Shelves (Credit: iStock)

Foresters Financial is replacing the Advantage Plus Whole Life policy with a new policy, the Advantage Plus II Participating Whole Life product.

(Related: Foresters Sells Money Manager, Keeps Life Business)

The new policy will offer lower premiums, according to Foresters.

The member-owned fraternal insurer says the policy offers a number of extra benefits, such as a chance to compete for scholarships, family fun events, and orphan benefits, in additional to conventional life insurance death benefits.

Purchasers can buy a paid-up insurance rider and other riders, such as 10-year and 20-year term riders, an accidental death rider, and a children’s term life rider.

Foresters says that, when it pays a claim, it will donate an amount equal to 1% of the death benefit, up to a $100,000 limit, to an eligible charity designated by the policyholder.

— Read Foresters Closes on FICCon ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on LinkedIn and Twitter.