Foresters Financial Life Insurance Review

Learn more about Foresters Financial life insurance in Canada. Talk to one of our experienced advisors, today!

6 Minute read

Originally published: February 10, 2022

Updated: April 22, 2024

foresters financial life insurance has a 3.5/5 rating by protect your wealth and an A+ by AM best company

Foresters Financial Life Insurance Review

Learn more about Foresters Financial life insurance in Canada. Talk to one of our experienced advisors, today!

6 Minute read

Originally published: February 10, 2022

Updated: April 22, 2024

foresters financial life insurance has a 3.5/5 rating by protect your wealth and an A+ by AM best company

Foresters Financial, previously known as Foresters Life, is one of the older life insurance companies in Canada. They scored an A on the financial strength rating of AM Best Company and offer unique life insurance policies with charity benefits. They offer an easy conversion to a permanent insurance plan without additional evidence of insurability, but have less variety in their term products and are not the most affordable. They are a solid life insurance company and we at Protect Your Wealth have scored them a rating of 3.5/5.

Company Overview

Foresters Financial was founded in 1874 and is an international fraternal organization operating under the Independent Order of Foresters (IOF). The IOF itself is a fraternal benefit society that originated in Canada but has since grown to offer life insurance and annuities in North American countries and the UK for over 145 years under the name of Foresters Financial.

The company services over 3 million clients and members across Canada, the US and the UK, and with its profits,  they’ve reinvested into causes that enrich the lives of its members and their communities. The IOF boasts $2.6 billion in assets and $1.3 billion in annual premiums. They also maintain a reputation for being a charitable organization through being an early supporter of gender and racial equality, as well as demonstrating charitable efforts in times of tragedy and need.

Foresters Financial Life Insurance Pros

  • Multiple coverage terms offered

  • Convertible into Forester’s permanent life insurance options

  • Variety of perks for members

  • Long list of riders

  • No-exam life insurance for diabetics

Foresters Financial Life Insurance Cons

  • Not the most affordable life insurance option

  • No online quote tool

  • No online application process

  • Limited customer service options

Foresters Financial Life Insurance Products

2022 Foresters Financial life insurance products banner.

Foresters Financial Term Life Insurance

As with most life insurance companies, Foresters Financial’s term life insurance is their more affordable life insurance option. They offer a fixed death benefit amount for a fixed premium payment, over a fixed period of time. Their premium payments are guaranteed and will remain level for the term you select. This death benefit can be used to pay off a mortgage, provide for your children’s education, protect your family’s business interests and provide cash for future investments.

Foresters Financial has 4 types of term life insurance: Term 10, Term 20, Term 30 and EZ term.

Term 10

  • Application age: 18 – 75
  • Face amounts: $100,000 – $5,000,000
  • Maximum amount of coverage: $5,000,000
  • Available term types: guaranteed level premiums
  • Automatic renewals: every 10 years
  • Renewability: yes
  • Convertibility: yes

Where to get a quote: speak to our expert life insurance advisors!

Term 20

  • Application age: 18 – 65
  • Face amounts: $100,000 – $5,000,000
  • Maximum amount of coverage: $5,000,000
  • Available term types: guaranteed level premiums
  • Automatic renewals: every 20 years
  • Renewability: yes
  • Convertibility: yes

Where to get a quote: speak to our expert life insurance advisors!

Term 30

  • Application age: 18 – 55
  • Face amounts: $50,000 – $5,000,000
  • Maximum amount of coverage: $5,000,000
  • Available term types: guaranteed level premiums
  • Automatic renewals: every 5 years, after the original 30-year term ends
  • Renewability: yes
  • Convertibility: yes

Where to get a quote: speak to our expert life insurance advisors!

EZ Term

  • Application age: 18 – 75
  • Face amounts: $25,000 – $50,000
  • Available term types: guaranteed level premiums
  • Automatic renewals: every 5 years, after the original 30-year term ends
  • Renewability: to age 75
  • Convertibility: to age 65
  • Does not include any riders

Where to get a quote: speak to our expert life insurance advisors!

2022 monthly quote rates for term life insurance

Depending on your province, Foresters Financial may offer a complimentary common carrier accidental death ride, family health benefit rider, accelerated death benefit rider and charity benefit provision, which will pay an additional 1% of your policy’s face value to a charitable organization of your choice.

Other benefits include:

  • Preferred insurance classes
  • Joint term coverage
  • Conversion privilege
  • Exchange privilege
  • Bereavement assistance

Beneficiaries are also reimbursed up to $1,000 for counselling services to help them deal with their loss.

Foresters Financial Permanent Life Insurance

Foresters Financial offers whole life insurance, a type of permanent life insurance designed to offer coverage for the entire duration of your life. The premium for whole life insurance is typically guaranteed to not increase for the life of the contract.

Foresters Financial has 2 types of whole life insurance: Advantage Plus II whole life and Non-Par whole life.

Advantage Plus II

  • Application age: 0 – 85
  • Purchase policy price: $25,000 – $10,000,000
  • Coverage type:
    • Single life
    • Joint first-to-die
    • Joint last-to-die
  • Payment options:
    • 10-pay
    • 20-pay
    • pay-to-age -100
  • Type of policy: participating
  • Annual dividends: depends on the company’s financial performance

Where to get a quote: speak to our expert life insurance advisors!

Non-Par

  • Application age: 0 – 85
  • Purchase policy price: $25,000 – $10,000,000
  • Coverage type:
    • Single life
    • Joint first-to-die
    • Joint last-to-die
  • Payment options:
    • 20-pay
    • pay-to-age -100
  • Type of policy: non-participating
  • Annual dividends: no

Where to get a quote: speak to our expert life insurance advisors!

Just like term life insurance, depending on your province, Foresters Financial may offer a complimentary common carrier accidental death ride, family health benefit rider, accelerated death benefit rider and charity benefit provision, which will pay an additional 1% of your policy’s face value to a charitable organization of your choice.

Other benefits include:

  • Premium paying periods
  • Dividend options (for participating whole life insurance only)
  • Children’s insurance benefit
  • Juvenile guaranteed insurability benefit
  • Quit smoking incentive plan
  • Expert medical opinion program

Riders:

  • Term riders
  • Spousal term riders
  • Child term rider
  • Accidental death benefits rider
  • Disability waiver of premium rider

Talk to an advisor today.

Best Life Insurance Quotes Canada
2022 other Foresters Financial insurance products banner.

Other Foresters Financial Insurance Products

Alongside life insurance, Foresters Financial also offers different forms of insurance to preserve your life.

Critical Illness Insurance

Foresters Financial offers critical illness insurance, a living benefits insurance policy that pays out a tax-free lump sum if you are diagnosed with a serious illness that is covered by the policy. This benefit can be used to cover immediate living expenses, replace lost income and/or pay for medical treatments or other expenses related to your recovery.

Foresters Financial offers 2 critical illness insurance plans: Live Well and Live Well Plus.

Live Well

Live Well Plus

Other Benefits:

  • Non-life-threatening illness benefit: receive 15% of your benefit up to $50,000 in the event of a non-life-threatening illness
  • Return of premium at death: premiums will be refunded if the insured dies without receiving a benefit

Riders:

  • Return of premium on surrender or expiry
  • Juvenile critical illness insurance rider
  • Disability waiver of premium

Live more about Foresters Financials’ Live Well and Live Well Plus critical illness insurance

Foresters Financial Customer Reviews

Foresters Financials clients have reported mixed feelings regarding the customer service provided.

Positive reviews suggest:

  • Advisors are well-educated and knowledgeable on insurance policies

  • Long-standing reputation with good member benefits

Negative reviews suggest:

  • Long response times from agents

  • Low transparency on the website which offers limited information on policies

  • Difficult to obtain quotes as it can only be done through advisors

Frequently Asked Questions (FAQs) about Foresters Financial Life Insurance

Forester Financial term life insurance plans: 

  • Term 10
  • Term 20
  • Term 30
  • EZ term

Forester Financial permanent life insurance plans:

  • Advantage Plus II
  • Non-Par

Other Forester Financial life insurance plans 

  • Critical illness insurances:
    • Live Well
    • Live Well Plus

Foresters Financial is a good life insurance company for especially for those who are interested in getting a term life insurance policy, they also have a great critical life insurance plan too. They offer an easy conversion to a permanent insurance plan without additional evidence of insurability, but have less variety in their permanent products and are not the most affordable. Therefore we give them a 3.5 out of 5 stars, if you want to check out the best life insurance companies in Canada check out our blog here! 

Foresters Financial Life Insurance Pros

  • Multiple coverage terms offered
  • Convertible into Forester’s permanent life insurance options
  • Variety of perks for members
  • Long list of riders
  • No-exam life insurance for diabetics

Foresters Financial Life Insurance Cons

  • Not the most affordable life insurance option
  • No online quote tool
  • No online application process
  • Limited customer service options

Your age plays a small role in the application process and consideration for life insurance. The older you are, the more expensive your life insurance premium will cost.

When shopping for life insurance, it is important to keep in mind things like, including but not limited to:

Shopping for life insurance can be overwhelming, so the best strategy is to ask for help. At Protect Your Wealth, we are proud to assist you free of charge in finding the life insurance plan that is right for you.

Life insurance isn’t for everyone. If there is no reason for you to have life insurance, then you may not need life insurance. Life insurance is intended to provide assurance, so you know your loved ones will not have a financial burden if you pass away. To understand more about if life insurance is for you, read our blog Is Life Insurance Worth It in Canada.

Finding the right life insurance for you

If you’re not sure of what’s the best insurance plan or company for you, working with a life insurance specialist can help you find the best solution to fit your particular situation. At Protect Your Wealth, we’ve been providing expert advice for all types of life insurance since 2007. As your trusted life Insurance broker and financial planner, we work with you to create a plan for your family or business that covers and meets your needs. 

Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today! We’re proudly based out of Hamilton, and service clients anywhere in Ontario, British Columbia, Alberta, and Manitoba including areas such as Burlington, Medicine HatRichmond and Brandon.

Talk to an advisor today.

Best Life Insurance Quotes Canada