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Written by Chris Huntley
Founder of Huntley Wealth & Insurance Services Chris Huntley

Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

UPDATED: Feb 26, 2022

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Here's the Scoop

  • Forethought is part of the Global Atlantic Financial Group
  • Forethought sells annuities that can increase your retirement income
  • Forethought offers an online annuity quote tool

Life insurance can be a great tool for some people, but if you are about to retire and enjoy high-risk hobbies, life insurance may not be the best financial tool for you. Most life insurance companies aren’t too keen on providing insurance to those who regularly skydive or scuba.

So, for individuals looking to maximize their retirement years, an annuity may be a better option. Thankfully, Forethought Life Insurance Company has a variety of annuities available that can help you live out your golden years comfortably.

Keep reading to learn more about this company and the financial products it can offer you.

As you read this Forethought Life Insurance Company review, you can enter your ZIP code and start comparing free insurance quotes today.

What is the Forethought Life Insurance Company?

Forethought Life Insurance Company was founded in 1980 and acquired by the Global Atlantic Financial Group in 2014. Instead of life insurance policies, it offers annuities. Life insurance policies are sold through another of Global Atlantic’s subsidiaries, Accordia Life and Annuity Company. This means that you won’t be able to file a Forethought life insurance claim or find a Forethought life insurance claim form on the Global Atlantic website.

If you need to file a life insurance claim with Global Atlantic, you can do so by downloading the Life Insurance Form Statement of Beneficiary for Accordia Life.

If you would like to buy an annuity through Forethought, you can apply for one online. The Forethought Life Insurance address is 10 W. Market St., Suite 2300, Indianapolis, Ind. 46204, and you can give the company a direct call through the Forethought Life Insurance phone number, which is 866-645-2449.

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Is Forethought Life Insurance Company highly rated?

Since Global Atlantic is the holding company for Forethought, you can gauge Forethought’s financial strength and quality of customer service by reviewing the ratings Global Atlantic has received from A.M. Best and the Better Business Bureau (BBB).

If you only want to work with financially strong companies, you’ll be pleased to learn that A.M. Best awarded this company an A rating. Consumers looking for high-quality service will be keen to note that Global Atlantic earned an A- from the BBB too. These ratings are a strong indication that Forethought has a bright future.

What  products does Forethought Life Insurance Company offer?

Instead of life insurance, Forethought Life offers annuities that can help you grow your retirement savings. Forethought offers four of these products:

  • ForeIncome II
  • ForeCertain
  • Forethought Choice Income
  • Forethought ForeCare

Each one of these annuities contains unique features. Let’s examine each one in more detail so you can find a product that best fits your needs.

ForeIncome II

The ForeIncome II is available to applicants between 45 and 85 years old. Now, you will need a lot of capital ready to spend since $25,000 is required to open this account. The ForeIncome II lets you be a bit flexible. For example, you can get a fixed account and one that is tied to the stock market. You can also choose between a five, seven, or 10-year guaranteed fix-rate period.

Another highlight of the ForeIncome II is the Guaranteed Lifetime Withdrawal Benefit (GLWB) that comes with it. With this benefit, you are allowed to increase the size of your payouts. This benefit also allows you to choose between two other benefits. These are called the:

  • Guaranteed Income Builder Benefit
  • Income Multiplier Benefit

The Guaranteed Income Builder Benefit will, with no further increase, boost your withdrawal base by a flat fixed rate. If you were to choose the Income Multiplier Benefit, you could defer your lifetime income payments, and your interest credits will be doubled.

ForeCertain

Like the ForeIncome II, you’ll need at least $25,000 to purchase a ForeCertain annuity. You can’t be older than 90 years old at the time of your application, and the Forecertain is best for individuals who want an immediate cash injection. When purchasing your ForeCertain annuity, you’ll have to choose one of six payment options like Straight Life Only or Joint and Survivor.

Making sure that your annuity is set up just right is very important to avoid stumbling over future roadblocks, so be sure to review your annuity carefully before you finalize it.

The ForeCertain also comes with an Advanced Payment Option, but, unfortunately, you’ll only be able to advance some of your funds twice. You can also take advantage of the Annual Increase Option, which allows you to increase your monthly payments by a small percentage. It may seem odd to increase the Forethought Life Insurance payments for your annuity but doing so can help you keep up with inflation.

Forethought Choice Income

The Forethought Choice Income annuity allows you to take advantage of the stock market. A 10-year fixed indexed annuity, the Forethought Choice Income annuity earns interest based on a stock market index’s performance. This annuity also secures gains while simultaneously protecting your investment against stock market losses. You will also be able to defer taxes and receive a guaranteed income for your lifetime.

But that’s not all that the Forethought Choice Income annuity can offer you. You can utilize the terminal illness and nursing home waiver with this annuity. This waiver allows you to make withdrawals without fear of facing a penalty fee if you are ever faced with a cancer diagnosis or are required to stay in a nursing home for a long period.

Forethought ForeCare

The Forethought ForeCare annuity is a 9-year, single premium deferred annuity. It is designed to cover the expenses for long-term care expenses. As long-term care can become quite expensive, this annuity actively increases your initial investment, and you could watch the value of your annuity triple. You must be between 50 and 80 years old to apply for this annuity. In addition, you must also be able to make at least a $35,000 payment to activate the annuity.

What You Need to Know About the Forethought Life Insurance Company

Forethought offers annuities so you can preserve or increase your retirement income. If you want to purchase a life insurance policy, you can do so through another Global Atlantic Financial Group company, Accordia Life.

You can apply for a Forethought annuity online if you want to increase your retirement income or be prepared to make payments for long-term care. However, you must have expendable cash on hand as most of Forethought’s annuities need a payment of at least $25,000 to get started.

After reading this in-depth review of Forethought Life Insurance Company, you have the tools you need to decide if a life insurance policy or an annuity is the best choice for you. You can enter your ZIP code to start comparing free quotes from life insurance companies near you today.