Foresters Life Insurance Canada Review

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Foresters Financial is an international fraternal organization dedicated to making life insurance available and affordable for its members. The Independent Order of Foresters provides a full range of term, permanent, and final expense life insurance policies. It distinguishes itself with its large selection of riders and extras, such as financial coaching and legal assistance.

Types of Insurance Policies Foresters Offer

Foresters Life Insurance of Canada offers a variety of life insurance products, including term life insurance and permanent life insurance. Term life insurance works well for those who have a temporary need for coverage, whereas permanent life insurance is great for those who seeking to have an insurance policy for life, with no premium increases.

Foresters Whole Life Insurance Policies

Whole life insurance is a policy that provides lifelong protection. This type of policy has premiums that stay level and won’t change as you age, you can pay it off in 20-years, or throughout your lifetime.

A whole life insurance policy is implemented to cover permanent financial obligations that will only go away when the person passes away. Foresters offer both participating and non-participating types of whole policies.

Participating Vs. Non-Participating Whole Life

A Participating whole life insurance policy allows your policy to earn dividends. Depending on the selected dividend option, you may receive the dividends as cash payments, as a premium reduction, saved as part of your cash surrender value, or used to buy additional coverage.

In general, dividends are a portion of the insurer’s profits that the company returns to customers who purchase participating whole life insurance policies.

Non-participating whole life insurance, on the other hand, does not allow your policy to earn dividends, which that the cash value component of your whole life policy is limited to guaranteed cash values which are available with whole life insurance policies.

Interested with Foresters Life Insurance?

We work with all major insurance carriers in Canada, and we can help you set up a well-planned insurance policy with Foresters Life insurance. Please click the button below to book an appointment at your most convenient time!

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Foresters Term Life Insurance Policies

Term life insurance is a policy that Foresters offer for terms of 10, 20, and 30 years. A Foresters term life insurance plan is customized according to your age and the amount of coverage you need (or choose). Your Foresters premiums will vary depending on how much coverage, what kind of coverage you want, and for how long the coverage is.

As with any other life insurance company, you don’t build equity with term life insurance. What you are paying for is limited to the insurance protection, which is guaranteed to pay out to your beneficiaries in case you pass away during the term of your policy.

Foresters Life E-Z Term Life Insurance

The Foresters E-Z Term is a simplified issue life insurance policy. It’s available as a 10-year term plan with guaranteed renewable and convertible options, without the need to prove insurability.

Renewal premiums will never be increased by more than 25% of the premium rate shown in the premium schedule. It is renewable to age 75 and convertible to age 65.

Foresters Critical Illness Insurance Policies

Critical illness rates are flexible in that they can be altered depending on your needs. You can choose between $25,000.00 and $500,000 in coverage, we can help you determine the amount of coverage that is right for your needs.

What Kind of Insurance Company is Foresters?

Foresters Life Insurance is a fraternal benefit society, which is a membership organization that provides life, health, and other insurance coverage to its members and is not-for-profit. It also engages in charitable and other programs for the benefit of its members and the public.

Is Foresters Financial a legitimate company?

Foresters Life Insurance of Canada is a legitimate company. Founded in Canada, and has been serving Canada since the 1800s; it’s also considered a major life insurance carrier in the Canadian market, aligned with other life insurance companies that you may already be familiar with.

Today, Foresters serve the US and the UK as an international insurance company.

Foresters Life Insurance Member Benefits

As a fraternal organization, Foresters offer member benefits that are otherwise not available if you are insured by a non-fraternal life insurance company.

Foresters offer its policyholders various member benefits that include the following:

  • Life-Long Learning
  • Community Grants
  • Orphan Benefits
  • Orphan Scholarships
  • Competitive Scholarships
  • Law Assure
  • Terminal Illness Loan
  • Membership Deals and Savings
  • Foresters Care Grant
  • Foresters Go

Interested with Foresters Life Insurance?

We work with all major insurance carriers in Canada, and we can help you set up a well-planned insurance policy with Foresters Life insurance. Please click the button below to book an appointment at your most convenient time!

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Life-Long Learning

lifelong-learning -woman thinking

Foresters members can use Foresters’ online learning library, “Lifelong Learning”, at any time and from anywhere. You may pick courses to investigate a topic and help you achieve personal or professional objectives, or just for pleasure!

Perhaps you’ve just gotten a new job and want to improve your skills in new areas? Maybe you’re a newly married or first-time homeowner seeking to learn more about finance? Seniors wanting to communicate with their grandkids online will discover computer courses that will get them started. Why not take up writing; perhaps it’ll help you become a better

You may customize your learning to fit your own interests, goals, and schedule at any age with Lifelong Learning. Invest the time to care for yourself. You are entitled to it.

Foresters Community Grants

Foresters offer community grants that encourage members to get involved in their local communities and participate in meaningful activities, as well as in assisting individuals in need.

Foresters Community Grants

Foresters offer community grants that encourage members to get involved in their local communities and participate in meaningful activities, as well as in assisting individuals in need.

Community Volunteer Grant

The Foresters Community Volunteer Gran encourages members to participate in volunteerism, mentorship, and leadership roles in their local community.

Fun Family grants provide complimentary admissions to concerts, attractions, and events for family fun.

Foresters Orphan Benefits

The Foresters Orphan Benefits is a value-add member benefit that pays a monthly benefit of up to $900 per under-aged child should both parents were to pass away.

foresters orphan benefits

Foresters Orphan Scholarships

The Foresters Orphan scholarships are awarded to orphans of Foresters members.

This benefit aims to provide the children of deceased members with a scholarship of up to $6,000 per year which is renewable for up to four years.

Foresters Competitive Scholarships

Foresters offer up to 300 scholarships of up to $2,200 each year to young leaders who exhibit extraordinary leadership through community service and a dedication to academics.

Foresters Life Law Assure

As a Foresters member, you can access this online document preparation service which allows you to create your own personalized wills, powers of attorney, and healthcare directives. 

Terminal Illness Loan

The Terminal Illness Loan Benefit allows you to apply for an interest-free loan of up to 75% of the face value of your Foresters life insurance policy.

Membership Deals and Savings

As a Foresters policyholder, you can access deals on everyday necessities, electronics, and other online shopping opportunities. Plus, family-focused activities are more affordable with discounts on hotels, rental cars, theme parks, attractions, and much more.

Foresters Care Grant

This Forester member benefit helps you make a positive impact with a one-time grant of $200 for your local community.

Foresters Go

The Foresters Go app is a fun way to earn points for being healthy, enjoying family activities, and giving back to your community. You can earn points from doing things like going to the gym or making healthier food choices. It is a fun way to make your life better and help out in your community.

Interested with Foresters Life Insurance?

We work with all major insurance carriers in Canada, and we can help you set up a well-planned insurance policy with Foresters Life insurance. Please click the button below to book an appointment at your most convenient time!

Book Your Appointment

Why choose Foresters?

1800s

Foresters Life Insurance is part of Foresters Financial, a member-owned, financial company that offers several personal insurance products as well as a host of member benefits.

As a fraternal organization, its profits are returned to members and communities instead of going to shareholders.

Foresters have over 2 million members, which means that you could be insured by a not-for-profit company that has a solid financial standing.

How long has Foresters life insurance been in business?

Foresters Life Insurance Company of Canada has been able to provide life insurance to the Canadian market for over a century. It has been around since 1874, and they have been able to provide financial services to the average working family. It is a Canadian company that has a solid history of paying insurance claims for more than 100 years.

Founded in Canada, Foresters has since expanded to serve the United States and the UK.

Is Foresters a Good Insurance Company?

foresters good or bad

What makes a good insurance company is its ability to fulfill its financial obligations to its clients, in a timely fashion. Foresters have a solid claims history of more than 100-years.

So, yes, Foresters is indeed a good insurance company!

Foresters is also one of Canada’s major life insurance carriers, it is a fraternal, member-owned, financial company. As a fraternal organization, its profits are returned to members and communities instead of going to shareholders.

One of the things that I personally like about Foresters is their orphan benefit, wherein each underaged child can receive up to $900 a month in case both of the member parents were to pass away.

While Foresters’ product offering isn’t as vast as those of other life insurance companies, for their fair rates, and the many member benefits you can take advantage of. The $900 a month orphan benefit alone is a big plus for most families with underaged kids.

Summary: Foresters Life Insurance Canada Review

final thoughts - foresters life insurance review

Foresters Financial is an international financial services provider with a solid history of paying claims that were founded in Canada in 1874. It is a fraternal, and not-for-profit insurance carrier. By that, all policyholders can participate and enjoy the member benefits.

Foresters have since expanded its operations to the United States and the UK. Today, foresters are worth $18 billion in assets and now they are offering coverage to members, and their families throughout Canada with innovative solutions that help people achieve longer-term financial security.

While their insurance offerings are limited to whole life, and term life insurance policies, Foresters compensates through their top-notch member benefits.

If you’re asking weather or not Foresters is a good insurance company, the true measure of a good insurance company is its ability to fulfill its obligations to its clients. Foresters has a solid history of paying claims for over 100-years.

If you’re looking to implement personal insurance or an annuity solution through a fraternal organization, Foresters is a time-proven company that comes highly recommended.

Interested with Foresters Life Insurance?

We work with all major insurance carriers in Canada, and we can help you set up a well-planned insurance policy with Foresters Life insurance. Please click the button below to book an appointment at your most convenient time!

Book Your Appointment

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