Foresters Financial Life Insurance

Foresters Financial Life Insurance originated in 1874 to provide financial security to families and communities. Since then, Foresters now has over three million customers in the United States, Canada and the United Kingdom.

In July 2020, the Nassau Financial Group acquired Foresters’ U.S. Variable Annuity and Variable Life Operations, allowing Foresters Financial to focus more on selling protection life insurance to moderate-income families.

Foresters offers seven life insurance policies, with some offering coverage up to $10 million.

Most who consider Foresters’ life insurance policies have debt, own a business, have minor children or want to provide financial security for their loved ones when they’re gone. Foresters’ extra benefits could also be a good fit for your wellness needs.

Foresters Financial Life offers three different types of life insurance products — term, whole life and universal life policies. Each policy has different features to suit your lifestyle. Riders are also available as add-ons to most policies.

Foresters Level Term Insurance

Foresters Level Term Insurance provides coverage for a specific amount of time — between 10 to 30 years. Forester has five term options available. Once you select your term length, your premium price is locked, meaning you won’t have any unexpected cost increases.

Depending on where you live, you can add three riders to your level term insurance at no additional cost — the common carrier accidental death rider, family health benefit rider and accelerated death benefit rider.

Another free add-on for Foresters’ Level Term Insurance is a donation to a charity chosen by the beneficiary. This is also known as the Charitable Benefit Provision. Forester pays 1% of the basic insurance amount to a registered charitable organization when your death benefit claim has been paid to your beneficiary.

Foresters Prepared II Accidental Death Term Insurance

Prepared II Accidental Death Term Insurance also offers five term options for coverage between 10 to 30 years. Your premium is locked once you choose a term length. If you have an accidental death, this policy gives your beneficiary up to $500,000 for financial security.

This term policy has three riders available to add on — the disability income rider (accident only), waiver of premium rider (accident only) and return of premium rider. Adding any of these riders can increase your premium costs.

Foresters Strong Foundation Term Life Insurance

Foresters Strong Foundation Term Life Insurance offers fixed premiums and death benefit amount for a set time between 10 to 30 years. You can choose between $50,000 to $400,000 as your coverage amount for this policy.

You could have the option to skip a medical exam for this policy, instead answering a quick questionnaire to gain coverage. This could be extremely beneficial for someone who suffers from diabetes and needs coverage quickly. However, skipping the medical exam isn’t guaranteed, so confirm with an agent before signing up for this policy.

Two riders are included in certain states at no additional cost — the common carrier accidental death rider and family health benefit rider. The Charitable Benefit Provision is also included for free.

Foresters PlanRight Whole Life Insurance

Foresters’ PlanRight Whole Life Insurance offers lifetime coverage up to age 121. Once you sign up for your lifetime policy, your premiums are fixed. Your beneficiary’s death benefit is generally tax free under this policy.

Three riders can be added to this policy at no additional cost — accelerated death benefit rider (for terminal illness), common carrier accidental death rider and the family health benefit rider.

Foresters Advantage Plus II Whole Life Insurance

Foresters Advantage Plus II Whole Life Insurance offers lifetime coverage up to age 121, with level premiums. You can choose guaranteed level premiums for either 20 or 100 years.

Typically, your death benefit is tax free, and you can receive dividends with this policy. The dividend will give you an annual bonus if the company succeeds financially.

You can borrow from the cash value of your policy if it’s accumulated enough, but the amount needs to be paid back.

Three riders can also be added to this policy at no additional cost — the accelerated death benefit rider, common carrier accidental death rider and family health benefit rider. The Charitable Benefit Provision add-on is also included.

BrightFuture Children’s Whole Life Insurance

BrightFuture Children’s Whole Life Insurance is made for your children or grandchildren under 18. You can choose a death benefit amount between $5,000 to $75,000. You can eventually transfer ownership of the policy to your child or grandchild, and they can then adjust the benefit amount to their choosing.

There is a free built-in rider to this policy — the guaranteed insurability rider. This rider allows adjustments to the death premium amount without undergoing a medical exam. Three other riders are also available to add on at no additional cost — the accelerated death benefit rider, common carrier accidental death rider and family health benefit rider.

There are also cash benefits to this policy and you can borrow from the death benefit if you pay the amount back.

Foresters SMART Universal Life Insurance

SMART Universal Life Insurance offers flexible lifetime protection with accumulating cash value that grows at 2% annually, which you can borrow from. The cash value and death benefit are typically tax free. Your death benefit amount can also be changed to adjust your lifestyle.

Three riders are included in this policy — the family health benefit rider, common carrier accidental death rider and accelerated death benefit rider. The charity benefit provision is also included.

Insurance Riders

Forester financial offers 12 riders as add-ons to your policy. Depending on the policy you choose, the rider could be free or your premium could increase. Refer to the list above if you’re uncertain whether your rider add-on is free or not.

Factors that play into Foresters Financial’s premium costs are your age, smoking and drinking habits, dangerous hobbies, overall health and sex. The policy that you choose, and rider add-ons, also influence the cost.

Although Foresters doesn’t offer a quote tool on their website, know that term life insurance is the cheapest option available.

Foresters’ life insurance is cheaper for women since they typically live longer than men. If you choose life insurance through Foresters, it could be best to choose a policy with a fixed premium rate before you turn 50, since there is a large jump in price during that time.

The biggest advantage to choosing Foresters Financial is that some life insurance plans don’t require a medical exam for diabetics, ensuring you get quick guaranteed coverage. Another perk is their free rider add-ons and flexible plan options. Foresters Financial also includes extra benefits to their life insurance policies, like membership options and a charity benefit provision.

The biggest con is that you cannot apply for a policy or get a quote online. You must call and connect with an agent for information. Your member benefits can also cancel or change without notice. The Foresters website also states that their LawAssure online assistance program cannot be used as a substitute for legal advice or services of a lawyer.

Some have speculated Foresters Financial to be a pyramid scheme — it is not. Foresters financial is a credible international service provider. But it is still good to fully understand member benefits before enrolling.

Foresters Financial also only has five term duration options, which isn’t as flexible compared to other life insurance companies. For example, American International Group has 18 different term durations available.

AM Best placed Foresters Financial under review in 2020, downgrading their Excellent Financial Strength Rating from A- for Excellent to a B+ for Good. AM Best’s new rating was due to the merger between Nassau and Foresters.

However, in 2021, AM Best bumped Foresters Financial Strength Rating back up to an A. An A rating from AM Best means that Foresters is considered financially strong and capable of guaranteeing your policy.

Some ratings on the Better Business Bureau for Foresters are below average. Several complaints refer to a lack of customer service communication or documentation being lost in the mail.