NEW YORK, NY, June 27, 2016 /PRNewswire/ - Foresters Financial is proud to participate in National Insurance Awareness Day—an annual campaign held every June 28 to remind Americans about the importance of life insurance.
"We are proud to participate in this event," said Carol Springsteen, President of Foresters Life Insurance and Annuity Company, a subsidiary of Foresters Financial Services, Inc. "Life insurance is one of the best safeguards for a family's financial future and should be one of the centerpieces of any sound financial portfolio. Not only can life insurance help protect the assets you have worked so hard to accumulate, it can provide you with the peace of mind of knowing that your family will be protected if anything happens to you."
Despite this, more than 40 percent of Americans have no life insurance, according to the 2015 Insurance Barometer Study by Life Happens® and LIMRA, an international trade association for the financial services industry. Standing in the way of many Americans getting the coverage they need is the misconception that life insurance is expensive.
According to the study, 80 percent of Americans overestimate the price of a term life insurance policy, with Millennials overestimating the cost by 213 percent, and Gen Xers overestimating the cost by 119 percent. The study found that nearly one third (30 percent) of Americans believe they need more life insurance and more than two in five (43 percent) say they would feel a financial impact within six months if the primary wage-earner died. However, the majority of Americans (54 percent) say it is unlikely they will purchase life insurance within the next 12 months.
"With so many Americans uninsured and unaware of just how affordable life insurance is," said Marvin H. Feldman, CLU, ChFC, RFC, President and CEO of Life Happens®, "the need for life insurance education has never been greater."
While insurance policies and rates are determined by a number of factors, including age, health, and amount of insurance purchased, a $100,000 of term life insurance can be purchased by a 25 year old male for as little as $12.00 per month.* In addition, there are many different types of life insurance policies that can be customized to meet an individual's specific situation, risk tolerance and financial goals.
Through this event, Springsteen hopes that Americans will take the opportunity to learn more about how life insurance can help protect them and their family—and specifically encourages them to speak with a Foresters Life Insurance and Annuity Representative who can help choose the life insurance coverage that's best for them with a free, no obligation consultation.
*Term life insurance products from Foresters Life Insurance and Annuity Company are not approved in all states.
About Foresters Financial Holding Company, Inc. (formerly First Investors)
Foresters Financial Holding Company, Inc. consists of a group of diversified financial services companies that include a registered broker-dealer, an investment adviser, a life insurance company and a transfer agent. Foresters Financial Services, Inc., a broker-dealer, helps everyday families reach their financial goals by offering solutions and guidance through its network of financial representatives working in 42 branch offices across the United States. Foresters Investment Management Company, Inc. is the investment adviser to the First Investors family of funds, which had nearly $11 billion in total assets under management as of March 31, 2016. Foresters Life Insurance and Annuity Company, Inc., a New York domiciled insurance company, offers a range of insurance and annuity products and maintains an "A" (Excellent) rating by A.M. Best1. foresters.com
Foresters is an international financial services provider with more than three million clients and members in Canada, the United States and the United Kingdom. We provide life insurance, savings, retirement and investment solutions that help families achieve their financial goals and make a lasting difference in their lives and communities. Foresters has assets of almost $14 billion, total funds under management of $34 billion and a surplus of $2.3 billion (all figures in Canadian dollars as of December 31, 2015) and maintains an "A" (Excellent) rating by A.M. Best¹. For more information, visit foresters.com.
Foresters Financial™ and Foresters™ are the trade names and trademarks of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9 and its subsidiaries, including Foresters Financial Holding Company, Inc. (FFHC). Foresters Financial Services, Inc. is a registered broker-dealer and subsidiary of FFHC. Securities, life insurance and annuity products are offered through Foresters Financial Services, Inc. Insurance products are issued by Foresters Life Insurance and Annuity Company, New York, or The Independent Order of Foresters.
¹ An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. In assigning Foresters rating on July 1, 2015, A.M. Best stated that the rating outlook is "stable", which means it is unlikely to change in the near future. See ambest.com for our latest rating.
SOURCE Foresters Financial