What the discount means
Forrester Life Insurance offers a policy‑holder discount when a customer links a qualified will to their life coverage. The reduction typically ranges from 5% to 15% of the premium, depending on the policy type and the comprehensiveness of the will.
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Eligibility criteria
To qualify, the insured must meet three basic conditions:
- Hold an active Forrester life insurance policy in force for at least 12 months.
- Provide a legally valid will that names the insurer as a contingent beneficiary or includes a specific clause for policy proceeds.
- Maintain a clean claims history with no fraud or misrepresentation findings.
Some states require the will to be notarized or filed with a local probate court; otherwise, a certified copy suffices.
How the discount is calculated
The discount is applied at renewal, not as a retroactive credit. For term policies, the premium reduction is a flat percentage. For whole‑life or universal policies, the discount may affect both the base premium and the cash‑value accumulation rate.
| Policy type | Typical discount | Impact on cash value |
|---|---|---|
| Term | 5‑10% | None |
| Whole life | 10‑15% | Higher cash‑value growth |
| Universal | 8‑12% | Improved flexibility |
Steps to claim the discount
Follow this streamlined process to ensure the discount is applied without delay:
Keep a copy of the confirmation for future reference, especially if you change beneficiaries or update the will.
Common pitfalls to avoid
Missing or outdated documentation is the leading cause of denied discounts. Ensure the will reflects the current policy number and that any amendments are filed promptly. Also, be aware that a lapse in premium payments resets the eligibility clock.
Impact on overall estate planning
Integrating the discount into your estate strategy can lower long‑term costs, freeing more assets for heirs. However, the discount should not replace a comprehensive review of coverage limits, beneficiary designations, and tax implications. Consult a qualified estate attorney to align the insurance policy with your broader financial goals.