Foresters Financial Review (2022)
Foresters Financial life insurance has a reputation for having a wide variety of products and add-ons to choose from. Customers report that Foresters' rates are competitive with other companies, but you need to speak with an agent to get a quote specific to you. Foresters Financial life insurance has an A- rating from A.M. Best and an A from the Better Business Bureau.
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UPDATED: Feb 18, 2022
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- Foresters offers term, whole, and universal life insurance with several add-on options
- People with pre-existing conditions might find better rates with Foresters than other companies, especially if they have diabetes
- Foresters doesn’t offer an online option for quotes, so you’ll need to speak to an agent if you are interested in prices
Knowing that life insurance is one of the best ways to protect families, Foresters Financial began offering coverage in 1874. With an eye toward helping the working class, Foresters has allowed countless families to achieve financial security through life insurance. Foresters has an impressive list of life insurance products to meet any potential need. Foresters aims to help people live healthier and provide affordable insurance, financial advice, and legal support for people with diabetes.
Foresters Financial is a great place to look for life insurance, but you should always compare companies to ensure you get the right price and product. If you’re ready to see what quotes might look like for you, enter your ZIP code into our free tool today.
What types of insurance does Foresters sell?
There are three main types of life insurance Foresters sells: term, whole, and universal. It also sells a smaller final expense policy for seniors looking for affordable coverage later in life. The insurance that will work best for you depends on your specific needs.
Term life typically works best for new parents, newlyweds, people with significant debt, and people nearing retirement. As a bonus, term life is one of the most affordable life insurance options.
Whole life is best for people who don’t want to worry about their policy ending or being denied later in life for health concerns. Universal is a permanent policy, much like whole life, but it has additional interest growth on its cash value accumulation.
If you decide Foresters is right for you, you’ll have plenty of options.
Term Life Insurance From Foresters Financial
Term life plans are generally easy to understand. Foresters term life policy is called Your Term Level Term. “Level” simply means that your rates and death benefit will stay the same throughout the policy.
For example, if you buy a policy for $100,000 and your monthly bill is $84, those numbers will be the same on the first and last day of your policy.
With Your Term, you can choose periods of 10, 15, 20, 25, or 30 years. The minimum amount of coverage you can buy is $50,000, and the max is $10 million.
Most companies cap the maximum age a person can buy term life at 70, but Foresters allows anyone 18 to 80 to buy term. Your rates will be much higher at 80 years old than at 18, but it’s available if you can afford it.
Your Term is also a convertible plan, meaning you have the option to make it permanent. If you want to convert, you’ll need to do it at least five years before the policy expires or you turn 65.
Whole Life Insurance From Foresters
One of the things that customers love most about Foresters is the variety of its insurance products. Foresters whole life insurance lives up to that reputation for variety with three options to choose from.
The PlanRight Whole Life plan is a fantastic option for burial insurance. Also known as “final expense insurance,” you must be between 50 and 85 to purchase it. With coverage options ranging from $5,000 to $35,000, the PlanRight policy is meant for end-of-life expenses and funeral costs.
You can purchase BrightFuture Children’s Whole Life for kids up to 17. Coverage starts at $5,000 and maxes out at $75,000. This policy accrues cash value that the insured child can use later in life for college or a down payment on a house.
Since it accrues cash value, the child you buy it for will benefit most if you buy it while they are young. When they come of age, you can give the child ownership of the policy. BrightFuture adds a guaranteed issue rider for free, which allows the child to increase the coverage when they take over. Unfortunately, you can’t buy this plan in California, Washington, or New York.
Finally, the Advantage Plus II Whole Life is a typical whole life plan. You can purchase this plan between the ages of 18 and 85 or on behalf of a child from infancy to 17.
This policy has a vast range of coverage options, between $25,000 and $10 million. As a benefit, you might earn dividends when Foresters does well. These payouts aren’t guaranteed, but Foresters did pay $24.4 million in 2021.
Other Types of Life Insurance From Foresters
There are a few other types of life insurance besides term and whole that you can get from Foresters. SMART Universal Life gives you the ability to adjust your monthly rates. Universal is available between ages 0 and 85, with coverage from $10,000 to $10 million.
If you need a little less coverage and want to protect your family in case of sudden tragedy, you can purchase Foresters’ Accidental Death insurance. This type of insurance pays your beneficiary only if your death is accidental. You can buy this plan between the ages of 18 and 70.
Foresters offers a unique benefit in their charity benefit provision, which is built into most plans. For each claim Foresters pays, they donate one percent of the policy to a charity of your choice. That means if you have a $100,000 death benefit, your charity will get a donation of $1,000.
Additionally, you can get affordable Foresters life insurance if you have type 2 diabetes. As long as your type 2 diabetes is well-managed, you have options for life insurance.
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What add-ons does Foresters offer?
Everyone loves the option to customize, and Foresters delivers. Foresters has a significant list of add-ons to choose from.
- Guaranteed purchase. You can add up to $50,000 in additional coverage to your plan without a medical exam.
- Accidental death. If you die unexpectedly and it was a qualified accident, your beneficiary will receive a large payment.
- Common carrier accidental death benefit. Your beneficiary will receive an additional sum of money if you die in a plane, train, or bus crash.
- Return of premium. Foresters will return the premiums you paid if you don’t die before your accidental death add-on.
- Accelerated death benefit. This add-on protects you if you become chronically or terminally sick. You can use part of your death benefit to cover medical expenses.
- Disability income. If you are injured or become too ill to work, this add-on will give you a supplemental income check once a month.
- Term. You can choose a number of years at the beginning of your policy in which your beneficiary will receive a larger payout.
- Paid-up additions. This allows you to increase the cash value of any permanent policy when you want to.
- Family health benefit. This helps pay for ambulance rides, hospital stays, or emergency room visits if you have health problems due to extreme weather or natural disasters, like earthquakes.
- Waiver of monthly deductions. This add-on will pay part of your monthly payment after six months of disability. Monthly fees can be waived only on specific permanent plans.
- Waiver of premium. If you become disabled, this add-on will temporarily suspend your payments without canceling your policy.
- Child term. You can add a child or children to your policy, which can then be converted into a permanent policy when the child comes of age.
As you can see, Foresters earns its reputation for having a top-notch variety of life insurance choices.
Foresters Financial Reviews
Foresters insurance has a reputation for solid customer service and affordable rates. Customers also enjoy Foresters’ unique perks, such as scholarships, legal services, volunteer opportunities, and free financial classes. Benefits such as the financial classes are accessible with a Foresters Financial login through the MyForesters section.
However, customers often complain about the Foresters life insurance company’s lack of online options. There is no online option for requesting a quote or filing a claim. You must call the Foresters Financial phone number for help from an agent when you need to get a quote or make a claim. You can also visit any Foresters Financial address to get more information directly.
Foresters earns an A- in financial security from A.M. Best and an A+ from the Better Business Bureau (though it is not an accredited business).
Find Foresters Life Insurance Rates That Work for You
Although life insurance is one of the best investments you can make for your family’s financial future, you’ll make payments on it for a long time. That is why it’s crucial to pick the best insurance company for your needs. With Foresters’ long list of insurance options and add-ons, you can probably find what you need.
If you’re interested in Foresters Financial insurance quotes, start by shopping around to find the best rates possible. If you’re ready to see what quotes might look like for you, enter your ZIP code into our free tool today.