Terminal Illness
This benefit provides access to funds to help alleviate the financial burden on you and your family in the event of a terminal illness.
Benefit description
An interest-free loan may be provided if an insured person becomes terminally ill.
The total loan can be up to 75% of the net face amount of the Foresters life insurance
coverage on that person, to a maximum of $250,000.
- Available to those members with a certificate of face value greater than or equal to $10,000 OR an annuity with a contribution of $1,000 paid in the previous 12 months.
- The Foresters life insurance contract
must be absolutely assigned to
Foresters to the extent of its interest.
The loan will be repaid from the
insurance proceeds payable upon
that insured person’s death.
- Terminally ill means there is a
reasonable certainty of death within
12 months as determined by a legally
qualified physician who can provide
medical proof satisfactory to Foresters.
- An interest-free loan of up to $250,000 is available to terminally ill insured members to help them
pay for health care and/or spend quality time with loved ones.
Not available as a member benefit in the states of Illinois and New York or on Accidental Death & Dismemberment products
Eligibility requirements and limitations
- Initial diagnosis must occur at least 24 months after the date of application
for membership, or the date the Election Form was signed for the
September 1, 2010 member benefits package.
- An application for this benefit must be accompanied by a Foresters claim form,
completed by the attending physician. A second opinion may be obtained, at
Foresters discretion, including an examination of the insured person by a
physician designated and paid for by Foresters.
- The Foresters life insurance contract must have been active for at least
two years, any contestable period must have expired, and in the opinion of
Foresters, the insurance contract must provide good security for the loan.
- The insured, or owner if other than the insured, must agree that:
- Each beneficiary must agree in writing to the loan
- This loan will be the first charge to the life insurance contract and will take precedence over any death, disability, or other benefits payable under it
- Foresters may increase the amount of the loan to cover the costs of
maintaining the life insurance contract, e.g. for premiums, cost of
insurance, and/or expense charges
- At the time of the loan, the life insurance contract must be absolutely
assigned to Foresters
- To repay the loan to Foresters, upon the death of the insured person an
amount equal to the loan amount will be subtracted from the proceeds
payable, with the balance of the proceeds, if any, to be paid to the
beneficiary
- This benefit is not available on individual term insurance that is not renewable and convertible, or term insurance within five years of expiry.
- The benefit will be paid in the currency of he country where the certificate was purchased.
Access funds to help pay for health care or spend quality time with loved ones.
Eligibility for Foresters Member Benefits
Definition of Terms
Still have questions? Click through the links or call us at 800 444 3043
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