PlanRight Whole Life Insurance
One of the most popular items provided by Foresters is the final expense policy. This is a permanent whole life policy plan with a guaranteed level premium. Its premium is lower than other final expense policies. However, there are health requirements and questions that must be adhered to. As such, the policy isn’t for everyone.
It comes in three different versions: graded, fixed, and modified.
Fixed Death Benefit: this benefit provides complete face value from the beginning.
Graded Death Benefit: during the first couple of years, there is a limited death benefit. You will acquire a sum greater than the total premium paid acquired with 4.5% interest, or 30% of the face amount during the initial year, and 70% during the second. The death benefit extends to 100% after the first two years.
Modified Death Benefit: paid during the first two years, this limited death benefit is based on the return of the premium paid, plus an additional 10%. The death benefit becomes 100% after the first two years.