Foresters offers an array of life insurance policies and the potential to earn annual dividends. There are also complementary riders to customize your coverage.
|Home Office||Ontario, Canada|
|Coverage Availability||Canada, US, and UK|
|Assets||Approximately $12 billion|
|Insurance premiums||$141 million in gross|
|Customers & Members||Over 3 million (2021)|
|A.M. Best Rating||A (Financially stable)|
|Better Business Bureau (BBB) Rating||A- (Average customer service)|
|Policy Types||Term, Whole, Universal, Variable Universal, Final Expense|
|Payment Plan Options||Monthly/ Annually|
|Customer Service||Phone: 800-828-1540; Email: firstname.lastname@example.org|
Foresters Financial has provided wealth accumulation and protection products for over 135 years. Foresters Financial is a division of the Foresters family, including multiple companies, such as Foresters Canada, Foresters Life, Foresters Investment Management Company, Inc., Foresters Investor Services, Inc., etc.
Interestingly, this carrier is a not-for-profit insurer that provides mutual aid or benefit to its members. For instance, members can enjoy reduced-cost legal assistance, loans, college scholarships and financial counseling when purchasing policies.
While the headquarter of Foresters Financial is in Ontario, it has more than 500 representative offices that are located across the US. Their products are sold through financial advisors and independent agents in both the US and Canada. All their policies are underwritten by the Independent Order of Foresters.
Foresters Financial specializes in life insurance. Their coverage offerings include:
Term Life Insurance
- “Your Term”: 10-30 years
- Level Term: 10, 20, or 30 years
- Accidental Death Term
Whole Life Insurance
- PlanRight Whole Life (a.k.a Final Expense Life Insurance)
- Advantage Plus II
- Interest Sensitive
- BrightFuture Children’s Whole Life Insurance
Universal Life Insurance
- SMART Universal Life
- Variable Universal Life
The company provides Level Premium Variable Life Insurance products, which are permanent life insurance protection. These products also allow you to invest your cash accumulation linked to professionally managed investments.
This policy has three versions:
- ISP Choice
- ISP 10 Express: 10 years of premium payments.
- ISP Single Premium
Besides, the insurer offers Simplified Issue, Guaranteed Issue, and the No Exam Policy.
Foresters Financial has an exceptionally diverse list of additional riders for you to choose from. This means that you can freely customize your coverage. Some add-ons are automatically added onto the base policies; others can be included for an extra cost. Their range of riders include:
- Common carrier accidental death rider
- Accidental death rider
- Accelerated death benefit rider
- Waiver of premium rider
- Return of premium rider
- Family health benefit rider
- Disability income rider
- Paid-up additions rider
- Term rider
- Child’s term rider
- Guaranteed purchase option rider
- Waiver of monthly deductions rider
Life insurance premiums vary based on several factors, such as age, overall health, coverage amount, type of policy, and gender assigned at birth. If you identify as non-binary individuals, you can still get coverage from Foresters, but you will need to choose either male or female in your application form.
Foresters Financial does not have a digital quote tool, so it is quite challenging to gauge the average price of their life insurance products. Nevertheless, it is common knowledge that term life insurance is usually the most affordable option while permanent life insurance products cost more because of the lifetime coverage. Also, keep in mind that opting for additional riders can increase your premium unless they automatically come with the base policy or are complimentary, thanks to some special discounts.
While Foresters does not disclose specific information about their available discounts, it is safe to assume that they offer common discounts on comparable coverages to other life insurance providers.
- Non-Tobacco User Discount: % varies; smokers can pay up to 200% and more
- Healthy Blood Pressure Discount: up to 15%
- Safe Hobbies Discount: up to 15%
- Safe Occupation Discount: up to 15%
- Healthy Family History Discount: 10-20%
Pros and Cons
|– Variety of perks for members (e.g., potential annual dividends paid out)|
– Life insurance for individuals with diabetes
– A wide selection of riders
– Long-standing reputation
– No exam policies available
– Competitive final expense policies
– Can borrow against cash value of permanent life policies
|– No online quote tool. Speaking directly to agents required|
– No digital access to purchase coverage
– Limited customer service options (phone or email only)
– Coverage restrictions in some areas
– Limited policy options (e.g., no indexed or variable universal policies for growth)
– Sparse policy information online
Foresters’ claim forms can be found in their Customer Care portion of the website. These forms must be filled out and sent along with the required documents, including the death certificate.
We were not able to identify a dedicated claim phone line; however, claims questions can likely be directed to the agent of record or through the main customer service channels.
Foresters, unfortunately does not allow online quote tools or application processes. Instead, you will have to go through this with an independent agent.
The company offers both traditional underwritten policies and simplified issue ones. With simplified underwriting, it is possible to skip the medical exam. In this situation, your approval and rates are based on your application responses and other relevant records. According to Foresters, their no exam applications are usually approved within 5 business days, but there is a possibility of delay.
On the other hand, their medically underwritten policies take 3 weeks to be approved, which is average for the industry.
Foresters Financial follows the minimum free-look period for insurance policies, which is a period of 10-30 days depending on where you are. A new insurance policy can be canceled for a full refund of premiums paid during this window. However, Foresters does not advertise their free-look period, so it is worth checking with their staff before canceling.
Should you wish to cancel your policy with Foresters Financial, you will need to contact your agent or the insurer directly at 800-832-7783. Depending on the type of policy, the specific cancellation process and fees will vary.
When it comes to a term life policy, you either formally terminate it via an agent, or you can simply stop paying the monthly insurance premiums. Your policy will automatically lapse, and you will no longer be covered by the insurer or receive any benefits/ compensation from them.
On the other hand, if you are canceling a permanent life insurance policy, you will be entitled to receive the money from your cash-value account. When your coverage stops, the insurance company will write you a check for the balance. However, bear in mind that this may be taxed.
The Bottom Line
While Foresters Financial is not the most well-known provider in the industry, it has a long history of solid ratings and is highly reviewed for its affordable policies. It also shines when it comes to its free rider list as well as annual dividends to help reduce the premiums.
It is also ideal for customers who enjoy being in a membership organization and working with an agent when buying insurance products. Although Foresters is not likely to be a budget insurer, it does offer other benefits as an added value which might be worth it.
Be sure to check out all of Foresters Financial’s offerings and compare them to your unique needs and budget before beginning with the application process for a life insurance policy. If you need some assistance or want to find out the quotes for Foresters, you can always visit Insurance Direct Canada – an established insurance broker in Canada we’d always recommend to our readers!