Menu

Foresters Financial

Foresters to Launch New Incentive Program Offering Cash Bonuses Quarterly

FROM FORESTERS…

We are excited to introduce a new incentive program, Fund Your Dreams, offering qualified producers the opportunity to earn cash bonuses. Starting January 1, 2023, producers will collect Fund Your Dreams points and get the cash bonuses quarterly – not annually, not every six months but each quarter. Producers earn extra cash and use it how they like!

Tiered Structure Details

  • Earn 20,000 – 24,999 points to receive a 12% bonus
  • Earn 25,000 – 29,999 points to receive a 15% bonus
  • Earn 30,000 or more points to receive an 18% bonus

The bonus amount in dollars is a percentage of the points you accumulate through sales. Bonus percentages increase incrementally when you reach certain point thresholds. For example:

  • 24,000 points earned = $2,880 cash payout (12% of 24,000)
  • 27,000 points earned = $3,300 cash payout (12% of 24,999 + 15% of 2,001)
  • 33,000 points earned = $4,290 cash payout (12% of 24,999 + 15% of 5,000 + 18% of 3,001)

When a quarter ends, points are reset to zero, and the incentive starts over again the next quarter. Certificates must be issued and paid by the end of the quarter to earn points. Foresters Financial records will determine qualification results and eligibility.

Bonus payouts will be processed no later than 30 days after the end of each qualification period (as defined below).

Qualifications & Requirements

  • Minimum of three applications per qualification period
  • Must be in good standing with Foresters and within acceptable business quality parameters
  • Foresters reserves the right to withhold payment should persistency or placement fall below minimum acceptable levels
  • Quarterly qualification periods during 2023:
    • January 1 – March 31
    • April 1 – June 30
    • July 1 – September 30
    • October 1 – December 31

How to Earn Fund Your Dreams Points

Points are earned when an application is issued and paid, and one point is earned for one dollar of annualized premium as defined below:

  • Life Net Paid Commissionable Annualized Premium = total Annualized Premium less the unearned portion of Annualized Premium on Lapses, Surrenders and Refunds. (Chargebacks may occur in a subsequent quarter)
  • UL excess calculated at 10% of Earned Premium above target
  • Paid-up Additions Rider at 10% of Annualized Premium
  • PlanRight, BrightFuture and Prepared II calculated at 75% of Annualized Premium

Click here to learn more on how to earn points.

Find out more about these changes from Foresters…

AdminUpdate: Foresters Moments Now Available to Improve Client Experience

FROM FORESTERS FINANCIAL…

Foresters Moments

Fun Family grants are now Foresters Moments! It’s still about having fun but now your clients have more options to plan exciting activities and make meaningful connections.

With Foresters Moments grants, members can create opportunities to enjoy meaningful interaction, make new friends and connections, while enjoying an activity together. New features include:

  • New group sizes for more opportunities to really connect
  • From art classes to group fitness, choose from 5 activity categories
  • Foresters provides $35 per person up to $2,100 to cover costs.

Find out more about these changes from Foresters Financial…

Operations


Underwriting

Product

Model Docs

  • HIPAA(in Word format) – Please note: this documents also needs customization before distribution to include the name of your agency. We’d recommend keeping AIN listed so that you can send files to the AIN Underwriting Team and still remain HIPAA compliant. Please have your agency’s legal counsel review the document before use. This document should not be construed as legal advice.
  • Independent Producer Agreement (in Word format) – We highly recommend using this draft document, or a document like it, to create a contractual relationship between you and your agents in addition to the contractual arrangement you create between your agent and the insurance company. Many offices include this document when appointing a new agent (i.e. included with the carriers paperwork as compulsory). Please have your agency’s legal counsel review the document before use. This document should not be construed as legal advice.
  • Informal Inquiry – If you need assistance adding your company’s logo on this document please contact Jeff Reed.

AdminUpdate: Foresters MyPolicy Now Available to Improve Client Experience

FROM FORESTERS FINANCIAL…

Introducing MyPolicy

Your clients with certificates from Foresters Financial can now access MyPolicy, an easy-to-use online space that will allow your clients to:

  • Find all their certificate information
  • Check out their transaction history
  • Access important documents for their coverage

In order to use MyPolicy, the Owner must also be the Insured and Payor of the certificate. To get started, they’ll simply need to log in to MyForesters and go to MyPolicy.

Click to watch a demo video on MyPolicy

Find out more about these changes from Foresters Financial…

AdminUpdate: Foresters to Withdraw its License to Conduct Business in NY

FROM FORESTERS FINANCIAL…

Foresters is withdrawing its license to conduct business in the state of New York. We currently anticipate that the withdrawal will become effective on or about October 1, 2022. This change is subject to regulatory approval.

Your clients’ benefits under their Foresters certificates or insurance contracts will not change. This move does not affect any of the contractual provisions or guarantees under our New York certificates or insurance contracts. Although Foresters will not be licensed in New York, our New York certificates and insurance contracts will continue to be subject to applicable New York law.

Foresters remains committed to providing the highest level of service to our existing New York customers and will continue to honor all contractual obligations on in-force certificates in the state of New York. Foresters Members will continue to have access to member benefits¹.

It is important to note that this decision does not impact our business in any other state.

Click here to read FAQs related to this change.

¹ Foresters members are insureds under a life or health insurance certificate issued by The Independent Order of Foresters. Foresters member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice or are no longer available.

Find out more about these changes from Foresters Financial…

ProdMod: Foresters to Increase Strong Foundation Standard Face Amount Limit

FROM FORESTERS FINANCIAL…

Effective immediately, the maximum standard face amount limit for individuals aged 18-55 is now $500,000, an increase of 25%.

The maximum standard face amount limit for those aged 56+ is now $250,000, an increase of 66%.

Strong Foundation is available with 10, 15, 20, 25 or 30-year term guaranteed [1][2] death benefit durations and conversion to permanent life insurance privileges; approval decisions are also often provided in 10 minutes or less.

[1] Foresters products and riders may not be available or approved in all states and are subject to eligibility requirements, underwriting approval, limitations, contract terms and conditions and state variations. Refer to the applicable Foresters contract for your state for these terms and conditions.

[2] Foresters members are insureds under a life or health insurance certificate issued by The Independent Order of Foresters or Foresters Life Insurance Company.

Find out more about these changes from Foresters Financial…

ProdMod: Foresters Increases Non-Guaranteed Interest Rate on SMART UL

FROM FORESTERS FINANCIAL…

On June 19, 2022, the non-guaranteed interest rate on SMART UL business¹ will increase from 4.50% to 4.75%. With this 25bps increase, SMART UL will continue to offer your prospects and clients excellent cash accumulation potential.

Have an app that’s ready for submission? Don’t delay—the new 4.75% non-guaranteed interest rate will apply.

What You Need to Know

  • Illustration software will be updated to reflect the new interest rate by June 19, 2022.
  • For recent certificates issued on or before June 18, 2022, the illustration included in the Certificate Issue Package (CIP) will reflect the current non-guaranteed interest rate of 4.5% however, your clients’ certificates will be credited at the higher non-guaranteed interest rate of 4.75% effective June 19, 2022.
  • For new certificates issued on or after June 19, 2022, the illustration will automatically reflect a non-guaranteed interest rate of 4.75%, regardless of what may have been previously illustrated to the client.

¹ Applies to all SMART UL applications dated on or after September 22, 2018, excluding CA and NY, and in CA and NY, on all SMART UL applications dated on or after May 11, 2019.

Find out more about these changes from Foresters Financial…

Foresters Fuel Your Sales Incentive is on!

FROM FORESTERS FINANCIAL…

The ‘Fuel Your Sales’ incentive starts now! Starting May 9, 2022, you can earn up to $3,000 in bonuses when you submit a minimum of 4 applications. Apps must have a sign date between May 9, and June 30, 2022, and be issued and paid on or before July 31, 2022. Additionally, if you secure your rank on the top 400 leaderboard, you will be entered into a drawing for a chance to win 1 of 5 $500 gas gift cards!

Cash Prize Details
There are four hundred (400) Marketing Allowance prizes to be awarded to those who have placed at least 4 applications (all Foresters products are eligible) and rank in the top 400 for Foresters production during the Promotion period.

Gas Gift Card Drawing
Fill up your tank with an extra reward! Secure your rank on the top 400 leaderboard and you will be entered into a draw for a chance to win 1 of 5 $500 gas cards.

Each of the top four hundred (400) agents who qualified for a Marketing Allowance as outlined above will be entered into a draw for one (1) of five (5) Gas Gift Cards valued at $500 (five hundred dollars) each. (Only one entry per agent regardless of rank).

Click here to view more details on the gift card drawing.

Promotion Period
The full Promotion runs from 12:00 a.m. Eastern Standard Time (EST) on May 9, 2022, to 11:59:59 pm EST on June 30, 2022. This is the duration of the Promotion. All applications must have a signed date between May 9, 2022 – June 30, 2022, and premium collected by Foresters on or before July 31st, 2022. Future dated applications where premium is first collected on or after July 31st, 2022, do not qualify.

How to Enter
Entries are accumulated based on issued and paid cases for Foresters business as follows:
  • 1 entry per agent who ranks 1-400
  • You may also enter by submitting a typed or handwritten plain 3” x 5” index card with your full name, address, city, state, zip code, cell phone or telephone number including area code, email address (if any), date of birth and advisor code by regular mail. All mail-in entries must reference this Promotion to qualify. Each index card received will qualify for one entry.

Click here to view the full list of rules.

No purchase necessary to enter or win. Purchase will not increase your chance of winning. The Foresters Financial 2022 Summer Cash Sales Incentive (the “Promotion”) is conducted by The Independent Order of Foresters (“Foresters”), which is an international financial services provider that champions the well‐ being of families. It has its international head office at 789 Don Mills Road, Toronto, Ontario, Canada M3C 1T9. This Promotion is open to eligible producers who sell Foresters products and meet the other eligibility criteria stated below.

Questions about the incentive? Call 866-466-7166 (option 1)

Find out more about these changes from Foresters Financial…

Special Announcement: Foresters Announces 2022 Dividend Rate

FROM FORESTERS FINANCIAL…

2021 marks another year of solid dividend performance from Foresters Financial, with a total dividend payout of $24.0 million USD. This means many of your clients with participating whole life insurance from Foresters may have something to celebrate! Your prospects will also want to learn about Foresters solid product dividend history, so feel free to share the flyer with them.

Participating whole life insurance offers the added value of potential dividend growth Foresters Financial has several types of insurance products to help meet both your current and future needs. Some of our life insurance products are called “participating” as they may allow you to participate in Foresters success through dividends, when we declare them. Dividends can be used to purchase additional coverage, reduce premiums, deposited with Foresters to accumulate with interest or even paid in cash.

View the historical performance of Foresters dividend interest rates, relative to other popular indicators here.

Foresters participating whole life insurance gives you reliable financial security with the flexibility of four dividend options to choose from:

  • Paid-up Additional Insurance: Dividends can be used to buy extra permanent life insurance coverage with no additional premiums required. Paid-up additional insurance is also eligible to earn dividends and has a cash value.
  • Dividends on Deposit: Dividends remain on deposit within the certificate and earn interest. Dividends and any accumulated interest can be withdrawn at any time. Dividend interest is taxable.
  • Cash Payment: Dividends are paid directly to the certificate owner
  • Premium Reduction: Dividends are applied towards the premiums. If the dividend is greater than the premiums due in a given year, the remainder of the dividend will be applied to a secondary dividend option.

Find out more about these changes from Foresters Financial…

AdminUpdate: Foresters to Cease Accepting Business in New York

FROM FORESTERS FINANCIAL…

Important notice on new business applications for the State of New York

On March 31, 2022, Foresters Financial™ will stop accepting new life insurance applications in the state of New York. This decision does not impact our business in any other state.

Foresters remains committed to providing the highest level of service to our existing New York customers and will continue to honor all contractual obligations on in-force certificates in the state of New York. Foresters Members will continue to have access to member benefits.

As of March 31, 2022, the following products will no longer be offered for sale:

  • Advantage Plus II
  • SMART UL
  • Your Term
  • PlanRight

Transition Details

In preparation for the March 31, 2022, cut off please review the following transition rules and important dates for both iPipeline e-App and paper applications.

  • For iPipeline e-App submissions (based on application lock date)
    • Applications must be signed and submitted on or before March 31, 2022, to be accepted.
    • Applications locked on or before March 31, 2022, but not signed and submitted until on or after April 1, 2022, will not be accepted.
  • For paper application submissions (based on application signed date)
    • Applications signed on or before March 31, 2022, must be received on or before April 15, 2022, to be accepted.
    • Applications signed on or before March 31, 2022, and received after April 15, 2022, will be returned/cancelled/not accepted.
    • Applications signed on or after April 1, 2022, will not be accepted.
Please see the formal announcement from Foresters Financial for additional details.

Find out more about these changes from Foresters Financial…