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Foresters Life Insurance Company Review + Rates 2019

Written by Rob Pinner

Foresters Life Insurance Review

If you are wondering how Foresters Life Insurance ranks with other top insurance companies, then look no further. We will cover the positives and negatives with Foresters Life Insurance, including the products they offer, their ratings, and the unique niches they specialize in.

Foresters Life Insurance History

foresters life

With more than 135 years providing wealth accumulation and life insurance products to its customers, Foresters Life strives go above an beyond the rest. Foresters Life Insurance is not a traditional stock life insurance company, they are known as a fraternal benefit society. They are a not-for-profit insurance company.

As a fraternal benefit society, Foresters issues certificates instead of policies. When you purchase a certificate, you become a member of Foresters, which also comes with added benefits. Some examples would be that you have the ability to obtain college scholarships or get financial counseling.

Foresters Life Insurance home office is located in Ontario, Canada but they do have numerous offices throughout the United States. They have assets of almost $17.7 billion and total funds under management of $45.1 billion at the end of 2017. They also have over 3.1 million certificates in force.

Foresters Life Insurance Company Ratings

From a financial standpoint, Foresters Life Insurance Company is a strong and stable company. They boast an A (Excellent) from A.M. Best. To give you an idea of how strong financially Foresters Life is, they are not an accredited member of the Better Business Bureau, but was given an A+ (the highest) by them.

Foresters Life Insurance Company Products

Term Life Insurance at Foresters Life

Foresters Life Insurance Company term product is called YourTerm. YourTerm is a level term with coverage for 10, 15, 20, 25, or 30 years depending on your age. It is fully convertible to a permanent life insurance policy without have to pass another exam.

With YourTerm you have option for a no exam life insurance policy or a fully underwritten term life. The only difference between the two is the premium.

Foresters YourTerm also come with many great features at no extra cost:

  • Common Carrier Accidental Death Rider: If you are a fare-paying passenger on common carrier, such as a plane or bus, and die accidentally- a YourTerm policy will pay an additional death benefit to your beneficiary.
  • Family Health Benefit Rider: Pays a benefit for limited health expenses because of a natural disaster, such tornadoes, hurricanes, or earthquakes.
  • Accelerated Death Benefit Rider: This rider provides an option to access a portion of your death benefit in the event that you are diagnosed with a covered illness, such as heart attack, stroke, or invasive cancer.
  • Charity Benefit Provision: With the Charity Benefit Provision, Foresters donates 1% of your face amount to a charity of your choice. The donation is made in the name of the insured, and just like the rider above it is included for free. The donation does not affect the benefit that your beneficiary will receive.

You can also add additional riders to a YourTerm policy such as:

  • Accidental Death Benefit
  • Waiver of Premium
  • Children’s Term Insurance
  • Disability Income Protection

Universal Life Insurance at Foresters Life

Foresters Life offers a universal life policy to meet the needs of the consumer looking for lifetime protection and tax deferred cash value accumulation. They call their UL product SMART Universal Life.

SMART UL offers flexibility to adjust coverage or premium as your needs change. It comes with a no lapse guarantee for the first 10 years. All the “included” riders from YourTerm come with the SMART UL policy. For an additional premium you can add these riders:

If you are looking to accumulate cash while having death protection forever then the SMART UL might be a good fit.

Variable Life Insurance at Foresters Life Insurance Company

The variable life insurance offered by Foresters is called the ISP Choice. ISP Choice is for those who seek permanent life insurance protection and the opportunity to build cash value or “Accumulation Value” on a tax-deferred basis within a variety of professionally managed investment subaccounts.

The ISP Choice also allows you to add riders to your policy. They are:

  • Waiver of Premium
  • Term Life Insurance Rider
  • Accidental Death Benefit
  • Spouse’s Term Life Insurance Rider
  • Children’s Term Life Insurance
  • Guaranteed Insurability Option Rider

Whole Life Insurance at Foresters Life Insurance

Whole Life Insurance is permanent life insurance policy with guaranteed premiums, guaranteed death benefit, and guaranteed cash value accumulation. Some whole life polices also earn a dividend each year which can be used for things such as:

  • Buy More Life Insurance
  • Withdraw
  • Accumulate Tax Free

Foresters Life Insurance Company offers three whole life insurance plans. They are:

  • PlanRight Whole Life
  • Advantage Plus Participating Whole Life
  • Interest Sensitive Whole Life

PlanRight Whole Life

PlanRight is Foresters final expense or burial insurance policy. Death Benefits are capped at $40,000 with issue ages 45-85. The PlanRight offer simplified issue underwriting which means no exam is required and perfect health is not a requirement to qualify. The PlanRight is a non-participating whole life product and does not earn dividends.

The common carrier accidental death rider does come attached at no extra charge and you can also add an accidental death benefit rider to cover all accidents.Advantage Plus Participating Whole Life

Advantage Plus Participating Whole Life

This is Foresters Life participating whole life product. Participating whole life earns dividends which are not guaranteed. The dividends add to the guaranteed cash value also.

With the Advantage Plus you have the option to pay premiums for just 20 years or to age 100. Included riders are:

  • Common Carrier Accidental Death Rider
  • Accelerated Death Benefit Rider
  • Family Health Benefit Rider
  • Charity Benefit Provision

Interest Sensitive Whole Life

This policy is very similar to the Advantage Plus Whole Life except for how the cash value is calculated. With Interest Sensitive Whole Life the accumulation value grows at a guaranteed minimum interest rate plus the potential of a company declared interest rate, all income tax deferred.

Final Thoughts on Foresters Life

While we agree that Foresters Life Insurance Company is great company to hold a certificate with, they may not be a right fit for everyone. If you are looking for extra included bells and whistles then Foresters certainly does provide this.

If you thing Foresters may be a good fit, give us a call for a free quote or fill out the form on the left hand side of the screen to get an instant quote. Feel free to leave any questions or concerns below.

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Rob Pinner
Rob Pinner

My name is Rob Pinner and I own EasyQuotes4You. At EasyQuotes4You we aim to make your life insurance buying process a smooth and stress free transaction.  We are independent life insurance agents servicing all 50 states. I have over 15 years of experience and have focused solely on life insurance for the past 5 years. If you have any questions or comments please don’t hesitate to give us a call.

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