Foresters Financial is a unique provider in the insurance industry because it operates as a fraternal benefit society. Unlike traditional commercial insurance companies, Foresters is a member-based organization that reinvests its profits into providing extra perks and community support. When you purchase a policy, you become a member, which grants you access to a wide range of “member benefits” that go beyond a standard insurance payout.
Understanding Foresters insurance benefits requires looking at two distinct areas: the actual insurance coverage and the additional member advantages. This guide provides a clear breakdown of what you can expect when you choose Foresters, how these benefits work, and how you can access them to improve your financial and personal well-being.
What is a Fraternal Benefit Society?
To understand the benefits, it is helpful to first understand the organization. A fraternal benefit society is a non-profit organization that provides insurance to its members while also engaging in social and charitable activities. Because they do not have outside shareholders to pay, they can direct their surplus funds back to their members.
This structure allows Foresters to offer unique programs that traditional insurers do not provide. These programs are designed to support the member’s family, education, and community involvement. It creates a sense of belonging to a community rather than just being a policyholder.
Core Life Insurance Benefits
Before diving into the extra perks, it is important to understand the primary insurance products Foresters offers. These are the foundation of your membership and provide the financial security your family needs in the event of an unexpected loss.
Term Life Insurance
Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. It is often the most affordable way to get a high amount of coverage. The benefit is straightforward: if the insured passes away during the term, the beneficiaries receive a tax-free death benefit.
Whole Life Insurance
Whole life insurance is a permanent policy that lasts your entire life, provided premiums are paid. It includes a cash value component that grows over time. This cash value is a significant benefit because you can often borrow against it or use it as a source of emergency funds later in life.
Universal Life Insurance
Universal life insurance offers more flexibility than whole life. You can often adjust your premium payments and death benefits as your financial situation changes. Like whole life, it also builds cash value, offering a long-term financial asset alongside the insurance protection.
Unique Member Benefits
The standout feature of Foresters Financial is the suite of member benefits available at no additional cost. These benefits are designed to help members throughout different stages of their lives. Here are the most prominent perks currently offered to members.
Competitive Scholarships
Foresters offers an annual scholarship program for members and their families. They award millions of dollars each year to students pursuing higher education. This benefit is particularly valuable for parents or grandparents looking to support the next generation’s academic goals.
- Eligibility: Available to members, their spouses, children, and grandchildren.
- Criteria: Based on grades and a commitment to community service.
- Support: Can be used for tuition at accredited colleges, universities, or trade schools.
Foresters Care Grants
Members can apply for a $250 grant to organize a local community service activity. Whether it is cleaning up a local park, organizing a food drive, or hosting a back-to-school event, Foresters provides the seed money to help you make a difference in your neighborhood.
LawAssure Online Legal Services
Legal fees can be expensive, but Foresters members get access to LawAssure. This is an online service that helps you create essential legal documents. Having these documents in place is a critical part of financial planning and provides peace of mind for your family.
- Wills: Create a legally binding will to protect your assets.
- Powers of Attorney: Designate someone to make decisions if you are unable to.
- Health Care Directives: Outline your medical preferences for the future.
MemberWell Wellness Program
Foresters emphasizes holistic health through its MemberWell program. This includes access to an app and online platform that provides resources for physical, mental, and financial health. It offers challenges, expert advice, and tools to help you maintain a healthy lifestyle.
Living Benefits and Accelerated Death Benefits
Many Foresters policies include “Living Benefits.” These allow the policyholder to access a portion of their death benefit while they are still alive if they are diagnosed with a qualifying illness. This is a crucial financial safety net that can help cover medical bills or loss of income during a health crisis.
Common triggers for accelerated death benefits include:
- Terminal Illness: A diagnosis with a limited life expectancy.
- Critical Illness: Major health events like a heart attack, stroke, or invasive cancer.
- Chronic Illness: The inability to perform daily living activities, such as bathing or eating, without assistance.
Accessing these funds can reduce the final death benefit paid to beneficiaries, but it provides immediate financial relief when it is needed most. Always review your specific policy to see which riders are included.
Orphan Benefits
One of the most compassionate benefits Foresters offers is the Orphan Benefit. In the tragic event that both parents pass away, Foresters provides a monthly payment for each child under the age of 18. This is intended to help the guardian cover the costs of raising the children.
Additionally, they offer an Orphan Scholarship. This provides significant financial support for the children of deceased members to attend college. This benefit highlights the organization’s focus on family and long-term community support.
How to Access Your Foresters Benefits
To take advantage of these benefits, you must be an active member with a qualifying life insurance policy. Accessing them is generally a simple process that can be done online or through the member service department.
- Register for MyForesters: Visit the official Foresters website and create an account on the member portal (MyForesters.com).
- Browse the Benefit Catalog: Once logged in, you can see a full list of available perks and the current deadlines for grants and scholarships.
- Submit Applications: Use the portal to apply for community grants, access LawAssure, or start your scholarship application.
- Contact Member Services: If you have questions about specific policy riders or living benefits, call the customer service number on your policy documents for direct assistance.
Why Choose Foresters?
Choosing Foresters is often a decision based on value and values. From a financial standpoint, Foresters maintains strong ratings from independent agencies like A.M. Best, which indicates their ability to pay out claims. This provides the reliability you need from an insurance provider.
From a personal standpoint, the member benefits offer a return on your premium dollars that goes beyond just the insurance coverage. If you are someone who values community involvement, education, and family support, the fraternal model offers significant advantages over traditional corporate insurers.
The combination of competitive insurance rates, living benefits for health crises, and lifestyle perks like legal aid and scholarships makes Foresters a comprehensive choice for many families. It is a practical way to protect your future while gaining tools to improve your life today.
Conclusion
Foresters Insurance benefits offer a unique blend of financial protection and lifestyle support. By becoming a member, you gain more than just a life insurance policy; you gain access to a community-focused organization that provides tangible help for education, legal planning, and wellness. To get the most out of your membership, be sure to register on the member portal and stay updated on the latest grant and scholarship opportunities.
If you found this guide helpful, you may also want to explore our articles on “How to Choose the Right Life Insurance Policy” or “Understanding the Difference Between Term and Whole Life Insurance” to further your financial knowledge.