Foresters Life Insurance Company Review

by Jeff Rose on October 12, 2012 · 11 comments

Update:Due to an increasing amount of complaints that we have received from existing clients of Forrester’s, we can no longer recommend them in good conscience. If you’re having difficulty making a claim with them, we would suggest you contact your state’s insurance commissioners office. If you are considering taking out a policy with them, I would entertain looking at our list of the best life insurance companies for a policy.

Foresters Life InsuranceWhen it comes to a Foresters Life Insurance Company Review, there is no other life insurance company that has compassion and understanding for those who want to make sure their loved ones are covered in times of distress.

Forester Life Insurance covers real estate planning and mortgage coverage.

All of those areas are important whenever it comes to having a solid plan that offers coverage to people.

Those looking for the right policy can find affordable premiums that can fit within any budget range and all coverage and payouts will be honored should the worse happen.

life insurance by jeff broker

Forester’s Insurance Company

Foresters Life Insurance Company has been in the business of offering life insurance coverage to its customers for more than 135 years. However, this unique company is not necessarily a life insurance carrier in the traditional sense, but rather it is considered to be a “fraternal benefit society” that offers life insurance, as well as other types of benefit products to those who are its members.

Foresters are also the parent company of First Investors, a company that offers a wide array of insurance and investment products and services to the middle market. First Investors has more than 550 financial services reps in offices across 26 U.S. states.

As a fraternal benefits society, Foresters Life Insurance Company is considered to be a not-for-profit company. Rather than having policy holders, Foresters instead has members who receive the benefits of the policies that they purchase from the company. In addition to just insurance benefits, though, members of Foresters can also receive perks such as the ability to attend family events, as well as the ability to apply for college scholarships, and the ability to receive financial counseling from professionals at the company.

Forester’s is headquartered in Ontario, Canada. However, the company has local offices that are located in some other locations. As of year end 2013, Foresters had total assets under management of over $1.4 billion and a more than $141 million in gross written premiums. The company’s total revenue for 2013 was just under $79 million.

The company is a member of Assuris. This is a non-profit entity that provides protection for Canadian policy holders in case their life insurer should fail financially. This helps to ensure that policy proceeds will be paid out at the time of policy holder need. Foresters is, however, considered to be strong financially, having been given an A- (Excellent) rating by A.M. Best.

Forester’s has also been a member of the Better Business Bureau (BBB) since February 2005, and it has received a rating of A+ (on a scale of A+ to F). As of this time, there are only two complaints on file with the Better Business Bureau regarding Foresters Life Insurance Company, and both of these have since been closed.

In addition to just providing financial products and support, Forester’s organizes many community events and activities each year throughout the communities that it serves. The company is also heavily involved in volunteer activities. For example, the company has invested more than $10 million into KaBOOM since 2006, and it has either built or planned approximately 120 new playgrounds. Throughout a 15-year period, these will provide more than 2.6 million kids and their families with the opportunity to spend good, quality time together. Also, throughout the past ten years, members of Foresters have also supported approximately 20,000 Ronald McDonald House Charities families.

Nothing can bring a loved one back, but affordable life insurance coverage is a necessary step in making sure that families will not have to suffer under a sea of debt and bills. Foreclosure and having the electricity or water turned is not something that people should have to go through for those who have suffered a loss.  With Forester’s Life Insurance, this will not happen. The company will ensure that families are protected. The amount of property and coverage is enough for families to stay afloat.

Life Insurance Products Offered By Foresters

Foresters offers a wide variety of different life insurance products. These include term and permanent coverage. The company also offers critical illness insurance, annuities, and group creditor insurance products, as well as final expense, and accidental death insurance coverage.

Term Life Insurance

The term insurance products that are offered by Foresters offer death benefit only, without any cash value build up. This allows for the premium to be more affordable. Term life insurance products are considered to be “temporary” life insurance coverage, as they are provided for a set number of years.

The Foresters Life first level term insurance plan features either a ten year, 20 years, or a 30-year level-premium option for insureds. This policy also offers a wide variety of additional optional benefits that can greatly enhance the basic insurance coverage. The policy can also be applied for either based on medical or non-medical underwriting.

This means that an applicant can choose to undergo traditional medical underwriting that entails taking the paramedical examination. This typically requires submitting a blood and urine sample. With this option, the premiums for coverage will be lower than going with the non-medical option.

While the non-medical option may require a higher amount of premium, the advantage of forgoing medical underwriting is that it can allow an applicant who may have certain medical conditions to qualify still for life insurance coverage.

Other details regarding the Foresters Life first level term insurance policy include issue ages of between 18 and 65 and a minimum face amount of $50,000. The maximum face amount on this particular policy is typical $250,000. Both tobacco and non-tobacco users can apply.

With this policy, the policy owner does have the option of converting the term life insurance policy over to a new permanent life insurance certificate – without having to prove evidence of his or her insurability – until the earlier of the certificate anniversary on which the insured is age 65, or 5 years prior to the end of the initial term period.

Foresters also offer a term product called the Strong Foundation level term policy. This plan is available in a ten year, 15 years, and 20-year option, which allows policy holders to select the time frame that best suits their individual needs.

With this policy, the premium amount is guaranteed to remain level throughout the set initial period, or term. This is guaranteed by the company. Here, the policy holder can count on the amount not to go up, at least during this time frame.

Permanent Life Insurance

Foresters offers several options in permanent life insurance coverage, too. The Foresters Advantage Plus Whole Life insurance policy offers lifetime protection, as long as the premiums remain paid. This particular policy may also pay out dividends to the policy owner, as it is considered to be a participating plan. These dividends can either be left on deposit to earn interest at a guaranteed rate, or they may instead be used for purchasing paid-up additions to the policy.

The dividends and the accumulated interest may be paid to the policy holder, or, they could also be used for reducing the amount of out-of-pocket premium that is due. There is also a guaranteed cash value with this particular product. Cash may be withdrawn or borrowed and used for whatever the policy holder sees fit. It is important to note, however, that the amount of any unpaid loans or withdrawals will be deducted from the amount of death benefit that is paid out to the policy’s beneficiary.

Final Expense Coverage

One of the firm’s other most popular products is its final expense life insurance plan. This policy is referred to as the PlanRight Whole Life Insurance policy. It is a permanent whole life insurance plan that can be chosen as either a fixed, graded, or modified payout.

As a fixed product, the death benefit will be paid out at 100 percent from the very beginning. This means that even if the insured were to pass away very soon after the policy is purchased, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.

With the graded death benefits option, there is a limit on the amount of death benefit that would be paid out should the insured pass away during the first two years that the policy is in force. This means that the beneficiary would receive the greater of either the sum of the total of the premium paid in – accumulated with 4.5 percent interest – or 30 percent of the face amount in effect for the first year, or 70 percent in effect on the second year. Should the insured pass away any time after two years have elapsed, the beneficiary would receive 100 percent of the amount of the stated death benefit on the policy.

Should the modified death benefits option be chosen, there would be a limit on the amount of death benefit paid out during the first two years. This limit would be based on the return of premium paid in, plus 10 percent. As with the graded death benefits option, once two years have elapsed, the beneficiary would be able to receive 100 percent of the amount of the stated death benefits proceeds.

In any case, it is important to note that with the PlanRight final expense whole life insurance policy, regardless of the insured’s health condition, provided that the premiums remain paid, the coverage will never be cancelled by the insurance company. And, with this plan, the amount of the premium will always be level. This means that the premium amount will stay the same – guaranteed – for as long as the policy is owned. This makes it easy to budget for throughout the entire life of the plan.

Guaranteed Issue and No Exam Coverage

Forester’s offers several different type of simplified issued life insurance products.   These type of policies just ask simplified health questions to determine if you are even eligible.  They will request doctor records.   But they don’t require an exam, labs and don’t even ask height and weight.   There products fit the description of no exam life insurance.

The products are the PlanRight series and they offer a Level, Graded, and Modified insurance product.   Both the PlanRight Level and Graded will be issue to ages 50-85, whereas the Modified is 50-80.  Each contract comes with a $36 policy fee.

Forester’s does not issue big face amounts on these type of policies.  Their minimum face amount is $2k for each policy while the max is $35k for the Level plan.

How and Where to Obtain the Best Quotes

Purchasing life insurance coverage is an important step in ensuring that those whom you love are protected from financial hardship in the future. If you are seeking the very best life insurance policy quotes on a policy from Foresters Life Insurance Company – or from any company that offers life insurance coverage – the best way to go about it is to work with a company or an agency that has access to more than just one life insurance carrier. This is because doing so will allow you to directly compare – in a unbiased manner – the benefits, the policies, and the premium quotes – from multiple insurers, and to then make a more clear determination on which one will be the best for your specific situation and needs.

When you are ready to compare life insurance coverage, we can help. We work with many of the best life insurance carriers in the market place today, and we can assist you with obtaining all of the pertinent details that you will need in order to make an informed purchase decision. We can do this for you quickly, easily, and conveniently – all from your home computer – and without the need to meet in person with a life insurance agent. So, if you are ready to begin the comparison process, all you need to do is fill out the form on this page.

Should you find that you have any additional questions along the way regarding any life insurance carrier – or even about life insurance in general – our experts are here to help. We can walk you through the life insurance policy quote process, as well as help you in narrowing down other important details such as:

  • Which type of life insurance coverage is best for you, term or permanent?
  • How much coverage do you need to ensure that your loved ones will not face a financial hardship if the unthinkable were to occur?
  • Which of the many life insurance carriers will provide you with the very best coverage for your specific coverage needs, as well as for your budget?

We can be reached via phone, toll-free, by calling 888-836-7071.

The purchase of life insurance can at times seem overwhelming. There are a lot of variables to consider – and you want to ensure that you’re making the right decision. So, contact us today – we’re here to help.

Update:Due to an increasing amount of complaints that we have received from existing clients of Forrester’s, we can no longer recommend them in good conscience. If you’re having difficulty making a claim with them, we would suggest you contact your state’s insurance commissioners office. If you are considering taking out a policy with them, I would entertain other companies.

{ 11 comments… read them below or add one }

susan January 8, 2013 at 5:21 am

i currently work for foresters and i would not recommend this company to any of anyone.
i have worked with some other insurance carriers such as sunlife and manulife with john hancock.
claims process take too long because foresters will dispute every claim that is submitted to them. even to send claim forms to our customers, it will take 3 weeks of processing time. not to mention the mailing time from canada.
agents lie to their customers for an easy sale because commissions are advanced. i receive complaints every single day about this issue. it is a growing concern that management will not address.
we over draft on premiums from our customers` account on a regular basis. its not hard to see that our drafting system is flawed.
mismanagement in every department would be an understatement.
your complaints are not handled properly. your inquiry to “service@foresters.com“are handled by new and inexperience customer service reps. that do not know company procedures or products. often they will agree to anything if the client will push back hard enough.

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mohamed February 18, 2013 at 3:02 am

Thanks susan for the info ..I just started with them made the first payment ..but was suspicious about few things but now I am sure…I am going to cancel my policy and my wife’s as early as tomorrow .. please let me know more if you have more to tell …Thanks
Mohamed

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Kanny June 29, 2014 at 11:51 pm

Hi Mohamed, what things were you suspicious about with Foresters? My grandmother is entertaining the thought of joining up, but she wanted me to do research about them first. Any help would be appreciated. Thanks!

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Randy May 11, 2013 at 8:49 pm

I’m glad to find this site, my experience with Foresters insurance has not been a good one. I talked to an agent at my house and told him not to bill me until I told him to- my SSI check each month is not very much. He went ahead anyway and billed me for the insurance. The bank paid them and charged me a $35 overdraft fee. That’s been about two months ago. I put a stop payment on my acct but it was to late. I have called them about 4 times asking for my money back, they said it would be back in my bank acct within a week. It never happened and they just tell me that they have to write a check (checks in the mail) and it could take 2 months to do that. The amount of the check is $45 and the overdraft fee is $35. The asses took the money out of my acct electronicly but say they don’t-can’t do the refund like that…Please tell the folks that are thinking of dealing with these people to NOT give them your routing # until you are ready. I’m STILL looking for my payment back and have been amazed at how many excuses that comes from a different representative every time I call. I will never tell my friends how I got ripped off, but I can tell the public…Thanks for your time- had to vent on this worthless greedy excuse for burial insurance…Sincerely–Randy–

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Kimberly June 14, 2013 at 3:32 pm

Yep, an agent sold me a policy for 3 kids telling me they would get college scholorships and when I got the policies and found out this was a competive scolorship and called him he basically told me, well you already paid for the year and it is too late to get your money back so you might as well hang onto them. Really? It had been only 2 weeks when I called! They stole from me and will not return my premiums for the rest of the year and I currently have a complaint in with the BBB, they are taking their sweet time about answering too. I would not recommend them to anyone!

This is how they treat a widow! taking advantage of my grief and stealing what I had left in savings. Nice

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bridget September 9, 2013 at 4:27 pm

we are trying to get them to pay my moms 10k policy its been 7 months and counting? take heed to these warning and tell everybody you know and have them tell everyone they know it is the only way the most needed among us can be saved and spare the lies the company present upfront.
thank you for sharing

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Lisa November 24, 2013 at 6:49 am

I just wanted to leave a note on here also. I had purchased a life insurance policy from Foresters over 30 years ago. At first everything was ok. The rep that I always talked to was very informing of all aspects of my policy. Not pushy, or constantly calling to see if your ready to sign up, etc.

After having the policy for about 20 years, I decided to roll my 401K over through Foresters and have it put into a Roth IRA. I was assured everything was complete, no papers to sign, nothing else to be done. The second year I called them because I had not received my year end statement, and I needed to withdraw money to pay for medical expenses, and to be able to survive. This is what this money was set aside for after working so many years.

Well, this is where it all started. They had put my money into the wrong type of IRA. I was at the point of loosing my Life Insurance, because they said that with my extra account, the maintenance fee was more each month, and had my life insurance account connected to my IRA account, and that’s where the maintenance fee’s were being drawn from. Because they put my money in the wrong IRA, I was going to be penalized for any withdrawl I made, plus the taxes, plus there 10% fee, plus I would have to report it as income, and pay taxes on the amount withdrawn also. Then to have what was left moved into the correct type of IRA, I was going to have to pay the maintenance fee upfront, the fee would be determined by the amount to be moved.

Do you believe that!

And here’s the kicker…..I could not get anyone to call me back, my rep was not returning messages. I just happen to run into him at the bank in town, or I would have never had known, as he told me all the sales reps had been let go from the company. The company said they didn’t need them anymore.

I asked him how safe my money was,(the little bit I had left after they got through), He said if I was you, I would get it out of Foresters as fast as you can. He was right. It’s all gone but $1000.00 which I leave in there just to taunt them, and keep my foot in their door, no life insurance, no IRA, no retirement or emergency money what so ever. This is just a short version of everything that has happened because of Foresters, but please don’t anyone use them for anything!

As the note above reads, Update: !!!! Due to an increasing amount of complaints that we have received from existing clients of Forrester’s, we can no longer recommend them in good conscience. If you’re having difficulty making a claim with them, we would suggest you contact your state’s insurance commissioners office. If you are considering taking out a policy with them, I would entertain other companies.

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Ivie Walker January 9, 2014 at 7:12 pm

I have been working in the insurance business for about a year now and have found that most agents brokers that I have met are slick and fast. They will tell you anything they think you want to hear to make a sale. It does not matter which company it is. Most do not comply to the laws. I was told to get with the program when I would not behave in the same manner.

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Sandy lough February 19, 2014 at 1:35 am

My father suddenly died and had a policy with forresters. after months of calling and begging, they won’t even send the paperwork …. So I am driving to there Toronto office until they answer me.

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Maggie Back March 28, 2014 at 3:10 am

Please advise how this ended up with you. My brother passed away two months ago, left a $10k policy and the claim application “mailed” never arrived I had to call Canada’s office to get them to fax it to me. The check now has been “in the mail” for 9 days (i was told I would get it from 7-10 days)
I am willing to fly to Canada Also and sit there until they hand me the check. I will not let
them scam my poor brother who being poor kept this policy because I had debts I aquired on his behalf. I am going to lose my credit if I dont get this money. I am grieving my brother and
going through this ordeal IS NOT FAIR .. I am writing the the FLorida State Insurance Commissioner.

PLEASE ADVISE OR ANYONE who had to fly out to Canada to collect the life ins proceeds!!!

thank you

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Emmett irby May 21, 2014 at 6:23 pm

Foresters ins. Is a complete scam And they are well aware of what they are . even the people that work for themadmit to their scam !!!! everyone that’s ever heard of foresters insurance please do not fall for there scandalous ways !!!!!!!!

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