Are you ready to secure your future and protect your loved ones with the right life insurance coverage? Imagine having the peace of mind that comes from knowing you’ve made the best choice for your family’s financial well-being. That’s where Foresters Life Insurance comes in.
Foresters Life Insurance is a reputable insurance company that has been providing insurance solutions and security for families for over 145 years. They offer a range of life insurance products designed to meet the unique needs of individuals and families at different stages of their lives.
In this Foresters Life Insurance review, we will take a closer look at Foresters Life Insurance, examining their products, services, pros, and cons to help you make an informed decision about whether they are the right insurance provider for you.
Let’s get right into it.
Who is Foresters Life Insurance?
Foresters Life Insurance is one of Canada’s oldest life insurance companies. Established in 1874 in Toronto, Canada, it has since spread across 3 million clients and members in Canada, the United States, and the United Kingdom.
Foresters Life Insurance and Foresters Financial are operating brand names for the Independent Order of Foresters (IOF). The IOF is an international financial service provider and fraternal benefit society that has offered life insurance and annuities from Canada, North America, and the UK for over 145 years.
The Foresters Life Insurance Company offers pure-term life insurance products that are renewable and convertible to permanent life products without undergoing medical exams. The term life plans can also be exchanged for other term life plans with a longer term, only if Foresters Life Insurance offers them.
Further, Foresters Life Insurance products offer unique benefits that positively enrich the lives of its clients, members, and communities. Buying an insurance policy from Foresters Life Insurance makes you eligible to participate in their community offerings designed to assist in personal development, voluntary service, and social interaction.
Pros of Foresters Life Insurance
- Foresters offers unique community membership benefits to its clients and members.
- The company provides quick and simplified fulfilment options
- It offers plenty of life insurance options to choose from
- You can easily convert your term life plan into a permanent one
- Their whole life insurance products offer both participating and non-participating options
- The company has an orphan benefit program
Cons of Foresters Life Insurance
- Term life plans are more expensive compared to other insurance companies
- You cannot access your policy details online
- There is no digital policy upon approval; you only receive a paper policy
- The company doesn’t provide online quotes
Foresters Term Life Insurance
Foresters Life Insurance offers four term life insurance products. Their term life insurance plans are affordable and are typically used to replace income and cover outstanding debts.
Term 10
Young individuals and couples looking for affordable coverage will find this policy beneficial. This policy provides ten-year coverage but can be renewed at the end of the term or converted to a permanent life insurance plan.
Features
- The policy offers coverage from $100,000 to $5 million
- The premiums are level and guaranteed, which means they stay the same throughout the policy term
- It provides coverage for people aged 18 to 75
- You can renew the policy automatically after every ten years
- You can convert to permanent life insurance without a medical exam up to age 71
- You can exchange the policy for another 20-year or 30-year term after the first two years
- The policy offers bereavement counselling benefits up to $1,000
Term 20
This policy is for young Canadian families and business owners looking to cover start-up and overhead costs. It provides coverage for 20 years with guaranteed premiums and death benefits.
Features
- The policy offers coverage from $100,000 to $5 million
- The premiums are level and guaranteed, which means they stay the same throughout the policy term
- It provides coverage for people aged 18 to 65
- You can renew the policy automatically every 20 years
- You can convert to permanent life insurance without a medical exam up to age 71
- The policy offers bereavement counselling benefits up to $1,000
Term 30
Canadian parents looking to cover their kid’s college tuition fees and mortgages can buy this policy. This policy lasts 30 years and protects your loved ones until they are independent.
Features
- The policy offers coverage from $50,000 to $5 million
- The premiums are level and guaranteed, which means they stay the same throughout the policy term
- It provides coverage for people aged 18 to 55
- Once the initial 30 years expire, you can automatically renew for 5-year terms.
- You can convert to permanent life insurance without a medical exam up to age 71
- The policy offers bereavement counselling benefits up to $1,000
Foresters Whole Life Insurance
Whole life insurance plans offer lifelong coverage that covers you till you die. The premiums are level and guaranteed, and the policy never expires as long as you pay your premiums.
These policies also come with a cash value component that grows cash tax-deferred. You can access the cash value during your lifetime for whatever purpose.
Advantage Plus Whole Life
This participating whole life insurance policy allows Canadians to enjoy lifetime death benefit protection, guaranteed cash value, and the ability to earn dividends.
The policy offers the flexibility to customize the insurance plan to provide financial security for your loved ones and beneficiaries. It has three premium payment options: 10-pay, 20-pay, and pay-to-age-100.
Non-Par Whole Life
In contrast to Advantage Plus, this non-participating whole life insurance allows Canadians to enjoy lifetime death benefit protection, guaranteed premiums, and a cash value component but without the ability to earn dividends.
The policy has two payment options: 20-pay and pay-to-age-100. It also offers the flexibility to customize your insurance plan to provide financial security for your loved ones and add riders for yourself, your spouse, and your children.
Foresters Critical Illness Insurance
Foresters Life Insurance offers two critical illness insurance products to provide additional coverage to help cover medical emergencies like stroke, cancer, and heart attack. These policies help reduce the financial stress of these illnesses so you can focus on recovering.
Suppose you undergo treatment or suddenly develop a severe illness or health event while under coverage. In that case, Foresters Life Insurance pays out tax-free lump sum insurance benefits to help cover the medical expenses.
Foresters Life Insurance offers two different critical illness insurance policies.
Live Well
- This policy offers basic coverage for four conditions: heart attack, life-threatening cancer, stroke, and coronary artery bypass surgery.
- It offers coverage in 10-year, 20-year, and age-to-80 terms.
- It offers coverage of up to $100,000
- The application process is simple.
- You can exchange your 10- or 20-year term for age to 80 without proof of insurability.
- It offers a return of premium at death (Foresters refunds your premiums if you pass away without receiving any benefits)
- It offers non-life-threatening illness benefits (Foresters pays 15% of your benefit amount if you develop a non-life-threatening illness)
- You can add Juvenile Critical Illness Insurance Riders, Return of Premium on Surrender or expiry, and Disability of Waiver Premium.
Live Well Plus
- This policy offers coverage for 25 medical conditions.
- It offers coverage of up to $2 million.
- It offers coverage in 10-year, 20-year, and age-to-80 terms.
- You can exchange your 10- or 20-year term for age-to-80 without proof of insurability.
- It offers a return of premium at death (Foresters refunds your premiums if you pass away without receiving any benefits)
- It offers non-life-threatening illness benefits (Foresters pays 15% of your benefit amount if you develop a non-life-threatening illness)
- You can add riders like Juvenile Critical illness Insurance Riders, Return of Premium on Surrender or expiry, and Disability of Waiver Premium.
Riders Offered By Foresters Life Insurance
Insurance riders are usually extra features you can add to your life insurance policy to customize your coverage to fit your needs. These riders typically come at a small additional fee.
Foresters Life Insurance offers a few riders like:
- Waiver of Premiums: This rider waives the premium payable if the insured becomes disabled.
- Accidental death benefit: The insurer pays an additional cash benefit to your beneficiary if you die due to an accident. The maximum benefit payment must be less than $300,000 or the base policy’s death benefit.
- Children’s term rider: This rider provides insurance for your children as long as they are between 15 days and 25 years. The premiums for this rider stay the same throughout the policy term and are payable for 20 years. Your child can convert to permanent life insurance without a medical exam at the end of the policy term.
- Term riders: This rider allows you to purchase additional term life insurance coverage on yourself or your partner’s life.
Foresters Life Insurance Reviews
To provide you with an authentic understanding of Foresters’ customer experience, we’ve sifted through a selection of online reviews. Let’s delve into what customers have to say.
Positive Foresters Life Insurance Reviews
- “I thought I would leave a review on my recent experience and was shocked by the negative reviews on trustpilot. I have had nothing but positive experiences with Foresters, from the advice I receive from my adviser, to the use of Myplans and even having access to the benefits Forester Life gives me. My parents are elderly and managed to use the Myplans system easily to gift into our childrens funds. Yes after a recent review my plan value had gone down, but we have a global situation where stocks and shares are down. My pension through work is with another provider and that has even gone down this year. Even though I hold some knowledge on the current markets, my adviser went through current market situations and explained the impact on my plan. Whilst unit prices are low, I’ll be thinking about how many more I can buy rather than posting negatively!” – Trustpilot Review
- “Great and clear explanation of what to expect. Answered any questions clearly and explained how the chosen plan can be geared towards the individual.” – Trustpilot Review
Negative Foresters Life Insurance Reviews
- “I would never recommend this company. Their customer service hold times are minimum 30 minutes long, its difficult getting to a human being for assistance and at time, your call is dropped after 20 minutes hold (no it’s not my cell service). Their website which provided you with “my account” profile offers no assistance, only to see your profile information. When you email your concern, many times their response is not even associated to your concern so you will end up calling. response to company’s message below: I called back the next day and was on home for an hour for a 2 minute conversation. Matter resolved” – Trustpilot Review
- “Unable to contact them as their phone line says they are closed for a public holiday, yet the last bank holiday was 7 days ago… Email auto response says a 10 day wait for replies.” – Trustpilot Review
Final Thoughts on Foresters Life Insurance Review
If you’re in the market for reliable coverage that will protect your loved ones in the event of your passing, Foresters Life Insurance is an excellent option to consider. Their life insurance products can be tailored to fit the unique needs of individuals and families at different stages of life.
They’ve earned a reputation for reliability and trustworthiness, making them a leading provider in the industry today. While their term life plans are slightly more expensive than other providers, the peace of mind with Foresters’ reliable coverage is worth the investment.
Don’t decide on life insurance without reading a Foresters Life Insurance Review first. Foresters is a great choice for anyone seeking life insurance coverage.
FAQs on Foresters Life Insurance Review
How long has Foresters insurance been around?
For nearly 150 years, Foresters Life Insurance has provided life insurance solutions that help families achieve long-term financial health and security. Its unique history began in 1874 when it provided access to life insurance for average working families.
Is Foresters Life Legit?
Foresters Life is one of the oldest 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.
