THE BOTTOM LINE
For people under age 55 and in relatively decent health, Foresters Financial's Your Term policy is a solid choice for a term life policy. You can get it without a medical exam and coverage can be offered within 24 hours. However, it’s gotten more complaints than other comparable companies, and prices are slightly more expensive than average. That said, it’s a more comprehensive policy than most.
Disclaimer: Foresters is a current partner of Policygenius. We are an online marketplace that offers insurance policies from many of the nation's top insurers. However, all editorial choices, including this one, are made independently. Learn more about our methodology.
Can skip the medical exam. If you qualify, it’s possible to bypass the medical exam with Foresters Financial’s Your Term life insurance, provided exclusively through Policygenius. You can skip the medical exam with a few other Foresters products not offered by Policygenius, too.
Potential for dividends. Foresters gives policyholders the chance to earn dividends. This depends on the financial situation of the company and could change year to year.
Unique riders included in base policy. Foresters automatically includes a handful of riders in your policy. Those include accidental death benefit, common carrier accidental death benefit, and family health benefit — riders that most similar companies would make you pay extra to add.
No online application or quote tool. Foresters does not offer a quote tool or a way to apply online. However, you can apply easily through Policygenius.
Mixed third-party ratings. Foresters gets a solid rating from third-party review site Consumers Advocate. But some customers are also registering more complaints than average with the National Association of Insurance Commissioners.
Foresters Financial offers a variety of term, whole, universal, and final expense life policies. (Only the Your Term term life insurance policy is available through Policygenius.)
Some policyholders with Foresters are eligble for perks, including academic scholarships, financial help, volunteer opportunities, and discounts for diabetes management products such as lancets and test strips.
→ Read more about term life insurance and how it works
Term life insurance
Foresters has three main term life insurance products: Your Term, which is available with a medical exam or without a medical exam exclusively through Policygenius; a no-med policy called Strong Foundation with lower coverage amounts; and a term life policy for the event of an accidental death.
The focus of this review is the Your Term term life insurance policy.
This is an accelerated underwriting term life policy, which means you can skip the medical exam if you qualify. The no-med route for this policy is offered exclusively through Policygenius. Depending on the application, decisions are instant, so they can happen within a single day. Applying for Your Term should be a fast and easy process for most people ages 18 to 55.
You can also apply for a fully underwritten policy, with expanded coverage and issue ages, but not through Policygenius.
|Eligible ages||18 to 55|
|Term lengths||10-, 15-, 20-, 25-, or 30-year terms|
|Coverage maximum||$1 million|
Premiums are guaranteed to stay level and policies are guaranteed renewable to age 100.
This is not a guaranteed issue policy, so applicants could still be denied a policy depending on how they answer questions about their medical and prescription histories.
Foresters offers several riders, some of which may be added to your policy for no additional cost.
Accelerated death benefit rider. This gives you the option to access a portion of the death benefit if the policyholder is diagnosed with a critical, chronic, or terminal illness. This rider is automatically included with the policy.
Common carrier accidental death rider. This unique rider provides an additional death benefit if the insured dies from injuries that occur while riding as a passenger on a plane, bus, or train. This rider is automatically included with the policy.
Charity benefit provision rider. When a claim is paid to beneficiaries, Foresters will pay 1% of the death benefit to a non-profit organization of your choice.
Family health benefit rider. This can pay a benefit for limited family health expenses that may occur as a result of natural disasters, such as hurricanes, tornadoes, and earthquakes. This rider is automatically included with the policy.
Rider availability and details may vary by state.
Your Term policyholders can convert to any permanent product provided by Foresters, as long as the conversion happens five years before the term’s end or before the insured reaches age 65.
You can apply for a rate reconsideration after having your policy for a minimum period, but the only circumstance that currently qualifies is one year after you quit using tobacco. Rate reconsiderations are not allowed for any other reason.
Only Foresters Financial's Your Term policy is available through Policygenius. Other policy options available directly from Foresters include:
Designed for people with diabetes, this no-med term life policy has a small coverage range of $50,000 to $400,000. The available term lengths and riders are similar to Your Term.
The application process is similarly fast and easy, with decisions made in two days or less. If you’re a person with diabetes and you’re in the market for quick term life insurance without any doctor visits or fluid collection involved, this could be a solution for you.
This is a term life policy with accidental death protection up to $500,000.
It can include disability income (this could provide monthly income to you if an accident leaves you unable work), waiver of premium (this waives premiums if you’re disabled in an accident), and return of premium riders (if you outlive the term of the policy, you can get back all of the premiums you’ve paid).
Permanent life insurance
Foresters offers whole life insurance policies for seniors, for children, and a universal life policy.
→ Learn how to choose between term life and permanent life insurance
This is a final expensive product, meaning it’s meant for paying off any lingering debts and funeral costs. It provides guaranteed level premiums, similar riders as the Your Term policy, and coverage up to age 121.
We generally do not recommend final expense policies because the coverage amounts are so low.
This whole life policy has the potential for dividends, which can be used to buy additional insurance, build cash value, or reduce premiums. Or, they can be paid out in cash.
Issue ages are 20 to 100, with coverage provided up to age 121.
Available riders are similar to Your Term (accelerated death benefit rider, common carrier accidental death rider, and family health benefit rider) and come with the policy.
You can also add a 10- or 20-year term rider for extra coverage. Optional riders include an accidental death rider, waiver of premium rider, and children’s term rider (term life coverage for children).
This is a whole life policy for children under 18. Policyholders can increase the coverage amount at certain ages or life events, without the need for more underwriting. Coverage ranges from $5,000 to $75,000, and parents can transfer ownership of the policy to their children or grandchildren at an age and time of their choosing.
Accelerated death benefit, common carrier accidental death benefit, and family health benefit riders come included at no extra cost.
We don’t recommend life insurance for children since it’s not a wise investment. Open a savings account for your child instead.
Universal life insurance combines permanent coverage with an investment component. It allows for flexibility depending on your financial situation. Generally, however, these types of policies get very confusing and most people outright cancel them. You’re often better off with a term life policy.
The following rates are based on a $500,000, 20-year policy for a non-smoking male applying for the Your Term policy, which provides instant coverage with no medical exam required.
Rates current as of January 2022.
→ Read more about what goes into determining life insurance premiums
Premiums for Foresters’ Your Term policy are slightly higher than the industry average. However, with Foresters, you get a lot more out of your policy compared to other companies at this price point, like State Farm. Riders like accidental death benefit, common carrier accidental death benefit, and family health benefit are all included in your base policy — which isn’t the case very often, making this a great value. Overall, the greatest variance in these price points (about $15 more per month for customers in their 50s) only amounts to $3,600 over 20 years.
→ Are you an older shopper? Check out the best life insurance companies for seniors
Foresters Financial was founded in 1874 to provide life insurance for average working-class families. With over 140 years in business, they also offer investment advice, retirement planning, and savings solutions to customers with long-term financial goals.
A.M Best: A
Standard & Poor’s: n/a
Credit rating firm A.M. Best, which specializes in the insurance industry, gives Foresters an A rating (effective January 25, 2022). That means they have an excellent ability to fulfill customer obligations. Carriers with a B rating or less are more vulnerable to risk.
Neither Moody’s nor Standard & Poor’s have ratings for Foresters.
Foresters Financial has a bit of a mixed customer response, based on the ratings we could find. On one hand, Consumers Advocate found a lot to like in its whole life insurance experience. On the other, Foresters has received more complaints than average compared to similar companies.
Consumers Advocate gives Foresters a 4.2 out of 5 based on their PlanRight whole life insurance. We’re including it in our scoring since this third-party review includes other factors such as customer experience.
Consumer Affairs, a site that lets verified users review companies, does not have a page for Foresters.
The National Association of Insurance Commissioners (NAIC) tracks complaints sent to state insurance departments. Its complaint index measures how many people have complained, with a score of 0 meaning there weren’t enough to count, and a score of 1 representing the baseline average. Foresters’ score of 1.45 means the NAIC has received slightly more complaints than average compared to other companies.
Your experience will vary depending on the type of policy you apply for.
Everyone applying with Foresters will have to talk to an agent over the phone. There is no online quote tool, and no online application available on the Foresters Financial website.
There are only a couple ways to contact customer service, too. There’s no live chat option and no 24/7 phone assistance. There is an email and a regular phone service line.
However, if you apply for a Foresters policy with Policygenius, our agents can simplify the application process for you and help with customer service even after your policy is in place.
A phone call with an agent can provide you with a personalized quote. There is no online application, so over the phone is the only option.
But if you apply for the Your Term policy through Policygenius, you will go through the Policygenius customer experience and not have to deal with any medical exams. You’ll just need to answer some questions about your medical and prescription histories.
Decisions for Your Term applicants, made through Policygenius, are instant. Most people will get a decision within 24 hours.
Foresters customers get their policies delivered electronically.
Foresters Your Term life insurance is available nationwide, except in New York and Maine.
To make any changes to your name, beneficiary, change of address, you’ll have to download, fill out, and return the appropriate form by email, fax, or mail.
Foresters has a built-in payment portal where you can connect a bank account and pay your bills online. You can set up automatic payments.
Not much, but there is an online calculator for figuring out how much coverage you’ll need.
To submit a claim, the beneficiary needs the following:
- A claimant’s statement
- A certified death certificate
- Medical authorization (if applicable)
- A copy of a police report or any news articles (if applicable)
- Additional medical information (if applicable)
- Other identifiable information (if applicable)
Frequently asked questions
What is Foresters Financial?
Founded in 1874, Foresters Financial is a Toronto-based fraternal benefits society that provides life insurance and other financial products and services to people in Canada, the United Kingdom, and the United States. A fraternal benefits society is an organization that was formed to help the sick and families in need. Foresters now provides its services to over 3 million clients.
Does Foresters offer online quotes?
No, to receive a quote you will have to talk on the phone to an independent agent. However, you can get free quotes for the Your Term policy online exclusively through Policygenius.
Do I need to take a medical exam?
If you’re between ages 18 to 55, relatively healthy, and apply for Your Term through Policygenius, you can likely skip the medical exam. You will still have to answer questions based on your medical history, and may still have to schedule a physician’s visit based on your responses.
Is Your Term only available through Policygenius?
Yes. If you want to skip the medical exam and receive a decision within 24 hours, you’ll need to apply through Policygenius. There is also a fully underwritten version of Your Term with expanded issue ages and coverage amounts through Foresters Financial agents.
*Disclosure = The no-med instant decision version of Foresters Your Term is offered exclusively through Policygenius. We are an online marketplace that offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.