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Written by Ron Attias
Licensed Insurance Broker Ron Attias

Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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UPDATED: Jun 24, 2022

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It’s all about you. We want to help you make the right coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider. Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance related. We update our site regularly, and all content is reviewed by life insurance experts.

Foresters Financial started it’s history in 1874, to provide life insurance for average working folks. Their goal now, after more than 140 years, is still to help those families with life insurance but to also provide retirement and saving solutions products as well. Foresters sees themselves as a pioneer in the life insurance industry.

Forester’s first leader was Dr. Oronhyatekha, one of Canada’s first doctors to include western medicine in his office, which was ahead of his time. Today, Foresters has more than three million clients in the US, Canada, and United Kingdom. They also invest millions every year to support communities and causes that improve many families lives.

Foresters Life Insurance Company Ratings

According to A.M. Best, an industry leader that measures insurance company ratings, Foresters Life Insurance Company has an A (excellent) rating, as of August 19, 2016.

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What Products Do They Offer?

Foresters Life offers Term, Accident, Whole, and Universal life policies. We will go over each type to find out a little more.

LifeFirst Term Insurance

This is a term life insurance which provides level benefits and premiums, which means that the premiums and death benefits never change after you buy the policy. They have 10-, 20-, 25- and 30-year term life coverages. The policies are renewable and convertible.

LifeFirst Highlights

  • Issue ages 18–55 years. For a non-medical policy, the ranges are $50,000–$250,000. For medical: $250,000 and up.
  • Issue ages 56+. For a non-medical policy, the ranges are $50,000–$150,000. For medical: $150,000 and up.
  • Renewable. After the term is over, you can keep the policy at annual renewable rates (which is not recommended, because rates usually are crazy high) up to age 100, without providing evidence of insurability, and regardless of your current health.
  • Convertible. Which means that the term policy you bought can be converted to a whole life policy 5 years before the end of the term, or when the insured is age 65. No health questions or underwriting questions. You are guaranteed approval.
  • It comes with an accelerated death benefit rider at no additional cost. It allows the policy owner to withdraw a portion of the policy if he/she is diagnosed with a terminal illness.

Prepared Accidental Death Term Insurance

This is a policy that pays benefits only if you die as a result of an accident. The max death benefit is $300,000. This isn’t considered life insurance in my book since you’re only covered if you die from an accident. The individuals who buy this policy are typically not qualified for a traditional policy. They may be under probation or have major health issues that prevent them from qualifying for a regular life insurance policy.

Whole Life Insurance

As the name suggests, whole life provides a lifetime of protection as long as premiums are paid. Foresters offers a few types of whole life policies: PlanRight, Advantage Plus, Interest Sensitive, and Legacy Single Premium.

PlanRight Highlights

  • A lifetime coverage up to age 121.
  • Guaranteed level premiums (the premium stay the same for life).
  • There is no income tax on the death benefit.
  • Common Carrier Accidental Death Rider – This rider is included automatically and provides an extra death benefit if you die as a result of an accident, for example while riding as a passenger on a bus, train, or plane.

Advantage Plus Highlights

  • Guaranteed level premiums payable in 20 years or to age 100.
  • Allows the policyholder to borrow against the cash value in the policy.
  • Since this is a participating whole life, you are entitled to dividends and can use it to pay premiums, let it accumulate in the account, or use it as cash.
  • Accelerated death benefit is included with no extra cost.
  • Common Carrier Accidental Death Rider is included with no extra cost.
  • Family health benefit rider is included with no extra cost.  This can help you pay some family-related expenses if there are natural disasters, such as tornados, earthquakes, and hurricanes.

Interest Sensitive Highlights

This is a whole life policy that also provides an income tax-deferred accumulation benefit.

  • Coverage lasts until age 121.
  • Fixed premiums that stop at age 100.
  • The accumulation benefit grows at a guaranteed minimum interest rate, plus a potential to earn more if there is growth.
  • Income tax-deferred growth.  This allows the policyholder to accumulate wealth more quickly.
  • You have the option to suspend premiums. If there is enough cash value in your policy, you may elect to suspend payment. Keep in mind this slows the growth value of your policy.

Legacy Single Premium Highlights

A single premium life (SPL) is a type of life insurance policy that is practically paid in full with one payment. This could be ideal for estate planning.

  • The cash benefit grows a lot faster because the policy is fully paid.
  • Permanent coverage for life up to age 121.
  • Can be purchased on children from birth to 15 years.
  • Guaranteed one-time payment.
  • Allows you to borrow against it if you choose in the future (however this will reduce the death benefits).
  • Guaranteed accumulated cash benefit.
  • You may also earn dividends (not guaranteed) which can help you to buy extra coverage, or get paid in cash.
  • Three extra riders are included at no additional cost: family health benefit, common carrier, and accelerated death benefit.

Universal Life Insurance

Universal life policy is a whole life policy that allows you the flexibility to make changes to the premiums, let you skip premiums, or change the death benefit amount.

Smart Universal Highlights

  • Lifetime coverage.
  • The cash value grows on a tax-deferred basis until withdrawn.
  • Can borrow against the funds in the account.
  • Smart universal guarantees a minimum interest rate of 3% per year.
  • Three extra riders are included at no additional cost: family health benefit, common carrier, and accelerated death benefit.

Foresters Final Expense Policies

Final expense or “burial policies” are policies that provide a low death amount of $2,000 to $35,000. It’s worth mentioning that Forester’s final expense policies are simplified issue, which means there is no exam to take, and there are only a few health questions to answer on the application.

This type of insurance is used to cover the expenses associated with death or burial. There are a few types of policies Foresters offers through its PlanRight whole life:

PlanRight with a Level Death Benefit

Once this policy is issued, 100% of the benefits will be paid when you die.  There is no waiting period, and the maximum death benefits are up to $35,000, depending on your age at the time of application. The premiums will stay the same. Keep in mind, this type of policy is geared towards the healthier kind of individuals.

Level Death Benefit Health Questions

foresters level benefit health questions

PlanRight with a Graded Death Benefit

Graded benefit is geared toward individuals with less than perfect health. This limits the death benefits for the first or second year, depending on the purchased policy. The insurance company is hedging their bets by paying less benefits if you die in the first few years, and you also are taking a chance by buying a policy for which you otherwise couldn’t qualify.

The maximum death amount with Foresters is $20,000, and the death benefit is limited to 30% of the death amount for the first year, 70% for the second year, and 100% at the beginning of the third year.

Graded Death Benefit Health Questions

foresters graded benefit health questions

PlanRight with a Modified Death Benefit

Modified death benefit is for even less healthy individuals. The death benefit is limited for the first two years to a return of premium plus 10% interest. The maximum death amount is $15,000, and you still need to answer health questions. At this point, Gerber Life would be a much better choice.  They still only pay the 10% in interest if you die within two years, but at least Gerber is a guaranteed issue policy with no health questions asked.

Modified Death Benefit Health Questions

foresters modified benefit health questions

Foresters Optional Riders

  • Waiver of Premium Rider: Your premium will be waived if you are disabled and can’t work.
  • Critical Illness Rider: You can withdraw a portion of the death benefit if you are diagnosed with a critical illness (as defined by the policy).
  • Disability Income Protection: Provides you an income for up to two years. Comes in two forms: accidents and illness.
  • Accidental Death Coverage: Provides an extra death benefit to your beneficiaries if you die from an accident.
  • Children’s Term Rider: You can buy coverage for your kids, which later could be converted to a whole life policy, regardless of their health.

Related: Life insurance riders explained.

Foresters vs. Other Carriers’ Sample Monthly Rates

Male $25,000 Whole Life Level Benefit

 Company Age 50 Age 60 Age 70 Age 80
 Mutual of Omaha  $68.08  $102.08  $179.45  $326.83
 Liberty Bankers Life  $69.33  $107.55  $176.33  $360.06
 Americo  $74.46  $103.50  $176.63  $358.44
 United Home Life  $71.01  $105.20  $180.05  $339.97
 Foresters  $70.48  $105.68  $169.23  $342.13
 Oxford  $57.46  $95.92  $167.24  $336.01
 Transamerica  $71.46  $104.17  $181.28  $345.21
 Aetna  NA  $109.58  $172.08  $324.17
 Phonix  $69.17  $101.96  $175.64  $361.08
 Assurity  $68.75  $100.83  $179.32  $385.62
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Female $25,000 Whole Life Level Benefit

 Company Age 50 Age 60 Age 70 Age 80
 Mutual of Omaha  $56.87  $77.36  $128.29  $241.28
 Liberty Bankers Life  $56.98  $79.73  $130.03  $265.96
 Americo  $55.69  $79.14  $127.87  $276.24
 United Home Life  $58.62  $82.02  $124.65  $255.00
 Foresters  $53.03  $81.83  $126.00  $257.95
 Oxford  $47.54  $76.97  $126.48  $254.92
 Transamerica  $69.47  $78.94  $129.63  $254.92
 Aetna NA  $92.92  $134.58  $259.58
 Phonix  $60.37  $84.94  $131.93  $269.39
 Assurity  $60.41  $83.56  $137.72  $281.42
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Male 20-year Term $250,000

 Company Age 30 Age 40 Age 50 Age 60
 Lincoln  $12.69  $17.50  $41.78  $190.53
 Protective  $13.22  $17.91  $41.96  $112.86
 AIG  $13.54  $19.38  $42.73  $114.74
 Banner  $13.78  $18.87  $42.66  $114.16
 Mutual of Omaha  $14.18  $20.08  $46.55  $134.05
 North American  $14.30  $20.02  $43.56  $115.06
 Principal  $14.66  $19.25  $43.09  $111.56
 Transamerica  $14.41  $22.79  $51.17  $114.17
 Assurity  $15.88  $28.93  $68.51  $176.61
 Foresters (Non-Med)  $46.59  $72.19  $145.91  $142.19
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Female 20-year Term $250,000

 Company Age 30 Age 40 Age 50 Age 60
 Lincoln  $11.16  $14.87  $31.72  $160.13
 Protective  $11.95  $15.44  $31.67  $78.54
 AIG  $12.02  $18.51  $35.59  $89.66
 Banner  $12.03  $15.75  $32.21  $81.16
 Mutual of Omaha  $12.64  $17.46  $36.05  $94.02
 North American  $12.76  $16.94  $34.10  $81.84
 Principal  $13.30  $17.06  $32.90  $77.92
 Transamerica  $12.90  $18.92  $35.69  $92.45
 Assurity  $13.05  $23.71  $53.51  $137.68
 Foresters (Non-Med)  $43.09  $67.81  $135.41  $105.88
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Male 20-year Term $500,000

 Company Age 30 Age 40 Age 50 Age 60
 Lincoln  $20.13  $28.87  $77.83  $214.33
 Protective  $20.38  $28.92  $76.86  $207.96
 AIG  $21.11  $31.05  $78.20  $213.57
 Banner  $20.96  $32.37  $78.18  $213.27
 Mutual of Omaha  $21.61  $33.42  $85.49  $249.55
 North American  $22.44  $33.44  $79.20  $218.68
 Principal  $22.75  $31.94  $79.63  $216.56
 Transamerica  $22.36  $38.27  $92.45  $212.42
 Assurity  $25.67  $51.76  $130.94  $347.13
 Foresters  $34.56  $41.13  $96.25  $278.25
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Female 20-year Term $500,000

 Company Age 30 Age 40 Age 50 Age 60
 Lincoln  $17.06  $24.94  $56.39  $148.05
 Protective  $17.93  $25.26  $55.78  $140.83
 AIG  $18.08  $29.32  $63.06  $163.40
 Banner  $17.94  $26.25  $56.87  $153.12
 Mutual of Omaha  $18.99  $28.61  $64.05  $169.93
 North American  $19.36  $28.16  $61.60  $154.88
 Principal  $20.04  $27.56  $59.24  $149.27
 Transamerica  $19.78  $30.96  $62.78  $170.71
 Assurity  $20.01  $41.33  $100.92  $269.27
 Foresters  $29.75  $34.56  $73.94  $205.63
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*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of March 2017 and are subject to underwriting approval.*

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How Do You Choose the Right Policy?

You can do a lot of reading on your own, or you can work with an experienced insurance broker that will provide all the information for you to make the right decision for yourself. The good news is that working with a broker costs you nothing and you get other options than just Foresters. Foresters is a great company with a strong financial background, however, they are not competitive in premiums for all ages and all face value amounts.

Here at Effortless Insurance, we represent more than 50 insurance companies and believe that there is no one insurer who fits all individuals, but the individual can fit at least one carrier we represent.  You can use the life insurance instant quotes on this page.