Foresters Life Insurance Review

By - November 12, 2024
foresters financial

The Independent Order of Foresters was founded in 1874 as a fraternal benefit society, which is a member-based insurer.

Table of Contents

Is Foresters a Good Life Insurance Company?

Foresters is a member-governed company and do not have shareholders.

When you buy a policy from Foresters, you become a member with privileges and rights governed by its constitution. Very few life insurance companies offer this type of setup.

You can vote for leaders or even nominate yourself to be a leader.

Financial Strength

  • AM Best – “A”

Ratings as of 08/2020 and are subject to change

Some financial highlights include 2.5 million certificates and contracts in force and a $2.1 billion surplus.

How Easy is it to Get a Policy with Foresters?

Accelerated underwriting is available with Foresters, offering underwriting decisions in seven days or less.

Highlights include:

  • Issue ages – 18-55
  • Face amounts from $100,000 – $1,000,000
  • Products available:
    • Your Term
    • SMART UL
    • Advantage Plus II
  • Underwriting rate classes:
    • Preferred Plus
    • Preferred
    • Standard Plus
    • Standard
  • No tobacco use in past 12 months
  • Blood Pressure – 140/90 or better with no meds
  • The owner and insured must be the same person
  • All riders are available
  • Underwriting reviews:
    • The application
    • Medical Information Bureau
    • Prescription databases
    • Motor vehicle records
    • TrueRisk predictive analytics process.
  • Telephone interviews are not required
  • No exam or labs
  • Medical records are not needed

If eligible you will be approved.

If not, your application will be moved to the traditional underwriting process that requires an exam.

Are Forester Policies Competitive?

Term life insurance, universal and whole life insurance policies are available.

Term Life Insurance from Foresters

The Your Term product offers the following:

  • Non-Medical up to:
    • 18-55 – $50,000 – $400,000
    • 56-80 – $50,000 – $150,000
  • Minimum Face – $100,000
  • Maximum Face – $10,000,000
  • Underwriting rate classes:
    • Preferred Plus
    • Preferred
    • Standard Plus non-tobacco & tobacco
    • Standard non-tobacco and tobacco
    • Non-medical offers non-tobacco and tobacco classes
  • Term lengths:
    • 10-year term – 18-80
    • 15-year term – 18-70
    • 20-year term – 18-65 (60 for tobacco)
    • 25-year term – 18-60 (55 for tobacco)
    • 30-year term – 18-55 (50 for tobacco)
  • Conversion available
  • Charity Benefit Provision
  • Riders:
    • Accelerated Death Benefit – no cost
    • Common Carrier Accidental Death Benefit – no cost
    • Family Health Benefit – no cost
    • Accidental Death
    • Children’s Term
    • Waiver of Premium

The Your Term policy offers non-medical underwriting up to $400,000 making it a quick and easy process.

Permanent Life Insurance from Foresters

Foresters offer the SMART Universal Life policy with the following:

  • Non-Medical up to:
    • 0-15 – $10,000 – $150,000
    • 16-55 – $25,000 – $400,000
    • 56-75 – $25,000 – $150,000
  • Underwriting rate classes:
    • Preferred Plus
    • Preferred
    • Standard Plus non-tobacco & Tobacco
    • Standard non-tobacco and tobacco
    • Juvenile – 0-17
  • Non-medical offers non-tobacco and tobacco classes
  • Policy loans available
  • Withdrawals available
  • Charity Benefit Provision
  • Riders:
    • Accelerated Death Benefit – no cost
    • Common Carrier Accidental Death – no cost
    • Family Health – no cost
    • Accidental Death
    • Children’s Term
    • Guaranteed Purchase Option
    • Waiver of Monthly Deductions

The focus of this policy is for the non-medical market up to $400,000 as well as smaller policies for juveniles.

Whole Life Insurance Policies

The Advantage Plus II and PlanRight are whole life insurance policies.

The Advantage Plus II offers:

  • Non-medical:
    • 0-15 – $25,000 – $150,000
    • 16-55 – $25,000 – $400,000
    • 56-75 – $25,000 – $150,000
  • Underwriting rate classes:
    • Preferred Plus
    • Preferred
    • Standard Plus non-tobacco & Tobacco
    • Standard non-tobacco and tobacco
    • Juvenile – 0-17
  • Non-medical offers non-tobacco and tobacco only
  • Dividends are possible
  • Loans are available
  • Charity Benefit Provision
  • Riders:
    • Accelerated Death Benefit – no cost
    • Common Carrier Accidental Death – no cost
    • Family Health – no cost
    • Accidental Death
    • Children’s Term
    • Guaranteed Insurability
    • Paid-up additions
    • Term rider
    • Waiver of Premium

The guaranteed insurability rider is pretty interesting.

Assurity and Cincinnati Life are companies that offer something similar.

PlanRight offers:

  • Issue ages – 50-85
  • Minimum Face – $5,000 ($10k in some cases)
  • Maximum Face:
    • Preferred – $35,000 to age 80, $15,000 to age 85
    • Standard – $20,000 to age 80, $10,000 to age 85
    • Basic – $15,000 to age 80.
  • Non-tobacco and tobacco rate classes only
  • Loans available
  • Riders:
    • Common Carrier Accidental Death
    • Family Health
    • Accelerated Death Benefit
    • Accidental Death for Preferred rates – extra cost

Foresters are one of the best life insurers for small face whole life policies.

We typically compare them to whole life policies offered by American General, Assurity, and Great Western.

Does Forester Provide Good Customer Service?

You may reach customer service at 800-828-1540

Customers may log in to their Forester account – here

Corporate headquarters is located at:

789 Don Mills Road – Toronto, Canada M3C 1T9

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