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Foresters Life Insurance | 2023 Company Review

Foresters Life Insurance Company Review
Insurance Quotes 2 Day Team

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

 6 minute read

Organized as a fraternal benefit society, Foresters Life Insurance Company is not your run-of-the-mill life insurance provider.

Offering life insurance, annuities, mutual funds, and other financial products to its members, this Toronto based insurance behemoth answers to its membership (policyholders) rather than Wall Street.

To provide products and services in multiple countries, Foresters Financial currently relies on its eleven subsidiary companies for distributing its products:


foresters life insurance subsidiary companies


With the control of Foresters by the Independent Order of Foresters, the insurance company is determined to give back to its members’ communities using fraternal lodges throughout its marketing areas and supports and invests in various important community programs like:

  • Ronald McDonald House Charities
  • The Foresters Community Grants Program
  • KaBoom! Neighborhood Playground Program
  • The Foresters Competitive Scholarship Program

Foresters Financial Stability and Outlook

Although pricing is a major factor in selecting insurance and financial services products, the stability of the provider must be considered before a purchase decision is made. Insurance and financial products are long term commitments from an insurance company so the financial stability of the company you partner with is critical.

Foresters Life Insurance has continually received A (Excellent) ratings from A.M. Best for the last 15 years which is a solid indication that the company will be there when its client/members need them the most.


Life Insurance Products from Foresters

Along with the Foresters annuity and mutual fund products, Foresters offers a comprehensive portfolio of competitively priced insurance products.

Your Term Level Term Life Insurance

Term life insurance is generally purchased by individuals and families who are interested in a guaranteed death benefit for a particular period of time. Most young families tend to acquire significant death as they purchase homes, vehicles, and recreational products. Term life insurance is an affordable solution for replacing a breadwinner’s income and eliminate outstanding debt so surviving loved ones will not have to struggle financially.

Since the term insurance from Foresters is renewable, the length of your coverage can be extended if necessary. Also, Foresters term policies are convertible to permanent insurance products like whole life or universal life insurance without having to go through underwriting at conversion.

Your Term policies from Foresters are available in policy terms of 10, 15, 20, 25, or 30 years. Once your policy is issued, your periodic premiums are locked in and cannot be increased by the company, even if you become terminally ill or must live in a nursing facility.

 Listed-below is Foresters’ actual rates for a $500,000 20-year policy for a healthy male and female non-smoker: 


Age of ApplicantMale Non-SmokerFemale Non-Smoker

Foresters SMART Universal Life Insurance


The Foresters SMART Universal Life product serves two very important purposes for individuals and families. Unlike term insurance which offers a guaranteed death benefit only, SMART Universal Life provides lifetime guaranteed death benefit and accumulates cash value over time.

Additionally, universal life insurance is flexible in terms of premium requirements and death benefit. Policyholders have the flexibility to pay a lower premium or even skip a premium if a financial burden exists and the policyholder can reduce or increase the death benefit if a life event calls for a change in coverage.

The cash value in your SMART Universal Life policy will accumulate at a guaranteed interest rate over time and can be accessed through policy loans, partial surrenders, or complete surrender of your policy for the accumulated cash.

There are four additional features included with the SMART Universal Life Insurance policy at no additional cost to the policyholder:

  1. Accelerated Death Benefit – This benefit provides for your insurer to advance you a portion of your death benefit if diagnosed with an eligible chronic, critical, or terminal illness. Upon death, the insurance company will deduct the amount advanced from the death benefit that is paid to the beneficiary.
  2. Common Carrier Accidental Death Benefit – This rider provides for the insurer to pay an additional death benefit if the policyholder dies resulting from an accident in a common carrier, such as a bus or train.
  3. Charity Benefit – When Foresters pays a claim to your beneficiary, an additional amount of 1% of the death benefit will also be paid to a designated charity in the name of the policyholder.
  4. Family Health Benefit – This benefit allows the insurer to assist with paying certain family expenses that result from a natural disaster such as a hurricane, tornado, or earthquake.

SMART Universal Life policyholders also have the option of customizing their policies by adding optional coverages such as:

  • Children’s Term Rider
  • Accidental Death Benefit
  • Waiver of Monthly Deductions Rider – the company will waive your premium if you become disabled and cannot work for at least 6 months.
  • Guaranteed Purchase Option – this rider allows the insured to increase the policy’s face amount by up to $50,000 on each specified option date without evidence of insurability.

Whole Life Insurance

Foresters is especially well-known for its whole life insurance products and have two plans available.

Advantage Plus

Foresters’ Advantage Plus whole life product is a traditional whole life insurance policy that provides a guaranteed lifetime death benefit and accumulates cash value over time. Since Advantage Plus is participating life insurance, the company may also pay dividends that can be utilized for buying more paid-up life insurance, remain in the cash account to accumulate interest, used to lower monthly premiums or just take the cash.

The cash value in the Advantage Plus Whole Life policy can be accessed via policy loans that can be repaid at any time or not at all.

Advantage Plus also has three additional benefits that are added at no additional cost:

  1. Accelerated Death Benefit
  2. Common Carrier Accidental Death Benefit
  3. Family Health Benefit

PlanRight Whole Life Insurance

PlanRight is an excellent choice for seniors who are looking for permanent life insurance to cover their final expenses like funeral and burial costs. The PlanRight product contains all of the guaranteed benefits of traditional whole life insurance and there is never a medical exam required.

Foresters’ liberal underwriting for PlanRight applicants makes this whole life product a solid choice for seniors who typically are dealing with one or more health issues.

Just like traditional whole life insurance, a PlanRight final expense policy will provide the following:

  • The company cannot cancel your PlanRight policy as long as the required premiums are paid. Coverage is guaranteed to age 121.
  • The insurance company cannot increase your monthly premium for any reason. Even if you are diagnosed with a terminal illness or forced to live in a nursing facility, your premium remains the same for your lifetime.
  • The PlanRight whole life policy will build cash value over your lifetime that can be accessed using policy loans, withdrawals or surrender the policy for cash value.

Qualifying for PlanRight

Although applicants are not required to have a medical exam to purchase coverage, there are medical questions on the application that if answered “yes” would disqualify the applicant for coverage. In these cases, Foresters offers a PlanRight “graded benefit” plan and a “modified benefit” plan.

These additional plans have waiting periods when the benefit will be paid out differently if the insured dies from natural causes during the waiting period. The good news is that most every PlanRight applicant will be accepted in one of the plans even when they have serious or multiple health issues.


For more information about Foresters Life Insurance or any other life insurer we represent, you can start by using the quoter on this page.


Frequently asked Questions

Does Foresters offer low-cost term life insurance?

Foresters is very competitive in the term insurance marketplace. In fact, a 25-year old healthy female non-smoker can buy a $500,000 20-year term insurance policy for less than $20 a month.

Is Foresters Life Insurance company financially stable?


Foresters Life Insurance has continually received A (Excellent) ratings from A.M. Best for the last 15 years which is a solid indication that the company will be there when its client/members need them the most.

What kind of insurance company is Foresters?

What is a 1035 Exchange

Foresters Life Insurance company is organized as fraternal benefit society and is owned by the membership (policyholders) of the Independent Order of Foresters. The company uses the profits from the life insurance company to support the philanthropic efforts of the fraternal benefit society.

author avatar
Doug Mitchell, CLU Independant Advisor
Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent almost 30 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance and home and auto insurance. Doug is a Top of the Table Million Dollar Round Table member (MDRT).  MDRT is a global, independent association of the world's leading life insurance advisors.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table. He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award. Later in his career with New York Life he was an Executive Council Member. Doug currently serves as President of Ogletree Financial, a managing general agency serving life insurance agents and clients in all parts of the United States. Today, Doug’s main focus is servicing 1000s of policyholders and growing the agency through the reach of

2 Responses

  1. Im a member i've bn trying to reach Forester4 but to no avail. To speak with someone about additional whole life insurance. And to Ask. about insurance insurance for my 40 year old son.

  2. Patsy – we can help you with your Foresters policy. Give us a call at 800-712-8519.
    Thanks – Doug

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