Foresters Insurance | New term portfolio and life application
ForestersTM is dedicated to developing products that are easy to understand and easy to sell. That is why we are very excited to introduce a new streamlined term life insurance product1 portfolio on January 20, 2014. This new portfolio will simply consist of Term 10, Term 20 and Term 30 products.
This brand new portfolio will replace our current line up of Preferred Term 5, Preferred Term 15, Term 10, Term 20, Term 25 and Term 30. In a further move to streamline, we will be reducing the underwriting classes from 10 to 5.
Keep an eye on your email. We will share with you the top 10 reasons this term portfolio should be an essential part of your 2014 sales plans.
New application
To support the new term portfolio and the streamlining of our underwriting classes, we needed to make some revisions to our life and critical illness insurance application. We also took this opportunity to incorporate key changes based on your critical feedback when it comes to usability. We think these combined changes will lead to a significant improvement in client experience and “in good order” submissions.
At launch time, you will need to dispose of the “old” applications, 406578 CAN (05/13), and replace them with “new” applications, 105849 CAN (01/14), as those applications will no longer be accepted by Foresters, for any product.
Important Transition Rules and Dates
Below are the key dates associated with the launch of the new term portfolio and the new life insurance application. Click here to download a PDF with these dates. Keep this handy so that you can manage your sales accordingly.
January 7, 2014
This is the last day for signed Turbo Applications written on application 406784 CAN (01/13) TURBO (E). There will be no immediate replacement for this application as Foresters is working on a new solution to be launched a little later in 2014. Interviews associated with the Turbo applications must be completed on or before January 19, 2014.
January 19, 2014
Due to the fact the new term portfolio is a brand new plan that uses completely new underwriting criteria when determining classification, the new application must be used when applying for the new term product.
January 19, 2014 is the last date that an “old” application, 406578 CAN (05/13), can be signed and sent into Foresters. New submissions received after this date on the “old” application cannot be accepted. A new application will need to be completed and submitted. In addition, interviews associated with the Turbo applications must be completed on or before January 19, 2014.
January 20, 2014
Foresters launches its new term portfolio Monday, January 20, 2014 with new Sky illustration software plus a new application, new marketing collateral and new product information on our Bluesky producer portal.
January 24, 2014
With no exceptions, applications for our Term products, Familylife, LifeCare and Passport on the “old” Life and CI application, 406578 CAN (05/13), must be received at head office by close of business on Friday, January 24, 2014. New submissions received after this date on the “old” application cannot be accepted. A new application will need to be completed and submitted.
February 24, 2014
All outstanding routine age and amount requirements on the “old” Life and CI application, 406578 CAN (05/13), must be received by head office before close of business on February 24, 2014. Once this date passes, a new application will need to be completed and submitted.
Special Note:
Due to new underwriting criteria and a focus on competitive rates at specific ages and amounts, Foresters cannot guarantee a submission for re-underwriting on the new term portfolio will result in a better underwriting class or a lower premium.
For Advisors Only
Foresters™ is the trade name and a trademark of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9; its subsidiaries are licensed to use this mark.
1Insured by Foresters Life Insurance Company.
410572 CAN (12/13)