Founded in 1874, Foresters Financial set out to provide life insurance for families in Toronto, Canada. After more than 148 years of serving members of their community, the company has branched out and now provides coverage for people in Canada, the United States, and the United Kingdom.
Foresters Company History and Highlights
Forester Financial prides itself on social responsibility and its community impact. Since its origins, the company asserts that its focus on giving back is what makes it different from every other life insurance company. Over time, Foresters has built partnerships with non-profits and community organizations such as Cash for Kids, KABOOM, One Walk, United Way, and many others, and has given billions of dollars in scholarships and community activities to support these organizations. Foresters recently sought to help families through the Covid-19 pandemic by creating a temporary grant program – Caring Through Crisis.
Foresters Plans and Riders
Foresters Life Insurance Company offers a variety of plans for term life, whole life, and universal life insurance.
Term Life Insurance
Your-Term Level Term
Foresters’ Your-Term Level Term Life Insurance option is a basic term life insurance policy.
Features include:
- Eligible for ages 18 to 55
- 10 to 30-year terms
- Coverage ranges from $100,000 to $1 million
- Renewable
- Offers conversion options (without going through the underwriting process again)
- Level premiums
Strong Foundation Non-med Term
The Strong Foundation Non-med Term policy is a term life policy designed for people with pre-existing health conditions. More specifically, people with diabetes can access affordable life insurance without being subjected to a medical exam.
Features of this plan include:
- Coverage ranges from $50,000 to $500,000
- No medical exam
- Term coverage of 10, 15, 20, 25, or 30 years
- Level premiums
Prepared II Accidental Death Term
Foresters’ Prepared II Accidental Death Term is intended to protect your family in the case of a tragic, unexpected accident. The plan offers protection up to $500,000.
Whole Life Insurance
PlanRight Whole Life
PlanRight Whole Life is a final expense insurance policy designed to cover the financial burden of funeral costs and lingering debts.
Features include:
- Provides lifetime life insurance coverage (up to age 121)
- Guaranteed level premiums
- Tax-deferred death benefits
Advantage Plus II Whole Life
Foresters’ Advantage Plus II Whole Life allows policyholders to build and customize their own whole life policy. Policyholders build their base coverage and have the option to add additional coverage as life goes on.
Features of this plan include:
- Eligible for ages 20 to 100
- Provides lifetime coverage (up to age 121)
- Level premiums (for either 20 years or up to age 100)
- Builds cash value
- Tax-deferred death benefits
BrightFuture Children’s Whole Life
The BrightFuture Children’s Whole Life policy offers life insurance protection for children. Policyholders can buy and fund a policy for children under 18 and transfer ownership when they are older.
Features include:
- Coverage ranges from $5,000 to $75,000
- Can increase coverage later in life without underwriting
- Guaranteed premiums, death benefits, and cash values
Universal Life
SMART Universal Life Insurance
Foresters’ SMART Universal Life Insurance is a basic universal life policy that combines permanent insurance and investment potential.
Features include:
- 10-year no-lapse guarantee
- Coverage lasts a lifetime
- Builds cash value (grows at a 2% interest rate)
Foresters Financial Riders
- Accelerated death benefit
- Accidental death benefit
- Common carrier accidental death
- Charity benefit provision rider
- Family health benefit rider
- Guaranteed insurability rider
- Child term rider
- Waiver of premium rider
- Chronic illness rider
- Critical illness rider
- Paid-up additions rider
- Disability income rider
- Return of premium
Ratings, Reviews, and Complaints
Third-party sources such as Nerdwallet and Investopedia give Foresters Life Insurance three-star ratings out of five. Foresters received an average rating due to the high number of complaints Foresters Life Insurance receives compared to other companies in the industry.
Third-Party Financial Strength Ratings
| AM Best | A (Excellent) |
Why Principled Life Trusts Foresters Financial
Principled Life trusts Foresters Financial Life Insurance Company because of its commitment to service. Their motto is that they “exist to give back.” With such a commitment to social responsibility and strong financial backing, we are confident that Foresters can provide coverage for people in various situations.
