Toronto, ON, Aug. 12, 2019 (GLOBE NEWSWIRE) --
Foresters Financial™ (“Foresters”) today announced the addition of its Charitable Benefit Provision to its Term¹ products in Canada. For Term insurance policyholders who select the benefit, Foresters will donate an additional 1% of the basic insurance amount, up to a maximum donation of $100,000, to the designated registered charity when a claim is paid2. This charitable contribution will not reduce the death benefit to the beneficiaries in any way.
Foresters also announced other Term insurance enhancements including new competitive Term rates, non-medical limits doubled to $500,0003, and preferred underwriting for amounts of $500,001 or more.
Foresters Financial President and CEO Jim Boyle said, “We’ve been giving back to the community for almost 150 years now – it’s just part of who we are as a Fraternal life insurer. This charitable benefit provision is one more way that we stay true to our roots and remain competitive in the Canadian market.”
Term insurance holders receive full member benefits
The insured under a Foresters Term policy is also eligible for Foresters membership4 - members enjoy unique benefits5, including competitive academic scholarships, financial counseling, discounted legal services, emergency and disaster relief, as well as grants to support local volunteer opportunities.
In 2018 alone, Foresters contributed more than $811 million5 in claims and member benefits, including $2.4 million in competitive scholarships for students in the United States, Canada and the United Kingdom. It also provided over $4.98 million towards community initiatives such as care packages, community beautification, Create & Construct, Meal Help and Fun Family events where members can spend quality time with their families at no cost.
Foresters Financial Vice President, Product & Pricing Jeremy W. Ragsdale said, “Term products are very competitive in Canada but our member benefits provide a value that Canadian consumers can find with very few other carriers.”
The Charitable Benefit provision was also introduced in 2018 on Foresters Advantage Plus whole life insurance product in Canada.
1Underwritten by Foresters Life Insurance Company.
2When a claim is paid to the beneficiaries, Foresters will pay the eligible designated charitable organization in the name of the insured. The maximum payment under this provision is $100,000. The designated charitable organization must be registered as a charity with the Canada Revenue Agency. The Charity Benefit will only be paid if an eligible beneficiary for the benefit has been designated, prior to, and is in effect on, the date of the death of the insured.
3Insurability depends on answers to medical and other application questions and an underwriting review. The increase of non-medical limits is only for ages 18-45.
4Foresters Financial member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice.
5All figures in Canadian dollars as of December 31, 2018.
About Foresters Financial
Since 1874, Foresters Financial has been providing socially responsible financial services to individuals and families. Foresters Financial includes The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. Foresters is a purpose-driven organization that exists to enrich family and community well-being and offers insurance products to over three million members and clients in Canada, the US and the U.K. For 18 straight years, The Independent Order of Foresters has received an “A” (Excellent) rating from A.M. Best.1 For more information please visit foresters.com
¹The A.M. Best rating assigned on August 2, 2018 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.