SMART Universal Life Insurance
For your changing life.
What is universal life insurance?
Universal life insurance combines permanent protection with an investment component. It’s a flexible product that can allow you to make changes to suit your evolving life. Here’s how it works:
- The premiums you pay go toward the certificate’s account value
- A portion of this account is used to cover the cost of insurance and any other monthly charges
- The other portion represents what’s known as your cash value. This can grow based on the interest accrued to the certificate’s account value.
Typically, cash value accumulates on a tax-deferred basis1, until withdrawn as cash or used to help pay the costs of the insurance.
Universal life insurance with Foresters Financial
Why choose universal life insurance?
Universal life insurance can be an affordable starting point for your overall financial plan. It can help support the important changes and challenges in your life, such as:
- Providing lifetime life insurance protection
- A death benefit is generally free of income taxes and probate delays1,2
- Premium flexibility within maximum and minimum limit
- Tax-deferred1 growth on cash value (some restrictions may apply)
- Ability to withdraw funds4 or surrender for cash
- Ability to take out loans3 against the cash value
SMART Universal Life Insurance
SMART Universal Life insurance5 is designed to help you reach your goals and get the most out of your changing life. It’s an all-in-one life insurance solution giving you flexibility, the opportunity to save for the future, and affordable protection.During your working years, your life can change dramatically. You might get married, have a family, or even move across the country for a new job. Your needs will evolve in the face of such changes, which is why SMART UL comes with built-in flexibility. With our 10-Year No Lapse Guarantee6, you can maintain your coverage as long as you pay the minimum premium each month.
SMART UL also allows you to build potential cash value beyond the death benefit. The cash accumulation portion of SMART UL grows at a minimum interest rate of 2% each year (and is typically credited at a higher interest rate) and can be accessed if you need funds. You can tap into your cash value3,4 to help with buying a house, paying down a mortgage, or supplementing your income in retirement.
Coverage is available for ages 0 to 85, with face amounts starting at $25,000 (and as low as $10,000 for juveniles). SMART UL is underwritten on a Non-Medical basis (up to age 75), meaning your insurability depends on answers to medical and other application questions and underwriting searches and review, and doesn’t require any bloodwork, saliva swabs, or visits from a Paramed. It’s also available on an Accelerated or Medically underwritten basis.
Features and benefits
The following riders and/or features may also be included with your basic coverage at no additional monthly deduction:
What's next?
412579 US (11/22)
Not for use in Missouri or Nevada.
Foresters products and their riders are underwritten by The Independent Order of Foresters and may not be available or approved in all states and are subject to eligibility requirements, underwriting approval, limitations and state variations. If you have questions regarding Foresters products and their riders, please contact your insurance agent or contact Foresters to be connected with an agent in your area.
1 Foresters, their employees and life insurance representatives, do not provide, on Foresters behalf, legal or tax advice. The information given here is merely a summary of our understanding of current laws and regulations. Advise your clients and prospective purchasers to consult their tax or legal advisor.
2 Proceeds from an insurance certificate paid due to the death of the insured are generally excludable from the beneficiaries’ gross income for income tax purposes. Consult your tax advisor on your specific situation.
3 Loans will reduce the death benefit and cash values and may affect how long the insurance contract is in effect. Loan interest is charged daily on the loan at 4% annually, 2% after the 7th certificate year. Income and growth on accumulated cash values are generally taxable only upon withdrawal: IRC section 72. Loans may be considered a reportable tax event. Ask your tax advisor for details on your specific situation.
4 Withdrawals may reduce the death benefit and cash values and may affect how long the insurance contract is in effect. Surrender charges may apply to withdrawals. Income and growth on accumulated cash values are generally taxable only upon withdrawal: IRC section 72. Ask your tax advisor for details on your specific situation.
5 Foresters SMART UL and its riders may not be available or approved in all states and are subject to underwriting approval, limitations, contract terms and conditions, and state variations. Refer to the Foresters SMART Universal Life Insurance contract for your state for these terms and conditions. Foresters SMART UL and its riders are filed under the following form numbers, where “XX” represents either “US” or your state’s postal abbreviation, as applicable. Foresters SMART Universal Life: ICC18-UL-SMART-US01 or UL-SMART-XX01-2018 or UL-SMART-FL02-2018; Waiver of Monthly Deductions Rider: ICC18-UL-WMDUS01 or UL-WMD-XX01-2018; Accidental Death Rider: ICC18-UL-ADR-US01 or UL-ADR-XX01-2018; Children’s Term Rider: ICC18-UL-CTR-US01 or UL-CTRXX01-2018; Family Health Benefit Rider: UL-FHB-XX01-2008; Common Carrier Accidental Death Rider: ICC18-UL CCADR-US01 or UL-CCADR-XX01-2018; Guaranteed Purchase Option Rider: ICC18-UL-GPO-US01 or UL-GPO-XX01-2018; Accelerated Death Benefit Rider (for Chronic, Critical and Terminal Illness): ICC14- UL-ABRCHCRTI-US01 or UL-ABRCHCRTI-XX01-2014; Accelerated Death Benefit Rider (for Critical and Terminal Illness): ICC14-UL-ABRCRTI-US01 or UL-ABRCRTIXX01-2014; Accelerated Death Benefit Rider (for Terminal Illness): ICC14-UL-ABRTIUS01 or UL-ABRTI-XX01-2014.
6 The certificate will not lapse if, on each monthly anniversary during the 10-year period, the sum of the premiums paid is at least equal to the sum of the minimum premium on the issue date plus the minimum premium on each monthly anniversary from the issue date, including the current monthly anniversary, plus the total of all withdrawals as of the current monthly anniversary. Changes to the face amount, insurance class, rating class, rider benefit amount(s) or the addition or deletion of a rider will change the minimum premium.
7 The Accelerated Death Benefit Rider provides an option to accelerate a portion of the eligible death benefit and receive a payment. The payment, due to diagnosis of an eligible illness, may be less than the acceleration amount which may be subject to a fee, an actuarial discount amount and other applicable deductions. Payment will decrease certificate values and benefits and may affect eligibility for public assistance programs. Receipt of an accelerated death benefit payment under the rider is intended to qualify for favorable tax treatment under section 101(g) of the Internal Revenue Code (IRC). Specific situations may result in a taxable event. For California certificates: This is a life insurance certificate with a rider that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the rider. This certificate does not provide long-term care insurance subject to California long-term care insurance law. This certificate is not a California Partnership for Long-Term Care program policy. This certificate is not a Medicare supplement policy.
8 Foresters will pay the eligible designated charitable organization in the name of the insured. The designated charitable organization must be an accredited 501(c)(3) organization under the Internal Revenue Code and eligible to receive charitable contributions as defined in section 170(c) of that code.
Foresters products and their riders are underwritten by The Independent Order of Foresters and may not be available or approved in all states and are subject to eligibility requirements, underwriting approval, limitations and state variations. If you have questions regarding Foresters products and their riders, please contact your insurance agent or contact Foresters to be connected with an agent in your area.
1 Foresters, their employees and life insurance representatives, do not provide, on Foresters behalf, legal or tax advice. The information given here is merely a summary of our understanding of current laws and regulations. Advise your clients and prospective purchasers to consult their tax or legal advisor.
2 Proceeds from an insurance certificate paid due to the death of the insured are generally excludable from the beneficiaries’ gross income for income tax purposes. Consult your tax advisor on your specific situation.
3 Loans will reduce the death benefit and cash values and may affect how long the insurance contract is in effect. Loan interest is charged daily on the loan at 4% annually, 2% after the 7th certificate year. Income and growth on accumulated cash values are generally taxable only upon withdrawal: IRC section 72. Loans may be considered a reportable tax event. Ask your tax advisor for details on your specific situation.
4 Withdrawals may reduce the death benefit and cash values and may affect how long the insurance contract is in effect. Surrender charges may apply to withdrawals. Income and growth on accumulated cash values are generally taxable only upon withdrawal: IRC section 72. Ask your tax advisor for details on your specific situation.
5 Foresters SMART UL and its riders may not be available or approved in all states and are subject to underwriting approval, limitations, contract terms and conditions, and state variations. Refer to the Foresters SMART Universal Life Insurance contract for your state for these terms and conditions. Foresters SMART UL and its riders are filed under the following form numbers, where “XX” represents either “US” or your state’s postal abbreviation, as applicable. Foresters SMART Universal Life: ICC18-UL-SMART-US01 or UL-SMART-XX01-2018 or UL-SMART-FL02-2018; Waiver of Monthly Deductions Rider: ICC18-UL-WMDUS01 or UL-WMD-XX01-2018; Accidental Death Rider: ICC18-UL-ADR-US01 or UL-ADR-XX01-2018; Children’s Term Rider: ICC18-UL-CTR-US01 or UL-CTRXX01-2018; Family Health Benefit Rider: UL-FHB-XX01-2008; Common Carrier Accidental Death Rider: ICC18-UL CCADR-US01 or UL-CCADR-XX01-2018; Guaranteed Purchase Option Rider: ICC18-UL-GPO-US01 or UL-GPO-XX01-2018; Accelerated Death Benefit Rider (for Chronic, Critical and Terminal Illness): ICC14- UL-ABRCHCRTI-US01 or UL-ABRCHCRTI-XX01-2014; Accelerated Death Benefit Rider (for Critical and Terminal Illness): ICC14-UL-ABRCRTI-US01 or UL-ABRCRTIXX01-2014; Accelerated Death Benefit Rider (for Terminal Illness): ICC14-UL-ABRTIUS01 or UL-ABRTI-XX01-2014.
6 The certificate will not lapse if, on each monthly anniversary during the 10-year period, the sum of the premiums paid is at least equal to the sum of the minimum premium on the issue date plus the minimum premium on each monthly anniversary from the issue date, including the current monthly anniversary, plus the total of all withdrawals as of the current monthly anniversary. Changes to the face amount, insurance class, rating class, rider benefit amount(s) or the addition or deletion of a rider will change the minimum premium.
7 The Accelerated Death Benefit Rider provides an option to accelerate a portion of the eligible death benefit and receive a payment. The payment, due to diagnosis of an eligible illness, may be less than the acceleration amount which may be subject to a fee, an actuarial discount amount and other applicable deductions. Payment will decrease certificate values and benefits and may affect eligibility for public assistance programs. Receipt of an accelerated death benefit payment under the rider is intended to qualify for favorable tax treatment under section 101(g) of the Internal Revenue Code (IRC). Specific situations may result in a taxable event. For California certificates: This is a life insurance certificate with a rider that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the rider. This certificate does not provide long-term care insurance subject to California long-term care insurance law. This certificate is not a California Partnership for Long-Term Care program policy. This certificate is not a Medicare supplement policy.
8 Foresters will pay the eligible designated charitable organization in the name of the insured. The designated charitable organization must be an accredited 501(c)(3) organization under the Internal Revenue Code and eligible to receive charitable contributions as defined in section 170(c) of that code.