When you think of life insurance, Foresters may not be the company which comes to mind first.
However, if you’ve really delved into the world of life insurance looking for some of the best products in certain niches, you would have undoubtedly seen this company’s brand.
While the shoe won’t fit for your average situation, Foresters life insurance products do accommodate quite a few areas, including no medical term, and final expense coverage for seniors.
If either of these are of interest, you may want to continue reading our Foresters Life Insurance and Annuity Company review below.
As always, understand our research and opinions are our own, and should be used only to supplement your own due diligence in buying life insurance.
Always seek a financially strong carrier who offers excellent customer service and a product with high value.
Let’s dive deeper.
Our Foresters Life Insurance Review
Foresters is unlike any other company you can buy your life insurance from, at least in the United States. Started all the way back in 1834, they have a historical beginning dating back possibly further than any other life insurance company.
It was originally the Ancient Order of Foresters before it was named the Independent Order of Foresters in the States in 1874, and now just goes by Foresters.
A fraternal benefit society, Foresters originally existed as a group of mutual members who solely brought themselves together for protection, aid, and advancement. Foresters now operates in the United States, Canada, and U.K.
Today, Foresters continues it’s non-profit structure, catering to members, their families and friends. They have a host of financial services programs for assistance, among them the offer of life insurance to its members and the community alike.
From person to person involvement to direct scholarships, Foresters strives to always have its hand in helping people. Foresters did not make our 10 best life insurance companies list for 2015.
Foresters has grown to an impressive $8.45 billion in total assets. In addition, Foresters has more than a $1 billion in surplus, helping them to maintain their business affairs and stay solvent.
Nearly 1.2 million members are now a part of Foresters, with greater than 3 million in force policies or contracts. They have seen double digit percentages in increase over the last few years, and will soon cross $34M in AUM.
These numbers have been steady for more than a decade, and Foresters recently received their “A” rating by A.M. Best for the 15th consecutive year.
This not only gives testament to a sound and solid financial status, but proves the company continues to have success year after year, something not many other companies can emulate.
Foresters (and subsidiaries) have products in the arenas of insurance, annuities, mutual funds, retirement advisory, and more.
Life Insurance Products From Foresters
Sticking to the life insurance side of things, Foresters has a good selection of products. Foresters is also on the leading edge of product innovation, as they’re among a select few companies who offer no exam life insurance.
With more than a dozen life insurance products alone, you can expect solutions for:
- Variable Universal
Within the term lineup for Foresters, you’ll have three picks:
- LifeFirst Level Term
- Level Term
- Prepared Accidental Death Term
First among the term product line are their level term products, the LifeFirst Level Term and the Level Term.
Like your traditional term life insurance, they are available to offer a specified, level death benefit and level premium for a given amount of time, chosen at the time of application.
Both policies have a 10, 20, and 30 year choice, and the LifeFirst also has a 25 year option, too. There are several riders available for each, though the policies may not be offered in all states.
Third, the Prepared Accidental Death Term isn’t so much a level term like the others, but rather an accidental death policy. Get up to $300,000 in accident coverage, which will only pay out if death is caused by an accident. Only level term policies pay for reasons outside of an accident, so keep this in mind.
For those looking at more permanent choices, but still looking for flexibility, you can choose between the Foresters SMART Universal Life and the Variable Universal Life products. Both allow access to permanent death benefits, flexibility of premiums when needed, and the possibility of additional cash growth inside the policy from interest and dividends (not guaranteed).
The SMART Universal Life is what is called a guaranteed universal life, or GUL, because the first 10 years of the policy are guaranteed so long as premiums are met.
On the other hand, the Variable policy, which also sports the 10 year guarantee, is aimed at cash accumulation by investing a portion of the policy proceeds into stocks and bonds.
Speak to a registered representative first if this interests you.
In addition, there are three other variable products, called the ISP Choice Variable Life, ISP 10 Express, and the Single Premium Variable Life, all which offer variations of the Variable Universal Life line to accumulate value tied to a market, while remaining inside of a life insurance contract.
If final expense is necessary, the PlanRight Whole Life is what you’re looking for. Foresters is well known for this whole life because there is no waiting period after purchase.
The full death benefit is available right away, and the policy will never lower in death benefit or lapse as long as you continue to pay your premiums (up to age 121).
If you need more than the typically sized final expense death benefit, you may need to look at the Advantage Plus Whole Life Insurance, or the Interest Sensitive Whole Life Insurance options.
The Advantage Plus allows you pay your premiums to age 100, or just for 20 years (at a higher premium) to own a participating whole life insurance contract.
The Interest Sensitive policy is similar, though may be a better option if you need coverage for an indefinite period or look to grow cash a little more than the Advantage Plus.
In some instances, a person wants to simply “pay off” the policy all at once, and the Your Legacy Single Premium Whole Life offers such capacity.
The Independent Order of Foresters has built itself from the ground up, and even brought in other companies under its own name over the last 140 years. It’s growing reputation is only preceded by its exceptional products.
Very little complaints are able to found about the company, which is amazing for any company spanning multiple countries and continents.
However, on the whole, many will dismiss this carrier because it caters to a more specific crowd than most.
While this means potentially less clients, the clients who are an excellent fit for Foresters will struggle to find a better match.