The bottom line
Foresters Financial stands apart by offering more riders (policy add-ons) than most other insurers — including a living benefits rider that pays out if you're diagnosed with a critical, chronic, or terminal illness (whereas most living benefits riders only cover terminal illnesses).
Accelerated death benefit rider includes coverage for critical, chronic, and terminal illnesses
Includes several no-cost riders that aren’t available through other insurers, including Family Health Benefit Rider and Charity Benefit Provision
No-medical-exam option available for people up to age 55
Basic coverages offered
Term life insurance: Your Term is Foresters Financial’s term life insurance policy. Terms are available between 10 years and 30 years. Minimum coverage is $100,000.
No-medical-exam term life insurance: For qualifying applicants up to age 55, Your Term is also available as a no-med-exam option, though coverage limits are capped at $1 million. Foresters Financial also has a second no-med-exam product called Strong Foundation, which offers coverage from $50,000 to $500,000. (Note: Strong Foundation is not available through the Policygenius marketplace.)
Whole life insurance: Foresters Financial’s whole life insurance products include the PlanRight Whole Life (a simplified issue policy available to people 50 to 85 for amounts from $5,000 to $35,000) and Advantage Plus II Whole Life (available for people 0 to 85 for amounts from $25,000 and up). (Note: These products are not available through the Policygenius marketplace.)
Universal life insurance: The universal life insurance policy available from Foresters Financial is called SMART Universal Life Insurance. It is available for people 0 to 85, for amounts starting at $10,000 for people under 18 and $25,000 for people over 18. The cash accumulation portion of the policy grows at a minimum interest rate of 2%. (Note: This product is not available through the Policygenius marketplace.)
Additional coverages offered
Accelerated death benefit rider: For no additional cost, the accelerated death benefit rider pays out a portion of the death benefit if you’re diagnosed with a qualifying critical, chronic, or terminal illness.
Common carrier accidental death rider: For no additional cost, this rider pays out an additional death benefit in case of death by riding as a fare-paying passenger on a plane, bus, or train.
Family health benefit rider: For no additional cost, pays a benefit for family health expenses that are the result of a natural disaster, like a hurricane or earthquake.
Charity benefit provision: For no additional cost, when your benefit is paid to your beneficiaries, Foresters Financial will pay an additional 1% (up to $100,000) of your death benefit amount to a charity of your choice.
Our price rating scale looks at the average cost of life insurance for a sample 20-year term policy with a $1 million coverage for a 35-year-old female non-smoker with a Standard Plus risk classification, the rating an insurance company gives you that determines your rates (if a company doesn't have a Standard Plus rating, we use its Standard rates). The quote we got from Foresters puts it in the second least expensive category for our rating system.
Our customer experience scale uses data from the National Association of Insurance Commissioners (NAIC) complaint index. Foresters Financial has a score of 1.14, meaning it receives slightly more complaints than expected for a company of its size. (The expected score would be 1.0.)
Our transparency rating scale measures how easily shoppers and policyholders can find information about Foresters Financial on its website. While the company makes it easy to find contact information online and has a robust help center, we’d love to see a chat bot or live chat on the site. And while Foresters Financial has a clearer layout of its life insurance offerings than many other companies, we’d love to see average prices on the website outside of the calculator or sales funnel.
Our financial strength rating is a weighted combination of three industry-leading metrics to measure a company’s financial health: A.M. Best, Standard & Poor’s, and Moody’s. Foresters Financial has an A rating from A.M. Best, but has not yet been rated by Standard & Poor’s or Moody’s.
A closer look at Foresters Financial
Who is Foresters Financial best for?
Foresters Financial is a good life insurance option for people up to age 55 who want to avoid the medical exam. And because its term product comes with living benefits riders for no extra cost, it’s a good option for anyone worried about how a chronic or critical illness would affect their finances. Its underwriting guidelines are also good for people with diabetes; if you do have diabetes and choose to become a member of the Independent Order of Foresters when you buy your policy, you'll get access to discounts on diabetes management products.
What makes Foresters Financial unique?
Foresters Financial’s term life insurance is unique in that its accelerated benefit rider pays out for chronic and critical illnesses in addition to terminal illnesses. It also includes two additional riders free of charge that other companies usually don’t: the Common Carrier Accidental Death Rider and the Family Health Benefit Rider. Foresters Financial is also unique in that policyholders may become members of the Independent Order of Foresters, the fraternal benefits organization behind Foresters Financial.
Who should consider a different life insurance company?
People over age 55 will likely find their best rates elsewhere. Additionally, people with some pre-existing health conditions will also generally find better rates with another life insurance company.
Foresters Financial life insurance rates
The chart below shows average monthly premium prices for a 20-year term life insurance policy with $500,000 in coverage for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index methodology.
Foresters Financial average
Forester Financial’s history, reputation, and social responsibility
Foresters Financial is a Canada-based financial services provider that operates in the U.S., Canada, and the U.K. Its U.S. headquarters is in Buffalo, New York. It was founded in 1874 as the Independent Order of Foresters, a non-denominational fraternal benefit society, in order to provide life insurance for working families. The company continues to devote itself to helping families achieve long-term financial stability. Profits are reinvested back into the organization, and for qualifying policies, paid back in member dividends. 
Policyholders may become members of the Independent Order of Foresters and access benefits including scholarships, financial counseling, and discounted services. Foresters Financial also has a special benefit for members with diabetes, including discounts on diabetes management products. 
Community service is also an important value of Foresters Financial, and members can apply for $200 Community Volunteer grants to support their communities. Foresters Financial supports the 17 United Nations Sustainable Development Goals, focusing especially on good health and wellbeing, sustainable cities and communities, and climate action. To support its sustainability goals, as of June 2022, $287 million of Foresters Financial’s assets were held in green and sustainable bonds.
Foresters Financial vs. other life insurance companies
Compare Foresters Financial to similar life insurance companies using the table below.
Frequently asked questions
What is Foresters Financial?
Foresters Financial is a financial services provider based in Buffalo, N.Y. It is the operating name of the Independent Order of Foresters, a fraternal benefit society founded in 1874. It has 3 million policyholders in the U.S., Canada, and the U.K.
Is Foresters Financial a good company?
Yes, Foresters Financial is a highly rated company for customer service and financial stability, with an A financial strength rating from A.M. Best.
Who owns Foresters Financial?
Foresters Financial is a privately-owned company that pays dividends to qualifying members. In recent years, it has sold parts of its financial management businesses to focus solely on life insurance.
How do I contact Foresters?
To contact Foresters Financial, including the claims support team, call 800-828-1540 or visit the Foresters Financial website.
Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.
. "Our Story
." Accessed January 06, 2023.
. "Member Benefits
." Accessed January 06, 2023.
. "Our sustainability approach and the future
." Accessed January 06, 2023.
Logan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Adam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
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