Foresters Life Insurance Company Overview

Foresters Life Insurance Company

Foresters Life Insurance Company is not your traditional life insurance company, even though it does offer multiple life insurance policy solutions. Currently, Foresters has operations in Canada, the UK, and the United States offering life insurance, savings, annuities, mutual funds and other benefits for its members.

    Foresters is the trade name for “The Independent Order of Foresters” and is currently based in Toronto, Canada. Foresters Life Insurance Company is organized as a fraternal benefit society and is governed by its members and has no shareholders.

    Foresters is a very large insurance company with assets totaling over $12 billion and offers products and services through eleven subsidiary companies:

    While being owned by the Independent Order of Foresters, Forester Life Insurance is steadfast about giving back to communities through lodges across the company and the community programs that the company supports and invests in:

    • KaBoom! Neighborhood playgrounds.
    • Ronald McDonald House Charities
    • Foresters Community Grants Program
    • Foresters Competitive Scholarship Program (250 scholarships every year)


    Foresters A.M. Best Rating for Financial Stability


    Foresters Life Insurance Company AM Best rating


    As for financial stability, Foresters Life Insurance received an A (Excellent) rating from A.M. Best rating services. In fact, they have received this highly coveted rating for the last 14 years. This rating is a solid indication that the company remains in the position to pay claims and other obligations and meet its normal operating costs year after year.

    Foresters is also an accredited company with the Better Business Bureau and received an A+ rating because it quickly and fairly resolves any complaints brought to their attention. The company’s BBB file was opened in 2008 and since that time has resolved every complaint in a satisfactory manner.


    Foresters Life Insurance Products


    Foresters Life Insurance maintains a complete portfolio of life insurance products by offering Term Insurance, Whole Life Insurance, and Universal Life Insurance.


    Term Life Insurance


    The Foresters Term Life Insurance policy is for individuals looking for a particular death benefit for a specific period of time. Although term insurance is a temporary policy usually issued for 10, 20, or 30 years, it is a great low-cost solution for applicants wanting to purchase a large insurance policy to replace income, pay off debts, pay off the mortgage, pay for college tuition, or continue making retirement plan investments.

    For example, an applicant with a 30-year mortgage does not need life insurance to cover the mortgage balance for more than 30 years. Policyholders can, however, convert their term coverage to permanent insurance without proof of insurability. That way, their policy after conversion, would provide lifetime coverage for the policyholder.

    Because term insurance is a temporary insurance product, and most policyholders will outlive their coverage, Foresters Term Life insurance is a very affordable way to provide protection for your family.

    Here are actual rates for a $500,000 20-year term policy for a healthy male and female non-smoker:


    Applicant Age

    Male Non-Smoker

    Female Non-Smoker




















    As you can see by the rates listed above, the Foresters Your Term policy is a very affordable solution for young parents who need to insure against a large amount of debt. For an accurate quote for your actual age, please contact the insurance professionals at at (540) 226-8715 or contact us through our website.


    Universal Life Insurance


    Foresters SMART Universal Life

    The Foresters SMART Universal Life product is an excellent choice for individuals who prefer permanent life insurance that can last a lifetime with affordable rates. The company offers several optional riders that can be used to broaden the coverage and expand the living benefits of the policy. Foresters offers the SMART Universal Life policy to following eligible applicants:

    • Ages 0 to 75 - No Medical Exam Required
    • Ages 0 to 85 – Medical Exam Required

    The most popular selling points about the Universal Life policy is the policyholder’s ability to make changes in the premium payment and the death benefit after the policy has been issued. This means that the policyholder can easily adapt to life changes that might require more or less life insurance coverage without having to purchase a different policy. Any increases in the death benefit will require additional medical underwriting.

    The cash value account attached to the SMART Universal Life policy accrues a minimum interest rate specified in the policy on a tax-deferred basis. Policyholders can access their cash account using policy loans, partial surrender, or complete surrender of the policy for all of the accumulated funds in the account.

    The Foresters SMART Universal Life product is a great solution for applicants who want to use it for retirement planning and estate preservation. The company considers their target market being 30 to 50-year-old middle-income earners.

    Foresters also offers Variable Universal Life for individuals who want to take a more aggressive approach in accumulation cash value and have an appetite for a little more risk.

    Whole Life Insurance


    Foresters is probably best known for its Final Expense Insurance for seniors but they also offer a traditional whole life insurance product as well.


    Foresters Advantage Plus

    The Foresters Advantage Plus product is traditional whole life insurance that contains all of the guarantees and benefits consumers expect in whole life insurance. The company does, however, take the additional step of paying dividends to Advantage Plus policyholders and will contribute 1% of the base face amount (death benefit) to a designated charitable organization.

    Just like all traditional whole life policies, the policyholder can borrow against their cash value account, take withdrawals, or surrender the policy for all of the available cash value.


    Foresters PlanRight Whole Life Insurance

    The PlanRight whole life policy is an ideal solution for seniors who would like to purchase permanent life insurance to cover final expenses that arise when they pass away. Foresters’ PlanRight policy contains all of the features and benefits of traditional whole life insurance with liberal medical underwriting and never a need for a medical exam. Seniors will typically purchase this type of policy to cover final expenses like:

    • Funeral, burial, and cremation costs
    • Unpaid nursing home bills
    • Medical expenses that are not covered by Medicare or individual health insurance

    With Foresters PlanRight Whole life insurance, your death benefit is guaranteed to age 121 and the company cannot cancel your policy except for non-payment.

    Once the policy is issued, the insurance company cannot increase your monthly premium for any reason. Your premium remains the same even if you are diagnosed with a terminal illness and are living in a nursing home or hospice.

    Your PlanRight policy will build cash value over time that can be accessed via policy loans, withdrawals, or by surrender the policy for the full amount of the cash account.


    Just One More Thing...

    one more thing


    It’s important to note that Foresters is a fraternal benefit insurance company and not publicly held like many life insurance companies. This means that as a policyholder, you are automatically a member of the Independent Order of Foresters and you have access to the community programs they’re involved in. With Foresters Life Insurance, you have access to quality life insurance that is competitively priced from a highly-rated insurance company who gives back to the communities of its members.


    We Help You Compare and Save!
    For more information about Foresters Life Insurance and to get a free and confidential life insurance quote, call the professionals at Life Policy Shopper at (540) 226-8715 during normal business hours, or contact our office through our website at your convenience.


    Terry Biddle is a business owner, blogger, retired Army National Guard officer and a current federal employee. He works with seniors, federal employees, and members of the military to get the most life insurance benefits at the greatest value across the full spectrum of term and permanent products from fully underwritten to no-exam and guaranteed issue. Please feel free to contact me here.



    Last Updated on March 31, 2020 by lifepolicyshopper