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Forester's Financial offers typical term life insurance products but their participating whole life policies provide juvenile protection rider competitive premiums. They help children with diabetes to get coverage for a lower price than they typically would with other providers.
Their sustainability efforts and charity benefits provision makes this life insurance distributor a great choice for those seeking unique participating perks that can potentially lead to cash value growth.
Foresters Financial is a 150-year-old insurance company based in Toronto. They merged with Canada Protection Plan in 2020. Foresters Financial is a fraternal benefit society, meaning you get member benefits along with your life insurance policy. Their Better Business Bureau rating is A+ (Excellent).
See how Foresters' term life insurance prices stack up against the prices of products offered by other term life insurance providers in Canada in the insurance industry.
*premiums are based on a 35-year-old man seeking $500,000 in coverage for a 20-year term policy. Prices are based on publicly available rates as of 2023. Terms and conditions may apply.
Forester holds a life insurance rating of 4.5/5 on Trustpilot and a 3.0/5 on Insureye. Let's look at how some of Forester's customers rank their life insurance customer service.
Read more on Foresters Financial's types of life insurance below.
The bottom line: This product is average for the life insurance industry. If you're looking for a term life insurance that's extremely customizable with flexible term lengths, look into PolicyMe.
PolicyMe offers coverage from $100,000 to $5M, with flexible term lengths between 10 and 30 years. Each policy gets $10,000 in free Child Coverage to sweeten the deal.
The bottom line: This whole life policy is typical for the life insurance industry. It offers no additional protection or investment solutions like a participating life insurance policy would.
The bottom line: If you're looking for a plan that get's you a range of unique benefits and features to your policy, Advantage Plus is your best bet.
Forester's offers two types of critical illness insurance policies:
1. Live Well: covers up to four conditions with a quick-time application process, coverage up to $100,000.
2. Live Well Plus: covers up to 25 conditions with coverage up to $2,000,000.
They also offer additional riders that those with diabetes seeking life insurance can take advantage of, like Juvenile Critical Illness Insurance Rider, which provides critical illness coverage to children aged up to 17 years.
The rider covers specific health conditions like:
You can get a Foresters Financial life insurance quote by following these steps:
Alternatively, you can directly contact a Foresters Financial agent to determine insurance costs and discuss your life insurance options.
Foresters Financial products offer average price ranges and products compared to the rest of the life insurance industry in Canada. But their unique benefits make their life insurance a good option for those seeking insurance with benefits that can give back to their community.
Their charity benefit provision, which is a donation incentive that when a claim is paid to the beneficiaries, Foresters will donate 1% (up to a maximum of $100,000) to the eligible designated charitable organization of your choice, is offered as a benefit in all their products including their term life.
If you're looking for life insurance with a competitive price range and incremental coverage amounts that can get you a specific coverage amount like $175,000, consider PolicyMe and RBC Insurance first.
Yes, Foresters Financial offers living benefits that allow the policyholder to access a portion of their death benefit in the event of a critical or terminal illness.
Yes, medical underwriting is required to get most Foresters Financial life insurance policies. This involves providing medical history and undergoing a physical exam.
Yes, Foresters Financial offers discounts on life insurance premiums for certain groups, such as members of eligible organizations or those who purchase policies in larger amounts.
For example, members who are covered by Foresters and are diabetics, have a chance to receive products from Accu-Check, a trusted global brand.
Yes, policyholders can borrow against the cash value of their whole life or universal life insurance policy. However, withdrawal limits and interest rates will apply.
Yes, Foresters offers a disability of waiver premium. This means your policy premiums can be waived if the insured becomes disabled and unable to work for at least six months. The rider will remain in effect while the life insurance policy is active until the policyholder turns 65 years old.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies: