Foresters Burial Insurance Review

Written by Jeff Root

Foresters Financial knows that there is no one size fits all solution to life insurance, especially for seniors.

That is why they work hard to provide a range of whole life insurance policies that offer burial insurance coverage to those who need it.

Foresters Life Insurance Company

Foresters Financial is an international financial services provider started in 1874. When they were a new company they focused on providing life insurance to the average family in America.

They have been in business for over 140 years and they continue to offer investment solutions alongside their life insurance products. They are notable as one of the first organizations to have a leader practicing Native and Western medicine on patients in Canada.

Said doctor also championed the rights of women, children, and minorities.

The group was the first to provide full benefits to orphans of policy members and to extend membership to women.

Today the company boasts over 3 million customers. The manage $45 billion in funds and have received the following financial ratings:

Company Financial Rating
A.M. Best A
Moody’s N/A
Fitch N/A
Standard & Poor’s N/A

Foresters PlanRight Whole Life Insurance

The PlanRight policy from Foresters has a guaranteed cash value with a guaranteed minimum. As a whole life insurance burial policy that means that you will always earn that minimum amount as long as your premiums are paid on time.

The cash value for your policy will increase or decrease based on interest rates. You can budget accordingly with this policy because your premiums remain level, meaning, they never go up or down.

With the PlanRight Whole Life insurance policy, you can get life insurance coverage up to the age of 121. When you pass away, your beneficiary will not owe any income taxes on the death benefit. The plan comes with the common carrier accidental death rider free of charge.

So, if you pass away from an accidental injury like a plane crash or a bus accident, your beneficiary still receives your full death benefit. For an additional fee, you can add the accidental death rider and the level death benefit to this policy.

Three Types of Life Insurance Coverage

This burial expense policy can come with three different coverage options.

Level Death Benefit

A level death benefit is the best option if you can get it. This means that your premiums are level and your beneficiaries get the death benefit no matter when you pass away. You have to be healthy to qualify for this, without any serious health concerns.

Graded Death Benefit

The graded death benefit is a policy that is most common. It is the second option in case you have some form of a preexisting health condition or do not qualify as “level”.

This option comes with a two-year waiting period during which time if you pass away your beneficiaries do not get the full death benefit, but instead get the premiums you have paid to date plus interest. This option is good for those who have been declined or could be declined for other policies.

Modified Death Benefit

Modified policies have the same two year waiting period but is for more serious risk cases.

Level Graded Modified
Applicant health Excellent Minor health conditions Serious health conditions
Benefits eligibility Immediately after death 2 year waiting period 2 year waiting period
Risk level Low Medium High

Foresters Burial Insurance Rates

What does this plan cost for otherwise healthy individuals? Well, that depends on age and level risk level.

Age $15,000 face, Male, Non-Tobacco $15,000 face, Female, Non-Tobacco:
50 Level only: $53.72 ($613.95 annual)

Graded Life: $87.18 ($996.30 annual)

Modified Life: $88.20 ($1,008.00 annual)

Level only: $37.50 ($428.55 annual)

Graded Life: $54.02 ($617.40 annual)

Modified Life: $54.18 ($619.20 annual)

55 Level only: $46.42 ($530.55 annual)

Graded Life: $65.99 ($754.20 annual)

Modified Life: $68.36 ($781.20 annual

Level only: $45.16 ($516.15 annual)

Graded Life: $63.17 ($721.95 annual)

Modified Life: $64.10 ($732.60 annual)

60 Level only: $66.20 ($756.60 annual)

Graded Life: $109.24 ($1,248.45 annual)

Modified Life: $109.46 ($1,251.00 annual)

Level only: $51.54 ($589.05 annual)

Graded Life: $73.88 ($844.35 annual)

Modified Life: $76.86 ($878.40 annual)

65 Level only: $82.04 ($937.65 annual)

Graded Life: $137.55 ($1,572.00 annual)

Modified Life: $140.65 ($1,607.40 annual)

Level only: $62.62 ($715.65 annual)

Graded Life: $95.18 ($1,087.80 annual)

Modified Life: $96.71 ($1,105.20 annual)

70 Level only: $107.78 ($1,231.80 annual)

Graded Life: $166.54 ($1,903.35 annual)

Modified Life: $176.09 ($2,012.40 annual)

Level only: $78.55 ($897.75 annual)

Graded Life: $123.55 ($1,411.95 annual)

Modified Life: $127.89 ($1,461.60 annual)

75 Level only: $152.46 ($1,742.40 annual)

Graded Life: $239.64 ($2,738.70 annual)

Modified Life: $255.47 ($2,919.60 annual)

Level only: $111.04 ($1,269.00 annual)

Graded Life: $178.00 ($2,034.30 annual)

Modified Life: $195.93 ($2,239.20 annual)

80 Level only: $218.53 ($2,497.50 annual)

Graded Life: $322.56 ($3,686.40 annual)

Modified Life: $387.29 ($4,426.20 annual)

Level only: $165.05 ($1,886.25 annual)

Graded Life: $248.85 ($2,844.00 annual)

Modified Life: $286.65 ($3,276.00 annual)

85 Level only: $299.55 ($3,423.45 annual)

Graded Life: The valid face amount range is $2,000 to $10,000

Modified Life: The valid age range is 50 to 80

Level only: $247.30 ($2,826.30 annual)

Graded Life: The valid face amount range is $2,000 to $10,000

Modified Life: The valid age range is 50 to 80

Burial Insurance for People with Health Conditions

Different health conditions are minor and serious, and will land you in the level or graded or modified policy classes:

Minor Health Conditions Serious Health Conditions
Diabetes with minimal insulin Alzheimer’s Disease
Heart attack but not recent AIDS
COPD but not recent ALS

How Does Age Impact Burial Insurance Rates?

Well, consider this:

If a buyer is looking at 50, then decides to wait until 60 to purchase their policy, a standard policy with Foresters is going to cost an average of $100 more per year at age 60 than it would at age 50.

If that same buyer waits until age 70, the same policy will triple in costs.

Burial Insurance Rates for Smokers

This is a great plan for people need coverage at an older age and have health concerns or smokers because it can be extended to a longer age than other policies. Moreover, smokers with mild COPD will fall under the “minor health” area which means they will only pay graded premiums. Let’s look at the costs of the PlanRight policy for smokers:

Sample costs for tobacco users:

Age $15,000 face, Male, Tobacco $15,000 face, Female, Tobacco:
50 Level only: $66.60 ($761.10 annual)

Graded Life: $89.41 ($1,021.80 annual)

Modified Life: $89.78 ($1,026.00 annual)

Level only: $55.20 ($630.90 annual)

Graded Life: $66.62 ($761.40 annual)

Modified Life: $81.90 ($936.00 annual)

55 Level only: $81.07 ($926.55 annual)

Graded Life: $120.92 ($1,381.95 annual)

Modified Life: $121.28 ($1,386.00 annual)

Level only: $65.28 ($746.10 annual)

Graded Life: $81.66 ($933.30 annual)

Modified Life: $105.53 ($1,206.00 annual)

60 Level only: $97.32 ($1,112.25 annual)

Graded Life: $152.76 ($1,745.85 annual)

Modified Life: $154.35 ($1,764.00 annual)

Level only: $77.12 ($881.40 annual)

Graded Life: $94.84 ($1,083.90 annual)

Modified Life: $113.40 ($1,296.00 annual)

65 Level only: $125.76 ($1,437.30 annual)

Graded Life: $190.19 ($2,173.65 annual)

Modified Life: $193.73 ($2,214.00 annual)

Level only: $95.63 ($1,092.90 annual)

Graded Life: $123.05 ($1,406.25 annual)

Modified Life: $129.15 ($1,476.00 annual)

70 Level only: $162.70 ($1,859.40 annual)

Graded Life: $226.96 ($2,593.80 annual)

Modified Life: $252.00 ($2,880.00 annual)

Level only: $112.05 ($1,280.55 annual)

Graded Life: $160.58 ($1,835.25 annual)

Modified Life: $171.68 ($1,962.00 annual)

75 Level only: $239.98 ($2,742.60 annual)

Graded Life: $311.85 ($3,564.00 annual)

Modified Life: $343.35 ($3,924.00 annual)

Level only: $155.66 ($1,779.00 annual)

Graded Life: $222.32 ($2,540.85 annual)

Modified Life: $234.68 ($2,682.00 annual)

80 Level only: $324.91 ($3,713.25 annual)

Graded Life: $422.10 ($4,824.00 annual)

Modified Life: $499.28 ($5,706.00 annual)

Level only: $221.51 ($2,531.55 annual)

Graded Life: $294.21 ($3,362.40 annual)

Modified Life: $337.05 ($3,852.00 annual)

85 Level only: $434.48 ($4,965.45 annual)

Graded Life: The valid face amount range is $2,000 to $10,000

Modified Life: The valid age range is 50 to 80

Level only: $313.78 ($3,586.05 annual)

Graded Life: The valid face amount range is $2,000 to $10,000

Modified Life: The valid age range is 50 to 80

How Much Burial Insurance Coverage Do I Need?

Generally speaking, you want to consider first your long-term financial obligations and then subtract any assets you have. Whatever is left over is what you need to cover with your life insurance policy.

Start by multiplying your income by a rule of 10. This will be enough for replacing your income on average, but it does not provide coverage for everyone for cases like child care services that are needed because a stay at home parent passed away.

Consider any debts that you owe. This includes things like credit card debt, an auto loan, or your own student debt. Then add to this your mortgage and the total amount you have left.

For the mortgage, you can choose to set up a term amount, so the term life insurance expires when the mortgage is paid off, of you can choose a permanent plan that gives enough money to pay it off in one lump sum and still have money left over.

If you have children for whom you want to pay for college expenses, you should add between $50,000 and $100,000 for each. Obviously, the rate is based on attendance to a university and subsequent costs of things like housing on campus or books, but you can always look at the average costs for your area for schools and use that as your starting point.

That said, for this particular plan, there are limits on how much you can take out, based on the policy type:

Level only: The valid face amount range is $2,000 to $35,000

Graded Life: The valid face amount range is $2,000 to $20,000

Modified Life: The valid face amount range is $2,000 to $15,000

So, be cognizant of your health and work with a third party broker to determine which risk level you pose for this company or any others. Then you can determine how much coverage is available to you.

Takeaways

When it comes to burial insurance, Foresters is certainly one of the best options on the market. Their financial stability and outstanding customer reviews back up their great and affordable burial insurance coverage options.

That being said, depending on your age, health, and coverage needs, they may not be the best burial insurance company for your specific situation.

So how do you know which burial insurance company is best for you?

Find the Best Rates Today

Finding the best burial insurance rates comes down to making comparisons between the best burial insurance companies out there.

The best way to do this is to speak with an independent life insurance agent. Our agents can work with you to understand your situation and coverage needs in order to compare rates from dozens of the best burial insurance companies on the market.

Give us a call today to get started, or use our online quoting engine to compare the best burial insurance rates instantly.

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About Burial Insurance Coverage
About Burial Insurance Coverage

We work with individuals across the nation to secure the best life insurance rates.

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