Table of contents
Facing a severe illness can be overwhelming, both physically and financially. Critical illness insurance offers a financial safety net during these challenging times, providing support for you and your loved ones. With numerous options available, selecting the right plan can be daunting.
Foresters Financial offers critical illness insurance plans that stand out for their affordability, comprehensive coverage, and unique member benefits. Their two primary plans, Live Well and Live Well Plus, cover a wide range of conditions and come with additional membership perks like scholarships and discounted legal services.
Picture this: not only are you covered for major health crises, but you also gain access to scholarships, volunteer grants, and member discounts on products and services. Foresters doesn’t just sell insurance; they invest in their members’ well-being and community engagement. These added benefits can provide peace of mind that extends beyond health coverage, making your policy work for you in more ways than one.
Secure your future today. Explore Foresters’ critical illness insurance plans and protect your health and financial stability.
- Key takeaways:
- Foresters offers two critical illness insurance plans—Live Well, which covers four conditions (heart attack, cancer, stroke, coronary artery bypass surgery), and Live Well Plus, a comprehensive plan which covers 25 illnesses.
- Choose from multiple term lengths—10 or 20 years or to age 80—and coverage amounts ranging from $25,000 to $2,000,000.
- Customize your policy with return of premium riders, which allows you to surrender your policy for a portion or all of your premiums returned to you.
About Foresters Financial
Foresters Financial, the trade name for The Independent Order of Foresters, boasts a rich history as the oldest non-denominational fraternal benefit society. For an impressive 23 consecutive years, the company has maintained an “A” (Excellent) rating from A.M. Best, a testament to its financial strength and stability.
Founded in 1874 with a mission to provide accessible life insurance for working families, Foresters Financial has spent 150 years supporting families in achieving long-term financial security. Today, over 2.6 million clients and members across Canada, the United States, and the United Kingdom rely on Foresters for savings and life insurance solutions.
Beyond financial products, Foresters is deeply committed to community well-being. The organization invests millions annually in member benefits and community partnerships, embodying its purpose of improving family life. With a strong foundation in community building since its inception, Foresters prioritizes sustainability, environmental consciousness, and social responsibility. Initiatives like Foresters Care grants, Competitive Scholarships, and other community-focused programs reflect this commitment to creating a positive impact and inspiring future generations.
Besides critical illness insurance policies, Foresters also offers the following insurance products:
- Term life insurance
- Non-participating whole life insurance
- Participating whole life insurance
- Annuities
Key facts about Foresters Financial
AM Best Rating: A
Head office: 789 Don Mills Road, Toronto, Ontario M3C 1T9
Website: https://www.foresters.com/en-ca
Contact phone number: 1-800-828-1540
What Critical Illness Insurance Plans Does Foresters Offer?
Critical illness insurance is a type of coverage that provides a tax-free lump sum payment if you’re diagnosed with a specific, severe medical condition. Unlike life insurance, which pays out a death benefit, critical illness insurance pays out a benefit while you’re still living.
What does it cover?
Critical illness insurance policies typically cover a range of serious conditions, such as heart attack, stroke, cancer, kidney failure, and organ transplant. The exact list of covered illnesses can vary between insurers, so it’s essential to review the policy carefully.
Who needs it?
Critical illness insurance can benefit anyone, but it’s particularly valuable for:
- Breadwinners: If you’re the primary income earner for your family, this coverage can help replace lost income and cover immediate living expenses during a difficult time.
- People with financial obligations: If you have debt, like a mortgage, critical illness insurance can provide added peace of mind so that the debt is covered while you recover from your illness.
- Children: Critical illness insurance for children offers financial relief, allowing parents to prioritize their child’s recovery without the added stress of lost income.
How much coverage do you need?
Determining the right amount of critical illness coverage depends on several factors, including your age, health, income, and financial obligations. Consider your potential income loss, expenses related to medical treatments and recovery, and other expenses when calculating your coverage needs.
Is critical illness insurance worth it?
Whether critical illness insurance is worth it depends on your personal health, family history, and financial situation. For many, the peace of mind and financial support it offers outweigh the premiums paid. It provides a safety net that can prevent financial burden in the event of a serious medical event, making it a valuable addition to your overall financial plan.
In the next section, we will dive deep into Foresters’ critical illness insurance products.
Live Well
The basic and more affordable critical illness product offered by Foresters is called Live Well. This plan covers four critical illnesses—heart attack, life-threatening cancer, stroke, and coronary artery bypass surgery—which account for the majority of critical illness claims. The plan requires a 30-day survival period before benefits are paid.
Available to individuals between the ages of 18 and 55, Live Well provides flexible coverage options. Choose a lump sum benefit amount ranging from $25,000 to $100,000 to suit your needs. The policy owner can select a term length of 10, 20, or 80 years, with guaranteed level premiums for the chosen term.
In addition to the core critical illness coverage, Live Well offers valuable additional benefits. You’ll receive a payment equal to 15% of your chosen benefit amount, up to a maximum of $50,000, for non-life-threatening illnesses such as coronary angioplasty or early-stage thyroid cancer.
Furthermore, the plan includes access to Teladoc Medical Experts, a service that provides medical advice and guidance from leading experts.
- Pros:
- Comprehensive coverage for the four most common critical illnesses at an affordable price.
- Live Well does not charge any policy fees, saving you money over the life of the policy.
- Buying a policy allows you to become a Foresters Financial member and unlock exclusive perks, including rewards for healthy living, discounts on travel, shopping, and entertainment, as well as eligibility for scholarships and grants.
- The exchange privilege lets you change your term-10 or term-20 policy into term-80, guaranteeing the coverage with level premium payments until age 80.
- Cons:
- Age eligibility is limited to 18-55, while some competitors offer plans for individuals up to age 65.
- Unlike Live Well Plus, Live Well does not include a juvenile critical illness rider to offer coverage for children.
- The non-life-threatening illness benefit reduces the overall lump sum payout available for a critical illness. For example, if you claim the 15% benefit for a non-life-threatening illness and later develop a covered medical event, the lump sum amount will be reduced by the previously paid benefit. Most other insurance companies do not have this drawback.
Live Well Plus
Foresters’ Live Well Plus offers a more extensive critical illness insurance plan compared to Live Well. With coverage for 25 critical illnesses, it aligns with most competitor plans. Unlike Live Well, Live Well Plus is available to a broader age range, from 18 to 65, providing insurance options for a wider audience.
To accommodate diverse financial needs, Live Well Plus offers a substantial lump sum benefit range, from $25,000 to $2,000,000. Additionally, this plan allows you to protect your children with the optional juvenile critical illness rider, covering five critical childhood illnesses, including cerebral palsy and type 1 diabetes, up to $25,000.
Similar to Live Well, Live Well Plus offers three term lengths with guaranteed level premiums for 10, 20, or 80 years, allowing you to plan your finances effectively. It also has the same valuable built in features for non-life-threatening illnesses and access to Teladoc Medical Experts for personalized healthcare advice.
- Pros:
- Live Well Plus also offers the benefit of no policy fees and includes membership perks like rewards, discounts, and scholarship eligibility.
- Foresters stands out by offering a term-80 critical illness plan with guaranteed premiums until policy expiry at age 80, providing longer-term coverage compared to the typical term-75 options offered by competitors.
- Enjoy the added benefit of return of premium on death included in your policy at no additional cost. If you pass away while the policy is active, your beneficiaries will receive the total premiums paid, in addition to the death benefit. Most insurance companies charge an extra premium for this rider.
- Benefit from a comprehensive list of eight covered non-life-threatening illnesses, exceeding the typical 4-7 conditions offered by most competitors.
- Cons:
- A notable drawback of both the Live Well and Live Well Plus plans is the mandatory 30-day survival period required for all covered illnesses. In contrast, some other insurers impose this waiting period only for cardiovascular diseases, offering immediate coverage for other critical conditions.
- Both plans also lack term-65, term-75, or term-100 options, giving you less choice in policy expiry date which most other insurers have.
- The return of premium on surrender benefit only offers 80% of total premiums paid back when the policy owner cancels the policy after 25 years, compared to the full 100% return offered by other insurance companies.
Let’s break down the key features of Foresters’ critical illness insurance to help you determine if it’s the right fit for your needs:
Live Well | Live Well Plus | |
|---|---|---|
Age eligibility | 18-55 | 18-65 |
Number of illnesses covered | 4 | 25 |
Plan types | Term-10, Term-20, Term-80 | Term-10, Term-20, Term-80 |
Guaranteed premiums | Yes | Yes |
Expiry | Age 80 | Age 80 |
Coverage limits | $25,000 to $100,000 | $25,000 to $2,000,000 |
Survival period | 30 days for all illnesses | 30 days for all illnesses |
Partial benefits | Pays 15% of the chosen benefit amount, up to $50,000, for less severe illnesses. Covers eight illnesses. Only pays twice | Pays 15% of the chosen benefit amount, up to $50,000, for less severe illnesses. Covers eight illnesses. Only pays twice |
Conversion privileges | Term-10 and term-20 can be converted to term-80 | Term-10 and term-20 can be converted to term-80 |
Type of underwriting | Simplified underwriting. A medical exam is not necessary | Fully underwritten. A medical exam may be necessary |
Riders | Return of premium on surrender or expiry, disability waiver of premium | Return of premium on surrender or expiry, disability waiver of premium, juvenile critical illness insurance rider |
Value-added service | Teladoc Medical Experts | Teladoc Medical Experts |
How to purchase | Through a licensed insurance advisor | Through a licensed insurance advisor |
What Illnesses Does Foresters Critical Illness Insurance Cover?
Let’s take a look at the illnesses covered by Foresters’ critical illness insurance products.
Live Well
Live Well offers protection against four critical illnesses:
- Coronary artery bypass surgery
- Heart attack
- Life-threatening cancer
- Stroke
Live Well Plus
Live Well Plus provides comprehensive coverage for 25 critical illnesses. If diagnosed with a covered condition, you’ll receive the full benefit amount selected at the time of purchase:
- Aortic surgery
- Aplastic anaemia
- Bacterial meningitis
- Benign brain tumour
- Blindness
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Life-threatening cancer
- Loss of independent existence
- Loss of limbs
- Loss of speech
- Major organ failure on waiting list
- Major organ transplant
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson’s disease and specified atypical Parkinsonian disorders
- Severe burns
- Stroke
Foresters includes a “non-life-threatening illness benefit” in both Live Well and Live Well Plus plans, providing a smaller payout for less severe illnesses. If you are diagnosed with one of eight covered conditions, you will receive a benefit amount equal to 15% of your selected benefit amount, up to a maximum of $50,000. These conditions, often detected early, include:
- Chronic lymphocytic leukemia (CLL) Rai stage 0
- Coronary angioplasty
- Ductal carcinoma in-situ of the breast
- Papillary or follicular thyroid cancer stage T1
- Stage A (T1a or T1b) prostate cancer
- Stage 1 malignant melanoma
- Gastrointestinal stromal tumours
- Grade 1 neuroendocrine tumours (carcinoid)
Unfortunately, you can only claim this benefit twice, even if you are diagnosed with more than two of these conditions. Also, a payout of the non-life-threatening illness benefit reduces the lump sum payment available if you are later diagnosed with a condition eligible for a full payout.
If you buy the juvenile critical illness insurance rider on Live Well Plus, your children are covered for five additional childhood illnesses:
- Cerebral palsy
- Congenital heart disease
- Cystic fibrosis
- Muscular dystrophy
- Type 1 diabetes mellitus
How Much Does Foresters Critical Illness Insurance Cost?
The premium you pay for critical illness insurance is influenced by a variety of factors that Foresters Financial considers when assessing your risk profile.
Age is a primary determinant. Younger individuals enjoy significant savings as they are statistically less likely to experience critical illnesses. As you age, the risk increases, leading to higher premiums.
Gender also plays a role in premium amounts. Historically, women have paid lower premiums for life insurance products, but this discrepancy is not as pronounced in critical illness insurance, especially at younger ages.
Smoking status significantly affects premium rates. Insurers charge smokers substantially higher premiums due to the increased health risks associated with tobacco and nicotine use.
Medical history is a crucial factor. Pre-existing conditions or current health issues can elevate your risk profile and, consequently, your premium. Insurers carefully evaluate medical records to assess your overall health.
Family history of major hereditary diseases can also lead to an additional premium. A family history of conditions like heart disease, cancer, or stroke may indicate a higher likelihood of developing similar illnesses, leading to higher costs.
Lifestyle choices such as occupation and hobbies are considered by insurers. High-risk occupations or dangerous hobbies can elevate your rate due to the increased potential for accidents or injuries.
The coverage amount you select directly impacts your premium. Higher coverage amounts result in higher premiums.
Finally, optional riders can increase your premium cost. Additional coverage options such as a return of premium rider add to the overall cost of the policy.
Now that you understand the factors affecting the price of critical illness coverage, let’s take a look at how much Foresters’ Live Well Plus costs. The table below shows the monthly premiums for $100,000 of a term-10 critical illness insurance policy for male and female non-smokers in the first 10 years:
Age | Male | Female |
|---|---|---|
25 | $33 | $34 |
30 | $37 | $38 |
35 | $45 | $46 |
40 | $60 | $61 |
45 | $84 | $83 |
50 | $122 | $109 |
55 | $204 | $170 |
60 | $288 | $236 |
How Do You Buy A Foresters Critical Illness Insurance Plan?
Purchasing critical illness insurance involves several important steps to ensure you get the coverage that meets your needs. Here’s a guide to help you through the process:
1) Find an insurance advisor: Start by finding a licensed insurance advisor in your province. An advisor can provide expert guidance on the types of critical illness insurance plans available and help you choose one that suits your needs.
2) Preliminary assessment: Conduct a preliminary or tentative assessment with your advisor, especially if you have pre-existing medical conditions, a family history of illness, or lifestyle risks. This assessment will help determine potential issues that could affect your eligibility or premiums.
3) Apply for coverage: Once you’ve selected a plan, your advisor will help you complete the application process. This typically involves providing detailed information about your health, lifestyle, and family medical history.
4) Underwriting process: The insurance company will then begin the underwriting process to assess your eligibility for coverage. For Live Well Plus, this process may include reviewing your medical records, requesting doctor’s reports, or requiring a medical exam.
Live Well features a streamlined underwriting process, requiring only the information provided on the application form without any additional evidence of insurability. This expedited approach significantly reduces the time it takes to secure coverage.
5) Underwriting decision: After evaluating your application, the underwriter will make a decision. They may offer you coverage at standard rates, at increased premiums due to higher risk factors. In some cases, they may decline your application if the risk is deemed too high.
6) Accept and pay for your policy: If you are offered coverage, review the terms carefully with your advisor. Once you accept the terms, you will need to pay the initial premium to activate your policy and begin your coverage.
By following these steps and working closely with a licensed advisor, you can navigate the complexities of buying critical illness insurance and secure the financial protection you need.
Need A Foresters Critical Illness Insurance Quote?
Purchasing critical illness insurance is a crucial step toward securing your financial future in the event of a serious health diagnosis. Foresters offers robust plans like Live Well and Live Well Plus, designed to provide comprehensive coverage and peace of mind. To ensure you get the best possible protection, it’s essential to compare options and find a plan that fits your unique needs.
We invite you to contact us for a free, no-obligation consultation. We are ready to help you compare Foresters’ plans with other insurance companies, ensuring you obtain the best coverage for your needs. Additionally, we provide ongoing support to ensure your policy continues to align with your changing financial and personal circumstances over the years.
Beyond critical illness insurance, we can design a complete insurance solution tailored to your needs, including life, disability, and health & dental insurance.
For personalized advice, please email us at info@briansoinsurance.com or call us at 604-928-1628 today. Alternatively, you can use the form below to request a quote delivered directly to your inbox. Secure your future with the right coverage and let us help you every step of the way.
Get Your Critical Illness Insurance Quote Now
While we make every effort to keep our site updated, please be aware that timely information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Brian So Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser. This post is a brief summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details which can be provided upon request. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.
