Foresters Financial Life Insurance Review

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.

In this article:

• Company Overview
• Pros and Cons
• Life Insurance Products
  • Foresters Financial Term Life Insurance
  • Foresters Financial Permanent Life Insurance
  • Other Foresters Financial Insurance Products
• Foresters Financial Customer Reviews
• Frequently Asked Questions (FAQs) about Foresters Financial Life Insurance

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

Foresters Financial Life Insurance Cons

Foresters Financial Life Insurance Products

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.

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.

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

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.

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:

Negative reviews suggest:

Frequently Asked Questions (FAQs) about Foresters Financial Life Insurance

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, including areas such as Dundas, London and Windsor.