If you’ve been looking for life insurance coverage, but you have certain health-related issues, then you may be a bit concerned about whether or not you will qualify for the policy. This is especially the case if you have been turned down for life insurance in the past.
One option could be to apply for a no exam life insurance policy. With this type of policy, you may be still be required to fully complete an application for coverage, however, you won’t need to undergo a medical examination as a part of the policy approval process. This means that there is no blood and urine samples needed.
Prior to purchasing any life insurance coverage, though, it is important to ensure that you are moving forward with the right type and amount of protection and that the insurance company you’re buying the coverage through is strong and stable financially. One company that is known for its financial footing, as well as its timely payment of policyholder claims, is Foresters Financial.
The History of Foresters Life Insurance Company
Foresters Financial has more than 140 years of experience in the insurance and financial industry. The company began back in the year 1874 when it set out with a mission of providing access to life insurance for average working families.
Throughout the years, Foresters has expanded, due to the addition of many different products and services that help its clients with growing and protecting their wealth. Today, Foresters Financial serves more than 3 million customers throughout the United States and Canada, as well as the United Kingdom. Foresters is set up as a fraternal benefit society, so the company has more than one million members who enjoy a long list of unique benefits.
The company is also extremely active in the communities in which it serves. In just the year 2015, Foresters invested more than $21 million in its member benefits, including $2 million into competitive scholarships for students, as well as more than $10.5 million towards community initiatives such as playground builds, beach clean-ups, care packages, and family fun days where the company’s members are able to spend good, quality time with their loved ones at no charge.
Just some of the other benefits that membership in Foresters can offer include the following:
- Legal Link – As a member, individuals may consult with local legal professionals in order to get assistance with a variety of issues, such as creating a will, discussing estate plans, and home ownership.
- Everyday Money – Everyday Money is a toll-free financial assistance line that is operated for Foresters members. Members can call in and ask a wide variety of questions regarding personal financial matters.
- Orphan Scholarships – This benefit provides the children of deceased Foresters members with a renewable higher learning scholarship of up to $6,000 per year, for up to four years.
- Emergency Assistance Program – This program offers emergency grants for short-term, temporary financial aid to members who are suffering from personal hardships and/or natural disasters.
- Terminal Illness Loan – If a member is to become terminally ill, they may be eligible to receive an interest-free loan of up to 75% of the face value of their Foresters life insurance policy.
- Orphan Benefit – The orphan benefit provides monthly payments of up to $900 per month, per child, in order to provide for these children in the event of the death of one or both of their parents.
Foresters Life Insurance Company Review
Foresters is known for being strong from a financial standpoint. As of year-end 2015, the company has more than $34 billion in total assets under management and financial reserves that were well above the Canadian life insurer standard.
Regarding U.S. dollars, the company took in nearly $975 million in total premiums for 2015, which equates to a 17% increase over its 2014 figure. The upward trend in these premiums is due primarily to the company’s growing block of in-force policies. Likewise, Foresters’ surplus also increased in 2015, from $2.3 billion. This is likely due to the company’s strong total comprehensive income of $385 million in 2015.
Insurer Ratings and Better Business Bureau Grade
Due to its stable financial footing, Foresters has received high ratings from the insurer rating agencies, including an A from A.M. Best Company. (Foresters has received this grade from A.M. Best for 16 consecutive years).
In addition, while Foresters Financial is not an accredited company through the Better Business Bureau (BBB), the company has been given a grade of A+ from the BBB. This is on an overall grade scale of A+ through F.
Over the past three years, Foresters has closed out a total of 25 customer complaints via the Better Business Bureau. Ten of these complaints were closed out within the past 12 months. Of the 25 total customer complaints, 12 had to do with problems with the product and/or service offered by the company. An additional 7 of these complaints were related to advertising and/or sales issues, and the remaining 6 had to do with billing and/or collection issues.
No Exam Life Insurance Coverage Offered by Foresters Life
With “traditionally underwritten” life insurance coverage, it is required that an applicant fully complete an application for coverage – which includes a long list of health-related questions – as well as undergo a medical examination.
During this exam – which usually takes roughly 30 minutes to complete- the applicant will have his or her blood pressure and heart rate taken by a paramedical professional. The applicant will also be asked to submit a blood and urine sample. These samples will then be tested by the insurance company to determine whether or not the individual poses any health risks to the insurance carriers.
In some cases, an insurance company will offer no exam life insurance coverage. As the name implies, there is no medical exam required to be approved for the policy. This, however, does not mean that an applicant will automatically qualify.
Foresters offers a term life insurance no medical exam policy option, with coverage time limits of 10 years, 15 years, 20 years, 25 years, and 30 years through the Your Term Level. Those who are between the ages of 18 and 80 may apply, and coverage on the policy can range between $50,000 and $400,000.
This plan is renewable, so an insured may be able to extend the length of his or her coverage. It is also convertible, which means that the term policy can be converted over into a permanent form of coverage that is offered by Foresters – and this can be accomplished without having to go through underwriting and/or a medical examination.
There are several riders that come as a part of the base Your Term policy from Foresters. These include the following:
- Common Carrier Accidental Death Benefit
- Family Health Benefit
- Accelerated Death Benefit
In addition, the applicant may also add one or all of the additional policy riders. (These will require that an additional amount of premium be paid):
- Accidental Death Benefit
- Waiver of Premium
- Children’s Term Rider
- Disability Income
To be approved for the Your Term insurance plan through Foresters, the company will rely upon information from several key sources. These include the MIB (Medical Information Bureau), a motor vehicle report, and the prescription database.
There are also questions that may be asked of the applicant with regard to his or her medical history. These may include providing further details regarding some or all of the following:
- Heart Issues
- Kidney / Urinary Disorders
- Mental Health
- Sleep Apnea and/or Sleep Disorder
- High Blood Pressure / Hypertension
- Respiratory Disorders
- Tumor / Lump / Cyst
- Digestive Disorders
The insurance carrier may also want to know any information regarding drug and/or substance abuse of the applicant – either currently or in the past.
Because there is no medical examination to contend with – and thus, no blood and urine sample testing to wait for, a decision regarding policy approval could come in as little as 15 minutes. This means that if an individual requires life insurance coverage in order to qualify for a loan or other quick coverage, the Your Term plan from Foresters could be a good option.
Other Products and Services Available
In addition to no exam life insurance, Foresters also offers a wide range of products and services – including other life insurance coverage options. These include both term and permanent policies.
For example, there is the Level Term Life Insurance option. This policy offers term limits of 10 years, 20 years, or 30 years. There is also a guaranteed convertibility feature. This allows the insured to convert his or her existing level-term policy to a permanent plan, at their attained age, regardless of their health condition in the future.
This means that there are no health questions to answer, and no medical exam to contend with. Here, an insured may convert over to the ISP CHOICE plan – up to and including age 65, or alternatively, the insured can opt to convert to any of the other permanent life insurance policies offered through Foresters, such as Interest Sensitive Whole Life. There is also a waiver of premium rider available.
Another form of term life insurance offered by Foresters is the Prepared Accidental Death Term insurance. This policy offers simple, affordable accidental death benefit protection of up to $300,000. There are several additional riders that may be added, such as the:
- Disability Income Rider
- Waiver of Premium Rider
- Return of Premium Rider
There are also several permanent life insurance plans that are offered by Foresters. These include:
- Whole Life
- Universal Life
- Variable Universal Life
- Variable Life
The company also offers additional products that can help clients with both growing and protecting their wealth. These include the following:
- Mutual Funds
- Savings and Retirement Planning
- Social Security Education and Planning
- Financial Literacy (Budgeting and Saving)
- Tax-Advantaged Asset Accumulation
- Foresters Advisory Services (which includes investment and portfolio management)
How to Get the Best Rates on No Exam Life Insurance from Foresters Life Insurance Co.
If you are seeking the best rates on no exam life insurance from Foresters Life Insurance Company – or from any life insurer – then it is typically recommended that you work with an independent insurance agency or brokerage that can show you options from multiple insurance carriers. That way, you can compare many side-by-side alternatives, and from there you can choose the one that works the best for you (and for your premium budget).
When you are ready to move forward with the purchase of a no exam life insurance plan, we can help. We are an independent life insurance brokerage, and we can provide you with all of the important information that you require for making a well-informed buying decision. We can do this for you quickly and easily – all from your computer – and without you having to meet in person with an insurance agent. To begin this effortless process, just simply take a moment to fill out the quote form on this page.
Should you find that you still have any additional questions or concerns about life insurance and/or no exam coverage, please feel free to reach out to us directly. Our experts can assist you with any of these types of needs. We can be contacted via phone, toll-free, by dialing 800-277-3098.
We understand that purchasing life insurance coverage can be somewhat challenging – particularly if you have been denied for a policy in the past. But today, there may still be many options that are open to you for getting the life insurance plan that you need. So, contact us today – we’re here to help.