Global Courant
Many people understand that they need term life insurance, but with so many choices of carriers, plans, terms, passengers, and fares, it’s hard to know which policy is best for your family. In this article we will compare CFG’s Safe Shield term life policy to Forester’s Strong Foundation Term Life policy. We break down the sections of the policies to make the choice easier for you and your family.
Cover and riders
Both plans offer death benefits up to $250,000. The CFG plan comes with two riders at no extra cost: an unemployment benefit waiver and an accelerated death benefit. This means that you can become non-contributory for six months if you become unemployed and that you can receive 50% of your death benefit early if you become terminally ill.
Both plans have a great Disability Income Rider available at an additional cost. CFG’s Disability Income Rider allows you to receive monthly income for up to 24 months if you become incapacitated for 90 days or more due to an injury or illness. Forester’s Rider provides up to 24 months of monthly income if your disability is an injury caused by an accident.
Foresters also offers non-smoking rates for tobacco users who do not smoke cigarettes, an offer that many other insurance companies do not offer. They also have free member benefits to help you improve your life, health and education.
Application and duration of the term
Both plans make it easy to apply; you do not need to have a mortgage and both carriers offer e-applications. The Foresters’ plan does require a telephone interview.
An important decision to make is how long you want your policy to cover you. CFG’s plan offers 15, 20 and 30 year plans and the option to get back 50% or 100% of your premiums if you choose the 20 or 30 year plan and outlive the policy. Foresters offers terms of 15 and 20 years with no option to get your premiums back.
convertibility
Both the CFG and Foresters plans are convertible, meaning you can convert your policy from a lifetime policy to a lifetime or permanent policy. This is a great advantage if you find that your needs change after you buy a policy.
Conclusion
CFG’s Safe Shield Term Life and Foresters’ Strong Foundation Term Life are both great plans, and it can be hard to decide which one is right for you.
Choosing the right term life insurance policy: CFG vs
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