Foresters Financial - Life InsuranceFounded: 1874
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LICAT Ratio 2022
165.6%
Financial Rating: A

foresters logoLife is unpredictable, and it's essential to have a safety net in place to protect yourself and your loved ones. That's where Foresters Life Insurance comes in. As a trusted provider in Ontario, Foresters offers a range of life insurance solutions designed to provide financial security and peace of mind. Whether you're looking for term life insurance, whole life insurance, or critical illness insurance, Foresters has you covered.

Term Life Insurance: Affordable Protection for Your Loved Ones

Term life insurance is a popular choice for individuals seeking affordable coverage for a specific period. With Foresters term life insurance, you can select a coverage option that best suits your budget and needs. Available for terms of 10, 20, and 30 years, this type of insurance provides a fixed death benefit amount for a fixed premium payment. Your premium payments are guaranteed and will remain level throughout the term you choose.

One of the significant benefits of Foresters term life insurance is its convertibility feature. If your needs change, and you want lifetime protection, you have the option to convert your term life insurance to permanent whole life coverage. The best part? You can do this without the stress of providing additional evidence of insurability. This flexibility ensures that your insurance coverage can adapt to your changing circumstances.

Features and Benefits of Foresters Term Life Insurance

Foresters term life insurance comes with a range of features and benefits that enhance its value and provide additional peace of mind. Let's take a closer look at some of these features:

Preferred Insurance Classes

Foresters offers preferred insurance classes for coverage amounts of $1,000,001 or more. This means that if you are in good health and live a healthy lifestyle, you may be eligible for lower premiums. Factors such as your health, lifestyle, tobacco usage, and family history are considered to determine your premiums.

Joint Term Coverage

With joint term coverage, both you and your partner can be covered under one policy, which can be more cost-effective than two individual policies. In the event of the first death, the death benefit is payable, and the survivor has the option to exercise a conversion privilege within 60 days. This allows for the conversion to a new policy without the need for evidence of insurability.

Conversion Privilege

Foresters term insurance policies can be converted to any permanent insurance plan offered by Foresters without the need for evidence of insurability. This conversion privilege is available at any time before the policy anniversary nearest the insured person's 71st birthday. For joint first-to-die policies, conversion is possible before the policy anniversary nearest the oldest insured person's 71st birthday.

Exchange Privilege

The exchange privilege offered by Foresters allows the policy owner to exchange a term insurance policy for another term insurance policy with a longer term if offered by Foresters at the time of exchange. This privilege becomes available on or after the second policy anniversary and does not require evidence of insurability.

Charity Benefit Provision

Foresters goes beyond providing a death benefit by including a Charity Benefit provision. When a claim is paid to the beneficiaries, Foresters will donate 1% of the benefit amount (up to a maximum of $100,000) to the eligible designated charitable organization chosen by the policy owner. This provision allows you to make a positive impact on society while protecting your loved ones.

Bereavement Assistance

Foresters understands that losing a loved one is a challenging time, and they offer bereavement assistance to help beneficiaries cope with their loss. Beneficiaries may be reimbursed up to $1,000 for counseling services, providing valuable support during a difficult period.

Riders for Customizable Coverage

Foresters term life insurance also offers a range of optional riders that allow you to customize your coverage to suit your specific needs. Some of these riders include:

  • Term 10, Term 20, and Term 30 riders: These riders provide additional coverage for a specific period of time, allowing you to address other financial needs.
  • Children's Term Insurance Rider: This rider extends coverage to children and protects against future uninsurability, providing valuable peace of mind for your family's future.
  • Accidental Death Benefit: This rider offers an additional death benefit in the event of accidental death, providing extra financial protection for your loved ones.
  • Waiver of Premium Benefit: This rider ensures that your coverage remains in force if the insured becomes totally disabled and unable to work, alleviating the financial burden during challenging times.

Foresters term life insurance offers a combination of affordability, flexibility, and valuable features that make it an excellent choice for individuals seeking protection for a specific period. Whether you're a young professional starting a family or someone with short-term financial obligations, Foresters term life insurance can provide the peace of mind you need.

Whole Life Insurance: Lifetime Protection and Cash Value Growth

For individuals looking for lifetime protection, Foresters offers Advantage Plus whole life insurance. This type of insurance provides a tax-free death benefit that ensures the financial security of your loved ones in the event of your untimely demise. In addition to the death benefit, Advantage Plus also offers the opportunity for the cash value of your policy to grow over time.

Features and Benefits of Advantage Plus Whole Life Insurance

Advantage Plus whole life insurance comes with a range of features and benefits designed to provide comprehensive coverage and financial stability. Let's explore some of these features:

Premium Paying Periods

Foresters understands that everyone's financial situation is unique. That's why Advantage Plus whole life insurance offers flexible premium paying periods. You can choose a premium paying period of 10 years, 20 years, or even the life of the certificate. This customization allows you to align your premium payments with your financial goals and capabilities.

Dividend Options

As a participating product, Advantage Plus whole life insurance is eligible to receive dividends if and when Foresters declares them. Dividends are a portion of Foresters' earnings distributed annually to the certificate owners. Advantage Plus offers several dividend options, including paid-up additional insurance, dividends on deposit, premium reduction, cash payment, and enhanced insurance. These options allow you to make the most of your policy's value and maximize your financial benefits.

Charity Benefit Provision

Similar to Foresters' term life insurance, Advantage Plus whole life insurance includes a Charity Benefit provision. This provision allows you to donate to your favorite registered charity without affecting your death benefit. When a claim is paid to the beneficiaries, Foresters will make an additional 1% donation (up to a maximum of $100,000) of the basic insurance amount to a registered charitable organization designated by the policy owner. This unique feature allows you to make a positive impact on society while protecting your loved ones' financial future.

Children's Insurance Benefit

Advantage Plus whole life insurance includes a built-in Children's Insurance Benefit. This benefit provides $3,000 of term insurance coverage for each insured child until they reach the age of 25. During certain periods, the $3,000 of term insurance can be converted to permanent insurance, allowing for additional coverage of up to $7,000 without requiring evidence of insurability. This benefit ensures that your children are protected and financially secure throughout their early adulthood.

Juvenile Guaranteed Insurability Benefit

Advantage Plus whole life insurance also offers the Juvenile Guaranteed Insurability Benefit. This benefit allows the insured to purchase additional insurance on specific dates without evidence of insurability. The primary life insured must be under 18 when the Advantage Plus certificate is issued to be eligible for this benefit. With this feature, you can provide additional protection for your child's future without worrying about their insurability.

Quit Smoking Incentive Plan

For smokers looking to quit, Advantage Plus whole life insurance offers a Quit Smoking Incentive Plan. If the primary insured person is classified as a smoker and is at least 16 years old on the certificate issue date, Foresters will charge non-smoker premiums for the first two years of the policy. This two-year premium reduction provides a financial incentive to quit smoking and promotes a healthier lifestyle.

Teladoc Medical Experts

Advantage Plus whole life insurance also provides access to Teladoc Medical Experts at no additional cost. This program allows the insured person, their spouse or domestic partner, and dependent children up to age 18 to access personalized advice and recommendations on medical issues from leading experts. This valuable service ensures that you and your family have access to expert medical guidance when you need it most.

Advantage Plus whole life insurance offers comprehensive coverage and cash value growth, making it an excellent choice for individuals seeking lifetime protection and financial stability. With its flexible premium paying periods, dividend options, and additional benefits, Advantage Plus provides a comprehensive solution for your insurance needs.

Critical Illness Insurance: Protecting Your Health and Financial Well-being

While life insurance provides financial protection in the event of death, critical illness insurance offers coverage for serious illnesses during your lifetime. Foresters offers two critical illness insurance plans - Live Well and Live Well Plus. These plans provide a lump-sum payment if you are diagnosed with a covered serious illness, allowing you to cover immediate living expenses, replace lost income, and pay for medical treatments or other expenses related to your recovery.

Features and Benefits of Foresters Critical Illness Insurance

Foresters critical illness insurance plans come with a range of features and benefits designed to provide comprehensive coverage and support during challenging times. Let's explore some of these features:

Live Well: Coverage for Four Conditions

Foresters Live Well critical illness insurance plan covers four conditions and offers a simple application process with coverage up to $100,000. This plan provides affordable protection for individuals looking for coverage against critical illnesses such as cancer, heart attack, stroke, and life-threatening cancer.

Live Well Plus: Coverage for 25 Conditions

Foresters Live Well Plus critical illness insurance plan offers coverage for 25 conditions, providing a more comprehensive solution for individuals seeking extensive protection. With coverage up to $2,000,000, Live Well Plus ensures that you are financially protected in the event of various critical illnesses, including heart attack, stroke, major organ failure, and many more.

Non-Life-Threatening Illness Benefit

Foresters critical illness insurance plans come with a Non-Life-Threatening Illness Benefit. In the event of a non-life-threatening illness, you will receive 15% of your benefit amount, up to $50,000. This benefit provides valuable financial assistance for medical expenses, allowing you to focus on your recovery.

Return of Premium at Death

With Foresters critical illness insurance, your premiums will be refunded in the event of your death without receiving a benefit. This feature ensures that your premiums are not wasted and can be returned to your loved ones.

Exchange Privilege

Foresters' critical illness insurance plans also come with an exchange privilege. Live Well Term 10 or Live Well Term 20 policies can be exchanged for Live Well Term to Age 80 during the exchange period. Similarly, Live Well Plus Term 10 or Live Well Plus Term 20 policies can be exchanged for Live Well Plus Term to Age 80 during the exchange period. This privilege allows you to adapt your coverage to your changing needs as you age.

Teladoc Medical Experts

Similar to Foresters life insurance plans, critical illness insurance plans also provide access to Teladoc Medical Experts at no additional cost. This program allows you and your family to access personalized advice and recommendations on medical issues from leading experts, providing valuable support during your recovery journey.

Foresters critical illness insurance plans offer affordable protection and comprehensive coverage for individuals seeking financial security in the event of a serious illness. Whether you choose Live Well or Live Well Plus, you can rest assured knowing that Foresters has you covered.

Unique Member Benefits: Enhancing Your Well-being

As a member of Foresters, you gain access to a range of unique and complimentary benefits that go beyond insurance coverage. These benefits are designed to enhance your well-being and provide additional support when you need it most. Let's explore some of the member benefits offered by Foresters:

MemberDeals: Exclusive Discounts for Members

Foresters offers its members access to MemberDeals, a program that provides exclusive discounts on a wide range of products and services. From gift cards and everyday necessities to electronics and online shopping opportunities, MemberDeals offers significant savings. Additionally, members can enjoy discounted rates on family-focused activities such as hotel stays, rental cars, theme parks, and attractions. These discounts make it easier to enjoy life and create lasting memories with your loved ones.

Lifelong Learning: Expand Your Knowledge and Skills

Foresters understands the value of continuous learning and personal growth. That's why they offer Lifelong Learning, a vast online learning library that you can access anytime, anywhere. Whether you want to explore a new interest, work towards a goal, or simply have fun learning something new, Lifelong Learning provides a wealth of resources for personal and professional development. Expand your knowledge, acquire new skills, and enrich your life with this valuable member benefit.

LawAssure: Protecting Your Legacy

Planning for the future is essential, and Foresters offers LawAssure to help you protect your legacy. LawAssure is an online document preparation service that allows you to create customizable wills, powers of attorney, and healthcare directives. With LawAssure, you can ensure that your wishes are legally documented, providing peace of mind for you and your loved ones. Protect your legacy and secure your family's future with this valuable member benefit.

Orphan Scholarships: Investing in Education

Foresters recognizes the importance of education and supports the children of deceased members through the Orphan Scholarships program. This program provides renewable higher learning scholarships of up to $6,000 per year for up to four years. By investing in education, Foresters helps these students pursue their dreams and build a brighter future. The Orphan Scholarships program is a testament to Foresters' commitment to supporting its members and their families throughout their lives.

Orphan Benefit: Financial Support for Children

In the unfortunate event of the death of both you and your spouse, Foresters offers the Orphan Benefit. This benefit provides a monthly payment of up to $900 per child, helping you provide for your children's financial needs. This additional support ensures that your children are taken care of, even in the most challenging circumstances. It's another way Foresters demonstrates its commitment to its members' well-being and the well-being of their families.

Terminal Illness Loan: Financial Assistance in Difficult Times

If you become terminally ill, Foresters offers a Terminal Illness Loan to provide financial assistance during those challenging times. This interest-free loan allows you to access up to 75% of the face value of your Foresters life insurance policy. The Terminal Illness Loan provides a source of funds that can help cover medical expenses, support your family, or fulfill any other financial obligations. Foresters understands the importance of financial stability during difficult periods and aims to provide support when you need it most.

Foresters goes above and beyond traditional insurance coverage by offering these unique member benefits. From exclusive discounts to educational support and financial assistance, Foresters is committed to enhancing the well-being of its members. Become a member today and experience the added value that Foresters brings to your life.

Conclusion

Foresters Life Insurance offers a range of insurance solutions designed to protect your future and provide peace of mind. Whether you're looking for term life insurance, whole life insurance, or critical illness insurance, Foresters has you covered. With customizable coverage options, valuable features, and unique member benefits, Foresters ensures that you and your loved ones are financially protected. Choose Foresters Life Insurance and secure your future in Ontario today.