Foresters Financial life insurance review 2021
This insurer offers member benefits and charitable donations to complement its coverage.
finder.com's rating: 3 / 5
- Get a quote if… You want to work closely with a financial adviser to pick a policy, and take advantage of a long list of member benefits.
- Pick something else if… You want to apply for coverage online, or are interested in variable life insurance.
18 to 85
$10,000 to $500,000+
Medical Exam Required
|Policies||Term life, Whole life, Final expense, Universal life|
|Term lengths||10, 15, 20, 25 or 30 years|
|Medical exam required||Not listed|
|Available states||Not listed|
|Issue age||Not listed|
- Personalized service
- Fast-tracked applications
- Attractive member benefits
- Charitable contributions
- Financial strength
- No online quotes
- Short customer service window
No info available
Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Foresters’ policies are designed to support their members through retirement and beyond. The insurer has a solid suite of policies, and offers added value in the form of member benefits, such as loans and free financial advice.
But if you want to apply for coverage online or take advantage of 24/7 service, compare life insurance companies.
Foresters Financial life insurance rates
Foresters doesn’t offer quick quotes or disclose its rates online. To get an idea of how much you’ll pay, contact a local agent or use the handy life insurance calculator on the site.
When researching the rates, remember that the member benefits may offer added value.
How to get a quote from Foresters Financial life insurance
If you’re interested in purchasing a policy, you’ll need to contact a local agent.
- Go to the Foresters Financial website.
- Choose Find an Adviser/Agent.
- To have someone contact you, select Life Insurance from the dropdown box and enter your full name, email address, phone number, ZIP code and your preferred contact method.
- Hit Submit. Otherwise, type in your ZIP code and a list of local agents and their contact details will pop up.
I’ve signed up. What happens next?
Your agent will contact you within two business days to answer any questions you have and explain your coverage options. If you decide to apply for a policy, they’ll walk you through the next steps.
What types of life insurance coverage does Foresters Financial offer?
Foresters focuses on helping policyholders set themselves up for a comfortable retirement and financial future. Its product line is made up of term and permanent policies.
- Term life insurance. Your Term offers protection for a predetermined period of time — 10, 15, 20, 25 or 30 years. The premiums stay the same for the life of the policy, and you can dress up your coverage with a range of riders, such as a Children’s Term Rider. Your Term is available to people between the ages of 18 and 80, with a face value of $50,000 or more.
- Whole life insurance. There are two whole life policies:
- PlanRight is a final expense policy that’s designed to cover funeral and burial costs. It’s open to those aged between 50 and 85, and the coverage remains intact as long as you continue to pay your premiums up to age 121. Depending on your age, you can purchase a policy with a face value between $10,000 and $35,000.
- Advantage Plus is a participating whole life policy, which means policyholders may earn dividends based on the company’s profits. It builds cash value over time, and once you’ve accumulated enough, you can borrow against your policy. Advantage Plus is available up to age 85, with face values between $25,000 and $499,999.
- Universal life
A pretty straightforward universal life policy, Smart UL has flexible premiums and a ten-year coverage guarantee so long as they’re paid. The cash value portion of the policy grows at a minimum interest rate of 2% each year, and you can tap into it once you’ve built up sufficient cash value. Smart UL is available up to age 85, and you can buy a policy with a face value between $10,000 and $499,999, or over $500,000 in special circumstances.
What riders can I add to my policy?
Depending on your policy, you may be able to customize your Foresters life insurance coverage with the following riders:
- Accidental death benefit rider
- Accelerated death benefit rider (note: this rider isn’t available in California or Connecticut, or for policies valued at less than $25,000)
- Child rider
- Critical illness benefit rider
- Disability income benefit rider
- Guaranteed insurability rider
- Spouse rider
- Term insurance rider
- Waiver-of-premium rider
Foresters Financial life insurance reviews and complaints
Though it’s been operating for over 145 years, Foresters isn’t accredited with the Better Business Bureau (BBB). But the BBB has awarded it an A+ rating for its customer service and interaction. The BBB has recorded 31 complaints in the past three years, and they cover the company as a whole — not just its life insurance division. With such a low volume of complaints, there are no major red flags to note.
|AM Best financial rating||
1.83/5 out of 6 customer reviews
|Trustpilot score||3.4/5 out of 2 customer reviews|
|Customer reviews verified as of||20 January 2021|
Compare life insurance companies like Foresters Financial
More about Foresters Financial
Foresters Financial began as a British fraternal organization called the Ancient Order of Foresters back in 1834. As a “friendly society,” it provided life insurance and medical assistance to its members. The order expanded to Canada and then the US, and cemented itself as a company that focuses on helping its members to leave a legacy and prepare for retirement.
With its fraternal roots, Foresters still has a strong community focus. Its membership benefits include access to discounted legal and financial services, emergency grant programs, scholarships and a Terminal Illness Loan, which pays out up to 75% of your policy’s face value to cover medical expenses. Foresters also offers academic scholarships and contributes to various charities.
Frequently asked questions
How can I contact Foresters Financial?
Your local agent should be your first contact if you have any questions.
Otherwise, you can contact the customer care by:
- Phone. Call 800-328-1540 weekdays from 8 a.m. to 8 p.m. ET.
- Email. Send an email to firstname.lastname@example.org.
- Social media. Reach out via Twitter or Facebook.
- Mail. Send snail mail to: Foresters Financial, P.O. Box 179, Buffalo, NY 14201
How do I file a claim?
To submit a claim, call the claims department at 800-828-1540 on weekdays from 8 a.m. to 8 p.m. ET. The rep will ask for the policy number and date, cause and manner of death. They’ll then mail you a claims packet within two business days.
Complete the forms and send them back, along with the certified death certificate and any supporting documents.
How are claims paid out?
Once a claim has been processed and approved, the beneficiary will receive a check in the mail.
What other financial products does Foresters sell?
Foresters Financial offers annuities, mutual funds plus saving, investing and retirement planning services.
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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