Is Foresters Life Insurance Worth It? Review 2024
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Discover the methodologyFounded in 1874, Foresters Financial has been serving Canadians for nearly 150 years. The company offers a range of insurance products, including life insurance, as well as financial services. But is Foresters Life Insurance the right product for you?
In this review, we take you through how Foresters life insurance works, its pros and cons, the premiums, and more so you can decide for yourself if it's the best choice for you.
You can also compare plans and get free life insurance quotes from Canada's best insurers using our HelloSafe comparator so you can make an informed decision and choose the policy that suits your unique needs and budget.
Foresters Life Insurance: 5 Key Takeaways
- Offers term, non-participating whole life, and participating whole life insurance
- Rated “A” for Financial Strength from A.M. Best Company and “A+” rating from the Better Business Bureau
- Founded in 1874 with a long history of offering insurance and financial solutions
- More than 3 million customers as one of Canada's oldest insurers
- Foresters Life Insurance does not offer online quotes
Our Foresters Life Insurance 2024 Review: Customizable coverage from a reputed company
Foresters Financial is one of the oldest and most well-respected insurers in Canada. Foresters life insurance policies include a wide range of products like term life insurance, whole life insurance, and universal life insurance. It also has various riders that can be added to policies to customize coverage.
As a socially conscious organization, Foresters Financial considers environmental, social, and governance (ESG) factors in its investments. This includes more than $383 million of assets in sustainable or green bonds.
It caters to those seeking diverse policy options and customizable coverage, making it ideal for individuals with varying financial needs and budgets. However, it lacks online quotes and has comparatively higher premiums for younger, healthy individuals.
If you value flexibility and a socially conscious approach to insurance, Foresters could be a solid choice, but those seeking online quotes and lower premiums may explore other options.
You could use our HelloSafe comparator below and compare multiple plans and coverage and get free personalized quotes from Canada's best life insurance providers. Get more than 20 free quotes in a few moments.
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Let's take a closer look at the advantages and disadvantages of picking a Foresters policy.
Pros of Foresters Life Insurance Canada
- Variety of policy options and options to suit many needs and budgets.
- Flexibility. Term life insurance policies can be converted to permanent life insurance
- Joint-term policies for insuring a couple under one plan
- No medical plans are available
Cons of Foresters Life Insurance Canada
- No quotes are available online. Customers must leave their email or phone to be contacted by an independent agent
- Foresters life insurance premiums are higher than some competitors, especially for younger people in good health.
- Online claims are not available. Claims are still done by mailing physical paperwork.
How much does Foresters Life Insurance Canada cost?
Non-smokers in good health can expect to pay monthly premiums around the following for a $500,000 coverage of 20-year term life insurance.
| Age | Male | Female |
|---|---|---|
| 20 | $33.84 | $23.64 |
| 25 | $33.84 | $23.64 |
| 30 | $34.30 | $24.10 |
| 35 | $35.69 | $26.88 |
| 40 | $51.91 | $38.47 |
| 45 | $82.97 | $58.40 |
| 50 | $139.98 | $94.55 |
| 55 | $266.05 | $176.59 |
| 60 | $494.55 | $332.33 |
| 65 | $992.35 | $677.64 |
These are indicative prices only. A range of factors affect life insurance prices. To save on life insurance, it's always best to compare prices and offers from a variety of service providers. For this purpose, you can use our comparator and get free personalized quotes in seconds.
What does Foresters Life Insurance Canada cover?
Foresters Life Insurance Company Canada covers a variety of needs through its range of life insurance products. With term life and both participating and non-participating whole life policyholders can find a policy that’s right for them. Life insurance can cover the following needs. Let's explore them.
Family's needs:
- Mortgage or Rent
- Tuition fees
- Final expenses such as funeral costs
- Income for your surviving family
Business needs:
- Buy and sell agreements
- Family business continuance
- Collateral Insurance
Special needs:
- Disability or critical illness
- Estate planning and retirement income
- Gifting to charity
What types of life insurance does Foresters Financial offer?
Foresters Life Insurance Company Canada offers a wide range of both term life insurance and permanent life insurance solutions. Term life insurance is valid for a certain length of time, while permanent life insurance, such as whole life insurance and universal life insurance, remains in place for life.
| Type | Term | Whole | Critical Illness |
|---|---|---|---|
| Duration |
| For life | Set term |
| Price | Increases if renewed | Level | Increases if renewed |
| Plans |
|
|
|
| Coverage amount | Up to $5 million | n/a |
|
| Cash value |
You can compare what other life insurance companies offer before deciding upon Foresters and also look for a plan that truly first your needs. For that, you could simply use our comparator below and get access to the various plans offered by Canada's best life insurance companies and also get free quotes from them in seconds.
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Foresters term life Insurance
Foresters term life insurance policies offer flexible coverage for you and your family. There is a range of policies available. Up to $5 million is available for the traditional plans and up to $250,000 on the E-Z Term non-medical life insurance option. They fall under these four categories:
- Term 10: Available for applicants aged 18-75 with automatic renewals every 10 years and amounts ranging from $100,000 to $5 million.
- Term 20: Available for applicants aged 18-65 with automatic renewals every 20 years and amounts ranging from $100,000 to $5 million.
- Term 30: Available for applicants aged 18-55 with automatic renewals for 5-year terms after the original 30-year term concludes and face amounts ranging from $50,000 to $5 million.
- E-Z Term: Simplified issue is a non-medical policy with guaranteed renewability to age 75. It is convertible up to age 65. It includes automatic renewals for 5-year terms after the original 30-year term concludes and face amounts ranging from $25,000 to $250,000, depending on age. This policy does not include any riders.
| Length | Term 10 | Term 20 | Term 30 | E-Z Term |
|---|---|---|---|---|
| Age | 18-75 | 18-65 | 18-55 | Up to 75 |
| Coverage amount | $100,000 to $5 million | $100,000 to $5 million | $100,000 to $5 million | $25,000 to $250,000 |
Foresters permanent life insurance
Foresters Financial Life Insurance also offers two permanent life insurance options: Advantage Plus Whole Life and Non-Participating Whole Life. A number of compelling riders are available under both policies These include:
- Charity Benefit provision: an additional 1% of your coverage amount paid to a charity you designate (up to $100,000).
- Children’s Insurance benefit: $3,000 term life insurance coverage for insured children up to age 25
- Juvenile Guaranteed Insurability benefit: Purchase additional insurance without evidence of insurability if under 18 years old
- Quit Smoking Incentive Plan: Smokers get a 2-year premium reduction for their first two years of coverage. The lower rates continue if they can provide evidence that they have quit
Advantage Plus Whole Life is a participating product eligible to pay out dividends. Premium paying periods are available for 10 years, 20 years, or for life.
Non-Participating Whole Life is a similar product to Advantage Plus, with the notable exception that it does not pay out dividends. Policyholders enjoy coverage for life, tax-free death benefits, and level premiums. It builds cash value that can be used as a financial asset or paid back should the policyholder cancel their plan.
Coverage types available include Single Life, Joint First-to-die, and Joint Last-to-die policies Premium paying periods of 20 years and to age 100 are available.
Foresters critical illness insurance
Foresters life insurance company also offers critical illness insurance, which pays out a tax-free lump sum if the policyholder develops a specified illness or undergoes specific treatments. This coverage is available for a specified term length, which the policyholder determines at the time of purchase.
Two critical illness insurance policies are available: Live Well and Live Well Plus. The former covers 4 conditions, has a simple application, and offers up to $100,000 coverage. The latter covers 25 conditions and up to $2 million coverage.
How to get a Foresters life insurance quote?
Before settling on Forester, it is important to compare coverages from other providers. While it may seem like a daunting process, we've made it simple for you. You could use our comparator below to compare plans and get free quotes from Canada's best life insurance companies. You only need to give some basic details of what you're looking for and voila you get 20+ free life insurance quotes in a few moments.
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Alternatively, you can get a quote directly from Foresters. Fill out their online form to request a call or email from an advisor. To reach a Foresters advisor click on "Connect with an Advisor" on the top right of the Foresters website and then fill out the form:
You'll need to provide some basic contact information and wait for Foresters to contact you. Depending on the plan be prepared to follow up with additional medical information and a questionnaire about your lifestyle.
How to contact Foresters Life Insurance?
The company's customer service can be reached on the Foresters life insurance phone number and email.
| Contact method | Details |
|---|---|
| Foresters life insurance Canada phone number | 1-800-828-1540 (Monday to Friday from 9:00 a.m. to 6:00 p.m. ET) |
| [email protected] | |
| Fax | 1-877-329-4631 |
| 789 Don Mills Road, Toronto, ON, M3C 1T9 |
Foresters life insurance reviews are generally positive, with customers noting that the policies are comprehensive and the customer service is helpful. Some customers have reported that getting a response from customer service on the Foresters life insurance contact number can take time, so be aware of that if you need assistance.
Good to know
Need to make a Foresters Life Insurance claim? Forms are available on the Foresters website under " Customer Care" or you can speak with a representative at 1-800-828-1540 for assistance. You can also use one of the Foresters life insurance company contact details provided above. Claims must be physically mailed to 789 Don Mills Road, Toronto, ON, M3C 1T9.
Foresters Life Insurance Calculator
When choosing a life insurance policy, start by asking yourself how much coverage you really need. A life insurance calculator can help you answer this if you’re unsure. Determine how much coverage you need and what kind of policy is best for you.
Foresters Life Insurance provides an easy-to-use life needs insurance calculator to help determine the right coverage for your needs through its website.
Alternatively, HelloSafe’s life insurance calculator provides an easy-to-use interface. Try it first and then compare rates from different insurers in one place using the HelloSafe comparator tool.
