Crossgrove Blog

Foresters Financial launches new critical illness insurance

Tue, Feb 23, 2021 5:00 PM GMT

Logo: Foresters Financial (CNW Group/The Independent Order of Foresters)

Foresters Financial™, the 146-year-old fraternal life insurer, today announces the launch in Canada of Live Well Plus and Live Well, critical illness insurance products focused on the needs of under-served everyday Canadian families. The two offerings represent a comprehensive refresh of critical illness insurance at Foresters with new pricing and expanded benefits.

With face amounts of $25,000 to $2,000,000 for terms ten, twenty, and to age 80, Live Well Plus covers a broad range of 25 critical illnesses, modernized to reflect the most current Canadian Life and Health Insurance Association (CLHIA) standards. One or a combination of these affect over 340,000 Canadians per year1. Designed for middle-aged Canadians, Foresters is the only insurer in Canada to offer non-medical underwriting to age 65 for coverage up to $100,000 and is unique in its term coverage to age 80, with no additional policy fees applied. Additional advantages of Live Well Plus include a built-in Return of Premium at Death benefit, along with three optional riders (Waiver of Premium, Return of Premium on Surrender or Expiry, and a convertible Juvenile Critical Illness). Insurability for non-medical underwriting depends on answers to medical and other application questions and an underwriting review.

A simplified issue alternative, Live Well is offered for those 18 to 55, covering Cancer, Coronary Artery Bypass Surgery, Heart Attack, and Stroke with face amounts from $25,000 to $100,000. It also comes in three term options of ten, twenty, and to age 80, with the same built-in Return of Premium at Death benefit. Two optional riders, Return of Premium on Surrender or Expiry and Waiver of Premium, are also available. Both products in addition cover eight non-life-threatening illnesses.

"We're excited to introduce a new suite of critical illness insurance protection for families in Canada," said JS Ledoux, AVP, Product Management, North America. "We've been able to broaden the illnesses covered by these new plans and create greater access for more people with non-medical options, while adding special features like the built-in Return of Premium at Death. Importantly, anyone insured under our plans automatically qualify for all of the extraordinary member benefits Foresters provides to enrich the lives and communities of our members."

"Live Well Plus and Live Well are a strong complement to life insurance – when purchased together with a life product, no additional policy fees apply, and they are considered separate, independent products," he added.

Life Insurance with a Larger Purpose

Live Well Plus and Live Well offer the insured and their family access to Advance Medical's Expert Medical Opinion Program, for an authoritative second opinion on medical issues from some of the world's leading experts. In addition, they bring access to the full suite of Foresters member benefits, as part of Foresters Life Insurance with a Larger Purpose strategy to provide insurance offerings that align with Foresters fraternal purpose of enriching the well-being of hard-working families and their communities. Foresters members receive a full suite of unique benefits2, including opportunities for scholarships, orphan benefits, community building grants, Wills and other legal documents, financial counseling and more.

About Foresters Financial
Since 1874, Foresters Financial has been providing socially responsible financial services to individuals and families. Foresters Financial includes The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. Foresters is a purpose-driven organization that exists to enrich family and community well-being and offers insurance products to over three million members and clients in Canada, the US and the U.K. For 20 straight years, The Independent Order of Foresters has received an "A" (Excellent) rating from A.M. Best3.

Source: News Wire

1 Heart and Stroke Foundation, Report on the Health of Canadians & Canadian Cancer Society, Cancer specific stats 2019.

2 Description of member benefits that you may receive assumes you are a Foresters member. Foresters Financial member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice.

3 The A.M. Best ratings assigned on August 5, 2020 reflect overall strength and claims-paying ability of The Independent Order of Foresters (IOF). An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. In assigning the ratings for IOF, A.M. Best stated that the rating outlook is "stable", which means it is unlikely to change in the near future. See for our latest ratings.