Foresters Life Insurance Review 
As one of Foresters Financial’s subsidiaries, Foresters life insurance offers a variety of policies and add-ons to suit any need. With a focus on the importance of life insurance as an investment in your family’s financial future, Foresters offers more than simple policies. With an A- from A.M. Best and an A from the Better Business Bureau, Foresters has a good reputation amongst its customers.
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Founder & Life Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Founder & Life Insurance Agent
UPDATED: Feb 24, 2022
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- Foresters offers term, whole, universal, and accidental death policies, as well as several add-ons, so you can customize your plan
- While you can access your account with MyForesters, you’ll need to speak with an agent to get a quote or file a claim
- Foresters has an A- rating from A.M. Best, meaning the company can pay claims with ease
Foresters Financial was founded in 1874 to provide affordable whole or term life insurance policies for working-class families. Foresters understands that life insurance is one of the best ways to invest in your family’s future even after you’re gone, and the company promises affordable insurance plans for everyone.
Foresters has expanded its lineup of insurance products since 1874 and now offers an impressive list of policy options. More than simple life insurance, Foresters aims to help people live healthier. With special policies for Type 2 diabetes and financial services, Foresters might have the services you need.
After you explore Foresters’ insurance products, the next step is to compare quotes from other companies. If you’re ready to see what quotes might look like for you, enter your ZIP code into our free tool today.
What types of insurance does Foresters sell?
As one of Foresters Financial’s subsidiaries, Foresters Life has three insurance products for sale: term, whole, and universal life.
These three life insurance plans each have advantages and disadvantages, and the right one for you depends on what you need. For example, term life is the most affordable option, but you never have to worry about renewing your policy if you choose whole.
You should also consider your insurance needs. Parents with young kids, new homeowners, and people that want coverage until they retire should consider term life. If you’re worried about being denied life insurance later in life, whole life might be best for you.
If you want an investment opportunity and need permanent coverage, a universal policy might be best.
No matter your insurance needs, Foresters has options for you. You can manage your plan through the MyForesters life insurance portal no matter which coverage you choose.
Foresters Term Life
Of all the types of life insurance you can buy, term life is the easiest to understand. You select the amount of coverage you want (called your death benefit) and how long you want your policy to last (the term).
Foresters offers one term life plan called Your Term Level. “Level” simply means that your rate and death benefit will not change throughout the term. The amount you pay for your insurance will be the same on the first day as the last.
Foresters’ Your Term is available in periods of 10, 15, 20, 25, or 30 years. You can choose from a vast range of coverage options, ranging from as low as $50,000 to as high as $10 million. While insurance companies usually cut off eligibility for term policies at 70, Foresters will sell you a plan until age 80.
Of course, you’ll pay much more at 80 than you would at 18, but the coverage is worth it, no matter your age, as long as you can afford it.
As a final bonus, you can convert your Your Term into a permanent plan. As long as you do it before you turn 65, or five years before the policy expires, you don’t have to worry about applying for a new policy.
Foresters Whole Life
Foresters offers more variety for whole life policies. If a permanent plan is best for you, you have three different options with Foresters.
The first option is the PlanRight Whole Life. PlanRight is burial insurance meant to help cover your end-of-life and funeral costs. This plan is smaller, with coverage starting at $5,000 and capped at $35,000. You can buy this final expense insurance plan between the ages of 50 and 85.
Your second option is the BrightFuture Children’s Whole Life. This insurance is meant to be a gift for a minor and can be purchased by parents, guardians, and even grandparents. You can buy coverage for a child from birth until they turn 17, from $5,000 to $75,000, and the plan accrues cash value with each payment you make on it. When the child is older, they can use the accumulated value to go to college, buy a car, or as a down payment on a house.
As an added benefit, BrightFuture comes with a guaranteed issue rider built into the plan. The insured child takes over the plan when they come of age, and the guaranteed issue rider allows them to choose to increase the coverage on the policy without a medical exam.
If you’re interested in children’s life insurance, check with a Foresters agent. BrightFuture is unavailable in Washington, New York, and California.
The final whole life plan from Foresters is the Advantage Plus II policy. You can buy this plan for yourself between ages 18 and 85, or for a minor from birth to 17. Advantage Plus has a huge range of coverage options, from $25,000 to a colossal $10 million.
A final benefit to the Advantage Plus plan is that Foresters pays dividends to policy owners when the company does well. Although payouts are not guaranteed, Foresters announced it would pay $24.4 million to members for the 2021 year.
Other Types of Life Insurance From Foresters
Foresters offers several other types of life insurance if whole or term doesn’t work for you. The first is another type of permanent life insurance, called SMART Universal Life.
SMART Universal works similarly to whole life in that you’ll never have to worry about renewing it. However, you have the flexibility to change your monthly payments. You can pay a little less when your budget is tight, or more if you want to accrue cash value.
You can buy between $10,000 and $10 million worth of coverage, and people are eligible for this plan between ages 18 and 85. You can also purchase a universal plan for minors.
If a smaller amount of coverage appeals to you, consider Accidental Death. This plan is cheaper since it only pays out if you die accidentally, but it’s invaluable to your family in the case of a sudden tragedy. People between the ages of 18 and 70 can buy Accidental Death life insurance.
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What add-ons does Foresters offer?
One of Foresters’ selling points is that they offer a lot of customization opportunities. From disability protection to additional coverage, Foresters has something for just about everyone.
- Accidental death. You don’t have to buy an individual policy to get accidental death coverage — add it to a whole or term life plan instead.
- Common carrier accidental death. Popularly known as double indemnity, your beneficiary will receive a larger payout if you die on a bus, train, or plane.
- Accelerated death. If you become chronically or terminally ill, this add-on allows you to access part of your death benefit to pay expenses.
- Disability income. If you are injured, maimed, paralyzed, or too ill to work, this add-on will allocate part of your death benefit to you in the form of monthly checks.
- Family health. Natural disasters are on the rise, but you can protect your family from a financial burden if anyone is injured in extreme weather or other disasters.
- Term. You can elect to have a set number of years at the beginning of your policy that will pay a larger death benefit if you die.
- Guaranteed purchase. This add-on allows you to add up to $50,000 in coverage to your plan whenever you’d like, without the need for a medical exam.
- Waiver of premium. If you are disabled and unable to work, Foresters will temporarily suspend your payments without canceling your coverage.
- Return of premium. If you buy an accidental death plan (or an add-on for a term or whole life policy), you’ll get your money back when it expires if you don’t die.
- Child term. If you don’t want to buy a child a separate plan, you can add them to yours. When the child turns 18, child term splits into an individual policy they can take over.
- Waiver of monthly deductions. Foresters will pay for part of your monthly bill if you become disabled and can’t work for over six months.
- Paid-up additions. You can use this add-on to increase the cash value of any permanent policy.
Although Foresters is committed to offering variety, not every add-on is available for every life insurance plan. An agent can let you know what add-ons are available for the plan you want.
Foresters Financial Reviews
Foresters has a reputation for being more than just an insurance company. Foresters wants to help its customers live healthier lives, and they take a particular interest in people with Type 2 diabetes. Foresters also offers legal services, money advice, volunteer opportunities, scholarships, and free financial classes.
You can access all the perks that come with being a customer with a Foresters life insurance login. Make sure to stay away from the EZBiz Foresters login, which is meant for agents.
One major complaint about this company is that it lacks many online options. For example, you need to speak with an agent to file a claim. If you’re wondering, “How do I cancel my Foresters life insurance?” you’ll also need to speak with an agent.
Foresters earns an A- in financial security from A.M. Best and an A+ from the Better Business Bureau, which should give consumers confidence.
There are not many Foresters Financial subsidiaries at the time of writing — the only one being Canada Protection Plan. This company has been awarded an A from A.M. Best.
Find the Best Foresters Life Insurance for You
Life insurance is one of the best investments you can make to protect the financial future of your loved ones. However, a life insurance policy is a long commitment — you’ll be paying on it for years, if not the rest of your life. Choosing the right company is crucial to the success of your life insurance plans.
Foresters insurance might be the right choice for you, but you should always compare quotes with other companies to be sure. Enter your ZIP code into our free tool to see what quotes might look like for you.