Foresters Lowers Policy Fees on Term Products
Posted on
June 14, 2013 in
Canadian Life Insurance Companies, Foresters Life, Insurance Types, Life Insurance Canada News, Term Insurance
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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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.
Very good point on the monthly premium factor. We should probably to a article on the that