Foresters No Exam Life Insurance Review
Foresters No Exam Life Insurance Review
If you were to ask ten people to name five life insurance companies, the chances of them naming Foresters is probably slim to none. We have the Foresters No Exam Life Insurance Review
We have reviewed all the companies offering no medical exam life insurance, that you can read up on or call us for your free quote 844-528-8688 or use the quote tool here on this page.
For most people, the life insurance companies they recall the names of are typically their personal life insurance company and the then maybe the top three that advertise on TV. This is very typical for many financial products, and there is certainly nothing wrong with that.
In a country where four in ten people do not even carry life insurance, it’s certainly understandable that most people cannot name ten different companies. According to the Insurance Information Institute, there were about 814 life insurance companies in the U.S. as of 2015 so no wonder most people only remember the ones they regularly see on TV.
Getting the Most Affordable Rates
For insurance companies to offer the most affordable rates, they will have to confirm the risk they are insuring. We know (or should know) that insurance is about risk and the lower the risk, the lower the cost of insurance.
For example, homeowner’s insurance is cheaper for a home made from concrete block than a home made from wood. Car insurance is cheaper for a 1989 Buick than a brand new Corvette. The higher the risk, the higher the premium you’ll pay.
It works the same way for life insurance. Life insurance rates are based primarily on two factors, your age and your health. Younger and healthier individuals will pay less for life insurance than older and unhealthy people.
If you’ve ever filled out an application for life insurance, you already know that there are many questions about your current health and your health history. In fact, most life insurers want to know a little about your parent’s health and even your siblings. Age is easy, health history, not so much.
Foresters Underwriting Process
For looking for the most affordable life insurance rates, they will want to apply with an insurer who fully underwrites the applicant.
They accomplish this by asking many health related questions on the application and then asking for proof by ordering reports from your doctor, ordering a medical exam, and having your blood and urine tested. They will also order reports from the MIB (Medical Information Bureau) and a report from a company like ScriptCheck.
If, after all of these reports are reviewed, and they support the information you supplied on the application, then congratulations, you’ll likely receive the rate your agent quoted you.
If during the underwriting process, the insurer discovers some issues that don’t line up with the answers on the application; you’ll need to answer some more questions regarding the issue that was discovered.
If, after the telephone interview with the underwriter, the insurer is still willing to offer an insurance policy, it may or may not be the rate quoted by your agent.
Is a Medical Exam Mandatory?
In a word, no. There are many people who prefer not to undergo a medical exam and blood test just to buy life insurance and there are many reasons they refuse. Most are aware they will likely be rated up because of the exam, others consider it a privacy violation, and many just want to get some life insurance issued quickly.
Fortunately, for those people who refuse to have their life insurance fully underwritten, there are many companies that offer No Exam Life Insurance.
This type of policy uses the only the information on the application for underwriting and the rate is based on that information. The applicant is typically charged higher insurance rates since the insurer is accepting a risk that is basically unknown.
For applicants who are willing to pay a little more and want their policy issued quickly, no exam life insurance is the best way to go.
Foresters Life Insurance
Foresters Life Insurance is offered by Foresters Financial which is owned by the Independent Order of Foresters, a fraternal benefit society. The company is well established and operating in the U.S., Canada, and the United Kingdom.
The company enjoys an “A” rating with A.M. Best which means it is a solid financially stable company. For many agents in the U.S., Foresters is considered one of the best life insurers that offer no exam life insurance.
For information about the fraternal side of the company, please click here. Although most agents love Foresters because of their no exam and guaranteed issue life insurance products, the company offers all of the traditional life insurance products that most people would need.
- Term Life Insurance
- Whole Life Insurance
- Variable Universal Life
- Variable Life
As with any life insurer, there are positives and negatives that have been realized by agents and policyholders over the years, and we will do our best to list them below.
- Since Foresters is owned by a The Independent Order of Foresters, a fraternal organization, the membership owns the company, not a bunch of stockholders.
- Rating – Foresters is currently rated “A” Excellent by AM. Best which means the company’s financial strength is excellent and they can easily pay their claims.
- Underwriting – Foresters has a reputation with agents of being willing to accept high-risk cases when other insurers refuse to do so.
- Product Selection – Foresters provides consumers with a well-rounded product selection that provides solutions to meet individual needs.
- Guaranteed Issue Life Insurance – Forester’s PlanRight Whole Life Insurance product is one of the most popular final expense products available today. The company offers it in three different products: Fixed graded benefit and modified benefit. This means that Foresters is capable of offering life insurance to almost anyone.
- Non-Medical – For applicants who prefer No Exam Life Insurance, Foresters has two products that are traditional life products that do not require an exam. The LifeFirst is term insurance with limits of up to $250,000 and is available for applicants up to age 50.
SmartUL is a Universal Life product available with limits up to $250,000 for applicants up to age 55 and limits up to $150,000 for applicants age 51 to 70.
Similar to all life insurers, Foresters may not be the best choice when it comes to low premiums for applicants with certain health issues.
We hope our Foresters No Exam Life Insurance Review, gave you the information you needed in the search for your life insurance policy.
The best way to determine which company will offer the best solution and most affordable rate for your individual needs, contact the insurance professionals at LJM Life Insurance at 844-528-8688, for more information and a free and confidential quote.