Foresters Financial announced on Jan. 2 that it will include a Charity Benefit provision among recent changes to its Advantage Plus participating whole life insurance product line.
When a claim is paid, an additional one per cent of the basic insured amount will be paid to the designated charity of the Advantage Plus certificate holder’s choice. The amount will be paid as a donation from Foresters, and will not require any additional premiums, nor will it impact the value of the death benefit. The payment may be eligible for a charitable tax deduction.
Unmatched in marketplace
“This Charity Benefit provision is not only unmatched in the Canadian insurance marketplace, but it integrates the Foresters Purpose of giving back into our product line,” says Rob Baboth, vice president, Canadian sales, Foresters Financial.
The new Advantage Plus also includes an optional Additional Purchase Option rider, enabling certificate holders to purchase paid-up additional insurance (PUA). Foresters says these PUAs may be eligible to earn dividends, which may help raise the cash value. “This is ideal for clients looking to maximize tax-favoured growth for retirement planning or transferring an estate,” says the company.