Review of Foresters Financial Life Insurance Company
If you are looking for Foresters life insurance reviews then you have come to the right place. Foresters is one of dozens of life insurance carriers that TermLife2Go represents. The company is currently in our list of the top ten best life insurance companies in the US and our top ten no physical exam life insurance companies list.
Obviously, we think highly of Foresters. However, with so many companies at our fingertips we only recommend Foresters in certain situations. Give us a call today for a free consultation to see what company would be the right fit for you.
Notice: We are not Foresters. If you need to contact Foresters, please call or email Foresters: Toll-free: 1 800 828 1540; E-mail: Service@Foresters.com; or visit the company at foresters.com/us-en
In the following review we will cover the positives, negatives and alternatives to Foresters Life Insurance Company. Included will be a review of the Company’s rating, products offered, and unique niches filled. Is Foresters the right company for you? Maybe, maybe not.
Foresters makes the claim that they are an international financial services provider with a purpose to champion the well-being of families. Scan the internet and you may find some negative reviews of Foresters Life Insurance Company. However, the overall theme is that most clients are more than happy with Foresters.
From the website:
More than a life insurance provider, Foresters is a fraternal benefit society which means we’re a member-governed organization with no shareholders.
What the company is attempting to get across is this: it is the customers, not the shareholders, that Foresters works for.
Foresters A.M. Best Rating
As you may have read in other Foresters Life Insurance reviews, the company is rated “A”, excellent, by A.M. Best, the premier rating agency for life insurance companies. Foresters has received this rating from A.M. Best for the last 17 years and was last affirmed September 2017. This means that the company’s financial strength is excellent and it has the ability to meet ongoing financial obligations. You can have peace of mind and sleep easy knowing your life insurance company is on solid financial footing.
Favorable Underwriting for “High Risk” clients
We recently had a client get approved for a Foresters life insurance policy. The client was considered a “high risk” and was having a difficult time finding cheap life insurance. He had a stent placed in 2010, was currently receiving SSI Disability benefits, and was taking Plavix, a blood thinner that most life insurance companies shy away from. But not Foresters—the company gave him a great deal on life insurance.
Life Insurance Policies Offered by Foresters
Foresters offers term life insurance, whole life insurance, universal life insurance, final expense insurance, and accidental death insurance. The company’s product line will have something for just about everyone out there interested in getting insurance to protect the one’s they love.
Before you make the very important decision on what policy to get it is important to have an idea of the differences between term life insurance vs whole life. Term life is less expensive (at least initially) and so most people choose it. However, without understanding the different life insurance policies and how they fit into your overall financial plan you could make a mistake that will stick with you for the rest of your life.
Advantage Plus Whole Life
Forester’s has one of the best dividend paying whole life insurance policies in the market due to its unique features, including its accelerated underwriting (i.e. no exam).
- Accelerated underwriting life insurance available up to $400,000
- Participating whole life
- Available as 20 Pay and Paid up at 100
Annual dividends can be used to:
- withdraw cash out
- pay down life insurance loans
- leave with the carrier to earn interest
- pay premium payments for a period of time
- purchase paid up additions
Available life insurance riders:
- Children’s term rider: available face amounts $10,000-$25,000, covers the life of each child for one set price.
- Waiver of premium rider: premium is waived for the life of the policy if total disability occurs before age 60.
- Guaranteed insurability rider: provides the ability to buy more life insurance with no proof of insurability on specific ages 25, 28, 31, 34, 37 and 40 or alternatively, on special occasions such as marriage, the birth of a child or adoption. This is a great rider if you are considering life insurance for children or young adults.
- Paid up additions: Allows you to purchase additional paid up insurance either as a single premium or on a flexible premium payment.
- 10 or 20 year term rider: Supplement your death benefit while your policy is building cash value with term coverage.
PlanRight Life Insurance
Probably one of the more popular products offered by Foresters is the company’s final expense policy: PlanRight Whole Life Insurance. This product is a permanent whole life policy that has a guaranteed level premium. It has a lower premium than other final expense policies. This is one of the best final expense insurance companies available. However, there are health questions and requirements that must be met. Therefore the product is not for everyone. The product comes in three flavors: Fixed, graded, and modified.
Fixed Death Benefit: the death benefit is 100% of the face value from the start.
Graded Death Benefit: there is a limited death benefit the first two years. You will receive the greater of the sum of the total premium paid accumulated with 4.5% interest or 30% of the face amount in effect for the first year and 70% in effect on the second year. After the first two years the death benefit is 100%.
Modified Death Benefit: limited death benefit the first two years based on return of premium paid plus 10%. After the first two years the death benefit is 100%. This type of modified death benefit is normally associated with burial insurance policies.
Your Term Non Medical
New as of April 22, 2017, Forester’s Your Term policy is non medical level term life insurance. A few of Your Term policy features include:
- 10, 15, 20, 25 and 30 year terms
- Ages 18 – 80
- Face amounts up to $400,000
- Convertible term life insurance
- Accelerated death benefit rider
- Common carrier accidental death benefit rider
Charity Benefit Provision: for no additional cost, the charity benefit pays an additional 1% of the face amount to a designated registered charitable organization.
Additional Your Term life insurance riders:
- Waiver of Premium Rider
- Disability Income Rider (Accident Only)
- Disability Income Rider (Accident & Sickness)
- Accidental Death Rider
- Children’s Term Life Insurance Rider
LifeFirst Non Medical
(being replaced by YourTerm on April 22, 2017)
Up to $250,000 in coverage available up to age 50. Fully underwritten policies are also available for larger face amounts.
Smart UL Non Medical
Up to $250,000 in coverage available up to age 55. Policies available up to age 70 with face amounts up to $150,000.
Interest Sensitive Whole Life
Foresters uses a different vocabulary when talking about the benefits of cash value life insurance. Foresters refers to the cash value as “accumulation value.”Either way you slice it, Foresters Interest Sensitive Whole Life is a great insurance policy for those who see the benefits of having long term protection that builds cash value.
Foresters Life Insurance Rates
Please enter your info into our quote engine for Foresters life insurance quotes, as well as quotes from dozens of other carriers.
The reality is, this Foresters Life Insurance Review does not have a lot to say negative against this company. Foresters fills a unique niche and they might be the perfect company for you. Then again…
Foresters is but one company of many available
When applying for life insurance it is important to have options. Foresters is one option of many. For example, Foresters is not our go to choice for diabetic life insurance. That is why when buying life insurance you should always consider your alternatives.
Consumers seeking Foresters life insurance reviews generally are looking to make sure they are considering all of their options. The truth is Foresters is not a bad choice. However, there is no perfect life insurance company. Each company has its unique niche that it tries to fill. Choosing Foresters without seeing what other companies are available would not be wise. Therefore, it is always good to shop around for the lowest whole and term life insurance rates specific to you and your unique health profile. That is where TermLife2Go comes in.
TermLife2go is an agency that works with dozens of top rated companies, see our list of life insurance companies. Our #1 priority is to find you the best company at the best price…for you! That means we tailor a policy specifically to you because no two clients are alike. Let us leverage our expertise for you and see if we can’t save you thousands of dollars on life insurance.
We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you!
So, what are you waiting for? Give us a call today or visit our Instant Life Insurance Quotes page and see what we can do for you!
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