Foresters isn’t the first name you will think about when looking for life insurance companies, but if you delve a little deeper into their products, they have come of the best in the industry. There are so many different life insurance companies in the market, which can make it confusing to pick one. However, this is where we come in, since we conduct comprehensive company reviews, along with their products, and our recommendations for people looking for life insurance.
One of the best things about Foresters Life Insurance is that they have a lot of life insurance products, which are designed to benefit people. Their life insurance products include final expense coverage for seniors and no medical term. If you are in the market for life insurance, it is recommended that you conduct your own research, so that you can find a life insurance product that benefits you.
So, let’s take a deeper look into Foresters Life Insurance, along with their extensive range of products with our in-depth company review:
One of the most striking things about Foresters Life Insurance Company is that they aren’t like your typical life insurance service company. They offer different life insurance policies, and Forester mainly operates in The United States, Canada, and the United Kingdom. Their range of products include investment, retirement, savings, life insurance, and member benefits. The trade name for Foresters is ‘The Independent Order of Foresters’, and its headquarters are located in Toronto, Canada.
Foresters Life Insurance is an international fraternal benefit society, which doesn’t have any shareholders, and is governed by the members. Established over 140 years ago, the company has been well run, and the total assets of The Foresters family of companies is more than $12 billion!
The Foresters family of companies includes:
- The Children’s Mutual (TCM)
- Foresters UK
- Foresters Life Insurance Company (Foresters Life)
- Foresters Life Insurance and Annuity Company
- Foresters Investor Services, Inc.
- Foresters Investment Management Company, Inc.
- Foresters Financial Services, Inc.
- Foresters Equity Services, Inc. (Foresters Equity)
- Foresters Canada
- Foresters Advisory Services, LLC
- Forester Life limited (Forester Life)
Another great thing about Foresters is that they have an outstanding record of charitable donations and community involvement. They have a partnership with Ronald McDonald House Charities, and the American Red Cross. They have also partnered with a national non-profit organization (KABOOM!), which focuses on building community playgrounds for underprivileged children, and those living in poverty. Foresters has donated more than $10 million to KABOOM! Since 2006, when joined in partnership with the non-profit organization.
Financial Stability Ratings and Customer Service Ratings
Foresters has a great financial track record, and received the “A” Excellent rating from A.M. Best, an insurance rating organization, for 14 consecutive years. This further proves the outstanding financial stability record of Foresters, and is testament to their consistency and dedication. Foresters is BBB accredited, and has been given the “A+” rating from the Better Business Bureau.
Foresters opened its BBB file in 2008, and since then the company has only accumulated 24 complaints in total. Out of the 24 complaints, only 14 were problems with services or products, 6 were billing/collection related, and 4 related to advertising/sales. The company takes complaints seriously, and responded to all promptly, and there are no ‘open’ complaints against them.
Foresters has taken an active approach towards dealing with customer problems, and has resolved all complaints effectively. They are committed to providing clients with outstanding services and products, and maintain high levels of satisfaction for all customers.
Life Insurance Products
Foresters has an extensive range of term life and universal life insurance products. They also allow optional riders to add coverage, which includes children’s term insurance, accidental disability income, accidental and more. The life insurance products you can get from Foresters are:
Foresters Level Term Insurance:
This is a temporary insurance for a certain time, and is offered in terms of years.
Foresters Advantage Plus:
This is a permanent life insurance plan that offers guaranteed death benefits and premiums. The policy also accumulates cash value and offers dividends.
Foresters SMART Universal Life:
The universal life insurance policy provides permanent coverage with long-term growth potential and flexible premium payments.
This whole life insurance plan is great for helping cover final expenses.
Foresters has plenty of attractive membership benefits, with the organization giving around 250 competitive scholarships to members, which were worth $8,000. The members also get discounts to theme parks, sport events, and playgrounds, while they get discounts on legal services. Members also qualify for a terminal illness loan.
One thing that Forester doesn’t do is include rates on their website or provide online quoting. It is a membership organization, which sells through financial advisors and agents, while aiming to create relationships by engaging customers in the process of selecting policies and quoting.
The member benefits alone add great value to their products, and their life insurance products are given at competitive rates.
You can easily download life insurance claim forms from the website, in the Customer Care portion. You must fill the forms and mailed with the necessary documentation. The Foresters office in Edison, New Jersey, handles all U.S. claims. You can visit the Foresters Insurance website for more information related to insurance claims.
The Bottom Line
Foresters Life Insurance Company has an exceptionally strong financial standing, and has been around for a very long time in the industry. Their extensive range of life insurance products, along with accidental death coverage and final expense offer great value.
The additional benefits offered to members in the form of free or discounted legal services, scholarships and grants, as well as terminal illness loans make them an outstanding company. If you are looking for life insurance, you should definitely check out the life insurance products, and policies offered by Forester, along with the additional membership benefits.
To find out about membership benefits, insurance products and services offered through Foresters, you can visit the Foresters website or call 1-800-828-1540. You may also email Foresters, Service@Foresters.com.