Forethought Life Insurance Company

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As we continue our reviews of the best life insurance companies in the United States, today’s spotlight will be on Forethought Life Insurance Company.

Another slightly niche carrier, Forethought Life has a focus on final expense insurance, also called burial insurance, to help consumers leverage against end of life expenses.

If you’re searching for a reputable carrier offering tailored pre-need, life insurance, retirement, and reinsurance solutions, Forethought Life could be the ideal company to manage your specific coverage needs.

However, since Forethought became a subsidiary of Global Atlantic Financial Group Limited in early 2014, customers can now explore a more diverse suite of life insurance products, including affordable term life policies.

Just like all of our other reviews, this Forethought Life Insurance Company review is solely based on our own opinions.

We advise everyone to take advantage of our free quote tool in the sidebar to explore quotes from more than 50 different life insurance carriers.

Our Forethought Life Insurance Company Review

Forethought Life Insurance Company logoDating back to 1985, Forethought Life Insurance Company began as a subsidiary to Hillenbrand Industries, which was a Fortune 500 company at the time.

Within the next 7 years, Forethought would have already reached its first major milestone of more than $1 billion of insurance in force.

The company would continue to grow, surpassing $1 billion in assets two years later, and doubling its in force insurance to over $2 billion by 1995. In just another year, they would become the industry leader for insurance policies in the pre-need division.

Observing the company’s continued growth, investors in the Devlin Group led Forethought to its first independent status in 2004, where it was sporting more than $4 billion in insurance in force.

This new position allowed Forethought to become a nationwide business, helping sustain the company’s growth on a much larger scale.

In January 2014, Forethought Life Insurance Company joined the ranks of Global Atlantic Financial Group Limited as a listed subsidiary. Simply known as Global Atlantic, the large, privately held conglomerate was first established in 2004 under the name Goldman Sachs Reinsurance Group.

Despite years of nagivating operational changes and transitions, Forethought has tirelessly exemplified their five company values: People, Teamwork, Integrity, Innovation, and Stewardship.

Stemming from these values are the provider’s four primary objectives of financial planning:

  1. Accumulation
  2. Income
  3. Protection
  4. Legacy

Today, the company remains a part of Global Atlantic, and Forethought’s corporate growth and impact continue to skyrocket with over $20 billion in calculated assets.

When clients trust Global Atlantic with their pre-need, life insurance, or retirement needs, they aren’t just thinking and planning ahead – they’re getting ahead.

Forethought Financial Ratings

Considered one of the best burial life insurance companies by many, Forethought Life Insurance Company has proven financial stability year after year.

For decades, Forethought Life has met and exceeded client expectations through offering practical life insurance options and reliable retirement solutions.

To recognize the company’s top-notch performance, both A.M. Best and Fitch awarded Forethought Life a credit rating of “A” most recently. Standard & Poor’s concurs, giving Forethought an “A-” rating.

However, Moody’s rating came in slightly lower at an “A3.” While this is still an “A” rating by all accounts, its should be noted as a standout rating.

These financial ratings combined achieved a Comdex score of 73.

Overall, these credit rankings identify Forethought Life as a dependable insurance provider with a strong heritage steeped in experience and strategic planning.

According to Forethought, secure tomorrows start with smart financial decisions made today.

Products Available

With a laser focus on middle America and securing coverage for seniors, Forethought Life adheres to pre-planning market needs through a couple different final expense and life insurance product offerings.

In addition, they offer annuities to help retirement-focused individuals utilize tax advantaged methods to accumulate funds.

Forethought Life’s most popular insurance products are listed below:

Pre-Need Insurance Coverage

This form of protection is used strictly to help consumers pay for funerals and funeral-related expenses, and nothing more.

It’s a very basic policy, and allows the insured or owner to make arrangements with a funeral home in advance. As a result, the policy’s proceeds can expedite matters for grieving family members.

This specific coverage plan applies only to Forethought Funeral Planning Network affiliated partners.

Final Expense Insurance

TrustGuard Gold, Forethought’s final expense insurance plan, is a combination of whole life insurance for burial needs and a trust with explicit direction for fund use.

This can help many people safeguard funds they’ve set aside for burial expenses and other final needs, as opposed to being collected first from creditors.

This additional layer of protection offers needed peace of mind and financial security for many clients.

Term Life

This type of life insurance allows policyholders to affordably secure financial protection for loved ones on a short-term basis without cash value accumulation.

Forethought offers 10, 20, or 30 year policies featuring a guaranteed, term-specific level premium and death benefit. Death benefit pay out depends on a policyholder’s ability to fulfill premium payments.

The Annual Renewable Term (ART) package is an attractive offering, but any of their term life policies can be converted to permanent coverage.

Minimum term coverage starts at $50,000. The maximum coverage will vary on the product chosen.

Permanent Insurance Coverage

Forethought offers a variety of permanent coverage plans, specifically universal life to indexed universal life.

Unlike term life, permanent coverage features not only a guaranteed death benefit, but also tax-deferred cash value build up.

Policyholders may withdraw or borrow funds as they see fit. Of course, this can impact the cash-to-loan value within the policy, so one should be careful when doing so.

Forethought’s universal life plan (Lifetime Assure UL), as a standard, includes income-tax free death benefits, cash value accumulation, cash value access, and flexible payout options.

The indexed universal life plans (Lifetime Builder ELITE, Lifetime Foundation ELITE, Lifetime Provider, and Survivorship Builder) include these same features, but are subject to interest calculations based on major stock market index projections.

Annuities

Regarding annuities, Forethought offers several product choices, including traditional fixed annuities, fixed indexed annuities, variable annuities, and income annuities through Forethought Distributors.

Their thoughtfully designed products offer a standard death benefit based on the amount of funds in the annuity.

The proceeds would act just like a normal life insurance policy would. The ability to meet long-term care needs can also be actualized through utilizing a policyholder’s annuities.

Final Thoughts on Forethought Life Insurance Company

Forethought Life Insurance Company is an ideal resource for policyholders needing to ensure burial costs and funeral-related expenses are taken care of in the event of their passing.

Since funerals are becoming more and more expensive, typically costing loved ones $5,000 or more, securing some form of pre-need insurance coverage for one’s family is considered a smart move.

Even though Forethought Life has offered clients more robust life insurance offerings since joining the Global Atlantic family of companies, for decades the company has realistically met the needs of a small, specialized demographic or niche.

As always, readers should evaluate their life insurance needs and conduct their own research on different providers before solidifying any long-term financial obligation.

Working with the nationwide funeral planning network, along with building brand loyalty in attachment to their products, are just a few unique aspects of choosing a proactive carrier like Forethought Life via Global Atlantic.

Forethought Life Insurance Company

Phone
(800) 331-8853
Address
One Forethought Center
Batesville, IN 47006

Company Name (and subsidiaries)

  • Global Atlantic Financial Group Limited (Parent)
  • Forethought Financial Group
  • Forethought Distributors, LLC

Author:

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Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.