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Foresters Life Insurance Review

Foresters Financial

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

Table of Contents

Foresters Life is a life insurance company that prides itself on providing policyholders with exclusive member benefits.

They offer both term and permanent life coverage along with several riders to fit your needs.

Anyone with a family knows that protecting them is a number one priority.

A great way to ensure financial protection is to purchase life insurance coverage.

Life insurance provides a beneficiary with a payout in case anything happens to you down the road.

It’s sad to think about. But it’s necessary to ensure that your family is covered financially in a worst-case scenario.

This review examines Forester Life’s history, coverage offerings, riders, review, application process, and more.

About Foresters Life

Foresters Life has a long and interesting history as a company.

Originally founded in 1874, Foresters Life was initially called the Ancient Order of Foresters.

It was established as a British fraternal society that provided its members with life insurance and medical assistance.

They eventually expanded their operation to Canada and set up headquarters in the city of Toronto.

They are still headquartered there and currently operate across the United States, United Kingdom, and Canada.

Foresters Life has grown considerably since its founding and includes a family of companies that offer annuities, mutual funds, savings and retirement planning, and more.

This suite of institutions includes Foresters Investment Management Company, Inc., Foresters Advisory Services, LLC, Forester Life limited (Forester Life), and The Children’s Mutual (TCM).

In total, the Foresters family company assets are worth over $14 billion.

True to their roots as a fraternal society, Foresters Life offers attractive membership benefits to anyone that purchases a policy through them.

These exclusive benefits include:

  • 250 competitive scholarships worth up to $2,000
  • Access to sporting events, playgrounds, and theme parks
  • Discounts on legal services and diabetes management products
  • A terminal illness loan that pays up to 75% of your policy’s face value to cover medical expenses
  • A toll-free financial advice hotline
  • An online learning library

Foresters Financial Ratings

Many people look to third-party ratings to determine if a life insurance company is financially sound and considerate to customers.

Luckily, Foresters Life has accrued positive ratings from agencies over the years.

A.M. Best rates life insurance companies on their creditworthiness and financial stability. They awarded Foresters Life an A- rating.

This indicates that Foresters is capable of repaying debts and issuing claim payouts.

The Better Business Bureau (BBB) is a nonprofit organization that documents customer disputes. They also provide ratings based on things like advertising and customer interaction.

The BBB rated Foresters Life an A+ for their handling of customer complaints and business practices.

This is good news for anyone looking for a life insurance company that will treat them well as a customer.

Life Insurance Products Offered

Foresters Life offers customers several products for life insurance coverage.

Customers have the option to choose between term, whole, and universal life insurance.

Here are all the life insurance products offered by Foresters Life.

Term Life

Like many life insurance companies, Foresters Life offers term life insurance coverage to their customers.

Term life insurance is considered the most basic form of life insurance coverage.

It provides a death benefit to a beneficiary if the insured dies within the policy term.

Foresters Life offers a product called Your Term, which offers coverage in terms of 10, 15, 20, 25, or 30 years.

This product guarantees level premiums throughout the life of the policy.

It also gives you the option to customize your coverage with Foresters Life’s various riders.

Your Term is available to applicants between 18 and 80 years old. Coverage for this product begins at $50,000 and goes up from there.

Whole Life

For customers interested in permanent life insurance, Foresters Life also offers two whole life insurance products.


The PlanRight policy is a final expense product designed to cover costs associated with a funeral service and burial.

Most final expense products have low coverage limits. And PlanRight is no different.

Applicants can purchase a policy with a face value of $10,000 to $35,000. It is available to people between the ages of 50 and 85.


The second whole life insurance product offered by Foresters Life is Advantage Plus.

Advantage Plus is the company’s standard participating whole life insurance product.

This means that the beneficiary will receive a death benefit whenever the policyholder dies.

Additionally, this product has a cash value component that you can borrow against down the line.

Advantage Plus is available to customers between the ages of 18 and 85 with face values between $25,000 and $500,000.

Universal Life

Lastly, Foresters Life offers universal life insurance to customers interested in permanent life insurance with an invested cash value component.

The Smart UL product is a straightforward universal life policy with flexible premiums and a ten-year coverage guarantee.

Foresters Life guarantees a minimum cash value growth rate of 2% each year.

This cash value can be borrowed against once the value has built up enough.

Smart UL is available to applicants between the ages of 18 and 80 years old, and face values begin at $10,000 and go up from there.

Life Insurance Riders Offered

Foresters Life offers various life insurance riders that customers can add to their policy to personalize their life insurance coverage.

Riders are additional coverages that are added to an existing policy.

They can add benefits and protections that are not included in a standard policy.

As a Foresters Life policyholder, you have the option to purchase the following riders:

  • Accidental death benefit rider
  • Accelerated death benefit rider (not available in California or Connecticut, or for policies valued at less than $25,000)
  • Child rider
  • Critical illness benefit rider
  • Disability income benefit rider
  • Guaranteed insurability rider
  • Spouse rider
  • Term insurance rider
  • Waiver-of-premium rider

Riders can typically only be added to a policy at the time of purchase.

You should discuss your options with a Foresters Life insurance agent before you decide to add a rider.

Eligibility and Application Process

Foresters Life has different underwriting guidelines for each of their different life insurance products.

Generally speaking, applicants must be between the ages of 18 and 85 to qualify for coverage.

Additionally, the face value of the policy and the applicant’s health will both play a large role in eligibility.

As far as applications go, Foresters Life does not offer online applications or online quoting.

You must contact a Foresters Life insurance agent to complete and submit an application.

Depending on your coverage, you may also be required to undergo a medical exam or complete a medical questionnaire.

After a Foresters Life agent has submitted, it will undergo an underwriting and approval process.

This typically takes about four to six weeks, during which time you may need to take a medical exam.

Once Foresters Life has decided, they will either return with an approved quote or a denial for coverage. You can choose whether to accept the quote or walk away.

If you choose to purchase the policy, it will be delivered to you electronically.

Pros and Cons of Foresters Life

Here are some of the advantages and disadvantages of choose Foresters Life for your life insurance.


  • Strong financial ratings: Foresters Life boasts high financial ratings from top agencies like A.M. Best. They have also received high customer service ratings from the Better Business Bureau.
  • Fast-tracked applications: Depending on your coverage, you may be eligible for a fast-tracked application. Foresters Life will send your application through for expedited underwriting and approval. This means that you may receive coverage more quickly than the four-to-six-week time frame.
  • Member benefits: Foresters Life considers policyholders to be members rather than customers. This makes them eligible for several membership benefits, such as tickets to sporting events and member-only scholarships and loans.


  • Short customer service window: Foresters Life does not offer 24/7 customer service, which means you will need to contact them during their working hours. This can be limiting for people with day jobs or busy schedules.
  • No online quoting: Foresters Life does not offer online quoting on any of their products. You must submit an application through a licensed Foresters Life agent in order to receive a quote for life insurance.
  • Slow claims processing: One of the major complaints that customers have about Foresters Life is that they process claims at an incredibly slow rate. In fact, the National Association of Insurance Commissioners (NAIC) has reported three complaints regarding claims issues with Foresters Life since 2018.

Foresters Life Insurance Contact Information

If you have any questions regarding your coverage, you should reach out to the Foresters Life insurance agent that issued the policy.

Otherwise, you can reach out to their customer service team by:

Phone: 800-328-1540
Mail: Foresters Financial, P.O. Box 179, Buffalo, NY 14201
Customer Service: Foresters Life’s customer service team is available from Monday through Friday 8 a.m. to 8 p.m. EST.

Is Foresters Life the Best Choice for You?

Foresters Life is an exceptional life insurance company for consumers seeking a company that treats members like family.

Their outstanding customer service ratings speak for themselves, but there have been issues regarding claims being processed and paid.

If you are looking for life insurance coverage that’s right for you, you’ve come to the right place.

Check out more of our life insurance company reviews to find the best option for you and your family.

Foresters Life Insurance

Financial Ratings

  • A.M. Best: A-
  • BBB: A+
Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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