Foresters Life Insurance Review 2024

Foresters Financial is a trade name of the Independent Order of Foresters, which was founded in 1874 as an international fraternal organization. The insurer aims to make life insurance accessible and affordable for its members and offers a strong lineup of term and permanent policies, all of which are issued by the Independent Order of Foresters. It stands out for its wide range of riders and additional benefits, such as financial guidance and legal support.

However, you can’t get a quote, apply for a policy or buy coverage online — you have to speak to an agent first.

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Foresters life insurance rating

Foresters life insurance earned 3 out of 5 stars for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Foresters life insurance policies

Foresters offers a range of term and permanent life insurance policies through its network of agents across the country. You’ll need to contact one directly to apply for or buy coverage.

Term life insurance. The Your Term Level Term policy is open to people ages 18 to 80 in all states. You can choose a 10-, 15-, 20-, 25- or 30-year term and purchase $50,000 to $10 million in coverage. If you want to upgrade to a permanent policy, you can convert coverage until five years before it’s set to expire or until you’re 65 — whichever comes first.

Whole life insurance. Foresters has three whole life insurance policies to suit different needs:

• PlanRight Whole Life Insurance is open to people ages 50 to 85 and offers $5,000 to $35,000 of coverage to help pay for end-of-life and post-life expenses. Available in all states.

• Advantage Plus II Whole Life is a standard whole life policy that covers people ages 0 to 85 and accumulates cash value over time. This policy is available in all states. You can purchase a policy worth up to $10 million, and you might earn annual dividends based on the company’s financial performance. While these aren't guaranteed, Foresters Financial announced in 2023 that it would pay out approximately $23 million to policyholders.

• BrightFuture Children's Whole Life is designed to protect children ages 0 to 17, though it’s not available in California, New York or Washington. You can buy $5,000 to $75,000 in coverage, which accrues cash value over time. As the owner of the policy, you may transfer the policy to the child in the future, and thanks to the built-in guaranteed insurability rider, the child can boost the coverage amount later without taking a medical exam.

Universal life insurance. If you want the flexibility to adjust your premiums and death benefit, SMART Universal Life Insurance might fit the bill. It’s available to people ages 0 to 85 in all states, and you can purchase $10,000 to $10 million in coverage depending on your age.

Accidental death insurance. Foresters also offers an accidental death policy to applicants ages 18 to 70. The Prepared II Accidental Death Term pays out if you die in an accident and can cover you until you're 80.

Most of Foresters’ policies include a charity benefit provision. This means that for each claim, the insurer will pay an additional 1% of the value of the policy — up to a maximum of $100,000 — to a charity of the policyholder’s choice.

Foresters life insurance riders

Foresters has an extensive list of life insurance riders to help you customize your coverage. Options and availability vary by policy, and you might need to pay an extra fee.

• Accelerated death benefit rider. Allows you to tap into your death benefit if you’re diagnosed with a critical, chronic or terminal illness.

• Accidental death benefit rider. Offers an extra payout if you die in an accident.

• Child term rider. Covers a child or multiple children under your policy and can be converted to permanent life insurance later down the track.

• Common carrier accidental death benefit rider. Pays out an additional sum if you die in an accident while riding as a passenger on a plane, bus or train.

• Disability income rider. If you become disabled after an accident and can’t work, this rider kicks in to provide you with a monthly payout.

• Family health benefit rider. Helps pay the cost of an ambulance, emergency room exam or hospital stay if your health suffers due to catastrophic weather or a natural disaster.

• Guaranteed purchase option rider. Gives you the chance to add up to $50,000 of coverage to your policy without taking another medical exam.

• Paid-up additions rider. Allows you to increase the cash value of your permanent policy.

• Return of premium rider. Reimburses you for the premiums you’ve paid if you outlive your accidental death policy.

• Term rider. Increases the payout on your policy for a set number of years.

• Waiver of monthly deductions rider. Available with some permanent policies, this rider pays part of your premium after you’ve been disabled for at least six months. While it helps to keep your policy active, it won’t contribute to your cash value.

• Waiver of premium rider. Covers the cost of your premiums if you become disabled and cannot work.

Foresters customer complaints and satisfaction

Over three years, Foresters has drawn more than the expected number of complaints to state regulators for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.

More about Foresters Financial

Since Foresters is a fraternal organization, all policyholders are eligible for member benefits. These include financial counseling, discounted legal services and deals on a range of items from gift cards and electronics to hotels and rental cars. Policyholders can also access the Foresters Go wellness app and apply for academic scholarships and community grants.

You automatically become a member when your life insurance policy goes into effect, as long as you’re at least 18 years old. To access member benefits, you’ll need to create an account at MyForesters.com.

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