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What is SPVL?

SPVL is a limited payment, variable life insurance product that offers you lifetime insurance protection and requires you to make only a single initial premium payment for the life of the policy.
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Why consider SPVL?

SPVL is intended for those who want to make a single premium payment in exchange for permanent life insurance protection and the opportunity to build cash value or “Accumulation Value” on a tax-deferred basis within a variety of professionally managed investment subaccounts. 

1 Guarantees are subject to the financial strength and claims paying ability of Foresters Life Insurance and Annuity Company which makes no guarantees with respect to the investment return or principal value of the underlying subaccounts.

2 All surrenders may be subject to a surrender charge for up to nine years from the date of the premium payment. Surrender charges depend upon the policy-owner's age and length of time since the premium payment was made.

Insurance policies contain certain exclusions, limitations and other terms for keeping them in force. For complete costs and details, see your Financial Services Representative.

For more complete information, including charges and expenses, on any variable life insurance policy offered by Foresters Life Insurance and Annuity Company, please download a free prospectus. You may also obtain a free prospectus by contacting your Representative, calling 800 832 7783, or writing to our administrative office at the following address: Foresters Life Insurance and Annuity Company, Raritan Plaza 1, P.O. Box 7836, Edison, New Jersey 08818. You should consider the investment objectives, risks, charges and expenses of the product carefully before you purchase a policy or send money. The prospectus contains this and other information about the product, and should be read carefully before investing. Contract availability and provisions may vary by state.

Consider potential risks:

Insurance Charges: Because of the insurance charges that we deduct each month (the “Monthly Deduction”), the Policy is not suitable for you unless you need life insurance. If you are solely seeking an investment offering tax-deferred growth potential, you should consider a different type of investment. We have the right to increase our cost of insurance rates, including the rates on Policies that are already in force. We may not charge more, however, than the guaranteed maximum cost of insurance charge rates set forth in the Policy.

Surrender Charges: The Policy may also not be suitable if you plan to withdraw part or all of your Accumulation Value within the first nine years after purchasing it. As described later in this prospectus, there are Surrender Charges on surrenders in excess of the “Preferred Surrender Amount” in effect for up to nine years after a premium is paid. The Policy, therefore, involves a long-term commitment on your part. It should not be used as a short-term savings vehicle.\

General Account Risk: The assets of the General Account support our insurance obligations and are subject to general liabilities from our business operations and to claims by our general creditors. Amounts allocated to the Fixed Account, and any guarantees under your Policy that exceed your Accumulation Value (such as those that may be associated with the Death Benefit), are paid from the General Account. Any such amounts that we are obligated to pay in excess of your Policy Value are subject to our financial strength and claims-paying ability.

Investment Risks: The Policy is different from fixed-benefit life insurance, because You bear investment risks on that portion of the Policy’s Accumulation Value that is allocated to the Subaccounts. The death benefit and Accumulation Value will fluctuate as a result of, among other things, the investment experience of the Subaccounts You select. Insufficient investment returns may cause Your Accumulation Value to decrease. However, the Guaranteed Minimum Death Benefit is never reduced based on negative performance of the Subaccounts.

We bear the investment risk that the Fixed Account will produce a return equal to at least principal plus the minimum guaranteed rate of return. Because You may allocate no more than 50 per cent of Your premiums to the Fixed Account, the Fixed Account does not eliminate investment risks. Although we may pay interest above the guaranteed rate, we have no contractual obligation to do so.

Limitations on Reallocations: The Policy is designed for long-term investment purposes. It is not intended to provide a vehicle for short-term market timing. We limit the number of reallocations that You may make each year.

Tax Consequences of Surrenders and Policy Loans: We have designed the Policy to be a Modified Endowment Contract for federal income tax purposes. As a result, partial surrenders, total surrenders and Policy loans are subject to federal income tax on an income-first basis to the extent your Accumulation Value exceeds your basis in a Policy. If you decide to take Policy loans, you should be aware that they may reduce the death benefit and Accumulation Value of your Policy whether or not you repay the loans because they may undermine the growth potential of your Policy.

A 10 per cent federal tax penalty is generally imposed on the taxable portion of withdrawals and Policy loans prior to your attaining age 59½. Therefore, you should not purchase a Policy if you have short-term investment objectives which would require you to surrender all or a portion of the Policy or take a Policy loan, prior to reaching age 59½.

Risk of Lapse from Policy Loans: You should also be aware that a Policy loan could also cause a Policy to lapse if the loan balance exceeds the Surrender Value or if the Policy’s Surrender Value (less any Policy loan and accrued interest thereon) is insufficient to pay a Monthly Deduction. This can happen, for example, as the result of poor performance of the Subaccounts selected, ongoing charges we deduct, or any partial surrenders that you make. Before a Policy lapses, you will have a grace period within which to make a payment in an amount sufficient to prevent the lapse.

Risks of the Life Series Funds: You bear the investment risk of the Funds underlying the Subaccounts tou select. The investment objectives, primary investment strategies, and primary risks of the Funds are described in the attached Life Series Funds prospectus. There is no guarantee that any of the Funds will achieve its stated investment objective.

Neither Foresters Life Insurance and Annuity Company nor its affiliates provide legal, tax or estate planning services. Should you require such services, you should consult a legal, tax or estate planning professional.

SPVL is approved in these states with the form number listed: SPVL-1 (AL), SPVL-1 (AZ), SPVL-1 (AR), SPVL-1 (CO), SPVL-1 (CT), SPVL-1 (08/07)(DE), SPVL-1 (DC), SPVL-1 (FL), SPVL-1 (GA), SPVL-1 (02/13)(HI), SPVL-1 (08/07)(ID), SPVL-1 (IL), SPVL-1 (IN), SPVL-1 (08/07)(IA), SPVL-1 (KS), SPVL-1 (KY), SPVL-1 (LA), SPVL-1 (08/07)(ME), SPVL-1 (MI), SPVL-1 (MN), SPVL-1 (08/07)(MS), SPVL-1 (MO), SPVL-1 (NE), SPVL-1 (NH), SPVL-1 (NJ), SPVL-1 (NM), SPVL-1 (NY), SPVL-1 (NC), SPVL-1 (08/07)(ND), SPVL-1 (OH), SPVL-1 (OK), SPVL-1 (08/07)(OR), SPVL-1 (RI), SPVL-1 (SC), SPVL-1 (TN), SPVL-1 (TX), SPVL-1 (UT), SPVL-1 (VA), SPVL-1 (WA), SPVL-1 (WV), SPVL-1 (WI), SPVL-1 (WY). 

In addition, the following states are approved as form SPVL-1: CA, MA, PA, VT

SPVL is issued  is issued by Foresters Life Insurance and Annuity Company, 40 Wall Street, New York, NY 10005, 800 832 7783 and distributed by Foresters Financial Services, Inc., 40 Wall Street, New York, NY, 10005, 800 423 4026.

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