Foresters Financial adds charitable benefit provision to term life insurance

Foresters Financial has added a new charitable benefit provision to its term life insurance products in Canada, along with other enhancements. The charitable benefit provision will allow term life insurance policyholders to give back to the community in their own way. Foresters will donate an additional 1% of the basic insurance amount – up to a maximum donation of $100,000 – to the designated registered charity of the policyholder’s choice when a claim is paid. This charitable contribution will not reduce the death benefit to the beneficiaries in any way, a release noted. “We’ve been giving back to the community for almost 150 years now – it’s just part of who we are as a fraternal life insurer. This charitable benefit provision is one more way that we stay true to our roots and remain competitive in the Canadian market,” commented Foresters Financial president and CEO Jim Boyle.