Unique Financial Solutions with Life Insurance
Charity, disability, natural disaster, accidents, these are the things that drive so many of the needs within our lives. Many people want to plan for life’s expected and unexpected events. So, financial service companies create products to help people fulfill their unique financial goals. Foresters Financial has created a unique life insurance product to help their customers cover many of these circumstances. Here is an overview of the life events for which their new term life insurance can help people plan.
Charitable benefit for those who want to help a charity.
Accelerated death benefit for those who would like a portion of their death benefit available in the event of a critical, chronic or terminal illness.
Common carrier accidental death benefit for those who are concerned about dying in a common carrier such as a plane, bus or train.
Accidental death coverage for those who would like an increase in the death benefit if they die in an accident.
Family health benefit for those who are concerned about the health expense from a natural disaster such as a hurricane or earthquake
Disability income protection for those who would like to replace their income if they are sick or hurt and cannot work.
Waiver of life insurance premium for those who would like to have their life insurance premiums paid in the event of sickness or injury that cause an inability to work.
Some of the items mentioned are features that have no extra cost, and some of the benefits are offered as riders that do have an additional charge. Additionally, Foresters is offering this term life insurance policy as no-exam term life insurance policies and as traditional life insurance policies with a full exam. The no-exam life insurance is provided for term life insurance up to $400,000 in coverage and can be approved in as little as ten minutes. For more information on how no-exam life insurance works, visit my blog post, "What is No-Exam Life Insurance and who qualifies?"
The charitable benefit is unique and very few life insurance companies offer this option. The charitable benefit is a feature that allows the owner of the life insurance policy to choose a charitable organization to receive a 1% contribution to be given in the policy owners name at their death. This total contribution can be up to $100,000. Consequently, if you purchased a one-million-dollar life insurance policy, your beneficiary would receive the one-million-dollars at your death and additionally the charity of your choice would receive $100,000 given in your name. There is NO extra charge for this rider.
The accelerated death benefit has become such a significant living benefit for many people. For no additional cost, this feature allows the owner of the policy to access part of the death benefit if they have a terminal illness. Paying for dreaded diseases such as cancer can be overwhelming. Accessing part of the cash value before death can make the final days of a person’s life occur with less worry about paying many of the expenses of dreaded diseases. It is crucial to recognize that this is a feature that cost nothing. Some companies will offer to buy life insurance policies from terminally ill people for a fee. That is not necessary for this feature.
The common carrier benefit is a feature that will pay the policy owner’s beneficiary an additional amount if the policy owner dies as a fare paying customer on a commercial transportation service. There is no extra charge for this feature.
The accidental death benefit is a feature that pays a higher benefit if the policy owner dies in an accident. However, the accidental death benefit is a rider for which there is an extra premium.
The remaining features are related to the life insurance policy owners’ health after the policy is purchased. The family health benefit is a feature that has no cost. If a policy owner has a health expense due to a natural disaster such as a hurricane or an earthquake, the policy will pay $650 per person, per incident with a lifetime family maximum of $5,000. There are other restrictions that should be considered before buying this life insurance policy.
The disability income protection and the waiver of premium are life insurance policy riders that do have an additional cost. The disability income protection can cover 60% of the policy owner’s income up to $3,000 per month for two years. Up to $2,000 per month can be offered as non-medical coverage and additional coverage, up to $3,000 per month will require more medical information on the insurance application. There are several other definitions and limitations of the disability income protection that anyone considering purchasing should read and understand before buying this policy.
The waiver of premium is a disability coverage that only applies to the premium of the life insurance policy. A policy owner has the option of purchasing an additional coverage that will pay for the policy premium if they are disabled up to the age of 60.
Life insurance is an important financial product. The opportunity to provide for a charity, cover disability, have a natural disaster benefit, and have additional coverage for accidents makes it even more of a value. If any of the features, benefits, and riders appeal to someone wanting to buy life insurance, it is important that the core life insurance policy is the first consideration. For more information on how to determine the level of life insurance that you need read our blog post “How much life insurance do you really need?”
Additionally, when considering a life insurance policy, it is important to consider the financial strength of the life insurance company. Foresters life insurance is a well-established company that maintains an A (Excellent) rating from A. M. Best rating service. You can see how Foresters compares to other life insurance companies by visiting our Research page.
You can see precisely how much a Foresters policy would cost and how it compares to other life insurance policies at Advice4LifeInsurance.com