Posted: October 18, 2021 at 11:54 a.m. EDT|Update: 2 hours ago
37% YoY Growth in US Life Insurance Sales
The life insurer is focused on turnkey solutions, member benefits and technological transformation to create a new, better standard for American families and independent agents.
TORONTO, October 18, 2021 / PRNewswire / – Foresters Financial, the fraternal life insurer known for its commitment to enriching family and community well-being, has experienced 37% year-on-year growth in life insurance sales in the United States during first three quarters of 2021. This step follows its record 23% annual growth in 2020 when Foresters bolstered its digital ecosystem to support virtual sales during the first waves of the COVID-19 pandemic.
Foresters attributes this trajectory to its life insurance with a broader purpose Strategy: Align turnkey, mobile-friendly products with a suite of well-being and socially relevant member benefits. By deploying this strategy, Foresters is redefining the conventional life insurance model and quickly filling the gaps. $ 25 trillion mortality protection gap(1) to provide a better and new normal for everyday American families.
“Foresters’ commitment to a full line of simplified issue, walk-in life insurance has proven to be an indispensable asset for agents serving ordinary American families through COVID-19,” said Matt berman, President of Foresters Financial US. “This represented 90% of Foresters’ total business in the United States in 2020.”
Mr. Berman continued, âComing out of a pandemic, American families are once again focusing on life insurance. To compete in a post-COVID world, life insurers must demonstrate a more proactive value proposition to deal with today’s protection realities. Now more than ever, fully integrated holistic life insurance matters. Our mission to embed wellness into our products and member benefits is proving to be our unique differentiator.
Additional services for a better quality of life
Foresters has expanded its portfolio of free member benefits, designed to help everyday families enjoy more prepared, healthier lives (and have a little fun along the way).
More recently, Foresters launched the The foresters go application. This unique engagement platform co-produced with dacadoo, the leader in insurtech, rewards members for their healthy lifestyles, volunteer activities and community-driven behavior.
Other benefits include the Foresters Competitive Scholarship Program, providing $ 2,500 per year, up to four years, to the children or grandchildren of the insured, and Community grant provide up to $ 2,000 (up to three times a year) for members to organize meaningful activities that meet local needs.
Besides, RightAssure, launched in 2019, is a free service for preparing legal documents for wills, powers of attorney and health directives, and finally MemberDeals offers significant savings on thousands of products, services, events and experiences.
About Foresters Financial
Foresters Financial is redefining the U.S. life insurance industry and Canada by enriching the lives, communities and general well-being of its members. Agents and members appreciate turnkey product offerings and end-to-end digitized processes that make it easy to obtain life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver tailored plans to prospective and current members. Dedicated to the well-being of its members, Foresters offers a suite of member benefits(2) and redefines the conventional life insurance model, improving the financial security and overall well-being of everyday North American families. Foresters recently merged with Protection Plan Canada to become a leading distributor of life insurance in the Canada. Foresters Financial is the trade name of the Independent Order of Foresters, the oldest non-denominational welfare society. For 20 consecutive years, the Independent Order of Foresters has received an “A” (Excellent) rating from AM Best(3).
- Membership benefits described assume membership in Foresters. Foresters Financial member benefits are non-contractual, subject to specific eligibility criteria, definitions and limitations of benefits, and may be changed or canceled without notice or no longer available.
- The AM Best ratings awarded on July 29, 2021 reflect the overall strength and claims-settling capacity of the Independent Order of Foresters (IOF). An “A” (Excellent) rating is given to companies that have a strong ability to meet their ongoing obligations to policyholders and that have, overall, excellent balance sheet strength, operating performance and business profile through against standards set by AM Best Company. AM Best assigns marks from A ++ to F, A ++ and A + being top marks and A and A- being excellent marks. Assigning the ratings to the IOF, AM Best said the rating outlook is “stable” which means it is unlikely to change in the near future. See ambest.com for our latest reviews.
For informational purposes only.
â¢ Foresters Financial, Foresters and Helping Is Who We Are are trade names and / or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Rd, Toronto, Canada M3C 1T9) and its subsidiaries.
Protection Plan Canada is a trademark of Protection Plan Canada Inc.
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SOURCE The Independent Order of Foresters
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