Fact CheckedCongratulations on being proactive about the financial security of your loved ones!
Unfortunately, I think a lot of people take their income for granted. What would happen if one day it was turned off like a tap, never to return because of a tragic death?
The thing is, we die. It’s not one of those palatable topics; that being said, it happens to all of us.
A certain amount of denial is required to get on with things.
But if tragedy strikes, it’s pretty earth-shattering. Would your family be able to continue to pay the bills? Chances are not. That’s where life insurance protection comes in.
Unfortunately, there is a lot of information out there, and I want to help you navigate it. So, let’s examine Foresters Life Insurance to see how they compare.
“Dying is not just an event that happens to us at the close of our lives. It is our purpose for being. We begin to die the very day we are born and live all our life towards death. Sure, we may get sick as we age, but we can get sick at any stage of life. Illness and aging need not go hand in hand. If you take good care of your body in the “morning”, it will take good care of you in the “evening” of your life.”
History of Foresters Life Insurance Company
Foresters Financial has a very LONG history. Founded in 1874, this company aimed to provide affordable life insurance to working families.
One of their first leaders, Dr. Oronhyatekha, a native doctor who incorporated Western medicine into his practice, furthered the interest in public welfare.
Dr. Oronhyatekha was a rights champion for women, children, and minorities. The result? Foresters admitted women to their organization and offered benefits to orphaned children of policyholders.
Foresters Financial is a large international company with over 3 million clients and members in Canada, the US, and the UK.
It’s a diversified company that provides the following services:
- Life Insurance
- Savings, Retirement & Investment Solutions
Foresters Financial Ratings
Did you know that life insurance is a highly regulated business? Yes, it is. Thankfully for consumers, some organizations grade insurers’ performance, which saves you and me a lot of leg work.
These grades give you an idea of how much confidence rating agencies have in the company being reviewed.
The good news is that AM Best has given Foresters Insurance an A rating for the past 19 years, which says a lot about its stability.
If you select Foresters Financial for your life insurance needs, you can sleep well knowing your investment is safe.
What Are People Saying About Foresters Online?
Ugh, online life insurance reviews are one of those things that throw a spanner in the works. I find them unpredictable at best and downright deceiving at worst.
Sadly, life insurance companies get the short end of the stick regarding online reviews. Don’t get me wrong, I’m in no way disparaging honest reviews, and they are out there.
But it’s a complicated situation. Poor reviews fall into a couple of different categories:
- People who are legitimately annoyed because they’ve received poor customer service.
- Policyholders who lodge complaints in the wrong division. Many life insurance companies carry a variety of products. Auto insurance complaints do not indicate the quality of service you may receive for life insurance, etc. Be sure to take the time to read the reviews.
This makes it much more challenging to rely on these reviews. You should check out these reviews, but balance them with the above mentioned issues.
Regarding online Google reviews, Foresters has 3.3 out of 5 stars out of 183 reviews. This is very good compared to other carriers. This gives you an idea of what sort of bar we are dealing with.
After I read the reviews, I noticed that most glowing reviews lack information. It’s hard to tell exactly what products people are talking about, but there are some specific Foresters life insurance complaints.
Foresters Life Insurance Products
When people think of life insurance, most think of term life insurance. It’s protection to replace income should you die suddenly.
In simple terms, you select the:
- The period you feel you’ll be most vulnerable and want to be covered is typically 10, 20, or 30 years. This is called the “Term.”
- The amount of coverage you need to keep your family comfortable if your income suddenly evaporates is called the “Face Value.”
After these details are settled, you typically answer some very specific health and lifestyle questions and may be required to have a life insurance medical exam. If possible, insurance companies like to underwrite consumers on a non-medical basis as it saves them the cost of having to administer medical tests including vitals and fluids.
1. Foresters Term Life Insurance
Foresters Financial Canada has the following term products:
10, 20 & 30-Year Term Life Insurance
Not everyone needs long-term life insurance coverage. For those with very specific short-term needs, a 10-year policy may perfectly suit them.
….and it will save you money!
For those of you looking for longer-term coverage, a 20-year term is a good middle ground. For many families, it covers the years they are most vulnerable.
After 20 years pass, children are grown and out of the house – plus it’s less expensive than a 30-year term.
2. E-Z Term (No Medical Life Insurance)
Foresters E-Z Term is a simplified issue life insurance policy. It’s available as a 10-year term plan with guaranteed renewable and convertible options. It’s designed for consumers who are healthy with no insurability issues whatsoever. If you have well-managed high blood pressure or elevated cholesterol, you won’t qualify.
E-Z Term Features:
- Monthly costs or premiums are guaranteed to remain level for the initial 10-year period.
- Coverage amounts up to $250,000 depending on your age at issue
- The policy can be renewed (without underwriting) for 10 years up to 75.
- Convertible to a Forester permanent insurance plan up to age 65 without providing any medical evidence.
3. Foresters Financial Permanent Insurance
Term insurance is temporary. Permanent or Whole Life insurance is meant to last for life.
In addition to guaranteeing a payout for your beneficiary, the cash value accumulation feature can be invested, borrowed against, used to pay premiums or more coverage, or left to your beneficiary.
There are also permanent policies where you only pay the pure insurance cost. These plans have guaranteed monthly premiums and sometimes guaranteed cash values but are not designed to grow in value over time.
Foresters Financial Canada has Four products in this category:
- Advantage Plus Whole Life
- Non-Par Whole Life
- Simplified Non-Par Whole Life
- Child Non-Par Whole Life
Suppose you are in the market for permanent life insurance. In that case, it’s important to consult an experienced independent life insurance agent because this product has many variations and is NOT for everyone.
Foresters Advantage Plus Whole Life Insurance
This is a participating product, which means you can earn dividends. These dividends are not guaranteed and can be used to:
- distribute as cash
- buy additional coverage
- leave on deposit, which means the money will gain interest
- pay your premiums if you’re short on cash or want a premium holiday
Benefits of this policy include:
- Option to pay up policy in 10 or 20 years
- Dividends
- Charity benefit provision: Forsters will pay an additional 1% of the basic face value to a charity of your choice up to a maximum of $100K.
- Children’s benefit: $3K of term insurance for each insured child until age 25. A conversion option to permanent is available at specific times, and an additional $7K may be purchased without a medical exam.
- Juvenile Guaranteed Insurability: If the insured child is under 18 when the policy is purchased, they can buy additional coverage without a medical exam on specific dates.
- Quit Smoking Incentive Plan: If you’re classified as a smoker and are 16 years of age or older, you will receive nonsmoking rates for 2 years. If you can submit evidence that you quit, these premiums will continue at the end of this period.
- Expert Medical Opinion Program: This program provides an authoritative second opinion for a diagnosis with a leading expert. It includes the insured’s spouse (domestic partner) and children up to age 18.
Foresters Non-Par Whole Life Insurance
Non-participating whole life insurance is the most affordable type of permanent insurance because you pay only the cost of insurance. These policies do not have a cash accumulation or investment component.
Features include:
- Coverage for Life, guaranteed cash values, and monthly costs guaranteed to never increase over the life of the policy
- Available Plans – Single Life, Joint First-to-die, or Joint Last-to-die.
- Payment periods – You can pay premiums for 20 Years (higher cost) or Life (Lower monthly cost)
- Bereavement Assistance – $1,000 in bereavement assistance available to loved ones to help with counseling expenses.
- Stop Smoking Plan—Foresters offer lower rates for smokers for the first two years of the policy. If you quit smoking and provide satisfactory evidence within two years, Foresters will maintain lower premiums. (Being a non-smoker usually means no nicotine or tobacco products for 12 months.)
- Advance Medical’s Expert Medical Opinion Program provides a second opinion on medical issues from some of the world’s leading experts at no additional cost. Your spouse and dependent children up to age 18 may also be eligible.
Foresters Simplified Non-Par Whole Life (No Medical Life Insurance)
Simplified Issue life insurance does NOT require any medical or physical exams to make an application. As such, the insurance companies charge more for this type of product to mitigate their risk as they are not fully underwriting these policies medically.
Foresters Canada Simplified Non-Par Whole Life is designed for healthy consumers with mild health issues. For example, if you have well-managed hypertension, cholesterol, and diabetes (before age 50), you will likely qualify. This simplified issue product has similar features and benefits to Foresters’ non-par whole life:
Foresters Child Non-Par Whole Life Insurance
Some people like to guarantee the insurability of their children moving forward by purchasing life insurance for them. This can help give them a head-start in life.
Features and Benefits
- Coverage for Life, guaranteed cash values, and monthly costs guaranteed to never increase over the life of the policy
- Available Plans – Single Life
- Payment periods – 20 Years
- Bereavement Assistance – $1,000 in bereavement assistance available to loved ones to help with counseling expenses.
- Conversion of Guaranteed Insurability – This provides the right to purchase additional insurance on your child’s life without evidence of insurability within prescribed limits.
- Waiver of Premium on Accidental Death of Owner – If the owner dies of accidental causes before the policy anniversary nearest the child’s 25th birthday, premiums will be waived while the policy remains in force.
Foresters Financial Additional Insurance Riders
Depending on which Foresters Canada plan you have, the following options may be available as riders:
- Additional coverage/cash value purchase option
- Term 10, 20, and 30 riders to give you additional protection
- Spousal Term Rider
- Children’s Term Insurance Rider
- Accidental Death Rider
- Guarantee Insurability Rider
- Waiver of Premium Rider for Disability
- Owner Waiver of Premium (Child non-par whole life)
4. Foresters Financial Critical Illness Insurance
Critical Illness Insurance is becoming more popular with medical advances. You have a good chance of being diagnosed with a critical illness in your lifetime, but chances are you will live.
The issue that evades a lot of people is…
…how will your family exist if you cannot pay these bills while recovering? This is where critical illness insurance comes in.
You buy coverage to protect you from just this sort of situation. Critical Illness insurance is meant to pay out a one-time lump sum should you develop a serious illness as defined by the terms in your policy. It should be noted that critical illness (CI) can be complicated, and you need to make sure you read the fine print in your policy. You may not be covered for what you think you are.
It’s important to seek the advice of an experienced independent agent who knows the CI marketplace. Whatever you do, avoid purchasing this product directly from your bank.
If you want to avoid the pitfalls of securing Critical Illness coverage, read my post here.
Let’s see what Foresters Insurance Canada has to offer now!
Foresters LifeCare Critical Illness Insurance
There are two types of LifeCare coverage:
- LifeCare T10: This policy provides 10 years of protection and is renewable to age 75. You can convert it to T75 after the 6th anniversary up to age 65.
- LifeCare T75: If you want ongoing protection until age 75
Benefits include:
- Coverage for Life-threatening cancer, Heart attack, Stroke, Coronary artery bypass surgery, Kidney Failure, Major organ transplant, Aortic Surgery, Heart valve replacement, Blindness, Deafness, Paralysis, Multiple Sclerosis, Burns, Coma, Loss of speech, Loss of limbs, Motor Neuron Disease, Alzheimer’s Disease, Parkinson’s Disease, Occupational HIV Infection, Loss of independent existence as defined and specified in the policy
- Return of Premiums on Death
- Expert Medical Opinion Program
Foresters Life Insurance Quotes
Basic rates are the section most people look for in a review.
Please remember that these rates are only estimates. No agent can give you an exact figure because you must qualify for the quoted rates.
I am using a standard rate for this article because this is how the majority of people are rated. Sure, you can do better or worse, but this gives you an idea of the cost of Foresters Term Life Insurance for nonsmoking men and women throughout the decades.
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| Age | $250,000 | $500,000 |
| 35 Year Old Male | $19.58 | $31.50 |
| 35 Year Old Female | $15.30 | $22.95 |
| 40 Year Old Male | $27.45 | $45.00 |
| 40 Year Old Female | $20.25 | $33.30 |
| 45 Year Old Male | $42.30 | $72.00 |
| 45 Year Old Female | $30.38 | $51.30 |
| 50 Year Old Male | $69.98 | $123.75 |
| 50 Year Old Female | $47.70 | $82.80 |
| 55 Year Old Male | $126.00 | $213.75 |
| 55 Year Old Female | $85.95 | $157.05 |
| 60 Year Old Male | $227.70 | $423.00 |
| 60 Year Old Female | $158.85 | $298.80 |
| 65 Year Old Male | $380.70 | $716.40 |
| 65 Year Old Female | $256.50 | $487.80 |
*Quotes above are for Foresters Term 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. July 2024.
Foresters Life Insurance Pros
1. Has a LONG History
Foresters Canada has a long and solid history. If longevity means something to you, Foresters is the way to go.
2. Awesome Ratings
For 23 years, Foresters Life Insurance Canada has received an A-rating from AM Best. Now that’s sweet! Year after year, they are honored for their performance.
3. Foresters Financial Merger with Canada Protection Plan
Canada Protection Plan (CPP), is one of the country’s best no-medical life insurance companies. Any life policy issued by CPP insurance will have “Underwritten By Foresters Life Insurance Company” written at the bottom of the page.
The joining of Foresters and CPP means increased financial strength and stability for both companies. If you have health issues and need coverage, you now have access to the largest selection of simplified-issue life insurance in the marketplace.
4. Simplified Issue Life Insurance for Higher Risk Applicants Now Available
To qualify for Foresters E-Z term, you must have no health issues. That’s not the case with the Simplified Non-Par Whole life. If you have mild health issues, you may very well qualify.
But what if you have moderate to serious health issues? Well, I’m afraid you’re out of luck. But that is until now. As a result of the amalgamation, Foresters now has access to Canada Protection Plan’s full suite of products.
5. **Quit Smoking Incentive Plan on Whole Life Policies**
Foresters Life Insurance Canada will give smokers non-smokers rates for the 1st 2 policy years. If the insured quits smoking within that period, they will lock in the lower rates for the life of their policy. As far as I know, no other carrier has this offer.
6. Some of the best whole life insurance rates for middle age – seniors
If you’re over the age of 50 and considering permanent insurance to leave a gift behind for your kids or to take care of final expenses. Foresters Advantage Whole life will provide you with the lowest cost of insurance compared with most other carriers.
7. Foresters Financial Member Benefits
Foresters Canada is well known for its Strong Fraternal Benefit Society Heritage. When you take out a Foresters Life Insurance Policy, you automatically become a member of The Independent Order Of Foresters. Membership includes benefits such as academic and orphan scholarships, financial advice, discounted legal services and a terminal illness policy loan.
Orphan Benefit
Forester’s Orphan Benefit sets them apart from other insurance companies. If God forbid, both you and your spouse die, of course, they will pay out the full death benefit. In addition to this, they will also pay your children’s guardians $900 per month until the kids are 18.
Foresters Financial will then provide your children with a bursary of $6000 per year for four years to cover post-secondary education costs. That’s not too shabby!
In 2023, across the US, Canada and the UK, Foresters Insurance:
- Awarded $2.4 million in competitive scholarships
- Awarded $5 million in community grants initiatives
- Contributed $1.7 million in disaster relief assistance to members
- Built playgrounds providing 5.3 million children and families with a safe place to play
Foresters Life Insurance Cons
Lack of Detailed Product Information on the Website
There isn’t much to complain about regarding Foresters Insurance Canada, but it would be nice if their website had more detailed information.
Is Foresters Financial Your Best Bet?
If you are scanning the internet for Foresters Life Insurance Canada…
…we’ve got you covered!
Foresters Financial is one of North America’s largest and most stable insurance companies. They have a wide selection of products and a very positive rating that they’ve managed to maintain for many years. I have no problem recommending them to clients.
With the new Foresters/ Canada Protection Plan merger, they’ll offer a more comprehensive selection of life insurance products!
Foresters Life Insurance Canada is a very stable, ‘A’ rated carrier with a long history. It may be the perfect carrier for you, or it may not be.
Not all life insurance companies are created equal. All of them have pros and cons, including Foresters. For example, some companies are more lenient than others for specific medical conditions like diabetes.
Get Quotes From Foresters Life Insurance And Other Companies Before You Make A Decision:
