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Forethought Financial Life Insurance Review
When deciding on what company to choose for your coverage, the key factor in finding the best life insurance is knowing the best life insurance companies for your situation.
One of those companies you might consider is Forethought Life Insurance Company. They are a part of Global Atlantic Financial Group. They offer annuities and preneed life insurance.
Forethought Life insurance policies
While Global Atlantic states that their life insurance policies are issued through Accordia Life and Annuity company. They do point out that preneed life insurance issued by Forethought Life Insurance company.1 This review will only focus on the policies offered by Forethought.
Preneed life insurance is also known as funeral insurance, final expense, or burial insurance.
Forethought preneed/Final expense insurance
Forethought’s preneed insurance coverage is designed to cover burial, funeral and last rites. This is a basic policy for those who are not looking to offer their loved ones ongoing support through life insurance payouts but simply want to make sure their final expenses and burial aren’t a burden that falls on anyone else’s shoulders.
There is almost no information regarding the specifics of this policy on the Global Atlantic website. The only thing to really point out is that this policy is linked directly to a funeral provider so it won't be dispersed to your family when you pass away. The funds will go directly to the funeral provider.
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How much does Forethought life insurance cost?
There isn't specific policy cost information on the Global Atlantic website. You would need to give them a call to get a better idea of pricing.
However, final expense policies are typically for those 50+ and can be more expensive than other traditional types of policies.
Is Forethought financially stable?
Forethought receives high marks for financial stability across the board.
|A.M. Best (FSR)||A|
Data from information available at AMBest.com, StandardAndPoors.com, Moodys.com, and FitchRatings.com. Data effective 7/29/2020.
A.M. Best gives Forethought Life Insurance Company a solid A rating, meaning they are a financially stable company. This is a good rating coming from A.M. Best since they are the gold standard of financial ratings for the insurance industry.
S&P gives them an A- rating indicating that long term they will likely be able to meet any financial obligations.
Moody's gives them an A3 indicating that they have a superior financial strength for the long term and will likely be able to meet any short term financial obligations that come their way as well.
Fitch gives them an A indicating that they are a low risk for not meeting their financial obligations and they are financially stable.
Forethought customer service
Each year complaints are officially filed with the National Association of Insurance Commissioners (NAIC). The NAIC then gives companies a complaint index ratio. Forethought came in with a complaint ratio of 0.04 in 2019.2 To put that in perspective the national average is 1.00.
In 2019, Forethought Life Insurance company raked in over $8 billion in annual premiums.3 With that much flowing in, they had a very low number of complaints in 2019, with 10 total complaints.4
Bottom line: Forethought has limited options
While Forethought Life Insurance Company is financially stable and has a good customer service track record, they issue limited policy types with just a final expense policy. Global Atlantic does offer a few more options, but there are still other companies out there that offer more if you want to explore your options.
They have limited information regarding their final expense policy, so you would have to call to get more information, where other companies have this information available online.
If you want to get an idea of how much a life insurance policy will cost, get a quote. If you still have questions and need more guidance, give us a call and we will help guide you in the right direction.