Foresters extends charitable benefit provision to term products

By The IJ Staff | August 13 2019 09:30AM

Photo: Freepik

Foresters Financial announced on Aug. 12 the addition of its Charitable Benefit Provision to its Term products in Canada.

For policyholders who select the benefit, Foresters will donate an additional 1% of the basic insurance amount, to a maximum donation of $100,000, to a designated registered charity when a claim is paid. This contribution will not reduce the death benefit to the beneficiaries.

“We’ve been giving back to the community for almost 150 years now – it’s just part of who we are as a Fraternal life insurer,” said Jim Boyle, Foresters Financial President and CEO Jim Boyle. “This charitable benefit provision is one more way that we stay true to our roots and remain competitive in the Canadian market.”

The Charitable Benefit provision was also introduced in 2018 on Foresters Advantage Plus whole life insurance product in Canada.

Foresters also announced other changes to its term products, including non-medical limits doubled to $500,000, and preferred underwriting for amounts of $500,001 or more.

The Charitable Benefit provision was also introduced in 2018 on Foresters Advantage Plus whole life insurance product in Canada.

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