Foresters Life Insurance Review and Ratings (2022)
Foresters life insurance has an A- rating from A.M. Best and an A from the Better Business Bureau. Customers enjoy the wide variety of choices Foresters has for life insurance, ranging from term life to whole and universal policies. Foresters also has add-ons so you can customize your life insurance. While Foresters has competitive prices, you have to contact an agent to see how much life insurance would cost you.
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UPDATED: Jun 28, 2022
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- Foresters offers term, whole, and universal life insurance, as well as final expense coverage
- People who have pre-existing conditions might find better rates with Foresters than other companies, especially if you have diabetes
- There is no online option to get a quote or file a claim — you must speak with an agent
Life insurance is one of the single best ways to protect your loved ones financially after you pass away. With so many options for purchasing life insurance, how do you know where to start looking?
Foresters Financial was founded in 1874. The company has sought to provide affordable insurance to its members and offers a variety of services.
As a financial institution, Foresters also provides financial advice and legal support.
Foresters life insurance is an excellent option if you’re looking for coverage. Explore your options to find the best rates. 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 offer?
Foresters sells three types of life insurance: term, whole, and universal, as well as a final expense policy. The type of insurance you buy depends on your unique circumstances.
Typically, term life is best for people with young children or someone they want to protect for a limited amount of time. Most people choose term life because it’s more affordable.
On the other hand, whole life is better for people who want coverage without having to worry about being denied later in life when health concerns may arise. Universal life insurance acts similarly to whole, with an additional interest growth on the cash accumulation.
If you decide to purchase from Foresters, you’ll have plenty of options.
Term Life Insurance From Foresters
Term life insurance tends to be relatively straightforward. Foresters’ term policy is called Your Term Level Term.
With Your Term, you can choose periods of 10, 15, 20, 25, or 30 years. The smallest amount of coverage Foresters offers is $50,000. Coverage is available up to $10 million.
While the average maximum age to buy term life is usually around 70, Foresters allows anyone age 18 to 80 to purchase this policy. You also have the option to convert your term life into a permanent policy. You have to hold the term life policy for at least five years before it expires, or before you turn 65.
Whole Life Insurance From Foresters
One of the most attractive aspects of Foresters insurance is that the company offers a lot of variety. Foresters has three options within its whole life insurance policies.
The PlanRight Whole Life plan is a burial insurance policy. You can purchase it between the ages of 50 and 85 for coverage between $5,000 and $35,000. This insurance is meant to cover end-of-life expenses and funeral costs.
You can purchase BrightFuture Children’s Whole Life for children up to 17. Coverage amounts are from $5,000 to $75,000. This policy accrues a cash value as you make your monthly payments, meaning the earlier you buy it, the better.
However, this plan is not available in Washington, California, or New York.
You can give the child ownership of the policy when they turn 18. This policy comes with a guaranteed issue rider for no extra charge, which will allow the child to increase the amount of coverage if they want.
Finally, the Advantage Plus II Whole Life is a relatively standard plan. You can purchase a plan between the ages of 18 and 85 or on behalf of a minor child up to age 17.
This policy has a range of coverage options, from $25,000 to $10 million. The policy may earn dividends, but dividends are not guaranteed.
Other Types of Life Insurance From Foresters
Other than term and whole, there are a few other options for life insurance. SMART Universal Life gives you the ability to adjust your monthly rates. Universal is available for anyone up to age 85, with coverage from $10,000 to $10 million.
If you need less coverage and want to protect your family if you die as a result of an accident, you can purchase Foresters’ Accidental Death insurance. This policy is available to anyone between 18 and 70. This type of insurance pays your beneficiary only if your death is accidental.
Foresters offers a unique benefit in their charity benefit provision, built into most plans. For each claim Foresters pays, the company will donate one percent of the policy’s value to a charity of your choice.
Additionally, you can get affordable Foresters life insurance if you have diabetes.
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What add-ons does Foresters offer?
Everyone loves the option to customize, and Foresters delivers. Foresters list of add-ones includes:
- Family health benefit. This helps pay for emergency ambulance transportation, hospital stays, or emergency room visits if you have health problems due to extreme weather or natural disasters.
- Accidental death. If you die in an accident, your beneficiary will receive an additional payment.
- Disability income. If an injury or illness prevents you from working, this add-on will give you a monthly payment.
- Paid-up additions. If you choose, you can increase the cash value of any permanent policy.
- Accelerated death benefit. If you have this add-on and become sick with a chronic or terminal illness, you can use part of your death benefit to pay for medical expenses.
- Common carrier accidental death benefit. Your beneficiary will receive an additional sum of money if you die in a plane, train, or bus accident.
- Term. You can choose a specified number of years that your beneficiary will receive a larger payout.
- Waiver of monthly deductions. Only available for specific permanent plans, this add-on will pay part of your monthly payment after six months of disability.
- Return of premium. If you outlast your accidental death add-on, this add-on will return the premiums you paid.
- 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 turns 18.
- Guaranteed purchase option. You can add up to $50,000 to your policy without additional medical exams.
As you can see, Foresters offers a variety of options for its insurance policies.
Foresters Life Insurance Reviews
Foresters insurance has a reputation for strong customer service and affordable rates. Customers enjoy Foresters unique perks, such as college scholarships, legal services, and local volunteer opportunities.
However, there is no online option for requesting a quote. You must meet with an agent. You must call the toll-free customer service phone number to begin a claim process.
As for professional ratings, Foresters earns an A- in financial security from A.M. Best and an A from the Better Business Bureau (though it is not a BBB-accredited business).
Find Foresters Life Insurance Rates That Work for You
Life insurance is an investment in your family’s future and one that you’ll pay into for a long time. It’s integral to find the right company for your needs. Foresters offers a wide selection of insurance options that work for most people, as well as a long list of add-ons.
If you’re interested in Foresters life insurance quotes, you should 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.