Foresters, a provider of life insurance products and annuities, has introduced a new participating whole life insurance product to offer cost-effective permanent insurance options to families across Canada.
Dubbed Familylife, the new product provides options tailored to the families' budget and unique protection requirements, in addition to offering lifetime protection and cash value accumulation.
Equipped with some unique components, such as a quit-smoking incentive plan and access to Advance Medical's Expert Medical Opinion Program, the product also includes several features to help families plan for convenient pay periods, dividend options, and built-in children's term insurance.
Foresters Canada president and Foresters Life Insurance Company president and CEO Sharon Giffen said, "We are committed to providing flexible products that answer the needs of families and are valued by our business partners."
Besides paying dividends that may be used to purchase additional coverage, reduce premiums, the product's Automatic Premium Loan feature will pay a client's premium from the available cash value if they forget, provided it is sufficient to cover that premium amount.
Additional advantage include access to Foresters Member Benefits, such as competitive academic scholarships, financial counseling and discounted legal services, for the primary insured and their immediate family members.
Meanwhile, the company is also withdrawing its Advantage Series Whole Life product, as part of its portfolio review.
