Foresters Life Insurance Review

Foresters Life Insurance is a popular life insurance company that has been around for over a century.

They have several life insurance products that can fit a variety of consumer needs.

If you’re interested in learning more, keep reading for our in-depth review of all they have to offer.

In this review:

About Foresters Life Insurance

Foresters Life is among the oldest life insurance agencies in North America.

For more than 135 years, they have provided:

  • insurance
  • retirement
  • savings
  • wealth management products

…to their customers in the United States, Canada, and the United Kingdom.

Their headquarters are currently in Ontario, Canada, but they have numerous offices across the US and the UK.

They currently have upwards of $1.5 billion in managed assets.

Unlike other life insurance companies, Foresters Life identifies as a fraternal benefit society rather than a for-profit company.

Essentially, they provide mutual aid and benefits to their members after purchasing a policy.

As a member, you can enjoy certain exclusive benefits such as sporting events, theme park passes, and members-only scholarships.

This can appeal to customers looking for a company that offers more than simply life insurance protection.

Foresters Life Insurance Ratings

One of the best ways to determine financial strength and customer satisfaction is to look to various rating agencies.

Fortunately, Foresters Life has received top marks from the industry’s most trusted agencies.

A.M. Best, which ranks life insurance companies on their financial strength, rated Foresters Life as an A- or Excellent.

This means that they believe Foresters Life has strong financial capabilities and is able to pay out customers’ claims.

Foresters Life also received top marks on the customer satisfaction side.

The Better Business Bureau (BBB), which grades companies according to their customer satisfaction and business practices, gave Foresters Life a grade of an A+.

This is the highest possible grade on their scale, which means that they believe Foresters Life to be among the best companies to deal with customer issues and complaints.

Foresters Life Insurance Products Offered

Foresters Life offers customers a wide array of life insurance products that can fit many customer needs.

Their product offering includes both term and whole life coverage.

These are the life insurance products that you can purchase through Foresters Life.

Term Life

Considered by many to be the most basic form of life insurance, term life insurance offers death benefit only protection to insureds for a specified period of time or “term”.

If the insured dies during the term, their beneficiary will receive a full death benefit payout.

Foresters Life offers a few different term life insurance policies for you to consider.

Their policies accommodate a number of different lifestyle choices and health concerns, such as smoking.

LifeFirst Level Term

The LifeFirst Level Term policy offers level premium term coverage with terms of 10, 20, or 30 years and face amounts of $50,000 to $250,000.

This policy is available to applicants between the ages of 18 and 65. It is available to both smokers and non-smokers.

If you are not satisfied with the base coverage, you can choose to add a rider to personalize the policy’s coverage.

This policy is also available for permanent policy conversion at any point during your term.

Strong Foundation Term

The Strong Foundation Term policy is another term life insurance product offered by Foresters Life.

This product features guaranteed level premiums throughout the life of the policy and term lengths of 10, 15, or 20 years.

It is available to applicants between 18 and 65 years old, both smokers and non-smokers.

Whole Life

Unlike term life insurance, whole life insurance covers the insured for their entire life as long as they continue to pay their premiums.

The policyholder will receive death benefit protection as well as a cash value component that builds with time and continued payments.

Cash value is a feature that is unique to whole life insurance policies. It will continue to grow and compound tax-deferred over time.

The policyholder is allowed to borrow against it at any time and for any reason.

You can use this cash value to help you pay for college expenses, pay off debts, or even go on a lovely trip.

Advantage Plus

Foresters Life’s standard whole life policy is called their Advantage Plus policy.

In addition to offering a death benefit and cash value component, it also acts as a participating policy.

This means that policyholders will be rewarded dividends over time.

SMART Universal Life

Foresters Life also has a universal whole life insurance product called SMART Universal Life.

This policy features flexible premium payments and a guaranteed minimum cash value growth.

Final Expense

Final expense life insurance is a form of whole life insurance meant to cover the costs of a funeral or any other final expenses.

Foresters Life’s final expense product is called PlanRight Whole Life. It can help you plan for basic end-of-life costs.

PlanRight Whole Life

Similar to other whole life products, PlanRight features a cash value and a death benefit that can be fixed, graded, or modified.

A fixed death benefit means that your beneficiary will receive the entire death benefit upon your death whenever it happens.

A graded death benefit means that the amount that your beneficiary receives will depend on when you pass away.

Finally, a modified death benefit is dependent on the number of payments you’ve made on the policy plus additional interest.

Guaranteed Issue Life

Foresters Life offers a guaranteed issue policy. This means that there is no medical exam required to receive coverage.

However, the face value for this product is very low, at $2,000 to $35,000.

You will also need to answer simplified health questions to determine eligibility.

They will also require doctor records, which can disqualify applicants with complicated health histories.

Foresters Life Insurance Riders Offered

You have the option to add one or more of Forester Life’s available life insurance riders.

These additional coverages can provide more protection to you and your family.

Here are some of the life insurance riders that you can purchase through Forester Life:

  • Accidental death benefit rider: will provide an additional payout if you die in an accident.
  • Accidental disability income rider: will provide supplementary income to you if you become disabled as a result of an accident.
  • Children’s term insurance rider: allows you to purchase additional term life policies for one or more of your children. The policy will expire when the child reaches a certain age, typically 25.
  • Common carrier accidental death rider: will provide an additional payout if you die on a commercial jet, public bus, or any other mode of public transportation.
  • Accelerated death benefit rider: will allow you to access your death benefit if you are diagnosed with a chronic, critical, or terminal condition.
  • Waiver of premium rider: lets you waive premium payments if you become disabled and cannot work.

Eligibility and Application Process

Much like other life insurers, Foresters Life has different application processes and eligibility requirements based on the product you would like to purchase.

In most cases, you will need to fill out a full application and undergo certain medical exams or questionnaires to determine your risk level.

Applicants can apply for term life coverage on a medical or non-medical basis.

If you choose to apply on a medical basis, you will be required to undergo a full underwriting process that includes a medical exam.

The latter will not involve a medical exam. If you choose to go the non-medical route, you will likely pay more than if you were to undergo a medical exam.

Pros and Cons of Foresters Life Insurance

Here are the benefits and disadvantages of purchasing your life insurance from Foresters Life.


  • Membership benefits: Foresters Life members have access to a number of exclusive benefits. As a Foresters Life policyholder, you can have access to various sporting events, playgrounds, and theme parks.
  • Discounts available: Foresters Life offers discounts to applicants that present less risk factors. You can qualify for discounts from 5% to 20% for having a safe occupation, safe hobbies, low blood pressure, and more.
  • Variety of products: Foresters Life offers a variety of term and whole life products to satisfy customer needs. They also have many policy riders to let you customize your coverage.


  • No online quotes: Unfortunately, Foresters Life does not allow customers to receive quotes through an online platform. You will need to fill out an old-fashioned application and submit it for underwriting before receiving a quote.
  • Limited policy information: Foresters Life does not offer a lot of information about their policies on their website. Understanding the deeper nuances of their products may require a phone call or email.
  • Coverage location: Depending on your location, you may be unable to access some products or riders. This will require your reaching out to the company to understand their capabilities in your state.


Is Foresters Life a good company?

According to their reviews and ratings, Foresters Life is considered a pleasant company to work with and is financially strong.

They also have a long-standing involvement with various charitable organizations and community outreach groups.

These organizations include the American Red Cross, Ronald McDonald House Charities, and KaBOOM!.

How long does Foresters Life take to payout?

Foresters Life does not offer 24/7 claims reporting.

Customers must file their claims through certified mail or by phone during regular business hours.

Claims are processed within 5 to 10 business days, and customers will receive an approval decision within 15 to 20 business days.

Who owns Foresters Life?

Foresters Life and Foresters Financial are tradenames of the larger Independent Order of Foresters Life Insurance.

This means that they are an independently owned and operated company.

Is Foresters Life the Best Choice for You?

Finding the right life insurance policy for your financial situation can be challenging.

There are so many different companies and policies to choose from that it can make your head spin.

Luckily, I am here to help you understand the ins-and-outs of life insurance as well as the different players out there.

It’s my goal to help you find the right policy and carrier for your unique situation.

Check out more of my articles to learn more about life insurance and find the best choice for you.