Forethought Insurance is an insurance company that specializes in providing funeral insurance, final expense insurance, and other types of life insurance products. They have been in business for over 30 years and are well-known for their excellent customer service and competitive rates. This guide will provide a comprehensive overview of Forethought Insurance, including their history, products, and customer reviews.
History and Background
Forethought Insurance was founded in 1985 and is headquartered in Batesville, Indiana. The company was started by a group of funeral directors who wanted to provide better insurance options for their clients. Today, Forethought Insurance is one of the leading providers of funeral and final expense insurance in the United States.
Over the years, Forethought Insurance has grown through a combination of organic growth and strategic acquisitions. In 2013, they acquired the funeral planning and financial services division of Lincoln Financial Group, which helped to expand their reach and product offerings.
Forethought Insurance is a subsidiary of Global Atlantic Financial Group, which is a leading provider of annuities and life insurance products. Global Atlantic is committed to providing innovative products and excellent customer service, and Forethought Insurance is no exception.
What types of insurance does Forethought offer?
Forethought Insurance offers a variety of insurance products, including:
Insurance Type |
Description |
|---|---|
Funeral Insurance |
Provides coverage for funeral expenses, including burial or cremation costs, caskets or urns, and other related expenses. |
Final Expense Insurance |
Provides coverage for end-of-life expenses, such as medical bills, credit card debt, and other debts or expenses. |
Life Insurance |
Provides coverage for a specific term or for the duration of your life, and can be used to provide financial support to your loved ones in the event of your death. |
Annuities |
Provides a fixed or variable income stream for a specific period of time or for the rest of your life. |
Funeral Insurance
Funeral insurance, also known as burial insurance or final expense insurance, is designed to cover the costs of a funeral or memorial service. This type of insurance is typically purchased by seniors or those with pre-existing health conditions, as they may have trouble qualifying for traditional life insurance policies.
What is covered by funeral insurance?
Funeral insurance typically covers the following expenses:
- Burial or cremation costs
- Caskets or urns
- Embalming or other preparation of the body
- Flowers or other decorations
- Funeral home or chapel fees
Some funeral insurance policies also offer additional benefits, such as grief counseling or assistance with estate planning.
How much does funeral insurance cost?
The cost of funeral insurance depends on a variety of factors, including your age, health status, and the amount of coverage you need. In general, funeral insurance policies are relatively affordable, with premiums ranging from $10 to $50 per month.
How does Forethought’s funeral insurance compare to other providers?
Forethought Insurance is known for offering competitive rates and excellent customer service. Many customers have reported that they were able to get a policy with Forethought even though they had been turned down by other providers.
One thing to keep in mind is that Forethought’s funeral insurance policies do not have a waiting period, which means that your coverage will be effective immediately after you purchase your policy. This is a unique feature that is not offered by all providers.
Final Expense Insurance
Final expense insurance, also known as burial insurance or funeral insurance, is designed to cover the costs of end-of-life expenses, such as medical bills, credit card debt, and other debts or expenses. This type of insurance is typically purchased by seniors or those with pre-existing health conditions, as they may have trouble qualifying for traditional life insurance policies.
What is covered by final expense insurance?
Final expense insurance typically covers the following expenses:
- Medical bills and other outstanding debts
- Credit card or loan balances
- Utility bills or other household expenses
- Funeral or burial expenses
Some final expense insurance policies also offer additional benefits, such as accidental death coverage or assistance with estate planning.
How much does final expense insurance cost?
The cost of final expense insurance depends on a variety of factors, including your age, health status, and the amount of coverage you need. In general, final expense insurance policies are relatively affordable, with premiums ranging from $10 to $50 per month.
How does Forethought’s final expense insurance compare to other providers?
Forethought Insurance is known for offering competitive rates and excellent customer service. Many customers have reported that they were able to get a policy with Forethought even though they had been turned down by other providers.
One thing to keep in mind is that Forethought’s final expense insurance policies do not have a waiting period, which means that your coverage will be effective immediately after you purchase your policy. This is a unique feature that is not offered by all providers.
Life Insurance
Life insurance is designed to provide financial support to your loved ones in the event of your death. There are two main types of life insurance: term life insurance and permanent life insurance.
Term Life Insurance
Term life insurance provides coverage for a specific period of time, typically 10, 20, or 30 years. If you die during the term of your policy, your beneficiaries will receive a death benefit. Term life insurance is typically less expensive than permanent life insurance, making it a popular choice for those looking for affordable life insurance options.
Permanent Life Insurance
Permanent life insurance provides coverage for the duration of your life, as long as you continue to pay your premiums. There are several types of permanent life insurance, including whole life insurance, universal life insurance, and variable life insurance. Permanent life insurance policies typically have higher premiums than term life insurance policies, but they also offer additional benefits, such as cash value accumulation and the ability to borrow against your policy.
How much life insurance do I need?
The amount of life insurance you need depends on a variety of factors, including your age, income, and the amount of debt you have. In general, financial experts recommend purchasing enough life insurance to cover 10-12 times your annual income.
How does Forethought’s life insurance compare to other providers?
Forethought Insurance offers a variety of life insurance options, including term life insurance and permanent life insurance. They are known for offering competitive rates and excellent customer service. Many customers have reported that they were able to get a policy with Forethought even though they had been turned down by other providers.
Annuities
An annuity is a financial product that provides a fixed or variable income stream for a specific period of time or for the rest of your life. Annuities are typically purchased as part of a retirement plan, as they provide a steady source of income in retirement.
What types of annuities does Forethought offer?
Forethought Insurance offers a variety of annuity products, including:
- Fixed annuities
- Indexed annuities
- Variable annuities
Each type of annuity offers different benefits and drawbacks, so it’s important to understand the differences before making a purchase decision.
How much does an annuity cost?
The cost of an annuity depends on a variety of factors, including the type of annuity you choose, how much you contribute, and how long you want the payments to last. In general, annuities are more expensive than other types of investments, but they offer additional benefits, such as guaranteed income and tax-deferred growth.
How does Forethought’s annuities compare to other providers?
Forethought Insurance offers a variety of annuity products, including fixed, indexed, and variable annuities. They are known for offering competitive rates and excellent customer service. Many customers have reported that they were able to get an annuity with Forethought even though they had been turned down by other providers.
FAQ
Is Forethought Insurance a good company?
Yes, Forethought Insurance is known for offering competitive rates and excellent customer service. Many customers have reported that they were able to get coverage with Forethought even though they had been turned down by other providers.
What types of insurance does Forethought offer?
Forethought Insurance offers a variety of insurance products, including funeral insurance, final expense insurance, life insurance, and annuities.
How much does Forethought Insurance cost?
The cost of insurance from Forethought Insurance depends on a variety of factors, including your age, health status, and the amount of coverage you need. In general, their rates are competitive with other providers.
Does Forethought Insurance have a waiting period?
Forethought’s funeral insurance and final expense insurance policies do not have a waiting period, which means that your coverage will be effective immediately after you purchase your policy.
How do I file a claim with Forethought Insurance?
To file a claim with Forethought Insurance, you will need to contact their claims department at 1-800-331-8853.
Conclusion
Forethought Insurance is a reputable insurance company that specializes in funeral insurance, final expense insurance, life insurance, and annuities. They are known for offering competitive rates and excellent customer service, making them a popular choice for those in need of affordable insurance options. Whether you’re looking to protect your loved ones in the event of your death or plan for retirement, Forethought Insurance has a product that can help.