Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Feb 12, 2022

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The Brief

  • Forethought Life Insurance provides indexed universal and pre-need coverage
  • Forethought Life Insurance offers various riders that customers can add to a policy
  • Forethought Life Insurance has been rated an A by A.M. Best

The Forethought Life Insurance Company provides permanent life insurance options. The company’s whole life insurance cost is affordable, and customers can add various riders to customize their policy. Additionally, the company has been rated an A by A.M. Best.

Knowing more about the Forethought Life Insurance Company will help you determine if it’s a good fit.

Before starting this Forethought Life Insurance Company review, enter your ZIP code to get free life insurance quotes in your area.

How does the Forethought Life Insurance Company determine rates?

Forethought considers various factors of a customer’s life when determining rates. The company places each applicant into a life insurance risk class, affecting how much they’ll pay. Some of the common factors used to determine rates include:

  • Age
  • Gender
  • Weight
  • Family history
  • Health history

In addition to determining a customer’s risk, Forethought includes various fees. Understanding these fees can help you better understand your rates. The additional costs that Forethought requires with its policies include:

  • A 10% premium charge on your payments
  • An expense charge during the first 15 years of your policy based on your age, issue amount, gender, and underwriting class
  • A cost of insurance charge based on your age, gender, issue amount, underwriting class, and policy year
  • A $6 monthly policy charge until age 121
  • Any applicable rider charges

Customers with the fewest risks will experience the most affordable Forethought Life Insurance Company life insurance rates.

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What coverages are offered by the Forethought Life Insurance Company?

Forethought has limited options when it comes to life insurance. The company only offers indexed universal life coverage and pre-need insurance. However, three different indexed universal life plans allow customers more choice.

Based on major financial indexes, an indexed universal life policy allows customers to accumulate a cash value. In addition, the Forethought policies come with an income-free death benefit, but the death benefit depends on the chosen plan.

The Lifetime Foundation ELITE plan provides a guaranteed death benefit period based on the insured’s underwriting class. The policy’s value can change after a mandatory period, and customers must keep up with minimum payments to keep the death benefit guarantee.

Following the expiration of the mandatory waiting period, policyholders can access a cash-value supported non-guaranteed death benefit. Additionally, the policy guarantees that the annual interest earned won’t exceed 2%.

The Lifetime Builder ELITE plan offers customers a choice of three death benefits. The two most common options are the level death benefit, which stays the same throughout the policy’s life, and the increasing death benefit, which increases each year.

Additionally, customers can choose a return of premium death benefit. This option adds additional funds equal to the amount you pay into the policy. While the increasing and return of premium death benefits depend on stock indexes, the level death benefit guarantees the amount.

The Global Accumulator policy links your account’s interest with popular stock indexes by either five indexed crediting strategies or one fixed-term strategy. After having the plan for six years, customers have two options to boost the cash value.

After six years, the SMART Buy-Up Secure option allows customers to add an extra percentage of the indexed interest credit. The SMART Buy-Up Performance plan directly adds a portion of the index performance into the account’s value.

Both of these options help the account grow faster. However, the SMART Buy-Up Performance plan is a high-risk, high-reward option. This choice costs more but provides a higher additional return if the index performs well.

In addition to indexed universal life insurance, Forethought also offers pre-need insurance. This plan is similar to final expense insurance in that it pays for final expenses, like funerals, burials, and memorial services.

What separates Forethought’s pre-need insurance from final expense coverage is that the plan is for a specific funeral provider. As a result, the payout goes directly to the funeral home, allowing your family to avoid the stressful task of dealing with finances.

Does the Forethought Life Insurance Company offer any riders?

Life insurance companies offer various options that customers can add to a policy. These options are called riders and allow policyholders to customize their plans. Companies include some riders free of charge, but most are available for an additional fee.

Forethought provides several optional riders that customers can add to a policy. The following are the optional riders offered by Forethought.

  • Accelerated access rider. Provides access to your death benefit if you suffer from a chronic critical illness.
  • Terminal illness accelerated death benefit rider. Provides access to a portion of your death benefit if you’re diagnosed with a terminal illness.
  • Wellness for life rider. Rewards customers with a discount for practicing healthy habits.
  • Child life insurance rider. Allows customers to buy a policy for children between 15 days and 17 years old.
  • Spouse life insurance rider. Allows customers to purchase a fixed amount of coverage for a spouse.
  • Accidental death benefit rider. Provides coverage if you die from an accident.
  • Waiver of premium rider. Protects policy if you become disabled and can’t make payments.
  • Loan protection rider. Ensures the policy doesn’t lapse if you borrow from it.

Since all of these riders are optional, adding them will increase Forethought Life Insurance Company life insurance quotes.

How is the Forethought Life Insurance Company rated?

Credit rating agencies regularly review the financial strength of life insurance companies. These ratings allow customers to determine the likelihood of receiving a payout when they file a claim.

Forethought has been rated an A by A.M. Best and S&P, an A- by Fitch, and an A3 by Moody’s. While not at the top of the scales, these ratings are all solid and indicate that Forethought customers should expect a payout whenever they file a claim.

The Better Business Bureau (BBB) also rates insurance companies based on their business practices. For example, the organization has rated Forethought an A-, indicating that the company is usually transparent and trustworthy when working with customers.

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Does the Forethought Life Insurance Company have any complaints?

The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) regularly review complaints made about insurance companies. Both organizations have completed Forethought Life Insurance Company reviews.

At the time of this review, the BBB has received eight complaints about Forethought during the past three years. Six of the eight complaints have been about the company’s products and services.

According to the NAIC, Forethought has 11 complaints. However, the company’s complaint index ratio is 0.08, indicating that Forethought has far fewer complaints than companies of a similar size.

Does the Forethought Life Insurance Company have a website?

There isn’t a Forethought Life Insurance Company website. Instead, customers can find company information on the Global Atlantic Financial Group website, Forethought’s parent company.

The Global Atlantic website provides some information about each policy offered by Forethought but lacks age limits and face amounts. As a result, customers must contact the company directly to get specific details on plans.

Customers that have bought a policy can download PDF documents to make changes to their plan. The website also provides customers with the option of making online payments.

How can you apply for Forethought Life Insurance Company coverage?

Customers looking to buy Forethought Life Insurance Company life insurance must contact a Global Atlantic financial professional to purchase a policy. Additionally, the company’s indexed universal life coverage requires a medical exam for coverage.

However, pre-need insurance is a simplified issue insurance option. As a result, customers can apply for and receive coverage without any medical underwriting.

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How can you cancel a Forethought Life Insurance Company policy?

Neither Forethought nor Global Atlantic provides information on the company’s cancellation policy. However, most insurance companies offer a 10-day to 30-day free-look period. Canceling during this period doesn’t result in any penalties.

To cancel a Forethought policy, customers must provide the company with written notice in advance. Additionally, depending on the policy length and cash value, a cancellation fee might apply.

How can you contact the Forethought Life Insurance Company?

Unlike many companies, there is only one Forethought Life Insurance provider phone number for claims and customer service. Customers can reach the company for any purpose by calling 1-877-462-8992. Representatives are available during business hours, which are:

  • Monday through Friday between 8:30 a.m. and 6:00 p.m.

The company might require that customers send information to the company by mail when filing a claim. Customers can reach the company by mail at the Forethought Life Insurance Company address, located at:
1069 State Route 46E
Batesville, IN, 47006

Customers can also reach the company by email or fax. The email address is [email protected], and the fax number is 1-800-262-6976.

Who is the Forethought Life Insurance Company?

Forethought began in 1985 as a subsidiary of Hillenbrand Industries. Headquartered at the Forethought Life Insurance Company Batesville, Indiana office, the purpose of the company was to provide pre-need coverage for funeral expenses.

The company became independent in 2004 and added additional products, including fixed annuities and universal life insurance in 2006. In 2013, the Global Atlantic Financial Group acquired Forethought. The group still owns the company today.

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Forethought Life Insurance Company: The Bottom Line

Forethought provides permanent life insurance options for customers throughout the United States. In addition to pre-need and indexed universal life insurance, the company offers several options that customers can add to policies.

Learning more about the Forethought Life Insurance Company will help you decide if it’s a good option.

Now that you know about the Forethought Life Insurance Company, enter your ZIP code to find free life insurance rates in your area.