Benefits of Foresters Final Expense Insurance

Final expense insurance deals with payment of funeral and burial costs of deceased members in your family. The policy has fixed rate of premiums and the insurance company would look after all the costs involved related to the funeral. After conducting the funeral, the remains from the proceeds can also be used by the beneficiary to pay for any outstanding debts or fund other expenses. Final expense holds very good relevance in today’s time in view of rising costs pertaining to funeral and burial expenses.

Why is final expense insurance important?

The loss of a loved one is always a tough period for all families. A lot of people are reluctant to think about final expense insurance policies when elderly members of the family are still alive.  Funeral and burial costs have seen a steep rise over last couple of decades and it would be a good idea to look at some of the benefits of final expense insurance. On an average funeral expenses these days cost a minimum of $7,500, which is a substantial amount for most families. Without a comprehensive policy, the family would have to dig into their savings to pay for the expenses. This could be burdensome for many considering the continuing volatility of today’s economy. On the other hand with final expense policy, the family can be assured that all the funeral expenses would be taken care of by the insurance company.

Foresters final expense insurance brings with it several benefits for the investor. The insurance company enjoys high ratings and has been providing financial security for families for over 130 years. Under this the plan the investor can choose between 3 different plans – Level, Graded and Modified.  The amount of face value can range anywhere between $2,000 to $35,00 and the policy comes with minimum premium rates.  The age of issue is usually around 50 to 85 and the policy offers riders as well(such as accidental death riders for instance).  The process of application is very simple and customers have to just fill up an e-form online before an agent can get in touch with them.

Foresters final expense insurance offers 3 types of plans:

Level plan: In this type of plan the death benefits equals derived is equal to the face sum issued in the certificate.

Graded Plan: The value of death benefits increases as per the tenure in the first two years of the policy. In the first year, the death benefits can be derived up to 30% of face value mentioned in the certificate. The value increases to 70% in the second year and then up to 100% in the third year and beyond.  In the event of an accidental death, the death benefits is 100% of the face value.

Modified Plan: In this type of plan the beneficiary receives death benefits with same value as that of premium rates along with 10% annual interest for the first 2 years of the policy.  Face value stands at 100% for the third year and beyond. 

There are also several fraternal benefits in buying Foresters final expense policy:

·         The insurance company provides financial assistance up to the tune of $4000 if the member is known to suffer from some form of critical illness such as cancer, stroke or heart attack.

·         Provides benefits for the youngest member of the family. The legal guardian stands to receive $300 monthly in the event both the child’s parents have died.

·         The Foresters Scholarship program offers three hundred and fifty scholarships worth $8000, where students of any age with grades above 65% (Canada) or 2.5 (US) may apply.

·         Possibility of orphan scholarship benefits can also be availed in the event one or both parents of the child have died.

·         The insured can avail loans to meet medical costs of any family member suffering from a critical condition.  The insured can get up to 70% of the face sum of the policy to meet the costs involved in treatment. Also the loaned amount can be subtracted from the payable sum upon the death of the insured.  This clause makes this policy highly beneficial during emergencies.

Foresters final expense is a necessary requirement to help bid a proper farewell to departed members. The remainder of the proceeds from the benefits can also be used to clear outstanding debts such as mortgage, car loans, medical bills and credit card renewals. This would ensure that your family members would not have to take responsibility for any of those debts. It would also be a good idea to leave behind a substantial amount to your beneficiaries which may come in handy for them some time in the future. Another alternative is direct the remains of the proceeds to your grand children which will help them cover their college fees.

With fixed premium rates, final expense policies are becoming more and more relevant and quite a lot of people have begun to realize the several benefits that come with it. Make sure to plan your policy in such a manner so that you have a correct estimate of how much your family would receive upon your death.

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