Like most people, you probably have heard of the several types of life insurance but don’t have any. What happens if something happens to you and you are your family’s primary breadwinner? Your family could be in a lot of trouble financially if they don’t have another source of income. That’s where Foresters Life Insurance comes in.
Foresters Life Insurance is a company that provides life insurance to families who need it. They are well known for providing term life policies but also have some whole life and critical illness insurance products.
Foresters Life Insurance has different policies available, so you can find one that fits your needs and budget. Plus, their rates are very competitive, so you can be sure you are getting the best deal possible. If you are looking to buy life insurance, Foresters Life Insurance should be at the top of your list.
This Foresters Life Insurance Review covers all about Foresters Life Insurance Company, its pros and cons, its several products, and why you should consider buying one of their products.
Without skipping a beat, let’s get right into it.
What is Foresters Life Insurance?
Foresters Life Insurance is one of Canada’s oldest life insurance companies. It was established in 1874 in Toronto, Canada, and 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.
As a fraternal institution, Foresters Financial reinvests its profits into causes that benefit the lives of its members and the communities at large. The company is known internationally for its charitable efforts in tragedy and has been an early champion of gender and racial equality.
Foresters Life Insurance 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 their 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.
One unique feature that Foresters term life products offer is the Foresters Charity Benefit. When your insurance claim is paid to your beneficiary, Foresters pays an additional 1% of the benefit amount (up to a maximum of $100,000) to your designated registered charitable organization.
The Charity Benefit is automatically included in your policy, it doesn’t increase your premiums or reduce your death benefit, and the donation to the charitable organization is made in your name.
Also, the Foresters term life products make you eligible for Foresters Membership Plan, where you can enjoy unique benefits, such as financial counseling, competitive academic scholarships, emergency and disaster relief, discounted legal services, and grants to support your local volunteer opportunities.
In addition, Foresters term life insurance plans come with a built-in bereavement assistance benefit that provides reimbursement f $1,000 for counseling services to your beneficiaries to help them deal with your death.
Quick Facts and Information About Foresters Life Insurance
- Founded in 1874
- Headquartered in Downtown, Toronto, Ontario
- Assets: $2.6 Billion
- Annual Premiums: $1.3 Billion
Benefits and Downsides of Foresters Life Insurance
Foresters Life Insurance has its advantages and downsides. It is essential to carefully consider these pros and cons of Foresters Life Insurance before buying any of their products. This will help you decide whether Foresters is the right insurance company for you or not.
Pros
- Foresters Life Insurance offers unique community membership benefits to its clients and members
- The company provides quick and simplified fulfillment 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
- 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
Products and Features
Foresters Life Insurance offers three life insurance options: term, permanent and critical illness. Each is designed to fit different needs and should be considered carefully.
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
Foresters Life Insurance offers this product to young individuals and couples looking for affordable coverage. This policy provides coverage for ten years 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 counseling benefits up to $1,000
Term 20
Foresters Life Insurance offers this product to young Canadian families and business owners looking to cover start-up and overhead costs. This policy 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 after every 20 years
- You can convert to permanent life insurance without a medical exam up to age 71
- The policy offers bereavement counseling benefits up to $1,000
Term 30
Foresters Life Insurance offers this product to Canadian parents looking to cover their kid’s college tuition fees and mortgages. 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 counseling benefits up to $1,000
E-Z Term
Foresters Life Insurance offers this product as a simplified issue term life policy. You don’t have to undergo a medical examination to qualify for life insurance.
However, you must be healthy with no underlying insurability issues. This policy is designed for healthy applicants.
Features
- The policy offers coverage ranging from $25,000 to $250,000 depending on your age
- The policy provides coverage for ten years
- You can renew your policy up to age 75
- You can convert to permanent life insurance up to age 65
- It also provides guaranteed premiums
- It does not allow riders
Foresters Whole Life Insurance
Foresters Life insurance offers two whole life insurance plans. 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
Foresters Life Insurance offers this participating whole life insurance policy to Canadians looking to enjoy lifetime death benefit protection, guaranteed cash value, and the ability to earn dividends.
This 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
Foresters Life insurance offers this non-participating whole life insurance to Canadians looking to enjoy lifetime death benefit protection, guaranteed premiums, and cash value component.
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 that comes with 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 a tax-free lump sum insurance benefit 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 an age-to-80 term 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.
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 an age-to-80 term 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 that 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.
Final Thoughts on Foresters Life Insurance Review
Foresters Life Insurance is an excellent choice for those looking for comprehensive coverage at an affordable price. The company has been providing quality life insurance policies since 1874 and has a reputation for being reliable and trustworthy. They continue to be a leading provider of life insurance products today.
Foresters Life insurance is an excellent option to consider if you are looking for reliable coverage that will protect your loved ones in case of your death. Read through this Foresters Life Insurance Review and make an informed decision before buying any insurance product.
FAQs on Foresters Life Insurance Review
How long has Foresters insurance been around?
For nearly 150 years, Foresters Life Insurance has been providing 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.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
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