What is Term Life Insurance?
Term Life Insurance is a cost-effective solution that not only reduces your financial burden but also provides coverage of financial responsibilities for the insured or the beneficiaries in the event of their untimely demise. The benefit of Term Life Insurance is that the policy premium and the amount coverage are set, making it critical if you need coverage for a specific period. The beneficiary is payable if the insured passes away within the designated term.
Why consider Term Life Insurance?
A Term Life Insurance policy is the most reasonably priced life insurance plan currently out there. This policy provides a fixed death benefit amount for a premium payment. For your peace of mind, your premium payments are guaranteed and will remain constant for the term you select. The beneficiary can use the death benefit to take care of their financial needs, among other things:
Protect your business interests.
Take care of your children's education.
Pay off your mortgage.
Provide cash for future investments.
A Term Life Insurance coverage can help you meet your short-term financial commitments at a low cost. When compared to permanent insurance, it is less expensive. Foresters offer 10-, 20-, and 30-year Term Life Insurance plans to people. We can offer experienced advice to assist you in selecting the right insurance coverage for your needs and budget.
Premiums are fixed and will only increase if the insured decides to renew the policy for another term. Suppose at any point you decide to change your lifetime protection policy. In that case, Foresters gives you the freedom to convert your term insurance policy to permanent whole life coverage without the hassle of you having to provide any extra documentation.
Benefits and Features of Term Life Insurance
1. Preferred Life Insurance
Foresters offer individuals preferred life insurance policies for coverage of $500,000 or more. If you live a healthy lifestyle and are in decent health, you may be allowed to pay lower premiums. We examine several factors when determining your premiums, including health, lifestyle, tobacco usage, and family history.
2. Joint Term Coverage:
Both you and your partner will be covered under this insurance policy. It is a wise financial decision, as joint coverage will be less expensive than two individual policies. Under this insurance policy, the death benefit is payable on the first death of the policyholders. Within 60 days of a death, the survivor of the insurance coverage can convert to a new insurance policy by using a conversion privilege.
3. Conversion Privilege:
Our Term Insurance plans may be changed to any permanent insurance coverage offered by Foresters without having to go through another approval procedure, saving you time and aggravation during your time of loss. The privilege to change your insurance policy is available to policyholders at any time nearest the insured individual's 71st birthday.
4. Exchange Privilege:
Foresters allow policy holders to swap a term insurance policy with a longer-term insurance policy at the moment of exchange. This exchange authority is available on or after the second policy anniversary without a separate approval process.
5. Charity Benefit Provision:
We are more than just an insurance policy provider. At Foresters, we will donate 1% (up to a maximum of $100,000) to the eligible designated charitable organization you choose when the claim is paid to the beneficiaries.
6. Bereavement Assistance:
To help beneficiaries deal with their loss, Foresters reimburses up to $1,000 for counseling services.
Riders in Term Iinsurance
A rider in term insurance is an attachment or amendment drafted in the term insurance policy that gives the policy owner multiple additional benefits to suit their circumstances.
Children's Term Rider
Accidental Death Benefit
Waiver of Premium Benefit
Term Life Insurance for your Entire Life
Foresters Life Insurance policies are created to care for your dear ones and help meet your financial needs. These policies offer:
Death benefit amount
You have guaranteed cash values for the rest of your life.