{"id":18875,"date":"2020-07-03T00:14:00","date_gmt":"2020-07-03T04:14:00","guid":{"rendered":"https:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/foresters-turns-the-page-on-variable-life-and-annuity-business\/"},"modified":"2020-07-03T00:14:00","modified_gmt":"2020-07-03T04:14:00","slug":"foresters-turns-the-page-on-variable-life-and-annuity-business","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/07\/03\/foresters-turns-the-page-on-variable-life-and-annuity-business\/","title":{"rendered":"Foresters turns the page on variable-life and annuity business"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/cdn-res.keymedia.com\/cms\/images\/ca\/110\/0348_637293464322906014.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p>Foresters Financial is embarking on a new chapter of its existence as it finally exits the variable life and annuity business.<\/p>\n<p>The company has completed its previously announced sale of Foresters Financial Holding Company and <a href=\"https:\/\/www.lifehealthpro.ca\/tools\/companies\/foresters-life-insurance\/222227\/\">Foresters Life Insurance<\/a> and Annuity Company (FLIAC), the New York-based variable life and annuity business it acquired through its 2011 purchase of First Investors, to Nassau Financial Group.<\/p>\n<p>With the sale of FLIAC, Foresters has completed divested itself of the First Investors businesses, following its sale of the asset manager and broker dealer arms to Macquarie Group and Cetera Financial Group, respectively. It also marks the culmination of Foresters strategy to concentrate on fixed life insurance in the US and Canada.<\/p>\n<p>\u201cOur strategy focuses on optimizing our strengths as a modern fraternal life insurance carrier,\u201d Foresters Financial President and CEO Jim Boyle said in a statement. \u201cWith the divestitures over the past year, our energies are fully devoted to driving the growth of our fixed life insurance business and taking advantage of being a purpose-driven fraternal organization.\u201d<\/p>\n<p>The firm said its fraternal life business has been growing as it expands its suite of innovative term life, universal life, and whole life insurance products in the US and Canada. Sales through May 2020 of its US and Canadian fraternal insurance products have reportedly increased 5% over 2019.<\/p>\n<p>Foresters professes to be concentrated on offering life insurance solutions to mass- and middle-market families underserved by US, Canadian, and UK financial institutions. Such families in the US, the firm said, represent an estimated 39 million households.<\/p>\n<p>\u201cIndependent agents we work with see our fraternal, purpose-driven approach as a powerful way to differentiate their business,\u201d said Chief Distribution Officer Matt Berman. \u201cThey appreciate our focus on helping others, and the fact that our insurance comes with special benefits that empower their clients and their families to enjoy a more enriching life today \u2013 all while supporting the work they do in their communities.\u201d<\/p>\n<p>The member benefits \u2013 which are non-contractual, subject to specific eligibility requirements, and may be changed or cancelled without notice \u2013 include:<\/p>\n<ul>\n<li>Academic scholarships;<\/li>\n<li>Orphan benefits;<\/li>\n<li>Complimentary access to online wills and other important documents through LawAssure<\/li>\n<\/ul>\n<p>Members also have opportunities to give back to their communities through local market activities, especially through community involvement grants.<\/p>\n<p> <a href=\"https:\/\/www.lifehealthpro.ca\/news\/foresters-turns-the-page-on-variablelife-and-annuity-business-331140.aspx\">Read the original article at https:\/\/www.lifehealthpro.ca\/rss\/ <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Foresters Financial is embarking on a new chapter of its existence as it finally exits the variable life and annuity business. The company has completed its previously announced sale of Foresters Financial Holding Company&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18875"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=18875"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/18875\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=18875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=18875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=18875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}