Foresters Critical Illness (CI) Review

Foresters may not be the name you think about when you’re shopping for life insurance and critical illness however they have a good product when it comes to Critical Illness insurance. Let’s take a look.

Critical Illness Terms

Foresters offer a term 10, term 20, and a level pay to age 80 (which is unique for the industry). Often when we get asked why a level pay to age 80 as opposed to whole life or level pay to 100, is because it comes down to affordability. Level to age 80 will be more affordable than whole life or level to 100. Foresters back this up with the statistic that anyone over the age of 80 who suffers a heart attack, stroke, or cancer is more likely to passageway from the illness than someone in their 50s.

Survival Period 

The survival period on foresters plan is very common in the industry which is a 30 day survival period. Meaning in order to have a claim payout the insured will have to survive for 30 days past the diagnosed date. Again, this is common for the industry.

Who is Foresters Best for?

Foresters are most competitive around their term 10 and term 20 products. In some age categories, they are the most affordable plan. So if you are looking for term coverage, and a very standard policy Foresters might be the right fit for you.

PROS

• Partial payment for 8 conditions (15% up to $50,000)
• Return of premium option is available
• Unique Term-to-80 option available (could help you save on some costs)
• Child Cover available (with 5 additional conditions)

CONS

• Partial payout reduces final coverage
• No limited payment options available
• No permanent coverage

All in all, Foresters offers a fairly strong plan and puts foresters right in the middle of the pack. As always, plans and policies do change, and it’s always best to speak to your advisor before applying for coverage.