Among our best no medical coverage carriers, Foresters holds a strong spot among the competition, and for good reason. Read more below on why we think you may need to consider Foresters as a part of your financial safety net.
Our Foresters Life Insurance Company Review
Welcome to our detailed review of Foresters Life Insurance Company. Choosing the right insurance company is vital to the processing of ending up with the perfect policy for you and your family. You need a company with strong business and financial ratings, a commitment to ethical practices, and policyholder-centric culture that seeks to put your needs before anything else.
That’s why we’re committed to providing you not only with information regarding the different life insurance products on the market, but with up-to-date, consumer-oriented information about some of the most prominent companies out there.
When you’re choosing life insurance, you need a straight-shooter – not a salesperson – to provide you with the most important info.
Foresters Life Insurance Company belongs to Foresters, an international financial services company based in Toronto, Canada. The company’s stated mission and values are very customer-oriented. Foresters claims that service, integrity, and the specific needs of each customer are its top priorities, and the company also puts a great emphasis on organizing and contributing to charitable activity in communities that it serves around the globe.
What We Love
There are a few things that we think make Foresters Life one of the best insurance companies around. First of all, it’s not a typical, public company – here’s what the website of its international parent society, Foresters, has to say:
“More than a life insurance provider, Foresters is a fraternal benefit society which means we’re a member-governed organization with no shareholders.”
The point is, when there are shareholders to please, company direction can be overly profit-driven or beholden to these shareholders. According to Foresters, the company is free to work for you instead.
Additionally, although Foresters Life Insurance Company is not accredited by the Better Business Bureau, it does carry the bureau’s A+ rating. In terms of financial strength, Foresters has 14 consecutive years of A ratings from A.M. Best, which is excellent.
Foresters partners with organizations such as the American Red Cross, Children’s Miracle Network Hospitals, Ronald McDonald House Charities, and KaBOOM! (which builds playgrounds for communities with children living poverty. If you’re interested in being covered by a company with a longstanding record of charitable activity, we’ve found Foresters to be exceptional.
Options for “High-Risk” Individuals
Many companies don’t offer favorable underwriting for “high-risk” people. For instance, if you are taking certain heart medications or have stents, life insurance premiums with many companies could be through the roof for a decent amount of coverage. With Foresters, it’s possible that you’ll still get a great deal on your new plan.
Our Favorite Foresters Life Insurance Products
Foresters Life offers a number of quality policies in a number of categories. If you’re not confident in your familiarity with the major types of life insurance policies on the market, check out our pages about term, permanent, and burial insurance policies for a comprehensive look.
This company provides term policies, permanent life, universal life, accidental death insurance, critical illness coverage, annuities, and group creditor insurance. Basically, no matter what type of life insurance you’re looking for, Foresters probably has a quality plan available.
As with any company, some of these products will be more competitive than others, and we’ve found that Foresters Life particularly shines in two categories – 1) solid no medical exam policies, and 2) one of the best final expense plans on the market.
Here are the details on some of the best products that Foresters Life has to offer:
PlanRight Whole Life – This is one of the more popular products offered by the company, and we’d match this policy up against any other burial insurance policy on the market. Its guaranteed level premium is lower than most companies’ final expense plans, but approval is subject to certain requirements and a detailed health questionnaire. Depending on certain factors, you may need one of three options:
- Fixed – 100% of the face value of the policy is in effect immediately
- Graded – if the insured dies within the first two years of the policy, the beneficiary will receive a payout of the greater of two amounts:
- First year – a return of all premium payments made with 4.5% interest added, or 30% of the face value
- Second year – a return of all premium payments made with 4.5% interest added, or 70% of the face value
- Modified – For the first two years of the policy, the death benefit is limited to a return of premium payments plus 10%, after which the full face value of the policy is in effect.
Just be aware that not all people will have an easy time qualifying for this plan, so it may not be for everyone.
LifeFirst Non Medical – This policy is available for purchase up to age 50 and provides up to $250,000 in face value with no medical screening required. Larger face amounts are also available on fully underwritten policies.
Smart UL Non Medical – Similar to LifeFirst, this policy requires no medical screening, but up to $250,000 in face value is available to age 55, and up to $150,000 up to age 70.
Our strongest recommendations for Foresters Life Insurance Company go out to people who are looking for a no medical screening policy or an excellent final expense plan, but even outside of the strengths of these categories, there’s a lot to love about Foresters:
- Excellent business and financial ratings
- Commitment to charitable activity
- Consumer-oriented business model
- Policies in almost every category
- Potentially favorable premiums for high-risk applicants
Of course, it’s always important to shop around. Check out our other reviews to find out about competitors and their offerings.