate a portion of the certificate’s death benefit, if the insured is diagnosed with a chronic, critical or terminal illness, and receive a payment that can be used for any purpose.
- Payments are not linked to, nor do they require proof of, medical expenses being incurred.
- A payment under an ABR reduces the death benefit payable under the life insurance certificate and may affect other benefits and values, but if no payment is made the certificate’s benefits and values are still available, as long as the certificate remains in effect. The accelerated death benefit will terminate with the certificate or earlier.
A LTCI product:
- Generally provides reimbursement payments for expenses incurred, due to a prolonged or permanent illness or disability, and provides no death benefit or cash value.
- Has benefits that are typically based on evidence that the insured has incurred qualified long-term care expenses and the benefit, which may be subject to a maximum, is equal to the amount of expenses incurred.
- Has benefits that if are not claimed, may be forfeited.
There may be other differences between a Foresters ABR and a specific LTCI product that you may want to consider before making a decision to purchase.