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 paid
Image:Foresters to offer Charitable Benefit Provision for its term life insurance portfolio in Canada.Photo: Courtesy of nateemee/FreeDigitalPhotos.net
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 paid. 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 $500,000, and preferred underwriting for amounts of $500,00 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 membership- members enjoy unique benefits, 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 million 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.
Source: Company Press Release