Key Takeaways

Foresters has life insurance benefits, that's more lenient for diabetic juvenile applicants.
Smokers can get non-smoker life insurance rates in the first two years and keep that rate if they prove they have quit smoking.
Foresters is known for its unique membership program that helps families give back to their communities.

Our Foresters Financial life insurance review

Our rating for Foresters Financial life insurance:★★★★☆ (4/5)

Forester's Financial offers typical term life insurance products but their participating whole life policies provide juvenile protection rider competitive premiums. They help children with diabetes to get coverage for a lower price than they typically would with other providers.

Their sustainability efforts and charity benefits provision makes this life insurance distributor a great choice for those seeking unique participating perks that can potentially lead to cash value growth.

Who is Foresters Life Insurance Company?

Foresters Financial is a 150-year-old insurance company based in Toronto. They merged with Canada Protection Plan in 2020. Foresters Financial is a fraternal benefit society, meaning you get member benefits along with your life insurance policy. Their Better Business Bureau rating is A+ (Excellent).

Foresters Financial life insurance company quick facts:

The company was founded in 1874 in Canada and has since expanded to offer services throughout the United States, the United Kingdom, and several other countries.
Foresters Financial is a fraternal organization, which means it operates as a non-profit entity serving its members rather than shareholders.
Foresters Financial is committed to social and environmental responsibility, supporting community development, literacy, and environmental sustainability initiatives.
Foresters Financial underwrites Canada Protection Plan Inc.
Louis Gagnon was appointed President and CEO of Foresters Financial ™ in January 2022.

Foresters Financial life insurance rates for 2023

See how Foresters' term life insurance prices stack up against the prices of products offered by other term life insurance providers in Canada in the insurance industry.

Company	Monthly premiums*
Foresters Life	$34.65
Wawanesa Life	$33.75
RBC Insurance	$31.32
Canada Life	$33.27
Desjardins	$31.50
BMO Insurance	$32.40
PolicyMe	$31.46
Industrial Alliance	$32.85
Manulife	$32.79
Sun Life	$35.10
Humania	$32.40
ivari	$39.60

*premiums are based on a 35-year-old man seeking $500,000 in coverage for a 20-year term policy. Prices are based on publicly available rates as of 2023. Terms and conditions may apply.

PolicyMe’s term life insurance gives you more coverage for your mortgage, with less cost.

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Foresters Financial life insurance customer reviews

Forester holds a life insurance rating of 4.5/5 on Trustpilot and a 3.0/5 on Insureye. Let's look at how some of Forester's customers rank their life insurance customer service.

Positive Foresters Financial life insurance reviews:

"[Their life insurance advisor] took the time to break down the products the company had and answer any questions and concerns myself and my parents had. Will recommend this company to anyone." - Trustpilot review on April 23, 2023.
"No hard sell with Foresters. Friendly, sound advice tailored to your individual circumstances. Online accounts are clear and easy to access. Flexible payments." - Trustpilot review on October 28, 2022.

Negative Foresters Financial life insurance reviews:

"ONE STAR IS TOO HIGH. Recently, I was seeking mortgage life insurance. The queries were accompanied by emails that were trashed from Foresters Financial. Apparently, Trashing their emails means you agreed to their policy terms. I DID NOT!!!! Looking at pending expenses in online banking, I found a pending charge of $669 monthly premium from Foresters Financial. Now I am queued on the phone to discuss with them." - Trustpilot review on June 6, 2022.
"It seems impossible to get in contact with anyone from the company. Each time I call their number, I'm on hold for at least 25 to 40 minutes prior to the call hanging up completely without me having a chance to speak to anyone ... They have no customer service or no one to assist you with your claim. They claim to be helping communities but do not provide adequate assistance to their own members." - Trustpilot review on June 1, 2022.

Foresters Financial life insurance: pros and cons

Pros of Foresters life insurance:

Less strict no-medical options are available for people with diabetes applying for life insurance. Members now can also have discounted blood glucose testing products delivered to them directly.
If you have a policy with Foresters, you can get extra perks like scholarships, cheaper legal services, and lower rates for legal assistance.
Smokers trying to quit can get non-smoker rates for the first two years of their whole life insurance plan as part of the Quit Smoking Incentive Plan.
If you are a couple, you have many options including joint policies and spousal term riders.
When you pass away, 1 per cent of your death benefits will be donated to the eligible charity of your choice (up to $100,000).
You can convert your term life insurance policy to a whole life policy up to age 71
If you're over 50, the prices for whole life plans are reasonably competitive.

Cons of Foresters life insurance:

Less strict no-medical options are available for people with diabetes applying for life insurance. Members now can also have discounted blood glucose testing products delivered to them directly.
No way to get a life insurance quote online.
You need to find an advisor before applying for one of their policies.
No option to get your policy delivered online.
Claims are only processed by mail-in.

Foresters Financial life insurance products

Read more on Foresters Financial's types of life insurance below.

Term Life Insurance

The term length ranges from 10, 20 or 30 years options, which is pretty limited and non-customizable.
Coverage ranges from $100,000 to $5M for anyone aged 18 to 65, which is fairly standard.
The 10 and 20-year policies can be automatically renewed for the same period of time.
The Term 30 product offers automatic five year renewals after the 30-year term with coverage $50,000 to $5M.

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The bottom line: This product is average for the life insurance industry. If you're looking for a term life insurance that's extremely customizable with flexible term lengths, look into PolicyMe.

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PolicyMe offers coverage from $100,000 to $5M, with flexible term lengths between 10 and 30 years. Each policy gets $10,000 in free Child Coverage to sweeten the deal.

Non-participating whole life

Flexible coverage with 5-10% cheaper term rates than the competition.

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Forester Financial's non-participating whole life insurance product allows you to tailor your plan to get maximum financial protection without an investment component.
This policy includes term riders like child term riders with coverage types ranging from Single Life, Joint First-to-die or Joint Last-to-die.
Quit Smoking Incentive Plan: Reduced non-smoker premium rates for individuals at least 16 years old on the policy issue date and are categorized as smokers for the first two years. If the policyholder can prove they have quit, their non-smoker premiums will continue.
Lifelong protection with a guaranteed death benefit, cash value and premiums. You can pay premiums for 20 years or until you reach the age of 100.

The bottom line: This whole life policy is typical for the life insurance industry. It offers no additional protection or investment solutions like a participating life insurance policy would.

Advantage Plus Whole Life

A participating whole life insurance policy
Offers the flexibility to customize a plan that helps provide financial security for your loved ones with options for term riders for oneself and their children
Lifetime death benefit protection, guaranteed cash value, and guaranteed premiums.
Premium payment options of 10-pay, 20-pay or pay-to-age-100.
Offers insurance benefits like the potential for dividends which can be used to build up cash value.

Foresters benefits:

Advantage Plus: Includes a Charity Benefit provision, allowing you to donate up to $100,000 to a registered charity in the name of the insured upon death.
List Item
Children's Insurance Benefit: provides $3,000 of term insurance for each insured child until they turn 25 included.
Juvenile Guaranteed Insurability Benefit: Allows a policyholder under 18 years old to purchase additional insurance on certain dates without evidence of insurability.
Quit Smoking Incentive Plan: offers smokers two years of non-smoker premiums.
Teladoc Medical Experts: provides personalized advice and recommendations on medical issues from leading experts at no additional cost.

The bottom line: If you're looking for a plan that get's you a range of unique benefits and features to your policy, Advantage Plus is your best bet.

Critical Illness insurance

Forester's offers two types of critical illness insurance policies:

1. Live Well: covers up to four conditions with a quick-time application process, coverage up to $100,000.

2. Live Well Plus: covers up to 25 conditions with coverage up to $2,000,000.

They also offer additional riders that those with diabetes seeking life insurance can take advantage of, like Juvenile Critical Illness Insurance Rider, which provides critical illness coverage to children aged up to 17 years.

The rider covers specific health conditions like:

Cerebral palsy
Congenital heart disease
Cystic fibrosis
Muscular dystrophy
Type 1 diabetes mellitus

How do you get Foresters Financial life insurance quotes?

You can get a Foresters Financial life insurance quote by following these steps:

Visit the Foresters Financial website.
Navigate to the "Life Insurance" section.
Select the type of life insurance you want, such as term or whole life.
Enter your postal code to locate a Foresters Financial agent in your area, or choose to get an online quote.
Provide the necessary information, such as your age, gender, health history, and the desired coverage amount.
Review the quote provided by Foresters Financial and determine if it meets your needs.

Alternatively, you can directly contact a Foresters Financial agent to determine insurance costs and discuss your life insurance options.

Bottom line: Foresters is a good choice for coverage with unique perks that gives back

Foresters Financial products offer average price ranges and products compared to the rest of the life insurance industry in Canada. But their unique benefits make their life insurance a good option for those seeking insurance with benefits that can give back to their community.

Their charity benefit provision, which is a donation incentive that when a claim is paid to the beneficiaries, Foresters will donate 1% (up to a maximum of $100,000) to the eligible designated charitable organization of your choice, is offered as a benefit in all their products including their term life.

If you're looking for life insurance with a competitive price range and incremental coverage amounts that can get you a specific coverage amount like $175,000, consider PolicyMe and RBC Insurance first.

FAQ: Foresters life insurance company

Does Foresters Financial offer living benefits?

Is medical underwriting required to get life insurance from Foresters Financial?

Does Foresters Financial offer discounts on life insurance premiums?

Can I borrow against the cash value of my Foresters Financial life insurance policy?

Does Foresters offer Disability Waiver?

You need facts, not fluff. Our goal is to provide you with honest, trustworthy information to help you make informed decisions. While our content is created with insurance experts, it is for educational purposes only and should not be considered definitive professional financial advice.

We recommend seeking the counsel of a licensed financial advisor before making any decisions regarding insurance or personal finance.

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