Foresters Life Insurance Company announced on Monday that it has launched a new participating whole life insurance product, and is withdrawing one of its existing participating whole life products from the market.
The new product, called Familylife, is designed to provide families with cost-effective permanent insurance options tailored to their budget and unique protection needs.
In addition to offering lifetime protection and cash value accumulation, Familylife provides various features that aim to help families plan for every stage of life. This includes built-in children’s term insurance at no additional premium, and the option to take out a loan against the cash surrender value.
The product also provides flexibility with respect to dividends: policyholders can opt to use the dividends to purchase additional coverage, reduce premiums or simply receive cash.
“We’re delighted to provide a product like Familylife to meet the changing needs of Canadian families,” said Sharon Giffen, president of Foresters Canada and president and CEO of Foresters Life Insurance Company. “We are committed to providing flexible products that answer the needs of families and are valued by our business partners.”
Additional features of Familylife include a quit-smoking incentive plan, and access to Advance Medical, Inc.’s Expert Medical Opinion Program. Also, if a client forgets to make a premium payment, the Familylife Automatic Premium Loan feature will pay their premium from the available cash value provided it is sufficient to cover that premium amount.
Policyholders and their immediate family members will also gain access to Foresters Member Benefits, which include competitive academic scholarships, financial counseling and discounted legal services.
The new product replaces Foresters’ Advantage Series Whole Life product, which is no longer available for new sales, the company said.