Foresters Financial Life Insurance Review (2026)

Foresters Financial life insurance review (2026 update)

Foresters Financial is a Toronto-based life insurance company with more than 150 years of history, founded in 1874. In 2020, it merged with the Canada Protection Plan (CPP) and expanded its reach in the no-medical and simplified life insurance markets. We’ve reviewed Foresters’ Canada Protection Plan life insurance plans separately.

Foresters is a fraternal benefit society, which means it reinvests its profits into member benefits and community programs for policyholders rather than paying shareholders. 

Foresters Financial life insurance: Our verdict ★★★★☆ (4.0/5)

^{* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years for $600,000 in fully underwritten coverage}

Foresters Financial offers term life insurance along with multiple whole life insurance plans. 

Their sustainability efforts and charity benefits provision make this life insurance company a great choice for those seeking unique participating perks that can potentially lead to cash value growth. However, it’s important to note that Foresters’ premiums are generally higher than those of many competitors—especially for non-medical or participating policies.
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Foresters Life is best for...

Canadians in search of a mutual life insurance company with participating perks.

Methodology

PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance policies and providers. 

Our analysis combines 450,000+ quotes for 50+ life insurance plans with in-depth research on 20+ providers. We assigned each policy a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 12 categories.

Rankings are determined first by star rating and then by price, with preference given to expert recommendations by PolicyMe’s team of life insurance advisors. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice.

Foresters Financial life insurance: pros & cons

Before choosing a life insurance policy, it’s important to weigh the pros and cons. Here’s a rundown of where Foresters shines and where it leaves a little to be desired.

Pros

Cons

Foresters Financial life insurance cost and value

For non-smoking applicants in good health, Foresters Financial’s term life insurance policies are priced near the industry average, with seniors aged 60 and over receiving the most competitive rates.

^{* These figures reflect the average monthly cost for $600,000 of fully underwritten coverage for healthy, non-smoking individuals across a term length of 10-30 years.} 

^{** Compared to the average monthly costs for $600,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

In most age groups, smokers with Foresters Financial life insurance pay 2–9% below the industry average, making Foresters an excellent option for smoking applicants seeking competitive rates.

^{* These figures reflect the average monthly cost for healthy, smoking individuals across a term length of 10-30 years.}

^{** Compared to the average monthly costs for $600,000 of coverage for non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

About pricing comparisons

To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 30-44 with $600,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.

Foresters Financial life insurance reviews and customer service

Foresters Life Insurance falls short of our Great Customer Service badge with a Google Reviews rating of 3.1 stars and a Better Business Bureau grade of A+. While some customers praise the wide range of policy options and perks like the Foresters Go wellness app, others mention difficulty with policy management and reaching a financial advisor, especially for those in the west.

Foresters Financial life insurance plans at a glance

Foresters Financial offers term life insurance and whole life insurance, as well as critical illness coverage.

Foresters life insurance riders

Foresters.com lists the following term riders for Foresters’ life insurance policies: 

• Term 10, Term 20, and Term 30: Allows policyholders to combine multiple life insurance terms to meet changing insurance needs. 
• Children’s term insurance rider: Provides term life insurance coverage for insureds’ children between the ages of 15 days and 25 years for a 20-year term
• Accidental death benefit: Offers an additional death benefit of up to $300,000 if the insured dies solely as a result of an accident 
• Waiver of premium benefit: Allows insured to maintain their coverage amount if they become disabled and unable to work

Read more: Term vs. whole life insurance

How Foresters Financial compares to other insurers

When you’re choosing a provider, it’s important to compare coverage options, benefits, and get life insurance quotes from at least three different insurance companies. We’ve done some of the legwork for you, breaking down how Foresters compares to three of the best insurers in Canada.

^{* These figures reflect the average monthly cost for $600,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years}

Foresters Financial life insurance vs. PolicyMe life insurance

Foresters Financial and PolicyMe both have a strong presence in the Canadian insurance market. Let’s take a look at how they compare.

Cost

Foresters Financial provides term life, whole life, and simplified issue products with coverage available up to millions. Its products, even those offered under Canada Protection Plan, tend to be much more expensive than fully underwritten term policies.

PolicyMe leverages its fully digital model to reduce overhead costs, resulting in lower premiums for Canadians seeking term life insurance. PolicyMe is one of the most affordable options in Canada.

Customer satisfaction

Foresters Financial distributes its policies through advisors and brokers, with CPP offering online applications for simplified issue policies. The reviews are mixed, with many policyholders noting slower processing compared to other insurers.

PolicyMe was built around speed and simplicity. You can get a quote almost instantly, and then complete the fully online application process in about 20 minutes to finalize your policy. Of course, if you need to speak to an agent, you’ll find customer support available to help.

Convenience

PolicyMe was built around speed and simplicity. You can get a quote almost instantly, and then complete the fully online application process in about 20 minutes to finalize your policy. Of course, if you need to speak to an agent, you’ll find customer support available to help. 

By contrast, Foresters doesn’t give customers the option to receive life insurance quotes or buy a policy online — everything has to go through an agent.

The bottom line: Who should consider Foresters Financial?

Foresters Financial has established a strong presence in Canada with its simplified issue and no-medical life insurance offerings. Beyond financial protection, Foresters stands out thanks to unique membership benefits like scholarships and community grants. It’s a decent option for individuals who prefer a traditional approach to life insurance and value the personalized service you receive from connecting with an advisor.

For healthy applicants seeking the lowest premiums on term life, however, a digital-first insurer like PolicyMe may be more affordable.

FAQ: Foresters Financial life insurance review

^{*** The life insurance premium rates in this article are based on publicly available figures as of July 2026.}