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 24, 2022

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The Brief

  • Forethought Life Insurance provides indexed universal life and pre-need insurance
  • Forethought Life Insurance offers numerous riders
  • Forethought Life Insurance has been rated A by A.M. Best

The Forethought Life Insurance Company is a Global Atlantic Financial Group subsidiary, providing permanent life insurance options. The company has an affordable whole life insurance cost, and various riders help customers lower their rates.

Learning more about the Forethought Life Insurance Company will help you determine if it’s the best choice.

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

What are the Forethought Life Insurance Company rates?

Life insurance companies use various factors to determine the risk of insuring a person, and high-risk customers experience higher rates. Some factors that companies use to assess risk include:

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

Forethought doesn’t provide its rates online, but you can gain an idea of how much you’ll pay by reviewing average life insurance rates. The following chart displays the average annual life insurance rates for a 20-year term, at $500,000, based on age and gender.

Forethought Life Insurance Company Average Annual Male Life Insurance Rates for a 20-Year Term at $500,000
AgeAverage Annual Life Insurance Rates
30$227
40$340
50$835
60$2,362
70$9,298
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The chart below reveals the same information for females.

Forethought Life Insurance Company Average Annual Female Life Insurance Rates for a 20-Year Term at $500,000
AgeAverage Annual Life Insurance Rates
30$192
40$287
50$652
60$1,673
70$8,205
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As you can determine from these sample life insurance rates, coverage is cheaper for females than for males. Additionally, rates increase as customers age.

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What coverages are offered by the Forethought Life Insurance Company?

Forethought only offers indexed universal life and pre-need insurance. All policies provide an income-free death benefit, but it depends on the chosen plan.

Indexed universal life insurance is a permanent plan that accumulates a cash value based on popular stock indexes, like the S&P 500. However, Forethought also offers policies with a guaranteed death benefit, ensuring the beneficiary’s amount.

The Lifetime Foundation ELITE plan provides customers with a guaranteed death benefit period based on the insured’s underwriting class. While customers receive minimum rates during the mandatory period, rates increase once the period expires.

After the mandatory period concludes, policyholders can also access a non-guaranteed death benefit supported by the cash value. Additionally, the policy guarantees that the earned interest won’t exceed 2%.

The Lifetime Builder ELITE plan is a customizable policy offering three death benefit options. The three death benefit options include:

  • Level death benefit – The death benefit remains the same throughout the entirety of the policy.
  • Increasing death benefit – The death benefit increases each year.
  • Return of a premium – It adds funds equal to the amount that you pay into the policy.

The most popular choices are the level and increasing death benefits, as they’re less risky options. However, while the level death benefit features a guaranteed amount, the increasing death benefit and return of premium options depend on stock indexes.

The Global Accumulator plan links the account’s interest to popular stock indexes via five indexed crediting strategies and one fixed-term strategy. When the policy has been active for six years, policyholders can boost the cash value in one of two ways.

Policyholders can use the SMART Buy-Up option to add an extra percentage to the indexed interest credit. The SMART Buy-Up Performance option adds part of the index’s performance to the account’s value.

The primary difference between these two options is the risk involved. The SMART Buy-Up plan is risk-free, ensuring an addition to the indexed interest credit. On the other hand, the SMART Buy-Up Performance option is more expensive but offers a higher return if the index performs well.

Pre-need coverage is the Forethought funeral insurance plan. This policy is similar to final expense insurance as it pays for funeral, burial, and memorial service costs. However, pre-need coverage directly pays your chosen funeral home, allowing your family to avoid the hassle.

In addition to life insurance, customers can purchase one of five Forethought annuity plans. These options allow customers to grow their financial portfolio and income for retirement. More Global Atlantic annuity options are available, but Forethought customers can still find an acceptable plan.

Does the Forethought Life Insurance Company have any riders?

Most life insurance companies allow customers to customize a policy by adding options. These options are called riders and are available for the insured, spouses, and children.

Forethought offers a variety of riders from which customers can choose. The following table discloses the list of the riders provided by Forethought and a description of each option.

Forethought Life Insurance Company Riders
RiderDescription of Rider
Accelerated access riderAllows access to the death benefit if the insured has a chronic critical illness.
Terminal illness accelerated death benefit riderPolicyholders can access a portion of the death benefit early if diagnosed with a terminal illness.
Wellness for life riderProvides a discount for practicing healthy lifestyle habits.
Child life insurance riderPolicyholders can buy coverage for a child between 15 days and 17 years old.
Spouse life insurance riderPolicyholders can buy a fixed amount of coverage for their spouse.
Accidental death benefit riderProvides coverage if the insured dies in an accident.
Waiver of premium riderProtects the policy if you become disabled and can't make payments.
Loan protection riderEnsures the policy doesn’t lapse if you borrow from it.
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Forethought offers more riders than most competitors, allowing customers more ways to customize a policy. However, adding these riders will increase your rates.

How is the Forethought Life Insurance Company rated?

Credit rating agencies review insurance companies and grade them based on their financial strength. The grades allow customers to determine the likelihood of receiving a payout when they file claims.

Forethought has been rated A by A.M. Best and S&P 500, A- by the Fitch Ratings Company, and A3 by Moody’s Corporation. These ratings are solid and indicate that the company will provide a payout in most situations.

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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 review complaints made about insurance companies. Customers can use these reviews to determine the quality of service they’ll receive from an insurance provider.

At the time of this review, the BBB has received seven complaints about Forethought insurance. Additionally, four customer reviews have been written about the company, consisting of an average of one out of five stars.

The National Association of Insurance Commissioners (NAIC) lists Forethought as having 11 complaints and a complaint index ratio of 0.08. These numbers reveal that the company has far fewer complaints than the average similarly-sized competitor.

How can you file Forethought Life Insurance Company claims?

Forethought customers can file claims either online or by phone. The easiest option is to fill out a form on the company’s website, which inquires about the insured’s death and the beneficiary.

Additionally, customers can file a claim by calling the company’s claims department at 877-462-8992. The company doesn’t state when representatives are available, but assistance for Global Atlantic annuities is listed as Monday through Friday from 8:30 a.m. to 6:00 p.m. (EST).

How can you make Forethought Life Insurance Company payments?

Forethought customers can make payments by phone, mail, or online. Using your Forethought login to enter the customer portal allows customers to make online payments. Additionally, they can sign up for the automatic bank draft program by calling 800-331-8853.

Customers that pay online or by phone can do so with the following methods:

  • Credit card
  • Debit card
  • Checking account
  • Savings account

Those that prefer to pay by mail can send a check to the following address:

Forethought Life Insurance Company
P.O. Box 742645
Cincinnati, OH, 45274

Paying by credit card or debit card will include an additional processing fee. However, mail payments and the automatic bank draft program allow customers to avoid this additional fee.

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Who is the Forethought Life Insurance Company?

Hillenbrand Industries started the Forethought Life Insurance Company in 1985 to provide pre-need insurance to customers. Headquartered in Batesville, Indiana, it continued as a subsidiary until becoming an independent company in 2004.

Forethought annuities and additional life insurance options emerged between 2004 and 2006. The company remained independent until 2013, when the Global Atlantic Financial Group bought it.

Forethought Life Insurance Company: The Bottom Line

The Forethought Life Insurance Company provides three indexed life insurance plans and pre-need coverage. Additionally, the company offers several riders, is rated A by A.M. Best, and has fewer complaints than most competitors.

Knowing more about the Forethought Life Insurance Company will help you determine if it’s the best option for you.

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