Foresters Financial has been selected as a US life insurance provider by Allstate Financial Services.
Under the agreement, Allstate’s exclusive agents and Personal Financial Representatives will now offer a range of Foresters life insurance products, including three fully underwritten and four non-medical options. These products include whole life, guaranteed rate universal life, and term life policies.
Mark Rush, vice president and chief distribution officer at Foresters Financial US, said the company is pleased to work with Allstate to bring its life insurance solutions to a broader audience.
“We’re excited to combine Foresters’ holistic approach to life and well-being with Allstate’s robust distribution capabilities and expertise to meet growing demand and help more families attain the protection they need,” Rush said.
Foresters offers a variety of member benefits, which the company describes as enhancing traditional life insurance by providing added financial security and wellness opportunities.
These benefits include scholarships, orphan benefits, community volunteer grants, legal services such as wills, lifelong learning resources, and member discounts. These features are provided at no additional cost to policyholders.
Scott Delaney (pictured above), vice president at Allstate Financial Services, LLC, said that the collaboration with Foresters allows Allstate to deliver modern life insurance solutions to its customers.
“We’re thrilled to enhance our offerings and empower our exclusive agents and Personal Financial representatives with the best tools to help customers achieve their financial and life goals,” Delaney said.
Foresters’ life insurance coverage is available in all states except New York.
The timing of this collaboration also comes as Allstate faces a significant shift in its home insurance business in California. In November, Allstate will raise home insurance premiums in the state by an average of 34.1%, marking the most substantial rate increase by a major insurer in California over the past three years.
The premium hike, approved by state regulators, will affect approximately 350,000 policyholders across the state, Bloomberg reported. According to documents filed by Allstate, some customers could see increases as high as 650%, while others may experience decreases of up to 57%.
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