In this review of Foresters Life Insurance, we will show you everything you should know to help you decide if Foresters might be the right fit for your life insurance needs.
Below, we’ll cover a brief history of Foresters Life Insurance, their financial ratings, and their most popular life insurance policies. After that, we’ll explain the benefits of choosing Foresters, and show you how to compare them to other life insurance companies to ensure you find the right policy for you.
- The History of Foresters Life Insurance Company
- Foresters Life Insurance Financial Ratings
- Foresters Life Insurance Products
- Foresters Offers Great Member Benefits & Services
- Compare Foresters Life Insurance with Other Companies to Find the Best Rates
The History of Foresters Life Insurance Company
Foresters Financial was initially founded in 1874, with the primary mission of offering access to life insurance coverage for the average working family. Starting out as The Independent Order of Foresters, the company holds strong to its key focus of operational excellence, talent development, and strategic planning and implementation.
Over time, this insurer has expanded. Foresters has added a number of different insurance and financial products to its lineup, including:
- Life insurance
- Mutual funds
- Savings and retirement planning services
- Investment and portfolio management
The wide array of products and services that are offered through Foresters Financial allow its members to accomplish their financial goals, regardless of what stage of life they are in.
Where Foresters Financial Stands Today
Foresters Financial has over two million members today, with over 3.2 million certificates and contracts in force. These members span across the United States, as well as from Canada and the United Kingdom.
In 2018, they paid out over $600 million in insurance claims and benefits. From a financial standpoint, Foresters Financial has a positive reputation.
As of year-end 2018, the company had just under $1.3 billion in total insurance premiums received, and it had a surplus of roughly $2 billion. At that time, Foresters held more than $30 billion in total assets under management. Foresters is headquartered in New York.
Foresters Life Insurance Financial Ratings
Due in large part to its financial stability, Foresters has high rankings from the insurer rating agencies.
- A.M. Best: “A” (excellent) rating
- Affordability Index: 9.7
- Ease of Applying: 9.8
- Customer Service: 9.9
- COMDEX Ranking: N/A
The company has attained this “A” rating from A.M. Best for 18 years in a row. A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Foresters compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Foresters Life Insurance Products
Foresters Financial offers a variety of life insurance coverage options to choose from, including term and permanent policies. Below, we’ll review their most popular policies on the market.
Your Term Life Insurance
Foresters Your Term Life Insurance policy is one of the top term life insurance policies on the market. It has competitive rates, many customizable options, and it’s easy to apply for.
Here are several features of this policy.
- Available in 10, 15, 20, 25, and 30-year terms
- Get $50,000 to $400,000 in coverage with accelerated, non-medical underwriting
- Get $100,000 to $10 million in coverage with medical underwriting
- The policy has level premiums that will not increase
One of the best features of the Your Term policy is their non-medical underwriting option. This allows you to get covered quickly without a medical exam. You do still have to answer some questions about your health and lifestyle, but most healthy individuals will qualify.
This plan also provides a guaranteed convertibility option, meaning a policyholder can convert their existing level term life insurance policy to a permanent policy, regardless of their health condition. In fact, there are no health questions to answer, and no medical exam required for this conversion to take place.
There are also several additional riders that are available that can be added to this policy, which in turn can help to better customize the coverage to fit your needs.
- Accelerated Death Benefit rider
- Common Carrier Accidental Death Benefit rider
- Family Health Benefit rider
- Waiver of Premium rider
- Disability Income rider (for accidents and/or sickness)
- Children’s Term Life Insurance rider
PlanRight Whole Life Insurance
The PlanRight Whole Life Insurance plan from Foresters is another great product. This policy has competitive rates and great benefits when compared to other whole life insurance on the market.
With whole life insurance, the amount of the coverage, as well as the amount of the premium, will be fixed for the entire life of the policy. There are no time limits on whole life protection, so the coverage can remain in force for as long as the insured lives (provided that the premium is paid).
Because whole life is a form of permanent life insurance, these policies offer a cash value component where the funds can grow on a tax-deferred basis. This means that there is no tax due on the growth of these funds, until the time of withdrawal.
Here are several features of Foresters whole life insurance:
- Available for ages 50 to 85
- Get $2,000 to $35,000 in coverage up to age 80
- Get up to $15,000 in coverage for ages 81 to 85
- Level premiums for life
This policy is designed to cover final expenses like funeral or burial costs or small outstanding debts. Aside from the low rates you get from Foresters, the riders available make this a great burial insurance plan.
- Common Carrier Accidental Death Rider included
- Accidental Death Rider available for age 50 to 80
SMART Universal Life Insurance
Foresters also offer universal life insurance coverage. This, too, is a form of permanent life insurance protection, offering a death benefit and cash value build-up.
Universal life is considered more flexible than whole life insurance because the policyholder is able, within certain guidelines, to change the due date of the premium payment, based on their needs. They may also be able to determine how much of their premium goes towards the insurance component of the policy, and how much goes towards the cash value.
Foresters SMART Universal Life Insurance plan has the following features:
- Flexible premiums – level or increasing options available
- Accrues cash value that can be borrowed against
- Family Health Benefit Rider
- Common Carrier Accidental Death Rider
- Accelerated Death Benefit Rider
There are also several other riders that can also be added in order to better fit this coverage to specific needs.
Other Life Insurance Policies & Products from Foresters
Foresters also offers variable life insurance and several other types of whole life insurance:
- Advantage Plus II Participating Whole Life Insurance
- Interest Sensitive Whole Life Insurance
- ISP Choice Variable Life
We won’t go into detail on these policies here because they are less popular policies, but you can find more information on Foresters website here.
Foresters Offers Great Member Benefits & Services
One of the primary things that separate Forester life insurance from other companies is their member benefits. Their benefits are included at no extra cost when you purchase a life insurance policy.
Some of the benefits of being a member with Foresters include:
- An emergency assistance program that offers financial aid to those who have personal hardships.
- Legal assistance for a variety of different issues.
- College scholarships.
- Terminal illness loans that can help a member if they contract a serious health condition.
- LawAssure is a service that helps you create documents like wills, powers of attorney, and more.
- A financial helpline that gives you access to counselors who can assist with financial questions about debt, budgeting, and more.
Foresters has a number of other member benefits, and life insurance riders as well. They’re also highly active in the communities in which it serves, donating millions of dollars and creating various community benefit programs.
Compare Foresters Life Insurance with Other Companies to Find the Best Rates
If you are seeking the best rates on life insurance, it’s always best to compare top-rated life insurance companies. Foresters life insurance does offer great products, rates, and member benefits, however, they are not the best company for everyone.
Working with an independent life insurance agent who can show you multiple policies, and a variety of quotes from the best companies is one way to save time. They will have the experience to know which companies might be best for your situation. Then, you can compare quotes from them and choose the policy and the price that works the best for you.
You can start by filling out our quote tool or giving us a call to compare Foresters life insurance against competitors so you find the best policy for your needs. You can also review other companies below.
Other Life Insurance Company Reviews
Here are some other companies to review that offer no medical exam life insurance policies.