Foresters probably isn’t the first name that pops into your head at the mention of life insurance.
While the shoe won’t fit for your average situation, Foresters life insurance products accommodate quite a few unique situations, including no exam term life insurance and final expense coverage for seniors.
If you’re in need of one of those policies, or if you’re trying to make a well-informed decision by comparing all of your options, our review can help.
We look at Foresters’ history, financial strength, and all the products it has to offer to paint a clearer picture of the company.
Our Foresters Life Insurance Review
Foresters’ history is unlike most of its life insurance competitors, at least in the United States.
Started in 1834, Foresters is one of the oldest insurers in history, with roots far deeper than many modern companies.
The company was originally founded as the Ancient Order of Foresters before it was named the Independent Order of Foresters in the States in 1874.
A fraternal benefit society, Foresters originally existed for a group of mutual members who solely brought themselves together for protection, aid, and advancement.
Foresters Financial, founded and headquartered in Ontario, Canada, now operates in the United States, Canada, and the United Kingdom.
They have a host of financial services programs, including life insurance, annuities, and retirement plans.
Just as it always has, Foresters demonstrates a commitment to helping protect hard-working families.
The fraternal company offers scholarships and grants to members, as well as discounts to events.
Their altruism is furthered displayed in their donations to communities in need, funding initiatives to build playgrounds and the like.
While Foresters did not make our 10 best life insurance companies list for 2019, its track record is commendable.
Financial Strength & Ratings
Along with studying Foresters’ history, it is important to gauge its financial standing.
In its 140 years, Foresters has grown to an impressive $17.7 billion in total assets. They also boast a surplus of over $2 billion.
The company now has over 3 million members and customers.
They’ve seen tremendous growth over the last several years, with an ever-expanding customer base.
But their financial success is nothing new, as these numbers have been steady for more than a decade.
Foresters has also received consistent credit ratings, which score a company’s likelihood to meet its financial obligations.
Once again, Foresters has received an “A“rating by A.M. Best, which signifies excellent financial health.
While Foresters isn’t BBB-accredited, they hold an “A+” rating with the organization, and overall consumer sentiment seems to be positive.
While Foresters does offer a wide variety of financial products, we’ll be focusing on their life insurance.
Foresters is on the leading edge of product innovation, and they’re among a select group of companies who offer no exam life insurance.
You can find the following life insurance product at Foresters, which we’ll delve into below.
- Variable Universal
Foresters’ term life product is called Your Term.
With this level term life insurance policy, you get to lock in premiums at the beginning of your term.
You can opt for terms of 10, 15, 20, 25, and 30 years.
You’ll also be able to access the following add-ons to your policy:
- Common Carrier Accidental Death Rider
- Family Health Benefit Rider
- Accelerated Death Benefit Rider
- Disability Income Protection
- Waiver of Premium Rider
- Accidental Death Coverage
For certain amounts, you may be able to secure coverage without a medical exam.
If you’re looking at more permanent choices with flexibility, you can choose between the Foresters SMART Universal Life and ISP 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).
SMART Universal Life is guaranteed universal life, or GUL, because the first 10 years of the policy are guaranteed as long as premiums are met.
On the other hand, the ISP Variable Universal Life Policy is aimed at cash accumulation by investing a portion of the policy proceeds into stocks and bonds.
If you need funds to cover final expenses, PlanRight Whole Life could be what you’re looking for.
Foresters is well known for this whole life coverage 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 a typical sized final expense death benefit, you may need to look at the Advantage Plus Participating Whole Life Insurance or the Interest Sensitive Whole Life Insurance options.
The Advantage Plus policy allows you to 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 it may be a better option if you need coverage for an indefinite period or look to grow more cash from your policy.
Alternatives to Foresters Life Insurance
As you can see, there’s a lot to love about Foresters; however, it may not be the best company for your needs.
Whenever you purchase life insurance, you should look into all of your best options, not just one.
Be sure to check into some of the alternatives below as you shop.
- Haven Life: If you want a simplified online application and affordable term life insurance, Haven Life is the best choice, with no exam coverage up to $3 million.
- Mutual of Omaha: If you’re looking at Foresters for its final expense coverage, also consider Mutual of Omaha, which offers fair underwriting and quick affordable burial policies.
- Northwestern Mutual: Whole life shoppers may benefit most from Northwestern Mutual, which provides excellent policies and other financial products comparable to Foresters.
What We Like About Foresters
Foresters has plenty of appealing attributes.
To recap, here’s what stands out about Foresters Financial:
- Reputation: Foresters has a century and a half of experience under its belt, during which it has proven itself to be a great company.
- Financial strength: The company’s financial strength is solidified even further by its annual performance, growth, and financial ratings.
- Variety of products: Foresters offers a wide array of life insurance products to meet a number of customers’ needs.
- No exam: Foresters is one of a handful of companies offering coverage without a required medical exam for underwriting.
- Member benefits: Foresters’ members may be able to access scholarships, grants, discounts, and other perks.
What We Don’t Like About Foresters
There isn’t much to complain about with Foresters.
However, you may want to keep the following in mind:
- Limited policy information: While Foresters’ website offers valuable resources, they aren’t always clear about the maximum policy amounts, which may require a phone call or email.
- Coverage location: Some policies and add-ons may not be available to you, depending on your location. Again, you need to get in touch with the company to confirm policy availability.
Foresters Financial has built itself from the ground up and even brought other companies under its own name over the last 140 years.
Its growing reputation is only preceded by its exceptional products.
While Foresters may not be the ideal carrier for every life insurance shopper, it has an impressive lineup which appeals to many.
Not only will you get dependable coverage backed by a reputable company, but also unique fraternal benefits which are somewhat uncommon in the industry.
As always, take the time to research a number of companies before locking into a policy.
Taking a few moments to compare quotes could save you thousands of dollars in the long run.