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Why do I need life insurance?

You may not want to think about what would happen if you were to die tomorrow, but if someone relies on you financially, you probably need life insurance. And you’re not alone! In a recent survey, more than two in three Americans (43%) said they would feel the financial impact from the loss of a primary wage earner1 within six months and nearly one third (30%) of Americans say they need more life insurance2.

 

 

couple enjoying coffee
What is life insurance? Think of it as a contract involving three parties – an insured person, a life insurance provider and a beneficiary. When the insured person dies, the contract stipulates that, following the filing of a death claim, the life insurance provider pays a sum of money to the beneficiary or beneficiaries. But the impact of life insurance is far-reaching. It can make all the difference to your loved ones by enabling them to enjoy the lifestyle you planned for them, even when you’re no longer here.
 
Life insurance can be used to cover burial expenses, pay the mortgage, fund your child’s education, and provide a nest egg for your family or favorite charity. Permanent life insurance can help you accumulate cash value on a tax-deferred basis to supplement your retirement savings.

Choose the product that’s right for you

Life insurance is not a “one-size-fits-all” proposition. At Foresters Financial™, we have a range of products to meet your needs.
We can review your personal situation and make appropriate recommendations. And as your life changes,
we’ll be there to re-evaluate your needs and suggest new products or changes to existing products.
Term life Whole life Universal life Variable universal life Variable life

Guaranteed cash value

No

Guaranteed cash value

guaranteed minimum 

Guaranteed cash value

guaranteed minimum

Guaranteed cash value

only on fixed account

Guaranteed cash value

  only on fixed account

Does cash value grow or shrink?

No

Does cash value grow or shrink?

May increase based on dividends or interest rates

Does cash value grow or shrink?

Variable rate determined by the insurers

Does cash value grow or shrink? 

Fluctuates with underlying subaccount performance3

Does cash value grow or shrink? 

Fluctuates with underlying subaccount performance3

Premiums 

 Level

Premiums

 Level

Premiums 

 Flexible

Premiums

 Flexible

Premiums

Level

Policy loans allowed4

 No

Policy loans allowed4 

 

Policy loans allowed4 

Policy loans allowed4 

Policy loans allowed4 

Cash withdrawals allowed 

No

Cash withdrawals allowed 

Cash withdrawals allowed 

Cash withdrawals allowed 

Cash withdrawals allowed 

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