Foresters Financial Life Insurance Review
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Foresters Financial life insurance review (2025 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.
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 ★★★☆☆ (3.8/5)
Foresters Financial offers term life insurance products, and their participating whole life policies include a Children's Term Insurance Rider, providing term protection for a policyholder’s children up to age 25.
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.
To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:
- Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
- Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye, and Google. We also counted the number of contact methods each insurer offers to its customers.
- Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.
All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada.
PolicyMe does not receive compensation for any life insurance reviews.
Foresters Financial life insurance: Key features
Foresters Financial is a fraternal benefit society with over 150 years of history in Canada and serves over 2.5 million clients in Canada, the U.S., and the U.K. It combines traditional life insurance products with member benefits like scholarships, community grants, and volunteer opportunities. Through the Canada Protection Plan (CPP), Foresters has also become a leading provider of no-medical and simplified issue life insurance in Canada.
Foresters mainly offers its services through advisors and brokers, but policyholders can download the MyForesters Mobile to view and manage their insurance policies and access member benefits. The company also offers the wellness app Foresters Go, which allows policyholders to earn rewards for healthy lifestyle choices.
Reviews for Foresters life insurance tend to be mixed, with some customers appreciating good service and others highlighting slower processing times compared to digital providers.
The bottom line: Foresters Financial sets itself apart with its unique combination of coverage and community-focused membership benefits. It may not match the digital convenience of more modern providers, but it’s a reputable company with some unique perks.
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
Foresters Financial's term life insurance is offered by the Canada Protection Plan for 10, 20, or 30 years. The following monthly premiums are based on $500,000 in coverage for a resident of Ontario:
In general, premiums with Foresters tend to be very affordable for young and middle-aged policyholders—particularly those who are non-smokers and seeking 10- or 20-year terms. As is the case with many insurers, early coverage offers you the best value.
Foresters Financial life insurance reviews and customer service
Foresters Financial receives a mix of reviews across different platforms, from mid to high levels of approval. Here’s how it scores:
- Google: 3.2/5
- Trustpilot: 4.4/5
- Insureye: 3/5
These ratings reflect Foresters’ financial strength and reliability as an insurance company. That said, online reviews are mixed, and some policyholders report that the speed and responsiveness to claims could be better.
Here are a few reviews from real Foresters policyholders:
“It’s so great to be able to reach out to a Forester's financial advisor to help us understand the products and make the right decision.” —Trustpilot review on August 22, 2025
“I purchased a Tern Life Insurance policy from them approximately 5 years ago and have paid on time. I still have no access to my policy and have called till I'm blue in the face, with excuse after excuse on why I can't get access.” —BBB review on September 16, 2024
“I have had nothing but positive experiences with Foresters, from the advice I receive from my adviser, to the use of Myplans, and even having access to the benefits Forester Life gives me.” —Trustpilot review on November 17, 2022
“Seems to be decently priced life insurance, but if you live out west, their call centres are only open till 2 pm, M-F and they have no online services for updating payment info, nor will they email you—snail mail only. Would not recommend.” —Trustpilot review on March 18, 2025
Foresters Financial life insurance products at a glance
Foresters Financial offers term life insurance and whole life insurance, as well as critical illness coverage.
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.
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 experience
Foresters Financial distributes its products 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.
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
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.
Our mission is to empower Canadians to make informed financial decisions. To achieve this, we have an expert editorial team that includes licensed insurance advisors and financial planners. We prioritize the best interests of Canadian families and won't endorse any product, company or financial strategy that we believe isn't suitable. Our educational guides are crafted by in-house experts, like licensed life insurance advisors. Before publication, we subject our research and advice to scrutiny and comprehensive revisions for accuracy and completeness.