Foresters Final Expense Product Review [For Agents Only]

What follows is the sole opinion of Foresters’ PlanRight final expense product from the perspective of a producing agent and agency recruiting final expense agents.

Are you a final expense agent interested in adding Foresters’ final expense product to your final expense insurance companies line-up ?

Do you want a “No BS” overview from a field-tested agent on how this company’s final expense product performs?

If so, you have found the right article!

I’ll be discussing at length how Foresters’ final expense products stack up, why final expense agents should consider selling it, and give you my opinion on its pros and cons as a producing agent selling final expense.

NOTE 1: If you are interested in buying a Foresters final expense policy, visit this website for more information how to do it.

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How The Foresters Final Expense PlanRight Program Works

Application Type: Paper or Verbal Authorization application
Agent Support Hotline:  800-828-1540 – Apptical Interview Line: 1-866-844-9276
Point Of Sale Interview Required? Yes
State Availability: Available in ALL states (certain restrictions apply to riders based on state – see more here)
Application Submission: Fax your paper applications to 1-866-300-3830, or upload the application to SecureDocs
Average Policy Issue Turnaround Time: 24 to 48 hours on receipt of application.
Commission Payout: Pays on first draft
Can You Sell Over The Phone? YES!
Advancing Available? Up to 75% advance available to those who qualify
How Far In Advance Can The First Draft Be? No greater than 45 days from the Apptical interview date.
Frequency Of Commission Payout: Fridays (all apps that have a decision by Wednesday @ 5PM EST will be considered for the Friday compensation cycle)
Pays Commission On Policy Fee? Yes
Age Rating: Based on effective date
Chargebacks On Death: For The Basic Plan Right Modified Death Benefit (PRML) any first year Non-Accidental Death will generate a 100% commission chargeback (i.e. all commission is considered not earned and is reversed) to the writing agent and the uplines. For Plan Right Preferred Or Standard Plans, no commission is charged back on Non-Accidental Deaths if the policy is not rescinded.
Chargebacks On Lapses: Unearned first year commission is deducted for first-year lapses, cancellations, product not taken and first-year surrenders.
Underwriting Guide, Agent Guide, Height-Weight Chart, RX Guide, Rate Guide, Sample Application: Foresters does not allow public sharing of many of its materials. Message me here and I’ll send it to you to review within 24 hours. No obligation, of course :).
Rate Charts: Scroll below and you’ll see rate charts for all 3 PlanRight products.
Requires E&O? Yes
Acceptable Payment Methods? Bank drafts only
Face Amount Issue Limits:

Foresters PlanRight Whole Life Final Expense Product:

  • Preferred/Standard PlanRight: (Full Death Benefit): Ages 50 to 80: $5,000 to $35,000 – Ages 81-85: $2,000 to $15,000
  • Basic PlanRight (Year 1 – ROP plus 10% annual interest, Year 2 – ROP plus 10% annual interest, Year 3+ – 100% of the face amount in effect ): Ages 50 to 80: $5,000 to $15,000 – Ages 81-85: Not available

Available Riders: For Level Coverage ONLY: Accidental Death Rider available (issue ages 50-80) – For ALL Coverage: Common Carrier Accidental Death Rider, Family Health Benefit Rider included at no additional cost
Cover Foreign Nationals? Must have Social Security number
Product Highlights And Underwriting Advantages:

  • Cancer preventative medications like anastrazole OK for Standard/Preferred coverage after 3 years since first fill.
  • Oxygen OK for Level coverage if used for sleep apnea.
  • Cardiac Event Flexibility: 1-year look back for Standard rates, and a 2-year look-back for Preferred coverage on most non-CHF cardiac events like heart attacks, stents, strokes, etc.
  • 3-year look-back for Level coverage for singular occurrence cancer since remission/removal.
  • Diabetic Friendly: Insulin use and time of diabetes diagnosis is not a health consideration for coverage.
  • Atrial fibrillation OK for Level coverage.
  • PlanRight Standard may cover certain hard-to-insure conditions like: COPD, liver disease, and neurological disorders like Parkinson’s, systemic Lupus.
  • Point of sale interview process eliminates typical “wait and see” application process carriers with similar underwriting utilize. You get an instant decision at the end of the interview on underwriting!

How The Foresters Final Expense PlanRight Program Works

What follows below is brief description of the health-qualifying questions your prospect will need to answer to potentially qualify for coverage.

Want a sample PlanRight application to review?

Foresters final expense doesn’t allow their material to be publicly published, so reach out to me here and I’ll send it to you to review.

PlanRight Final Expense Details

If a “Yes” answer to questions 1-6, the proposed insured is not eligible for Foresters PlanRight. Do not complete or submit this application.

1. Are you:
a) A resident in, or have you been advised to move into, a nursing home or skilled nursing facility?
b) Receiving, or have you been advised to receive, skilled nursing care, hospice care, or home healthcare?
c) A patient in a hospital or psychiatric facility, or confined to a correctional facility?
d) Using a wheelchair or electric scooter due to an ongoing diagnosed illness, medical condition, or disease?
e) Requiring help (from anyone) with administering or taking your medications, or with bathing, dressing, eating, or toileting?
2. Within the past year (12 months), have you been advised to:
a) Use, or have you used, oxygen equipment to assist with breathing (excluding use for sleep apnea)?
b) Have, or have you had, kidney dialysis?
c) Have surgery, a medical procedure, hospitalization, or have you been referred for a check up or consultation with a doctor or medical specialist, which has not yet been started, completed, or for which results are not known?
d) Have a diagnostic test, or have you been referred to get a lab test, which has not yet been started, completed, or for which results are not known (excluding tests related to the Human Immunodeficiency Virus (HIV))?
3. Within the past year (12 months), have you consulted a physician for, been diagnosed with, or received or been advised to receive treatment or medication for, unexplained weight loss greater than 10 pounds?
4.
Have you ever received, or been advised to receive, an organ or bone marrow transplant, or had an amputation that you were advised was due to complications of diabetes?
5.
Have you ever been diagnosed with, or received or been advised to receive treatment or medication for:
a) Cardiomyopathy, Congestive Heart Failure (CHF), Pulmonary Hypertension, or any other type of heart failure or heart muscle disease?
b) Amyotrophic Lateral Sclerosis (ALS), or a terminal illness or end-stage disease?
c) Alzheimer’s disease, dementia, or memory loss?
d) Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC), or tested positive for HIV?
6. Have you ever been diagnosed with more than one occurrence of the same or different type of cancer, or do you currently have cancer (the term “cancer” excludes basal cell skin cancer)?

If all “No” answers to questions 1-6, then continue with questions 7-12.

Complete questions 7-12 and indicate (e.g. circle or underline) the condition(s) to which each “Yes” answer, if any, applies.

7. Have you ever been diagnosed with diabetes and have also been diagnosed with, or advised to receive treatment for:
a) Retinopathy (problems with your eyesight)?
b) Nephropathy (kidney disease or kidney damage)?
c) Peripheral Neuropathy (nerve damage or numbness)?
8. Within the past 2 years (24 months), have you been hospitalized for 48 hours or more that you were advised was due to diabetes?
9.
Within the past 2 years (24 months), have you been diagnosed with, or received or been advised to receive treatment for:
a) Alcohol or drug abuse, or have you used illegal drugs?
b) An aneurysm, or have you ever been diagnosed with an aneurysm that has not yet been repaired?
c) A brain tumor, or have you ever been diagnosed with a brain tumor that has not yet been treated or is being monitored or observed?
10. Within the past year (12 months), have you been diagnosed with having:
a) A heart attack, stroke, or Transient Ischemic Attack (TIA/mini-stroke)?
b) Angina, or have you taken medication for angina?
11. Within the past year (12 months), have you been advised to have, or have you had, a pacemaker or defibrillator implant, cardioversion treatment, or any other type of heart or circulatory procedure?
12.
Within the past 3 years (36 months), have you been diagnosed with cancer, or received or been advised to receive chemotherapy, radiation, or any other type of treatment for cancer (the term “cancer” excludes basal cell skin cancer)?

If a “Yes” answer in questions 7-12, then apply for Foresters PlanRight (Basic). If all “No” answers then continue with questions 13-15.

Complete questions 13-15 and indicate (e.g. circle or underline) the condition(s) to which each “Yes” answer, if any, applies.

13. Have you ever been diagnosed with, or received or been advised to receive treatment or medication for:
a) Parkinson’s disease or Systemic Lupus (SLE)?
b) Hepatitis B or C, cirrhosis of the liver, or any other type of liver disease or condition?
c) Chronic kidney disease, chronic renal insufficiency, or any other type of kidney disease or condition (excluding kidney stones)?
d) Chronic Obstructive Pulmonary Disease (COPD), chronic bronchitis, emphysema, or any other type of chronic lung disease or ongoing respiratory condition (excluding asthma or sleep apnea)?
14. Within the past 2 years (24 months), have you been diagnosed with having:
a) A heart attack, stroke, or Transient Ischemic Attack (TIA/mini-stroke)?
b) Angina, or have you taken medication for angina?
15. Within the past 2 years (24 months), have you been advised to have, or have you had, a pacemaker or defibrillator implant, cardioversion treatment, or any other type of heart or circulatory procedure?

If a “Yes” answer in questions 13-15, then apply for Foresters PlanRight (Standard). If all medical questions 1-15 are answered “No”, then apply for Foresters PlanRight (Preferred).

Foresters Final Expense Rate Guide

Below you’ll find sample rate charts for both males and females (non-smoking and smoker) for the PlanRight Preferred, Standard, and Basic plans.

Remember, if you want an actual rate guide to use, Foresters final expense doesn’t allow their material to be publicly published, so reach out to me here and I’ll send it to you to review.

$5,000 Monthly Rates, Non-Tobacco

Issue AgeMale, PreferredMale, StandardMale, BasicMale, PreferredMale, StandardMale, Basic
50$17.57$24.10$24.89$14.60$20.11$20.16
55$20.01$31.16$31.50$17.15$23.16$23.47
60$24.17$38.51$38.59$19.28$26.73$27.72
65$28.98$47.95$48.98$22.08$33.83$34.34
70$36.91$59.79$60.80$27.54$43.28$44.73
75$52.92$85.13$87.26$39.11$63.77$67.41
80$74.94$113.88$131.20$57.12$88.33$97.65
85$101.95$161.67-$84.53$133.28-

$5,000 Monthly Rates, Tobacco

Issue AgeMale, PreferredMale, StandardMale, BasicFemale, PreferredFemale, StandardFemale, Basic
50$24.30$31.90$32.03$20.50$25.15$29.40
55$29.12$42.41$42.53$23.86$30.37$37.28
60$34.54$53.02$53.55$27.81$34.93$39.90
65$44.02$65.50$66.68$33.98$44.71$45.15
70$56.33$81.48$86.10$39.45$57.73$59.33
75$82.09$111.20$116.55$53.99$79.13$80.33
80$110.40$149.78$168.53$75.94$104.05$114.45
85$146.93$199.18-$106.69$154.50-

$10,000 Monthly Rates, Non-Tobacco

Issue AgeMale, PreferredMale, StandardMale, BasicFemale, PreferredFemale, StandardFemale, Basic
50$32.00$45.05$46.62$26.05$37.07$37.17
55$36.86$59.17$59.85$31.16$43.16$43.79
60$45.19$73.88$74.03$35.41$50.30$52.29
65$54.81$92.75$94.82$41.00$64.51$65.52
70$70.67$116.44$118.44$51.92$83.41$86.31
75$102.69$167.12$171.36$75.08$124.38$131.67
80$146.74$224.60$259.25$111.08$173.50$192.15
85$200.75$320.20-$165.92$263.41-

$10,000 Monthly Rates, Tobacco

Issue AgeMale, PreferredMale, StandardMale, BasicFemale, PreferredFemale, StandardFemale, Basic
50$45.45$60.66$60.90$37.85$47.15$55.65
55$55.10$81.66$81.90$44.57$57.58$71.40
60$65.93$102.89$103.95$52.47$66.72$76.65
65$84.89$127.85$130.20$64.80$86.28$87.15
70$109.52$159.82$169.05$75.75$112.31$115.50
75$161.04$219.24$229.95$104.83$155.11$157.50
80$217.66$296.42$333.90$148.72$204.95$225.75
85$290.70$395.20-$210.24$305.86-

$15,000 Monthly Rates, Non-Tobacco

Issue AgeMale, PreferredMale, StandardMale, BasicFemale, PreferredFemale, StandardFemale, Basic
50$46.42$65.99$68.36$37.50$54.02$54.18
55$53.72$87.18$88.20$45.16$63.17$64.10
60$66.20$109.24$109.46$51.54$73.88$76.86
65$80.64$137.55$140.65$59.93$95.18$96.71
70$104.42$173.08$176.09$76.31$123.55$127.89
75$152.46$249.10$255.47$111.04$185.00$195.93
80$218.53$335.33$387.29$165.05$258.68$286.65
85$299.55$478.72-$247.30$393.54-

$15,000 Monthly Rates, Tobacco

Issue AgeMale, PreferredMale, StandardMale, BasicFemale, PreferredFemale, StandardFemale, Basic
50$66.60$89.41$89.78$55.20$69.16$81.90
55$81.07$120.92$121.28$65.28$84.80$105.53
60$97.32$152.76$154.35$77.12$98.50$113.40
65$125.76$190.19$193.73$95.63$127.84$129.15
70$162.70$238.15$252.00$112.05$166.88$171.68
75$239.98$327.29$343.35$155.66$231.09$234.68
80$324.91$443.05$499.28$221.51$305.85$337.05
85$434.48$591.23-$313.78$457.21-

Thoughts On Using Foresters PlanRight Final Expense Product With Your Clients

Overall, Foresters offers a well-rounded carrier with all the benefits necessary to make it a primary carrier of choice, as well as to use in certain underwriting niche situations.

Pros of Foresters PlanRight Final Expense Product

Let’s start with a listing of the most important benefits the Foresters PlanRight product provides:

  • Competitive Pricing: Foresters’ final expense product is solidly competitive. While there are carriers with more competitive pricing, if you choose to preferentially lead with Foresters over other carriers, you’ll have confidence that the premium rates are not so high that replacements based on price will happen.
  • Flexible Underwriting: Foresters’ updated 2019 PlanRight plan offers Preferred and Standard plan classifications, allowing a surprising level of underwriting flexibility for your hardest-to-cover clients:
    • Cardiac Events: Foresters may offer Standard coverage to your clients with certain heart/cardiac event history occurring in the past 1 to 2 years. Preferred coverage may be offered 2+ years from the event.
    • Cancer History: 3 years or greater having passed for cancer removal/remission for Standard or Preferred plans, PLUS Foresters takes your clients using anti-cancer medications like anastrazole as level if fills have been longer than 3 years.
    • Diabetes: Insulin use is OK for Level coverage at ANY age of first use. Diabetic neuropathy however is considered only for Modified coverage.
    • Mental Health: Mental health issues like depression, PTSD, bipolar, and schizophrenia are OK for Level coverage.
    • COPD, Parkinson’s, Hepatitis C History: All now may be considered for Standard first day full coverage.
  • Point Of Sale Interview: Foresters requires a point of sale interview to get an underwriting decision on your clients. Very helpful in determining whether or not your client is eligible for coverage while still in the home.
  • Fraternal Benefits Add Sizzle To The Steak: Foresters offers benefits to its clients regardless of what insurance plan purchased. One of the most popular benefits to promote to the senior population is the potential for their grandkids. You can find out more about Foresters member benefits here.
  • Now Allows Phone Sales! You can now sell Foresters’ PlanRight final expense plan over the phone. Perfect for agents selling final expense over the phone via a telesales model.

Drawbacks

As with all final expense companies, there are no perfect fits for every situation.

I will detail below the drawbacks of writing Foresters’ PlanRight final expense product:

  • Tight On Diabetic Complications: As a personal producer, I have found that diabetic complications like neuropathy are common enough that offering first-day full coverage is an absolute must. Unfortunately, Foresters only accepts diabetic neuropathy as modified. The good news is there are a few carriers that take diabetic neuropathy as level or preferred, so make sure to send that business elsewhere.
  • The Fraternal Question: Foresters final expense has commonly been a target of aggressive replacement since I started selling final expense back in 2011. Why? Foresters is a fraternal company that happens to sell insurance, and not a typical, privately/publicly owned insurance company. And what agents will do is characterize Foresters as not a “real insurance company/policy,” or that the cash value is at risk if the company goes into receivership.

    Understand I am NOT justifying this activity whatsoever. At best, the claims are dubious, at worst, twisting prospects into unethical replacements.

    The reason I mention it is that I believe the replacement risk for Foresters plans is higher due to agents following unethical replacement tactics, and you should know this before jumping in.
  • Combo-Drug Knockout List: Foresters has extra guidance on certain medications taken in combination with each other that may indicate congestive heart failure or diabetic complications. Make sure you’re aware of the combo medications prior to taking an application. Reach out to me here if you’d like a copy of the Prescription Guide to review.

    Also worth noting, heavy blood thinners like coumadin/warfarin, and nitroglycerin-based products like isosorbide mononitrate do NOT base their underwriting on first-fill guidelines like the cancer preventative medications mentioned earlier article. This means your clients may be rated to a Basic Plan that otherwise on paper can answer “no” to enough questions to qualify for Standard or Preferred plans.

Summary

Overall, Foresters’ PlanRight final expense product offers a well-rounded insurance product to your senior clients looking for burial insurance.

Foresters final expense offers competitive pricing, flexible and transparent underwriting, and useful member benefits that will go far in helping you close more final expense cases.

I believe for 2020 and beyond, Foresters will become a much more utilized product with its renewed underwriting flexibility, and I plan on recommending it to my agents for such reasons.

Want To Sell Foresters’ Final Expense Product?

Click here to learn more about joining David Duford's national agency.

To learn more about contracting, reach out here.

We have access to all sorts of benefits for final expense agents, including:

  • Top contracts for new and experienced agents. David Duford recruits and operates at FMO/IMO levels, giving him buying power to offer commission levels to agents and agencies others cannot match.
  • Affordably-priced, high-quality final expense lead programs for direct mail, Facebook, and telemarketing leads. David does not profit from the sale of leads, only referring you to sources with a track record of success.
  • An endless supply of top-notch prospecting and sales training at your fingertips.
  • Weekly sales training calls with David, ride-along training opportunities with David and his team, and direct phone/text access to David when you have case placement and sales questions (yes, David answers his own phone =).
  • Additional training and support for agents interested in cross-selling Medicare Advantage, annuities, or growing their own insurance agency.

Reach out to David by starting here. Talk soon!

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