Foresters Funeral Insurance Review: PlanRight Coverage

Foresters Funeral Insurance Review
Foresters Funeral Insurance Review: PlanRight Coverage

Foresters Purple Logo

There are many solid funeral insurance companies and plans. Some carriers are not as good or are much more expensive than others. The best way to know if a company has favorable plans to cover funeral expenses is to do your research.

Finding the right funeral insurance plan should not be hard. This is why we have put together a detailed yet straightforward Foresters burial insurance review.

Foresters Funeral Insurance Review

Foresters Financial was established in 1874. For over 145 years, this carrier has been in the financial services industry.

Foresters is financially stable, with a surplus of 2.1 billion dollars and 2.5 million policies in force as of 2019. You can be assured to receive the financial payout that you and your family are entitled to.

Foresters Finacial is consistently ranked as one of the best burial insurance companies.

Company Details

  • Established: 1874
  • A.M. Best Financial Rating: A (excellent)
  • Headquarters: Toronto, Canada

PlanRight Final Expense Insurance Coverage Basics

Understanding how funeral insurance works will help explain the benefits of the PlanRight product. All funeral insurance plans have three permanent whole life benefits.

Price Never Increases: The monthly premium is guaranteed never to increase. For any senior on a fixed income, it is important to know your monthly fixed costs. Burial insurance allows you to do that with no surprise rate increases.

Locked In Coverage: Your coverage will never decrease or terminate. This gives families peace of mind knowing that final expenses will be paid for.

Builds Cash Value: For each monthly payment made, a portion will go towards the cash value. Over time this amount will grow and can be borrowed from.

PlanRight Preferred & Standard

Plan 1: PlanRight Preferred & Standard

The Preferred and Standard plans from Foresters Finacial are immediate coverage funeral expense insurance options.

Details About This Plan

  • Age Eligibility: 50 – 85
  • Coverage Amount: $5,000 – $35,000 (depending on age & plan)
  • State Availability: All 50 & DC
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Day-One Coverage & Affordable Premiums

With immediate final expense insurance coverage, both the Preferred and Standard whole life plans are great options. Day one coverage is what every applicant should attempt for, and both these plans offer this protection.

Foresters burial insurance is great for applicants with certain heart, liver, lung, and kidney diseases or mental health conditions like bipolar disorder.

Both plans offer competitive monthly premiums. The Preferred plan has stricter underwriting, but this comes with lower prices.

Death Benefit Amounts

The coverage amount varies depending on age and plan type.

Preferred

  • $5,000 – $35,000 (age 50 – 80)
  • $5,000 – $15,000 (age 81 – 85)

Standard

  • $5,000-$20,000 (age 50 – 80)
  • $5,000-$10,000 (age 81 – 85)

Three Riders Included

The following riders are built into the policy at no added cost and provide additional protection.

Family Health Benefit: This rider provides immediate family members who have encountered qualifying health situations with a $650 benefit per person per event with a lifetime family maximum of $5,000. A qualifying event would be transferring to a hospital (within the US) by ambulance, emergency room visit, or hospital stay due to an earthquake, tornado, tsunami, lightning strike, or volcanic eruption.

Common Carrier Accidental Death: Additional coverage is provided if the insured’s death was within 180 days of an accidental bodily death that happened while riding as a fare-paying passenger on a common carrier.

Accelerated Death Benefit Rider: This rider allows the insured to accelerate and receive a portion of the death benefit payment upon being diagnosed with a non-correctable illness or condition in which they are reasonably expected to die within the next 12 months.

Foresters Finacial Life Insurance Quotes: Preferred & Standard Plans

Foresters Preferred whole life plans offer extremely low and competitive premiums. However, qualifying for this plan requires better health. It will be easier to qualify for the Standard plan medically, but the premium will be slightly more expensive each month. The quotes shown are non-smoking rates.

Female

$10,000 of Coverage

Monthly Premiums

Age Preferred Standard
50 $26 $37
55 $31 $43
60 $35 $50
65 $41 $65
70 $52 $83
75 $75 $124
80 $111 $174
85 $166 $263

Male

$10,000 of Coverage

Monthly Premiums

Age Preferred Standard
50 $32 $45
55 $37 $59
60 $45 $74
65 $55 $93
70 $71 $116
75 $103 $167
80 $147 $225
85 $201 $320

PlanRight Basic

Plan 2: PlanRight Basic

The Basic plan from Foresters has a two-year waiting period attached to the coverage. This plan is more lenient during the underwriting process.

Details About This Plan

  • Age Eligibility: 50 – 80
  • Coverage Amount: $5,000 – $15,000
  • State Availability: All 50 & DC
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: Yes
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Two-Year Waiting Period

The Basic plan from Foresters has a two-year waiting period attached to the coverage. This means if death were to happen in years one or two of the policy, all burial insurance premiums paid would be returned to the beneficiary plus ten percent.

Extra Built-In Benefits

There are two additional benefits built into this whole life plan. These are both included and detailed in the preferred and standard section above.

  • Common Carrier Accidental Death Rider
  • Family Health Benefit Rider

Foresters Finacial Burial Insurance Quotes: Basic Plan

The Basic plan has much higher premiums than some of its competitors like Guarantee Trust Life. The premiums will be substantially more than other immediate coverage plans due to the carrier taking on a higher risk applicant. There are better policy structures on the market with lower pricing than this plan offers. The quotes shown are non-smoking rates.

$10,000 of Coverage

Monthly Premiums

Age Female Male
50 $37 $47
55 $44 $60
60 $52 $74
65 $66 $95
70 $86 $118
75 $132 $171
80 $192 $259
85 NA NA

women smiling and pointing

Health Questions & Member Benefits

This section will detail the medical questions required to be approved for coverage and the wonderful member benefits every policyholder has access to.

Forester Finacial PlanRight Medical Questions

There are 15 medical questions that will be asked to determine coverage eligibility.

questions 1 6

1. Are you:

A) a resident in, or have you been advised to move into, nursing home or skilled nursing facility?

B) Receiving, or have you been advised to receive, skilled nursing care, hospice care, or home healthcare?

C) A patient in a hospital or psychiatric facility, or confined to a correctional facility?

D) Using a wheelchair or electric scooter due to an ongoing diagnosed illness, medical condition, or disease?

E) Requiring help (from anyone) with administering or taking your medications, or with bathing, dressing, eating, or toileting?

2. Within the past year (12 months), have you been advised to:

A) Use, or have you used, oxygen equipment to assist with breathing (excluding use for sleep apnea)?

B) Have, or have you had kidney dialysis?

C) Have surgery, a medical procedure, hospitalization, or have you been referred for a check-up or consultation with a doctor or medical specialist, which has not yet been started, completed, or for which results are not known?

D) Have a diagnostic test, or have you been referred to get a lab test, which has not yet been started, completed, or for which results are not known (excluding tests related to the Human Immunodeficiency Virus (HIV)?

3. Within the past year (12 months), have you:

Consulted a physician for, been diagnosed with, or received or been advised to receive treatment or medication for, unexplained weight loss greater than 10 pounds?

4. Have you ever received, or been advised to receive:

An organ or bone marrow transplant, or had an amputation that you were advised was due to complications of diabetes?

5. Have you ever been diagnosed with, or received or been advised to receive treatment or medication for:

A) Cardiomyopathy, Congestive Heart Failure (CHF), Pulmonary Hypertension, or any other type of heart failure or heart muscle disease?

B) Amyotrophic Lateral Sclerosis (ALS), or terminal illness or end-stage disease?

C) Alzheimer’s disease, dementia, or memory loss?

D) Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC), or tested positive for HIV?

6. Have you ever been:

Diagnosed with more than one occurrence of the same or different type of cancer, or do you currently have cancer (the term “cancer” excludes basal cell skin cancer)?

questions 7 12

7. Have you ever been diagnosed with diabetes and have also been diagnosed with, or advised to receive treatment for:

A) Retinopathy (problems with your eyesight)?

B) Nephropathy (kidney disease or kidney damage)?

C) Peripheral Neuropathy (nerve damage or numbness)?

8. Within the past 2 years (24 months), have you:

Been hospitalized for 48 hours or more that you were advised was due to diabetes?

9. Within the past 2 years (24 months), have you:

Been diagnosed with, or received or been advised to receive treatment for:

A) Alcohol or drug abuse, or have you used illegal drugs?

B) An aneurysm, or have you ever been diagnosed with an aneurysm that has not yet been repaired?

C) A brain tumor, or have you ever been diagnosed with a brain tumor that has not yet been treated or is being monitored or observed?

10. Within the past year (12 months), have you been diagnosed with having:

A) A heart attack, stroke, or Transient Ischemic Attack (TIA/mini-stroke)?

B) Angina, or have you taken medication for angina?

11. Within the past year (12 months), have you:

Been advised to have, or have you had, a pacemaker or defibrillator implant, cardioversion treatment, or any other type of heart or circulatory procedure?

12. Within the past 3 years (36 months), have you been:

Diagnosed with cancer, or received or been advised to receive chemotherapy, radiation, or any other type of treatment for cancer (the term “cancer” excludes basal cell skin cancer)?

questions 13 15

13. Have you ever been diagnosed with, or received or been advised to receive treatment or medication for:

A) Parkinson’s disease or Systemic Lupus (SLE)?

B) Hepatitis B or C, cirrhosis of the liver, or any other type of liver disease or condition?

C) Chronic kidney disease, chronic renal insufficiency, or any other type of kidney disease or condition (excluding kidney stones)?

D) Chronic Obstructive Pulmonary Disease (COPD), chronic bronchitis, emphysema, or any other type of chronic lung disease or ongoing respiratory condition (excluding asthma or sleep apnea)?

14. Within the past 2 years (24 months), have you been diagnosed with having:

A) A heart attack, stroke, or Transient Ischemic Attack (TIA/mini-stroke)?

B) Angina, or have you taken medication for angina?

15. Within the past 2 years (24 months), have you:

Been advised to have, or have you had, a pacemaker or defibrillator implant, cardioversion treatment, or any other type of heart or circulatory procedure?

questions 1 15

Member Benefits

Foresters is a “Fraternal Benefit Society,” meaning it is a non-profit and operates for its members’ benefit. You become a member by simply having a policy and have access to the benefits listed below.

LawAssure: This is an online document service that helps you create Power of Attorney, Wills, and Health Care Directive documents.

Everyday Money: This is a toll-free service that members can call and speak with an accredited debt advisor. They can help with debt management and budgeting.

Emergency Assistance Program: Emergency grants provide short-term temporary financial aid to members affected by extreme personal hardship or natural disaster.

Orphan Scholarship: This benefit provides a learning scholarship of up to $6,000 per year for children of deceased members.

Orphan Benefit: This is a benefit of up to $900 per month to a child if both parents pass away.

Terminal Illness Loan: If you become terminally ill, you may qualify for an interest-free loan of up to 75% of the policy face amount.

Charitable Contributions

KaBOOM: Since 2006, Forests has partnered with KaBOOM. 154 kid play spaces in 93 cities and 31 states around the country have been built.

Is Foresters Life Insurance a Good Company?

Since 1874 the Foresters insurance company has provided financial services to their valued customers. With an A financial rating from A.M. Best and Foresters Finacial customer reviews being positive, you can trust this carrier to payout your claim promptly.

Final Thoughts

a. This Foresters funeral insurance review showed that this is a well-respected company in the life insurance industry. The Preferred and Standard plans are of great quality and value. The Basic plan should be avoided due to the waiting period and high price point.

b. With every policy comes a Foresters Finacial membership. This membership includes many benefits, including legal document services and a terminal illness loan.

Leave a Reply

Your email address will not be published. Required fields are marked *