Foresters Lowers Policy Fees on Term Products

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Foresters has lowered the fees on their term products by $20.

These lower rates apply to any Term 5, Term 10, Term 15, Term 20, Term 25 or Term 30 application submitted or pending as of May 27 2013. This reduction in policy fees will replace all current policy or multi-policy fee discounts. Below is a comparison of Foresters' current rates against those of its biggest competitors:

Term 20 $150,000 Regular

Male non-smoker Age 35 Age 40 Age 45
Foresters $197 $257 $399
BMO $213 $273 $404
Canada Life $233 $290 $428
Equitable Life $215 $272 $404
Manulife $211 $266 $400
RBC $240 $312 $445
Transamerica $217 $272 $407
Female non-smoker Age 35 Age 40 Age 45
Foresters $158 $192 $281
BMO $180 $222 $294
Canada Life $199 $232 $317
Equitable Life $181 $215 $292
Manulife $175 $214 $290
RBC $213 $256 $334
Transamerica $181 $215 $302

     

Term 20 $250,000

Male non-smoker Age 35 Age 40 Age 45
Foresters $273 $375 $590
BMO $280 $378 $598
Canada Life $283 $383 $600
Equitable Life $283 $380 $590
Manulife $279 $376 $585
RBC $284 $384 $601
Transamerica $283 $380 $590
Female non-smoker Age 35 Age 40 Age 45
Foresters $215 $280 $413
BMO $225 $283 $415
Canada Life $228 $290 $415
Equitable Life $228 $288 $413
Manulife $223 $286 $418
RBC $228 $292 $416
Transamerica $228 $288 $415

For more information, please call us at 1-866-899-4849.

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Lisa Harbinson wanted a new life insurance policy for her mother Joyce. She thought mom was paying too much at over $100 a month for a $10,000 term policy that she had borrowed money against and now it was time to pay it back. (1 of 83)

2 Comments

  1. Ami Maishlish 06/20/2013 at 9:42 pm

    As to be expected, the “policy fee” reduction has its greatest impact at lower face amounts, younger ages and “preferred” demographic parameters. By definition, the reduction is diluted as the face amounts and insurance ages are increased.

    Incidentally, I wonder when insurers will lower their modal factor loads (financing charges) from the current general APR of 18.565% APR, paid normally with after-tax dollars for the pleasure of financing term insurance premiums in monthly installments. Premium rates on level premium life insurance for life policies have been increasing steadily due to the decline in interest rates; however, it remains a question as to why the APR to finance life insurance premiums on the monthly installment plan remain on as high a level as these were when interest rates were in double-digits… and, of course, why that APR usually remains undisclosed.

  2. LSM Insurance 06/20/2013 at 9:44 pm

    Very good point on the monthly premium factor. We should probably to a article on the that

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