Foresters Life Insurance Review: Policies, Riders & More
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Foresters Life Insurance began in the 19th century, before the Industrial Revolution and the advent of electricity. With its rich history of over 150 years, you might ask yourself “Is Foresters Life Insurance still a good insurance company?” We’ve got all the answers you might have including the different policies and riders you can have.
Are you looking for the best burial insurance for you and your budget? Contact one of our agents at (866) 786-0725 or use our free quoting tool to find the cheapest final expense insurance with the best coverage. Our agents are experts at finding the right coverage for your needs.
Foresters Life Insurance History
Beginning in 1874, Foresters was originally a fraternal society specializing in caring for the sick called the British Friendly Society. Before they changed their name, membership to the British Friendly Society required combat with quarterstaffs, swords, and cudgels. This was eventually phased out as a requirement, as it didn’t make much sense in their goals to help the sick.
Since then, Royal Foresters Insurance reached 250,000 members in 1906 and aligned itself with other fraternal societies throughout the 20th century. They’ve continued to grow and permanently converted their efforts to commercial life insurance in 2019.
Royal Foresters Is Formed.
Royal Foresters formed a friendly society, which would one day become Foresters Life Insurance.
Combat Was Removed From Entry.
Combat was abolished as an entry requirement.
Dr. Oronhyatekha becomes the Supreme Chief Ranger.
Dr. Oronhyatekha becomes the Supreme Chief Ranger.
Dr. Oronhyatekha steps down as SCR.
Dr. Oronhyatekha steps down as SCR.
Foresters membership reached 250,000
Foresters membership reached 250,000
Acquired the Ancient Order Of United Workmen.
acquired the Ancient Order Of United Workmen.
Acquired the Modern Brotherhood of America.
acquired the Modern Brotherhood of America.
Acquired the Order of the Scottish Clans.
acquired the Order of the Scottish Clans.
US broker-dealer is sold to Cetera Financial Group.
The company sold its US broker-dealer to Cetera Financial Group in an attempt to further focus on their life insurance efforts.
Foresters rebuilds their UK office.
Foresters invest in rebuilding their UK London Office in an effort to reduce CO2 emissions by up to 10,000 kg a year.
Foresters Life Insurance Coverage Options
You can purchase four kinds of Foresters Life Insurance coverage: Term, Whole Life, Universal, and Final Expense Insurance. Each coverage option has a variety of options to suit your needs. Here’s how each option breaks down:
Foresters Insurance Term Life Insurance
Term Life Insurance, or “pure” life insurance, is a policy that covers the insured for a time dictated in the contract. That means a payout only occurs if death occurs in the stated term. Foresters Term Life Insurance starts at 10 years and increases in five-period increments until it reaches 30 years.
With Foresters Term Life Insurance, you can convert your term policy into a permanent one anytime. It is also the most budget-friendly policy Foresters offers, so you must be healthy to qualify for this insurance. Coverage is only available for ages 18 to 80.
Foresters Insurance Whole Life Insurance
Whole Life Insurance, or traditional life insurance, is the most common form of life insurance. It is a standard coverage option and what term policies ideally lead into. The policy remains intact for the remainder of the applicant’s lifetime at a fixed premium as long as the premium is paid on time.
At Foresters coverage is available for ages 0 to 85 with protection up to age 121, and underwriting on a non-medical basis is available until age 75 with the Advantage Plus II plan.
Foresters Insurance Universal Life Insurance
Similar to Whole Life Insurance, a Universal Life Insurance Policy, or an Indexed Universal Life Insurance Policy (IUL), offers applicants a lifetime of coverage and an index profile in which they can expect a minimum return on their investment. The key difference between Universal Life Insurance and Whole Life Insurance is that the latter introduces itself with fixed premiums whereas Universal Life INsurance does not. If the economic conditions of the world change, your policy may be susceptible to interruption or modification. Universal Life Insurance also offers a flexible pay schedule, allowing users to pay off entire years or to pause their coverage in the event of financial hardship.
These plans are available to applicants ages 0 to 85, and the death benefit is generally free of income taxes and probate delays.
Foresters Insurance Final Expense Insurance
Foresters Final Expense Insurance is a version of their Whole Life Insurance called PlanRight, The purpose of this insurance type is to adequately cover and prepare for funeral expenses in a time of untimely circumstance. It has a relatively low monthly premium to the eventual payout and a lack of restrictions associated with the policy.
Foresters offers covers of $5,000 to $35,000 and doesn’t require a medical exam. However, they will ask you for a brief medical questionnaire to confirm your medical status.
Rider Options with Foresters Life Insurance
Insurance riders are additional benefits that come with your policies. Depending on your Foresters policy, it will come with several riders at no extra cost. Some riders will increase your monthly premium such as the Waiver of Premium Rider, Accidental Death Rider, Guaranteed Insurability Rider, Term Rider, or Children’s Term Rider.
Here are the different riders available to you at no additional cost:
Common Carrier Accidental Death Rider
The Common Carrier Accidental Death Rider gives you coverage in the case of an accidental injury when you’re a fare-paying passenger on a common carrier such as a plane, train, or bus.
Family Health Benefit Rider
A benefit will be paid if you incur family health expenses from a natural disaster such as a hurricane, tornado, or earthquake.
Accelerated Death Benefit Rider
The Accelerated Death Benefit Rider allows insurants to access portions of their policy payout to help pay for any medical expenses or debts. This only activates when you are diagnosed with a terminal illness dictated in your policy.
Charity Benefit Provision
The Charity Benefit Provision highlights Foresters dedication to charity work and causes. When a claim is paid to a beneficiary, Foresters will pay an additional 1% (up to $100,000) of the amount to a charitable organization as determined by the policyholder.
Why You Should Get Foresters Funeral Insurance
Foresters Funeral Insurance offers low monthly premiums with higher-than-average payouts depending on your policy. Plus, it has some great additional rider benefits you can take advantage of without paying.
The underwriting process for Foresters is also easier compared to other final expense insurance providers. No medical exam is necessary, and it has great reviews from third-party reviewers and customers alike.
Foresters Life Insurance Reviews
Third-Party Ratings
BBB
The Better Business Bureau (BBB) is an organization that helps customers determine the reliability of their service. Customers can also send in public reviews to help others judge if they want to purchase their service.
The BBB has not given Foresters Life Insurance accreditation, but it has received an A+ rating, which suggests that it is a reliable business. However, the customer reviews place it at 1.25 out of 5 stars, which is lower than average.
AM Best
AM Best rates insurance companies to help you determine their overall quality. Their rating is a letter ranking that varies from A+ to F, similar to a scholastic grading system. They decide their rating based on performance, management, financial flexibility, shareholder safety, etc.
They have given Foresters Life Insurance an A, the second-highest rating a company can receive.
NAIC Rating
The National Association of Insurance Commissioners (NAIC) is a regulation standard support organization based in America meant to add credibility to insurance companies. Essentially, the goal of this organization is to protect consumers and mandate that insurers deliver on the promises made. Average ratings hover around 1, and anything above 1 implies a higher-than-average complaint rate.
The NAIC rated Foresters Insurance at 1.40, which is slightly above average.
Customer Reviews
Foresters Life Insurance Pros & Cons
Pros
- Unique perks for members.
As its roots stem from its original fraternal organization that once provided benefits to its members, this idea is still present within the Foresters Insurance process. Some of these benefits include financial counseling, academic scholarships and opportunities, legal services, and the ability to acquire grants through their organization.
- High maximum coverage amounts with no medical exam.
Foresters allow members to acquire high coverage with no medical exam necessary. You will need to answer a medical questionnaire for higher coverage levels.
- Free insurance riders are available on most plans.
The Foresters Life Insurance policies come with a few free insurance riders at no cost.
Cons
- No online quote tool.
Most providers and brokerage companies like to offer customers the option to explore their pricing options before making a phone call to your agent. This is not the case with Foresters Insurance. - Slightly more complaints than usual.
As stated by the NAIC and BBB, customer complaints are slightly higher than average. It’s not uncommon for a company to receive several complaints, regardless of how well their service is.
The Best $10,000 Burial Insurance Companies
| Company | 50 y/o Male | 50 y/o Female | 60 y/o Male | 60 y/o Female | 70 y/o Male | 70 y/o Female |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$51 |
$40 |
$73 |
$58 |
|
|
$39 |
$34 |
$52 |
$41 |
$86 |
$65 |
|
|
$30 |
$24 |
$43 |
$32 |
$74 |
$53 |
|
|
$36 |
$30 |
$47 |
$37 |
$81 |
$60 |
|
|
$55 |
$38 |
$68 |
$53 |
$106 |
$80 |
Conclusion
Overall, Foresters Life Insurance has an intriguing past with a great emphasis on “family” and being a part of a group. We enjoy being directly rewarded for aligning yourself with Foresters Insurance. They offer many policy types and riders, all while remaining competitively priced. There are several benefits associated with Foresters Insurance membership, sometimes consisting of bonus packages paid to whole life insurance owners, on top of the variety of services provided to said members.
At Final Expense Benefits, we confidently recommend Foresters Life Insurance for those interested in a life insurance policy.
If you’re interested in a Foresters Life Insurance policy or are ever unsure moving forward, we encourage you to call us. Final Expense Benefits partners with over 20 trusted carriers:
Reduce the stress involved with life insurance and let us do all the heavy lifting for you. You can reach us at (866) 786-0725 every weekday from 9 a.m. to 5 p.m. or use our free quoting tool for the most accurate estimates on final expense insurance.
Frequently Asked Questions
How Can I Cancel Foresters Life Insurance?
Who Owns Foresters Life Insurance?
In 2019, Foresters Life Insurance was bought by Nassau Financial Group, an insurance and asset management company.