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Foresters Life Insurance Canada Reviews

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James Heidebrecht Ivari Reviews 2020

 We give Foresters Life Insurance 4.5 stars. As one of Canada's oldest insurers with solid financials, Foresters is a company we have no problem recommending. Not to mention, they have excellent member benefits! Foresters is one of our 8 picks for top life insurance companies in Canada!


James Heidebrecht Founder of Policy Architects

Are you looking for information about Foresters Life Insurance Canada? Well, then my hat’s off to you.

Congratulations on being proactive about the financial security of your loved ones!

Unfortunately, I think a lot of people take their income for granted. What would happen if one day it was turned off like a tap never to return because of a tragic death?

The thing is we die. It’s not one of those palatable topics, that being said it happens to all of us.

A certain amount of denial is required to get on with things. 

BUT if tragedy strikes it’s pretty earth shattering. Would your family be able to continue to pay the bills? Chances are not. That’s where life insurance protection comes in.

Unfortunately, there is a LOT of information out there – and I want to help you wade through it. So let’s take a closer look at Foresters Life Insurance to see how they stack up.

Dying is not just an event that happens to us at the close of our lives. It is our purpose for being. We begin to die the very day we are born and live all our life towards death. Sure, we may get sick as we age, but we can get sick at any stage of life. Illness and aging need not go hand in hand. If you take good care of your body in the “morning”, it will take good care of you in the “evening” of your life.

 

How and Why We Age, Charleston Chronicle

Foresters Life Insurance Canada

History of Foresters Life Insurance Company

I'm confused. Why are we talking about the history of Foresters Life Insurance Canada. What does that matter? 

Because life insurance is a long term investment. You should find out as much as you can about the company covering you. If an insurer has a long an illustrious history you can bet it's run pretty well.  

Foresters Financial has a very LONG history. Founded in 1874 this company’s goal was to provide affordable life insurance to working families.

The interest in public welfare was furthered by one of their first leaders Dr. Oronhyatekha, a native doctor who incorporated Western medicine in his practice.

Dr. Oronhyatekha was a champion of rights for women, children, and minorities. The result? Foresters admitted women to their organization and offered benefits to orphaned children of policyholders.

Foresters Financial is a large international company with over 3 million clients and members in Canada, the US and the UK.

It’s a diversified company that provides the following services:

  • Life Insurance
  • Savings, Retirement & Investment Solutions

Foresters Life Insurance Canada

Foresters Financial Ratings

Great - well I like the fact that they have a heart AND a long standing reputation! 

Well that's not all! We should take a closer look at their financial rating!  


Did you know that life insurance is a highly regulated business? Yes, it is. Thankfully for consumers, there are organizations that grade the performance of insurers – which saves you and me a lot of leg work.

These grades give you an idea of how much confidence rating agencies have in the company being reviewed.

The good news is AM Best has given Foresters insurance an A rating for the past 19 years which says a lot about their stability.

If you select Foresters Financial for your life insurance needs you can sleep well knowing your investment is safe. 

Foresters Life Insurance Canada

Foresters Life Insurance Reviews (Online)

Ugh, online life insurance reviews are one of those things that throw a spanner in the works. I find them unpredictable at best and at worst downright deceiving.

Sadly life insurance companies get the short end of the stick when it comes to online reviews. Don’t get me wrong. In no way am I disparaging honest reviews and they are absolutely out there.

BUT it’s a complicated situation. Poor reviews fall into a couple of different categories:

  • People who are legitimately annoyed because they’ve received poor customer service.
  • Policyholders who lodge complaints in the wrong division. Many life insurance companies carry a variety of products. Auto insurance complaints are not indicative of the quality of service you may receive for life insurance, etc. Be sure to take the time to read the reviews.
  • Bad advice from an agent. It’s possible a client was sold an inappropriate product or possibly didn’t answer questions properly. This can cause a lot of problems and may even result in the denial of benefits. Another reason to use an independent agent.
  • Stress. Let’s face it making a claim is super stressful and chances are you have much less patience than you would in normal circumstances.
  • Lack of understanding of the life insurance process. Some clients don’t fully understand their policies or the claim process. When things don’t unfold how they think they should, the situation gets heated.
  • Online trolls that like to complain (some may never even have even dealt with the company) – and yes this happens. It’s one of the drawbacks of anonymity.

All of this results in bad reviews for life insurance companies across the board - deserved or not! 

Which makes it a lot more difficult to rely on these reviews. In my humble opinion, you should definitely check out these reviews, but make sure you balance them with the issues I mentioned above.

So let’s see what people have to say about Foresters Insurance RIGHT NOW!

Foresters Life Insurance Canada: Google Reviews 

Foresters Life Insurance Canada Google Review

Well unlike some of the other life insurance companies Foresters Financial Toronto has a number of reviews. Some companies choose to opt-out of their Google Reviews. I am not sure how that’s done – but they manage it.

When it comes to online reviews Foresters has 3.3 out of 5 stars which very good compared with other carriers. Lol, this gives you an idea of what sort of bar we are dealing with.

After I read the reviews it seems like most of the glowing reviews have no information – which leaves me with a little bit of a bad taste. Hard to really give them a lot of credence.

The OTHER reviews are pretty bad. It’s hard to tell exactly what products people are talking about, but there are some very specific Foresters life insurance complaints.

They all seem to center around seemingly unscrupulous agents selling inappropriate products to people…

…there is one complaint where the agent failed to get the beneficiaries named on two policies. Sigh!

Call Policy Architects and you will never have to worry about problems like these.

Foresters Financial Toronto Reviews: Insureye 

Foresters Life Insurance Canada Insureye Reviews

Insureye pretty much echos the reviews on Google. They give Foresters Life Insurance Canada 3 stars out of 5.

The interesting thing is they received some great comments…

…with the exception of dealing with agents or obtaining good customer service.

I don’t know how much more clear I can make this. It’s important to deal with someone who views you as a person. Call center agents and tied agents often just see clients as numbers.

The difference in service is like night and day when you employ an agent that is building a book of business.

All in all the Foresters Life Insurance reviews are pretty good comparatively speaking.

So if you’re still wondering — “Should I trust online reviews?” the answer is no. You should not trust online reviews — at least not all of them. If you don’t have the time to verify a review through a service like Fakespot, there are other ways to tell if product review is legit.

This Is Why You Should Not Trust Online Reviews, Forbes 

Foresters Life Insurance Canada

Foresters Life Insurance Products

Well I'd love to hear a little bit more about Foresters Life Insurance products. 

YES! This is my favourite part of the review process. There are so many different approaches to life insurance coverage. Let's see what Foresters Life Insurance Canada has to offer.  

Foresters Financial Term Life Insurance 

Term life insurance is what most people think of when they talk about life insurance. For the most part, it’s protection to replace your income should you die suddenly.

In simple terms you select the:

  • period of time you feel you’ll be most vulnerable and want to be covered which is typically 10, 20 or 30 years. This is called the “Term”
  • amount of coverage you need to keep your family comfortable if your income suddenly evaporates. This is called the “Face Value”.

After these details are settled you typically get a medical exam and answer some health and lifestyle questions.

All of this information is sent to the “Underwriters” or the people who assess this information to come up with your monthly payment or “Premiums”.

Foresters Financial Canada has the following term products:

10 Year Term Life Insurance

Not everyone needs long term life insurance coverage. For those of you that have very specific short term needs 10 year may fit the bill perfectly…

….and it will save you money!

20 Year Term Life Insurance

For those of you looking for longer term coverage 20 year term is a good middle ground. For many families, it covers the years they are most vulnerable.

After 20 years pass, children are grown and out of the house – plus it’s less expensive than a 30 year term.

30 Year Term Life Insurance

30 year term is the gold standard. Lock in reasonable rates when you are young and healthy! 

The wonderful part about 30 year term is it covers your loved ones until they are solidly independent. Afterall many families help their kids with university and mortgages.

E-Z Term (No Medical Life Insurance)

Foresters E-Z Term is a simplified issue life insurance policy. It’s available as a 10 year term plan with guaranteed renewable and convertible options. It’s designed for consumers who are healthy with no insurability issues whatsoever. If you have well-managed high blood pressure or elevated cholesterol, you won’t qualify. 

E-Z Term Features:

  • Monthly costs or premiums are guaranteed to remain level for the initial 10-year period.
  • Coverage amounts up to $250,000 depending on your age at issue
  • Policy can be renewed (without any underwriting) for subsequent 10 year periods up to the age of 75.
  • Convertible to a Foresters permanent insurance plan up to age 65 without providing any medical evidence. 

Term Policy Features

Foresters’ term policies have the following features: 

  • For people who select more than $500K of coverage, you may be eligible for a preferred life insurance class if you’re in fantastic shape. Saving you some money on your premiums.
  • Joint Term Coverage is available
  • Conversion to Permanent coverage with no medical exam before your 71st birthday
  • Exchange for another longer term policy on or after 2nd policy anniversary without underwriting or providing any medical evidence of insurability (Term 10 Only!)
  • Charity benefit: Forester’s donates up to 1% (max $100K) of the benefits to a charity you choose.
  • Bereavement Assitance: Gives beneficiaries up tp $1K for death counselling

Riders Available: 

  • Accidental benefit
  • Waiver of premium
  • Children’s rider
  • Term Riders

Foresters Financial Permanent Insurance

Term insurance is temporary. Permanent or Whole Life insurance is meant to last for life. 

The main difference besides a guaranteed payout for your beneficiary is the cash value accumulation feature which can be invested, borrowed against, used to pay premiums or more coverage or simply left to your beneficiary.

There are also permanent policies where you only pay the pure cost of insurance. These plans have guaranteed monthly premiums and sometimes guaranteed cash values but are not designed to grow in value over time. 

It’s a super complicated product and there are a lot of different types of permanent coverage. It’s also MUCH more expensive than term insurance.

Foresters Financial Canada has Four products in this category:

  1. Advantage Plus Whole Life
  2. Non-Par Whole Life
  3. Simplified Non-Par Whole Life
  4. Child Non-Par Whole Life

If you are in the market for permanent life insurance, it’s important to consult an experienced independent life insurance agent because this product has many variations and is NOT for everyone.

Foresters Advantage Plus Whole Life Insurance 

This is a participating product, which means you have the opportunity to earn dividends. These dividends are not guaranteed and can be used:

  • by you if you choose to have them distributed as cash
  • to buy additional coverage
  • to leave on deposit which means the money will gain interest
  • to pay your premiums if you’re short on cash or want a premium holiday

Benefits of this policy include:

  • Option to pay up policy in 10 or 20 years
  • Dividends
  • Charity benefit provision: Forsters will pay up to a max $100K an additional 1% of the basic face value to a charity of your choice.
  • Childrens benefit: $3K of term insurance for each insurance child until age 25. A conversion option to permanent is available at specific times and an additional $7K may be purchased without a medical exam.
  • Juvenile Guaranteed Insurability: If the insured child is under 18 years of age when the policy is purchased, they can buy additional coverage without a medical exam on specific dates.
  • Quit Smoking Incentive Plan: If you’re classified as a smoker and are 16 years of age or older they will give you nonsmoking rates for 2 years. At the end of this period if you can submit evidence you quit these premiums continue.
  • Expert Medical Opinion Program: This provides an authoritative 2nd opinion for a diagnosis with a leading expert. It includes the insured’s spouse (domestic partner) and children up to age 18.

Foresters Non-Par Whole Life Insurance 

Non-participating whole life is the most affordable type of permanent insurance because you’re only paying for the cost of insurance. These policies do NOT have a cash accumulation or investment component.

Features include:

  • Coverage for Life, guaranteed cash values and monthly costs guaranteed to never increase over the life of the policy
  • Available Plans – Single Life, Joint First-to-die or Joint Last-to-die.
  • Payment periods – You can pay premiums for 20 Years (higher cost) or for Life (Lower monthly cost)
  • Bereavement Assistance – $1,000 in bereavement assistance available to loved ones to help with counselling expenses.
  • Stop Smoking Plan – Offers lower rates for the first two years of the policy to Smokers. If you quit smoking and provide satisfactory evidence within 2 years, Foresters will maintain lower premiums. (being a non-smoker usually means no nicotine or tobacco products for 12 months).
  • Advance Medical’s Expert Medical Opinion Program provides you with a second opinion on medical issues from some of the world’s leading experts, at no additional cost. Your spouse and dependent children up to age 18 may also be eligible.

Foresters Simplified Non-Par Whole Life (No Medical Life Insurance)

Simplified Issue life insurance does NOT require any medical or physical exams to make an application. As such, the insurance companies charge more for this type of product to mitigate their risk as they are not fully underwriting these policies medically.

Foresters Canada Simplified Non-Par whole life is designed for healthy consumers who may have mild health issues. For example, if you have well-managed hypertension, cholesterol and diabetes (before age 50), you will likely qualify. This simplified issue product has similar features and benefits to Foresters non-par whole life:

  • Coverage for Life, guaranteed cash values and monthly costs guaranteed to never increase over the life of the policy
  • Available Plans – Single Life, Joint First-to-die or Joint Last-to-die.
  • Payment periods – Pay for Life. There is no 20-Pay option.
  • Bereavement Assistance – $1,000 in bereavement assistance available to loved ones to help with counselling expenses.
  • Advance Medical’s Expert Medical Opinion Program provides you with a second opinion on medical issues from some of the world’s leading experts, at no additional cost. Your spouse and dependent children up to age 18 may also be eligible.

Foresters Child Non-Par Whole Life Insurance 

Some people like to guarantee the insurability of their children moving forward by purchasing life insurance for them. This can help give them a head-start in life.

Features and benefits

  • Coverage for Life, guaranteed cash values and monthly costs guaranteed to never increase over the life of the policy
  • Available Plans – Single Life
  • Payment periods – 20 Years
  • Bereavement Assistance – $1,000 in bereavement assistance available to loved ones to help with counselling expenses.
  • Conversion of Guaranteed Insurability – This provides the right to purchase additional insurance on the life of your child without evidence of insurability within prescribed limits.
  • Waiver of Premium on Accidental Death of Owner – If owner dies of accidental causes before the policy anniversary nearest the child’s 25th birthday,  premiums will be waived while the policy remains in force.

Foresters Financial Additional Insurance Riders

Depending on which Foresters Canada plan you have, the following options may be available as riders:

  • Additional coverage/cash value purchase option
  • Term 10, 20 and 30 riders to give you additional protection
  • Spousal Term Rider
  • Children’s Term Insurance Rider
  • Accidental Death Rider
  • Guarantee Insurability Rider
  • Waiver of Premium Rider for Disability
  • Owner Waiver of Premium (Child non-par whole life)

Looking For a Foresters Life Insurance Quote?

Foresters Financial Critical Illness Insurance 

Critical Illness Insurance is becoming more popular with medical advances. You have a good chance of being diagnosed with a critical illness in your lifetime, but chances are you will live.

The issue that evades a lot of people is…

…how will your family subsist if you are unable to pay these bills while you are recovering? This is where critical illness insurance comes in.

You buy coverage to protect you from just this sort of situation. Critical Illness insurance is meant to pay out a one-time lump sum should you develop a serious illness as defined by the terms in your policy. It should be noted that critical illness (CI) can be complicated and you need to make sure you read the fine print in your policy. You may not be covered for what you think you are. 

It’s important to seek the advice of an experienced independent agent who knows the CI marketplace. Whatever you do, avoid purchasing this product directly from your bank. 

If you want to avoid the pitfalls of securing Critical Illness coverage, read my post here.

Let’s see what Foresters Insurance Canada has to offer now!

Foresters LifeCare Critical Illness Insurance 

There are two types of LifeCare coverage: 

  • LifeCare T10: 10 years of protection and renewable to age 75, you can convert this policy to T75 after 6th anniversary up to age 65. 
  • LifeCare T75: If you want ongoing protection until age 75 

Benefits include: 

  • Coverage for: Life-threatening cancer, Heart attack, Stroke, Coronary artery bypass surgery, Kidney Failure, Major organ transplant, Aortic Surgery, Heart valve replacement, Blindness, Deafness, Paralysis, Multiple Sclerosis, Burns, Coma, Loss of speech, Loss of limbs, Motor Neuron Disease, Alzheimer’s Disease, Parkinson’s Disease, Occupational HIV Infection, Loss of independent existence as defined and specified in the policy
  • Return of Premiums on Death 
  • Expert Medical Opinion Program 

Riders Include: 

  • Disability Waiver
  • Return of Premium Rider
  • Juvenile LifeCare Rider

Foresters Financial  - Annuities

An annuity is a life insurance product that allows you to invest money (either a lump sum or payments over time ) and then receive guaranteed monthly payments sometime in the future. The period over which receive payments may be defined (ie. 20 years) or may be for life.  

Annuity products are suitable for consumers who are risk-averse, nearing retirement or who may have challenges when it comes to managing money. They are very flexible and can be held in an RRSP or TSFA. There are many options, too numerous to mention, for selecting rates of return, payment periods and risk tolerance. 

As a type of life insurance contract, Annuities can have many tax, retirement and estate planning benefits. They do, however, have a reputation for higher fees than other tax and retirement strategies. If you are worried about outliving the money you have, a Foresters annuity may be something worth considering.

Foresters Canada has two annuity products: Annuity Plus and Annuity Plus TSFA. These products are not available in the U.S.

Hmm...Foresters Canada has a fair selection of products. 

Yes, they sure do. And if you're one of our American friends reading this, they have an even wider offering in the U.S.

Foresters Life Insurance Canada

Foresters Life Insurance Quotes

Basic rates are the section most people look for in a review. 

They want to know how much they have to spend monthly. Luckily most people are thrilled to see how affordable life insurance really is.

BUT that doesn’t mean they don’t want to save as much cash as possible. Please remember these rates are only an estimate. No agent can give you an exact figure because you have to qualify for the rates quoted.

For the purpose of this article, I am using a standard rate because this is what most people get. Sure you can do better or worse, but this gives you an idea of the cost of Foresters Term Life Insurance for nonsmoking men and women throughout the decades.

Policy Architects
Age$250,000$500,000
35 Year Old Male$19.58$34.65
35 Year Old Female$15.30$25.20
40 Year Old Male$27.45$49.95
40 Year Old Female$20.93$36.45
45 Year Old Male$42.53$80.10
45 Year Old Female$30.60$56.25
50 Year Old Male$70.20$135.45
50 Year Old Female$48.15$91.80
55 Year Old Male$131.40$257.87
55 Year Old Female$87.98$171.00
60 Year Old Male$242.33$479.25
60 Year Old Female$163.58$321.30
65 Year Old Male$483.98 $962.10
65 Year Old Female$331.20 $656.55

*Quotes above are for Foresters Term 20, monthly, Standard Health Class, non-smoker. Your rates may differ depending on your unique circumstances. May 2020.

Foresters Life Insurance Canada

Foresters Life Insurance Pros

Foresters Life Insurance Canada Has a LONG History 

Foresters Canada has a long and solid history. If longevity means something to you Foresters is the way to go. 

Awesome Ratings 

For 19 years Foresters Life Insurance Canada received an A rating from AM Best. Now that’s sweet! Year after year they are honored for their performance.

Decent Online Reviews 

This is a solid thumbs up for Foresters Life Insurance Canada. They have some of the best online numbers we have seen thus far – generally, insurance companies do poorly when it comes to Google reviews. 

They get 3.3 stars out of 5 for Google and 3 stars out of 5 on in Insureye. There are some legitimate complaints about customer service some agent behavior so buyer beware.

Affordable Rates 

Foresters Life Insurance Canada Rates are pretty competitive.  Don’t get me wrong, however. You should definitely give us a call because we may be able to do better.

If You're a Senior, Foresters Canada has the one of the most affordable, Joint-last-to-die Whole Life Policies On The Market!

I know that’s a mouthful. What does it mean? If you and your spouse are thinking about leaving money for your children or your grandchildren, this is the most affordable way to accomplish it. Basically, you take out an insurance policy together that pays out when the last one of you dies.

This is ideal if you have a family cottage you’re leaving to your children. Often, a cottage can appreciate in value over decades and when you transfer ownership, capital gains tax is triggered. A Foresters Financial Non-Participating whole life policy would take care of any taxes owing so the cottage STAYS in the family. 

The best part? You’re paying ONLY for the pure cost of the insurance, not to mention is has guaranteed cash and paid-up values. 

NOTE* I would never recommend a joint last-to-die policy for final expenses as it only pays out one death benefit. 

David, 73 years old, and Victoria, 68, want to leave some money behind for their grandchildren when they pass away. They reach out to an independent life insurance agent to get some quotes for $100,000 Joint last-to-die (LTD) policy with annual premiums:

As you can see, Foresters Canada comes out on top for joint LTD non-par coverage.

foresters financial canada

Looking For a Foresters Life Insurance Quote?

Foresters Underwrites Canada Protection Plan, One of Best No Medical Life Insurance Companies in The Country

Canada Protection Plan (CPP) or as known in Quebec, Plan Du Protection Canada,  is one of the country’s premier no medical life insurance carriers. Any life policy issued by CPP insurance will have “Underwritten By Foresters Life Insurance Company” written at the bottom of the page. 

This is a testament to Foresters financial strength and stability. If you have health issues and want to learn more about simplified issue life insurance, read my Canada Protection Plan Review here.

Strong, Fraternal Benefit Society Heritage

When you take out a Foresters Life Insurance Policy, you automatically become a member of The Independent Order Of Foresters. Membership includes benefits such as academic and orphan scholarships, financial advice and discounted legal services.  

In 2018, across the US, Canada and the UK, Foresters Insurance:

  • Awarded $2.4 million in competitive scholarships
  • Awarded $5 million in community grants initiatives
  • Contributed $1.7 million in disaster relief assistance to members
  • Built playgrounds providing 5.3 million children and families with a safe place to play

Foresters Orphan Benefit

Forester’s Orphan Benefit really sets them apart from other insurance companies. If God forbid, both you and your spouse die, of course, they will pay out the full death benefit. In addition to this, they will also pay your children’s guardians $900 per month until the kids are 18.

Foresters Financial will then provide your children with a bursary of $6000 per year for 4 years to cover post-secondary education costs. Not too shabby!

Foresters Life Insurance Canada

Foresters Life Insurance Cons

Lack of Detailed Product Information on Website

There isn’t a lot to complain about when it comes to Foresters Insurance Canada but it would be nice if there was more detailed information on their website. 

No Simplified Issue Life Insurance for Higher Risk Applicants

To qualify for Foresters E-Z term you must have no health issues whatsoever. That’s not the case with the Simplified Non-Par Whole life. If you have mild health issues, you may very well qualify. 

But what if you have moderate to serious health issues? Well, I’m afraid you’re out of luck. This may have something to do with the fact that Foresters insurance underwrites one of the largest no medical life insurance companies in the country: Canada Protection Plan.

Perhaps they have some kind of non-compete agreement. Needless to say, if you have any insurability issues around your health, Foresters Canada is not the company for you. 

Foresters Life Insurance Canada

Is Foresters Financial Your Best Bet?

If you are scanning the internet for Foresters Life Insurance Canada…

…we’ve got you covered!

Foresters Financial is one of the largest and most stable insurance companies in North America. They have a wide selection of products and a very positive rating that they’ve managed to maintain for nearly 20 years. I have no problem recommending them to clients. 

The thing is, there may be a better fit for you. Not all life insurance companies are created equal. Some are more lenient than others for specific medical conditions.

Policy Architects works with the best life insurance companies in Canada. We’ll help you find the carrier that will view you in the best light, guaranteed. This will translate into savings of THOUSANDS of dollars over your term. 

Get in touch with Policy Architects Today! Click the button below to get a free quote or schedule a call here.

James Heidebrecht Foresters Life Insurance

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