Foresters Life Insurance Review
Foresters Financial, formerly known as the Independent Order of Foresters, is a fraternal organization that has been providing life insurance since 1874. This review examines their offerings, including policy types, benefits, and customer experience.
Overview
Foresters offers a range of term and permanent life insurance policies. NerdWallet gives Foresters a rating of 3 out of 5 stars.
Pros:
- Wide selection of riders.
- Fraternal benefits for policyholders, including financial guidance and legal support.
- Offers no-exam life insurance for type 2 diabetics.
Cons:
- No online application process; requires working with an agent.
- Accepts mail-in claims only.
- Receives more customer complaints than expected.
About Foresters Life Insurance
Foresters Financial aims to make life insurance accessible and affordable. However, you cannot apply for a policy online, as you must speak to an agent first. The organization receives more complaints than expected relative to its size.
Foresters Life Insurance Policies
To apply for a policy, you must contact a Foresters agent. Their offerings include:
- Term Life Insurance:
- Your Term Level Term: Coverage amounts range from $50,000 to $10 million.
- Strong Foundation Term: Coverage amounts range from $50,000 to $500,000.
- Whole Life Insurance:
- PlanRight Whole Life Insurance: For ages 50-85, with coverage from $5,000-$35,000 for end-of-life expenses.
- Advantage Plus II Whole Life: Traditional whole life policy with cash value accumulation, available to ages 0-85, with coverage up to $10 million.
- BrightFuture Children’s Whole Life: For ages 0-17, offering $5,000 to $75,000 in coverage with cash value.
- Universal Life Insurance:
- SMART Universal Life Insurance: Provides flexibility in premiums and death benefit, available for ages 0-85, with coverage from $10,000 to $10 million.
- Accidental Death Insurance:
- Available for ages 18-70.
Most of Foresters’ policies include a charity benefit provision, adding 1% of the policy value (up to $100,000) to a chosen charity.
Foresters Life Insurance Riders
Foresters offers a wide variety of riders to customize your life insurance coverage. These include:
- Accelerated death benefit rider
- Accidental death benefit rider
- Child term rider
- Common carrier accidental death benefit rider
- Family health benefit rider
- Guaranteed purchase option rider
- Paid-up additions rider
- Return of premium rider
- Term rider
- Waiver of monthly deductions rider
- Waiver of premium rider
Foresters Customer Complaints and Satisfaction
According to NerdWallet’s analysis of data from the National Association of Insurance Commissioners, Foresters has received more complaints than expected for a company of its size over a three-year period.
Applying for a Policy
Foresters does not offer an online application. To apply, customers must contact the company via a form on their website or by phone.
Customer Experience
The Foresters website provides detailed policy information, including a comprehensive FAQ section. Customer service representatives are available by phone, and the company also has a mobile app for accessing policy details and member benefits.
More About Foresters Financial
As a fraternal organization, Foresters offers exclusive member benefits to policyholders aged 18 and older. These benefits include discounted legal services, deals on gift cards and travel, access to the Foresters Go wellness app, and eligibility for academic scholarships and community grants. Members can create an account at MyForesters.com to access these benefits.
Contacting Foresters
You can contact Foresters via:
- Phone: 800-828-1540 (weekdays, 9 a.m. to 6 p.m. ET)
- Email: [email protected] or via the form on their website
NerdWallet’s Rating Methodology
NerdWallet’s ratings are based on consumer experience, complaint index scores, and financial strength ratings.
