Many people understand that they need term life insurance, but with so many choices of carriers, plans, terms, riders, and rates it’s hard to know what policy is best for your family. In this article we’ll compare CFG’s Safe Shield Term Life policy to Foresters’s Strong Foundation Term Life policy. We’ll break down the policies’ components to make the choice easier for you and your family to make.
Coverage and Riders
Both of these plans offer death benefits up to $250,000. The CFG plan comes with two riders for no extra cost: an Unemployment Waiver of Premium and an Accelerated Death Benefit. This means that you can have your premiums waived for six months if you become unemployed and you can receive 50% of your death benefit early if you become terminally ill.
Both of these plans have a great Disability Income Rider available for an extra cost. With CFG’s Disability Income Rider you can receive a monthly income for up to 24 months if you become disabled for 90 days or more due to an injury or illness. Forester’s Rider provides up to 24 months of monthly income only if your disability is an injury caused by an accident.
Foresters also offers non-smoker rates for tobacco users who do not smoke cigarettes, which is an offer that a lot of other insurance carriers do not provide. They also have complimentary member benefits to help you improve your life, health, and education.
Application and Length of Term
Both of these plans make it easy to apply for; you’re not required to have a mortgage and both carriers offer e-applications. The Foresters’s plan does require a telephone interview.
An important decision to make is how long you’d like your policy to cover you. CFG’s plan offers 15, 20, and 30 year plans and the opportunity to get 50% or 100% of your premiums back if you choose the 20 or 30 year plan and outlive the policy. Foresters offers 15 and 20 year terms with no opportunity to get your premiums back.
Both the CFG and Foresters plans are convertible, which means that you can convert your policy from a term life policy into a whole life, or permanent policy. This is a great benefit if you find that your needs change after you’ve purchased a policy.
CFG’s Safe Shield Term Life and Foresters’s Strong Foundation Term Life are both great plans, and it can be hard to decide which one is right for you.