UPDATED: Mar 8, 2022
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Here's the Scoop
- Foresters life insurance has whole, term, and universal plans with a long list of add-ons so you can customize your policy
- You can access your account and pay your bill online, but you’ll need to speak with an agent to file a claim
- Foresters has an A- rating from A.M. Best, meaning the company can pay claims with ease, and an A+ from the Better Business Bureau
Foresters Financial has provided working-class families with the much-needed protection that life insurance brings since 1874. As one of the best investments you can make for your family’s future, Foresters promises low rates anyone can afford.
The types of life insurance options Foresters offers has expanded since 1874, and customers today love the variety of choices. However, Foresters offers more than simple life insurance policies. The financial company wants to help its customers live healthier lives, especially people with Type 2 diabetes.
The Foresters insurance company might be the best choice for your life insurance needs, but you should always compare quotes with other companies.
What is Foresters life insurance?
While many types of life insurance are on the market, Foresters focuses on three types: term, whole, and universal.
Neither of these three plans is better than the others by itself. Instead, the best type of insurance for you depends on your needs. Figuring out which is best for you might seem confusing (especially if this is your first policy), but you don’t have to figure it out alone.
Term life is ideal for people with substantial financial responsibilities looking for an affordable policy. If you have young children, just bought a house, or want life insurance coverage until you reach retirement, term might be the best choice for you.
Whole life is more expensive than term, but it’s a good option for people that worry about being denied insurance later in life due to health concerns. The best time to buy whole life is when you’re young because your rates will be lower, but most companies sell policies up to the age of 65.
Whole life is also a great option if you want a policy that will accumulate cash value as you make payments. Universal life works the same as whole life but allows you to invest your accrued value.
Foresters promises to meet any insurance needs, no matter what they are. Read on to learn about the types of insurance Foresters offers, and if you have specific questions, call the Foresters life insurance phone number, (800) 828-1540.
Foresters Term Life
Term life is one of the simplest life insurance products to understand because there is no cash accumulation and the policy has a set term. You can select how much coverage you need and how long you want your coverage to last. Once you’ve completed a medical exam, your policy goes into effect.
Foresters’ term life is a level plan, meaning your death benefit and monthly payments will stay the same for the length of the policy. The Your Term Level life insurance plan from Foresters comes in 10, 15, 20, 25, or 30 years.
As for coverage amounts, Your Term Level starts at $50,000 and maxes out at $10 million. Unlike many of its competitors that stop at age 70, Foresters offers term life to customers up to 80 years old. Of course, your risk of dying during your term goes up the older you get, so you’ll pay more at 80 than you would at 18.
However, life insurance is always a wise investment. As long as the price is within your budget, term life is worth it at any age.
Many people choose term life because it’s the best life insurance option for their budget. If you select term life insurance to save money, Your Term has the option of converting to a permanent policy. You need to convert it before you turn 65 or five years before the policy expires.
Foresters Whole Life
If you’re looking for a permanent plan, Foresters has more options. There are three unique permanent life insurance plans to choose from.
The traditional whole life policy is Foresters’ Advantage Plus II. This plan is available to anyone between the ages of 18 and 85. Alternatively, you can purchase this for a minor under the age of 17. Coverage starts at $25,000 and extends to a massive $10 million.
Customers that purchase Advantage Plus get the added bonus of paid dividends when Foresters Financial does well. The company doesn’t guarantee these payments, but it recently announced it was paying members $24.4 million for the 2021 year.
If you want to buy an insurance plan for a child, Foresters offers the BrightFuture Children’s Whole Life. As long as you’re closely related to the child, you can buy a BrightFuture policy as a gift.
Why would you want a life insurance policy as a gift for a child? Whole life policies accrue cash value as you make payments on them. When the child is older, they can use the accumulated value to help pay for school or as a down payment on a house.
Coverage with BrightFuture starts at $5,000 to $35,000. Each BrightFuture plan comes with a guaranteed issue rider for free. This allows the child to buy additional coverage when they come of age without the need for additional medical exams.
However, you’ll need to check with Foresters customer service before buying this plan since BrightFuture isn’t available in every state.
Finally, you can buy PlanRight Whole Life for burial insurance. This plan will help pay for your end-of-life expenses and the cost of your funeral. Coverage is smaller – from $5,000 to $35,000 – but it can help if you have no other option for life insurance. You can buy PlanRight between the ages of 50 and 85.
Other Types of Life Insurance From Foresters
While term and whole life insurance are the most popular choices, Foresters offers a few other options.
If you’re interested in a universal life policy, Foresters offers SMART Universal Life. SMART Universal works the same as whole life, but you have the opportunity to invest your accumulated value.
If your budget is tight and you’re not worried about dying anytime soon, you should consider Accidental Death. This coverage only pays out if you die in an accidental event, but it’s good protection against sudden tragedy.
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Does Foresters offer add-ons?
Foresters prides itself on its variety, and it didn’t skip on the options to customize your plan. Foresters has coverage options for just about anything life can throw at you.
- Accelerated death. You can use your death benefit to pay for medical bills if you become chronically or terminally ill.
- Accidental death. While you can buy a standalone policy, you can also add an accidental death rider to your plan.
- Disability income. Foresters will send you a monthly check if you become disabled, paralyzed, or too ill to work.
- Waiver of premium. Alternatively, you can choose to waive your premium if you are disabled.
- Child term. Like accidental death, you don’t need to buy a standalone children’s life insurance plan. You can cover your child with this add-on, and it becomes a separate plan when they turn 18.
- Term. You can set your plan to pay out a larger death benefit for a certain number of years at the beginning of your policy.
This is a small sample of Foresters’ life insurance add-ons. If you want a complete list of what the company offers, you can speak with an agent or visit any of the Foresters insurance locations.
Foresters Life Insurance Reviews
Foresters wants to offer more than simple life insurance plans – they want to encourage people to live healthier, longer lives. With a special interest in Type 2 diabetes, Foresters Financial customer service agents can help you reach your lifestyle goals.
Customers enjoy that Foresters offers special programs such as scholarships and online health classes. The biggest complaints center around the company’s lack of online options for claims. If you need to make a claim, you’ll need to speak with an agent or fill out Foresters life insurance claims forms.
As for professional ratings, Foresters earns an A- in financial security from A.M. Best and an A+ from the Better Business Bureau.
Does Foresters offer life insurance in Canada?
While Foresters is most famous in the states, it does write life insurance policies for Canadians.
Foresters life insurance company in Canada offers term, whole, and critical illness insurance. Term and whole operate the same as the American versions. The critical illness plan protects you if you have a serious medical event like a heart attack or stroke.
If you’re interested in Canadian life insurance, make sure to call Foresters’ life insurance Canada phone number.
Find the Best Foresters Life Insurance for You
Knowing that life insurance is one of the most important investments you can make for your family’s future, Foresters Financial offers a variety of plans that can cover most needs. However, choosing the right insurance company is vital – you’ll be paying for it for a long time.
The Foresters insurance company might be the best option, but you should always compare quotes with other companies to be sure.