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There are many reasons why having life insurance can complete your overall financial plan – even if you don’t currently have loved ones counting on you for their financial support. For example, today, the cost of an average funeral can be more than $10,000 – which is especially the case when you factor in the expense of a memorial service, flowers, and transportation, as well as a burial plot and headstone.
Often, loved ones who are left behind do not have the amount of cash that is needed to pay for these costs. Unfortunately, they must resort to dipping into savings, selling precious assets, or even worse, putting these items on credit – which can then cause them financial hardship for many years to come.
There is a way to help avoid this, though. That is by purchasing a final expense insurance policy. Final expense coverage – which is often also referred to as burial insurance or funeral insurance – is specifically designed to cover the cost of an insured’s funeral and other final expenses.
These policies will typically have a face amount of coverage that is between $5,000 and $25,000 – so in many cases, an insured may also have additional funds in the policy that can be used for paying off other debts, uninsured medical expenses, and other ends of life costs.
When purchasing a burial insurance policy, it is important to obtain the right amount of coverage. It is also key to ensure that the insurance company you are considering buying the coverage through is secure and stable from a fiscal standpoint and that it has a good, solid reputation for paying out its policy holders’ claims. Foresters Financial meets these criteria.
The History of Foresters
Since its inception back in 1874, Foresters Financial has had the mission of helping ordinary families to achieve their long term financial goals. This fraternal benefit society today has an international presence, with clients and members around the globe.
Throughout the years, Foresters has been at the forefront of many insurance and financial related milestones. The company also provides many unique benefits to its members, such as academic scholarships, financial counseling, and discounted legal advice, as well as the opportunity to give back via volunteering.
In 2015 alone, Foresters invested more than $21 million into its member benefits. This amount included roughly $2 million in competitive scholarships for students in the U.S., the United Kingdom, and Canada. Foresters has more than 3 million customers who have access to wealth creation, growth, and protection products, as well as other types of discounted services and items.
Foresters Company Review
Foresters Financial is an international financial services provider that has a unique history. From the very start, the company set out to offer access to life insurance coverage for working families. Today, Foresters provides life insurance protection, along with retirement and investment solutions.
Foresters is known for having a strong balance sheet, and a stable financial foundation. As of year-end 2015, the company held more than $13.6 billion in total assets, of which nearly $2.3 billion was in surplus. Foresters also had over $33.7 billion in total assets under management.
Insurer Ratings and Better Business Bureau Grade
Due in large part to its financial strength and timeliness of paying out its policy holders’ claims, Foresters has earned high ratings from the insurer rating agencies. The Independent Order of Foresters (or Foresters Financial) has financial strength, as measured by A.M. Best Company, of A (Excellent) – and the company has consistently held this rating for more than 16 years.
Also, even though Foresters Financial is not a qualified company through the Better Business Bureau (BBB), the BBB has given Foresters a grade of A-, based on a grading scale of A+-F. Within three years, Foresters Financial has cleared up a total of 27 customer complaints via the Better Business Bureau (of which one complaint was closed over the past 12 months). Of these total 27 charges, 25 of them had to do with problems with the company’s products and services, and the other two regarding delivery issues.
Burial Insurance Plans Offered by Foresters
Foresters offers burial insurance coverage, which can provide the protection that is needed for paying a loved one’s final expenses. The Foresters PlanRight plans encompass a series of whole life insurance products that are designed for covering costs such as those associated with burial and other funeral expenses. Also, funds can be used for probate fees, debt, uncovered medical expenses, and end of life hospice care costs.
Because this coverage is whole life, once an individual has been approved, the amount of coverage cannot go down, and the premium cannot be raised – even as the insured advances in age, or if they contract an adverse health condition.
The cash that is in the cash value component of these policies can grow and compound over time on a tax deferred basis. This means that there is no tax due on the gain unless or until the funds are withdrawn by the policy holder.
These funds may be either borrowed or withdrawn – for any reason – including vacations, extra cash during retirement, and paying off debts. (It is important to note, though, that any amount of un-repaid cash will be charged against the sum of the death benefit that is ultimately paid out to the policy’s beneficiary).
With the PlanRight whole life insurance burial coverage from Foresters, there is lifetime life insurance policy up to the insured’s age 121 – provided that the premium is paid. Also, the death benefit proceeds that are received by the beneficiary will not typically be subject to income taxation.
PlanRight certificates will also automatically include a common carrier accidental death rider. This rider can provide an additional amount of death benefit coverage to the policy beneficiary if the insured dies due to accidental injuries that occur while he or she is riding as a fare-paying passenger on a common carrier, such as an airplane, a bus, or a train.
Also, the policy holder of a Foresters PlanRight burial policy can also add – for an additional amount of premium charge – an optional accidental death rider with a level death benefit. This can also pay out an additional amount of benefit in case of the insured’s accidental death. (This benefit is not dependent upon the insured dying in only a common carrier accident).
Other Products and Services Offered
In addition to burial insurance plans, Foresters also provides many other insurance and financial solutions. These include:
- Life Insurance – Foresters offers both term and permanent life insurance coverage. With term life insurance, there is death benefit protection only, and no cash value or savings build-up. As its name suggests, term life insurance is purchased for a certain amount of time – or term – such as ten years, 15 years, 20 years, or even for 30 years. Because of its time limit, term life insurance is often referred to as temporary coverage, and it can be a good option for those who want to cover the balance of a mortgage. Term is usually an affordable way to go when someone needs sufficient death benefit coverage and is also on a budget. Foresters offers several different level term life insurance options. Permanent life insurance includes both death benefit protection, as well as cash value. This cash builds up on a tax deferred basis, and it can be borrowed or withdrawn for any reason that the policy holders see fit. Foresters offers several different types of permanent life insurance, including whole life, universal life, variable life, and variable universal life insurance plans.
- Retirement Annuities – An annuity is a financial tool that can provide you with a guaranteed steam of income that lasts throughout the rest of your life – regardless of how long you may need it. There are several different types of annuities, including fixed, indexed, and variable. Annuities can also be either immediate or deferred. With an immediate annuity, the income stream begins immediately (or very soon) after purchase, whereas with a deferred annuity, the cash in the account can grow tax deferred, and then the income begins at a time in the future.
- Mutual Funds – Mutual funds can provide a way to invest money into many different financial vehicles. These types of funds can combine hundreds, or even thousands, of different investment options all in one offering. There are many types of mutual funds that can be purchased through Foresters, including equity, taxable bond, mixed asset, tax exempt, and money market.
- Savings and Planning Solutions – Through Foresters, individuals and businesses can participate in savings and retirement planning solutions. Just some of these options include budgeting, tax-advantaged asset accumulation, and Social Security planning and education.
- Advisory Services – Foresters also offers a Premier Program, which is a fee-based financial advisory program that provides a comprehensive suite of investment consulting services that are designed to be a component of individuals’ long term financial plan. This program works with investors throughout all the phases of their life – from early adulthood to retirement years, and all the steps in between.
Foresters also offers an Electronic Payroll Investing Center or EPIC. This is a high quality, customer oriented service for retirement programs that can help to make the processing and administration of employee benefits programs easier for employers. With this program, an employer can review contribution details, historical data, and other critical information about their retirement plan. An employer can also instantly update input information, and safely and conveniently review and transmit their contribution instructions to Foresters electronically. This can save lots of time and expense.
How to Get the Best Premium Rate on Burial Insurance from Foresters
If you are looking for the best premium rate on burial insurance from Foresters – or any insurance carrier – it is a good idea to seek and work with an independent life insurance brokerage or agency that has access to multiple insurance carriers. In doing so, you will be in a much better position to review, side by side, the plans and the premium costs of several options, and from there you can choose the one that will be the best for you.
When you are prepared to purchase a burial insurance plan, we can help. We are an independent life insurance broker, and we work with many of the top rated burial insurance providers in the industry today. We can assist you with getting all the essential details that you need for making a well-informed decision – and we can do so for you swiftly, effortlessly, and conveniently, all from your computer. If you are ready to proceed, then just simply click here to fill out our form.
Should you still have any additional questions regarding burial insurance coverage, please feel free to reach out to us directly via phone. Our experts will be happy to walk you through any of the information so that you are more comfortable with making a coverage decision. We can be reached toll-free by dialing 888-389-8676.
We understand that obtaining a burial insurance plan can seem a bit disquieting. There are different factors to keep in mind, and you want to be sure that you are getting the proper type and amount of protection so that your loved ones won’t endure financial hardship. But the good news is that doing so can be much easier when you have a burial insurance expert on your side. So, contact us today – we’re here to help.