Foresters Life Insurance Canada Review: Updated 2024

Founded in 1874, Foresters Financial has been serving Canadians for nearly 150 years. Whether you need short-term coverage or lifelong security, Foresters Life Insurance offers affordable and flexible policies that can adapt to your changing needs. But is it the right choice for you?

In this Foresters Life Insurance review, we tell you everything you need to know: What are the coverage options? What do they cost in 2024? Are you eligible? How to access your policy? How to cancel your policy?

You can also use our free tool to compare personalized quotes from Foresters Financial and other top Canadian companies so you get the best rates on life insurance.

Our Foresters Life Insurance Review

Foresters Life Insurance offers a small but impressive range of flexible life insurance products, including term life insurance and whole life insurance. Their term life insurance comes with options for 10, 20, and 30-year terms and coverage up to $5,000,000, making it an affordable option for those seeking temporary coverage for financial obligations like mortgages or children's education.

Whole life insurance options are available, including both participating and non-participating policies. These plans provide lifelong coverage with guaranteed premiums and offer the potential for dividends (for participating policies) or a fixed cash value accumulation (for non-participating policies).

Foresters term life policies can be converted into permanent coverage without the need for additional medical exams, which makes it an excellent choice for individuals whose needs might change over time. The company also offers several riders, such as accidental death benefits, children’s life insurance, and a charity benefit provision. The charity benefit allows policyholders to donate a portion of the death benefit to a registered charity, which sets Foresters apart from many other insurers in the market.

Compared to competitors like iA Insurance or Beneva, which also offer no-medical-exam products, Foresters distinguishes itself by allowing applications up to age 80, with higher term life coverage amounts.

Nevertheless, Foresters does have a few limitations. They do not offer online quotes, making it necessary for customers to speak with an advisor, which could be inconvenient for those seeking quick quotes. Additionally, the company does not offer universal life insurance, which may limit options for policyholders looking for more flexible permanent coverage.

Overall, Foresters Life Insurance is best for young families, individuals with short-term financial obligations, or those seeking long-term coverage with guaranteed premiums. However, it might not be ideal for those who want the lowest premiums available or for individuals looking for more customizable options like universal life insurance.

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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How to contact Foresters Life Insurance?

Foresters life insurance company requires you to speak to an advisor for a quote or detailed policy information. You can contact them in one of the following ways:

Method of Communication	Foresters Life Insurance Company Contact Details
Foresters Life Insurance Phone Number	1-800-828-1540 (Monday to Friday from 9:00 a.m. to 6:00 p.m. ET)
Email	[email protected]
Fax	1-877-329-4631
Website	www.foresters.com/en-ca
Mailing Address	789 Don Mills Road, Toronto, ON, M3C 1T9

What does Foresters Life Insurance Canada cost?

Here are Foresters Life Insurance Canada quotes for an Ontario resident. This is for a non-smoker, in good health, paying monthly premiums for a 20-year term life insurance policy with $500,000 coverage.

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. The price of life insurance, whether taken out with Foresters or another provider, depends on several factors:

• Your age
• Your gender
• Whether you are a smoker or not
• The amount of life insurance coverage you wish to take out
• Riders or add-ons if any
• Applicable discounts

What types of life insurance does Foresters Financial offer?

Foresters offers two types of life insurance plans:

1. Foresters Term Life Insurance
2. Foresters Whole Life Insurance
   • Non-participating whole life insurance
   • Participating whole life insurance

Here are the main features of Foresters Life Insurance Canada plans:

Foresters Life Insurance Canada Plans	Term Life Insurance	Participating Whole Life Insurance	Non-Participating Whole Life Insurance
Term Length	10, 20, or 30 years	Lifetime	Lifetime
Coverage Amount	Up to $5,000,000	Up to $500,000	Up to $500,000
Medical Exam	None for certain coverage amounts	No medical exam required	No medical exam required
Premiums	Fixed for the term	Fixed, guaranteed for life	Fixed, guaranteed for life
Conversion Option		N/A	N/A
Cash Value
Dividends		Potential for dividends
Riders Available	Accidental Death Waiver of Premium Children’s Insurance	Term life riders and Accidental Death Children’s Benefit	Term life riders and Accidental Death Waiver of Premium
Charity Benefit		up to $100,000
Eligibility	18 to 80 years	18 to 70 years	18 to 80 years

What does Foresters Term Life Insurance cover?

Foresters Term Life Insurance is an affordable and flexible option for individuals looking for temporary coverage to protect their loved ones during a specific period, such as when paying off a mortgage or ensuring their children's education. With guaranteed premiums that remain level for the entire term, it offers peace of mind without the worry of escalating costs. This is ideal for people with short-term financial obligations who want to keep premiums low.

• Best for: Young families, individuals with mortgages, and those seeking affordable coverage for a fixed term without long-term commitment.
• Term Options: 10, 20, or 30 years
• Coverage Amount: $50,000 to $5,000,000
• Premiums: Fixed, guaranteed for the term selected
• Conversion Option: Convert to permanent coverage without evidence of insurability before age 71
• Features: Joint coverage, bereavement assistance, charity benefit provision, and preferred insurance classes for healthier individuals
• Riders Available: Accidental death benefit, waiver of premium, children’s insurance, and more.

What does Foresters Whole Life Insurance cover?

Foresters offers two types of whole life insurance: Advantage Plus Whole Life (participating) and Non-Participating Whole Life. Both options are designed for long-term coverage, allowing you to secure your family’s financial future and accumulate cash value. However, the participating policy offers more flexibility with dividends that can be used in various ways, while the non-participating policy provides affordable protection without dividends.

Advantage Plus Whole Life (Participating)

• Best for: Individuals seeking lifelong protection with the potential for dividends, people looking to leave a legacy for their family, or those who wish to donate to charity.
• Death Benefit: Guaranteed tax-free death benefit
• Cash Value: Builds over time and can be accessed via withdrawals or loans
• Dividends: Can be used to purchase additional insurance, reduce premiums, or left to accumulate interest
• Charity Benefit: Foresters will donate 1% of the basic death benefit (up to $100,000) to a registered charity when a claim is paid
• Children’s Insurance Benefit: Includes $3,000 of term insurance for each child under 25
• Smoker Incentive: Lower premiums for the first two years if you quit smoking
• Riders: Available to customize coverage with options like term riders, accidental death rider, and guaranteed insurability rider.

Non-Participating Whole Life Insurance

• Best for: Individuals seeking affordable, lifelong coverage without the complexity of dividends, ideal for those who want a straightforward policy with fixed premiums.
• Death Benefit: Guaranteed lifetime death benefit
• Cash Value: Accumulates over time, can be accessed or borrowed against
• Premiums: Your Foresters life insurance payments are fixed and guaranteed for life
• Features: No dividends, lower premiums compared to participating whole life insurance
• Riders: Includes optional riders like term riders, accidental death benefit, and waiver of premium in case of disability.

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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How to get a Foresters life insurance quote?

When choosing a life insurance policy, start by asking yourself how much coverage you 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. 

There is a free Foresters Life Insurance calculator to help determine the right coverage for your needs through its website. You will be asked questions about your monthly expenses, income, any debts, and other basic financial information. You can see the results in less than a minute.

When using the Foresters life insurance calculator, keep these important factors in mind:

• Consider your financial obligations, such as outstanding debts, income replacement, and future expenses like education.
• Take into account any existing savings or investments to avoid over-insuring.
• Align your term length with your financial responsibilities, like the duration of your mortgage or until your children are financially independent.
• Factor in inflation, and remember that your lifestyle and health can impact your premiums.

Alternatively, HelloSafe’s life insurance calculator provides an easy-to-use interface. Once you know how much insurance you need, compare the best life insurance rates from different insurers in one place using the HelloSafe comparator tool. 

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How do I access my Foresters life insurance policy?

To access your Foresters Life Insurance policy, follow these steps:

1. Log in to Your Online Account:
   • The easiest way to access your policy is through the Foresters Financial online portal. Visit their website and log in using your account credentials. If you don't have an account, you can easily create one by registering on the website.
2. Use MyForesters Mobile app:
   • You can also use MyForesters Mobile app to access your policy. This app allows you to view your policy details, make payments, track claims, and manage your account. You can download MyForesters Mobile from the Google Play Store and Apple App Store. After installation, log in with your credentials to start managing your policy right from your mobile device.
3. Contact Customer Service:
   • If you’re unable to access your policy online or through the app, you can call Forester Life Insurance customer service at 1-800-828-1540. They can assist with policy details, account updates, or any other inquiries.
4. Mailing Statements:
   • Foresters may also send physical copies of your policy statements. Be sure to update your mailing address with them to continue receiving your documents.

How do I cancel my Foresters life insurance policy?

To cancel your Foresters Life Insurance policy, follow these steps:

1. Contact Customer Service: You can cancel your policy by calling Foresters Life Insurance customer service at 1-800-828-1540. They are available to assist you with the cancellation process.
2. Request Cancellation in Writing: Alternatively, you may be required to submit a written request to cancel your policy. You can send a letter or email to the customer service team at [email protected] detailing your intent to cancel the policy. Make sure to include your policy number and any relevant personal information.
3. Cancellation Terms: Review your policy for any cancellation terms, as some policies may have specific guidelines regarding cancellation fees, refunds, or the need for written notice within a certain period. If you cancel within a certain timeframe (such as during the free-look period), you might be eligible for a full refund.
4. Policy Refund: If you are eligible for a refund, Foresters may issue a refund of premiums, depending on the type of policy and the cancellation terms. Be sure to confirm this with customer service during the cancellation process.
5. Confirmation of Cancellation: After submitting your request, request confirmation of the cancellation in writing. Keep this confirmation for your records in case of any future issues.

How to file a Foresters life insurance claim?

To file a claim with Foresters, you will need to fill out the appropriate claim forms for Canada. You can download the Foresters Life Insurance Claim Forms right here. Then follow the steps mentioned below.

1. Contact Foresters: At 1-800-828-1540 to inform them of your loved one's passing and initiate the claim.
2. Complete Your Claims Form: You’ll need to fill out the appropriate claims form, depending on the timing of the death. You can download the forms we've provided above.
3. Gather Required Information:
   • Completed claimant’s statement
   • Certified death certificate
   • Cause and manner of death (if available)
   • Medical authorization (for contestable claims or living benefits)
   • Police, toxicology, or coroner’s reports (for accident or homicide-related claims)
   • Additional medical records may be required for contestable claims.
4. Send the Completed Claim: Once you have completed the claimant’s statement and gathered the required documents, mail everything to:
   Foresters Life Insurance
   789 Don Mills Road
   Toronto, ON, M3C 1T9
5. What to Expect: After submitting the claim, Foresters will review your forms and contact you if any additional information is needed.
   • Non-contestable claims: If the claim is non-contestable, Foresters will process it within 15 business days, excluding mail time.
   • Contestable claims: If the death occurred within the first two years of the policy or the policy was reinstated within the last two years, Foresters will request medical records, and the claims process may take up to 30 business days after receiving all required medical records.

FAQs on Foresters Life Insurance