Foresters Financial Life Insurance Review

Written by: Steven Gibbs | Last Updated on: April 4, 2023
Fact Checked by Jason Herring and Barry Brooksby (licensed insurance experts)

Insurance and Estates, a strategic life insurance provider composed of life insurance professionals, is committed to integrity in our editorial standards and transparency in how we receive compensation from our insurance partners.

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Foresters Financial offers excellent life insurance products. In the following Foresters review, we will cover the strengths of the company, its ratings, its history and its various products and features available with the goal of helping you decide if Foresters is the right choice for you.

Review of Foresters Financial

Finding the company that best fits your needs, goals and objectives is no easy task. There are over 800 companies offering life insurance and annuities. With so many carriers in the marketplace, it can be a bit overwhelming to whittle your decision down to the top 10 best whole life insurance companies thanks to the company’s flagship product, Advantage Plus Whole Life Insurance.

So, let’s take a look at the company itself to get a better idea of what it is and what it offers.

About Foresters Financial

Founded in 1874, Foresters has been around for over 140 years. Foresters is a not-for-profit company, called a fraternal benefit society. To become a Foresters member, you can apply as part of your life insurance purchase.

Foresters Financial offers its various life insurance products through The Independent Order of Foresters and Foresters Life Insurance and Annuity Company. The company boasts over $34 Billion in total funds under management.

Foresters Ratings

As of August 2020, The Independent Order of Foresters (Foresters Financial) financial strength, as measured by A.M. Best Company, is rated “A”, which signifies the company’s overall financial strength and claims-paying ability.

According to Foresters Financial, The A.M. Best ratings assigned on August 5, 2020 reflect overall strength and claims-paying ability of The Independent Order of Foresters. An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M.Source

Foresters Financial Assets
If you are looking for a solid financial foundation, look no further than Foresters Financial. The company has done an excellent job of maintaining a strong financial position.

Foresters Products

Foresters Financial offers products and services in four different areas, life insurance, mutual funds, retirement and savings plans, and annuities. The primary focus of this article ill be targeting the company’s life insurance products which include:

  • Term Life
  • Whole Life
  • Universal Life
  • Variable Universal Life
  • Variable Life

Foresters Life Insurance Policies

Foresters Financial offers a full range of both term life and permanent life insurance coverage.

Although there are benefits to all types of coverage, in our opinion there is a clear winner when comparing the benefits between term life insurance vs whole life insurance.

Benefits of Whole Life Insurance
Benefits of Term Life Insurance
  • Wealth Building
  • Lower Initial Cost
  • Retirement Planning
  • Income Protection
  • Infinite Banking
  • Mortgage Protection
  • Estate Planning
  • Conversion Option
  • Business Succession Planning

Foresters Life Insurance Policies

[Plans and Features]

Foresters Financial offers a comprehensive line of life insurance policies, including both term life and permanent life insurance protection.

Foresters Term Life Insurance

Foresters Life Insurance and Annuity Company offers level term coverage with 10, 15, 20, 25 and 30 year convertible term life insurance policies available.

The following riders are included at no additional charge:

  • Common Carrier Accidental Death Rider: Pays your beneficiary an additional death benefit if you die due to an accidental death that occurs while you are a fare-paying passenger on a common carrier.
  • Family Health Benefit Rider: A benefit that pays out if your family has expenses that occur due to natural disasters.
  • Accelerated Death Benefit Rider: A portion of the death benefit is available if you are diagnosed with a qualifying illness, which may include critical, chronic, and terminal illnesses.

Universal Life Insurance

Offered through The Independent Order of Foresters, SMART Universal Life Insurance provides flexible permanent coverage with both a death benefit and cash value growth.

The policy offers a 10 year no lapse guarantee as long as you pay your premiums.

In addition, the policy offers a guaranteed 3% interest rate.

Further, the product offers additional riders at no extra cost.

  • Common Carrier Accidental Death Rider
  • Family Health Benefit Rider
  • Accelerated Death Benefit Rider

You can also add additional riders, including:

  • Children’s Term Rider: term coverage that can be converted to permanent coverage down the road. An inexpensive choice when considering life insurance for children.
  • Accidental Death Rider: additional death benefit if death is due to accidental bodily injury.
  • Disability Income Rider (Accident Only): provides a regular monthly income benefit for up to two years.
  • Waiver of Monthly Deductions Rider: your premium is waived if you are totally disabled and unable to work for at least 6 months.

Variable Universal Life

Variable Universal Life from Foresters Life Insurance and Annuity Company offers the benefits of Universal Life with an additional opportunity to grow your cash value through the allocation of premiums to professionally managed sub accounts or a fixed account.

The death benefit can be increased or decreased at any time and you can choose two different death benefit options:

  • Option A. Death benefit is equal to the policy’s “face amount.”
  • Option B. Death benefit is equal to the sum of the policy’s face amount plus the total Cash Value.

Whole Life Insurance

Foresters offers 4 different whole life insurance plans.

Plan Right Whole Life Insurance

Final Expense Whole life Insurance protection to age 121.

  • 3 Plans: Level, Graded and Modified
  • Available for ages 50-85
  • Face Amount: $2,000 – $35,000 based on age

Your Legacy Whole Life Insurance

Single premium whole life insurance

Interest Sensitive Whole Life Insurance

Ordinary life insurance

Advantage Plus Whole Life Insurance

Forester’s Advantage Plus Whole Life Insurance is an excellent policy offering many perks. The primary benefits provided include:

Whole Life Insurance Guarantees

Whole life insurance is permanent coverage and offers specific guarantees, including:

  • Guaranteed death benefit,
  • Guaranteed cash accumulation and
  • Guaranteed level premiums.

Additional cash value growth is available through dividends. Although not guaranteed, Foresters has paid dividends

Dividends are valuable and can be used to:

Foresters Whole Life Insurance Dividend History

Foresters Dividend Interest Rate

Additional Benefits of Whole Life Insurance

In addition to the guarantees and dividends, whole life insurance also offers three additional benefits associated with cash value life insurance.

Tax free life insurance policy loans

Life insurance loans using your cash value as collateral are income tax free. And policy loans do not have to be repaid. However, if your policy lapses and you have an outstanding policy loan, it could result in a taxable event.

Tax deferred cash value growth

Cash value life insurance grows tax deferred. If you practice proper policy management, you may never need to pay taxes on the cash value growth.

Paid up additions rider (PUAR) can also be used to increase the policy’s death benefit and cash value. However, when using a PUAR it is important to understand that over funding a policy can result in the policy being considered a modified endowment contract (MEC).

Tax free death benefit

The death benefit from your policy goes to your beneficiary income tax free. A death benefit may be taxed is if your estate exceeds the federal estate tax exemption limit or you live in a state with an inheritance tax. Therefore, if you have a large estate, careful asset protection planning is necessary.

Foresters Review Conclusion

Have questions or would you like to see an illustration for Foresters or any of the other dividend paying life insurance companies we represent?

Give us a call today for a complimentary life insurance consultation with an advanced markets professional.

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  • Tom Skinner
    Tom Skinner

    I would like to know more information on whole life insurance for my child to set up for some generational wealth thank you.

    • SJG

      Hello Tom, thanks for connecting. It looks like you connected with Denise who is one of our top whole life experts so you’re in good hands.

      Best, Steve Gibbs for I&E

  • Peter H
    Peter H

    What is infinite banking for n a nut shell . No bull shit. Please

    • Insurance&Estates

      Hi Peter, thanks for connecting. We’ve done literally dozens of “no b.s.” webinars to answer your question in detail. That said, the short summary is that infinite banking is a properly structured high cash value permanent life insurance policy that can serve as a safe bucket cash account to leverage for numerous purposes. The problem with short statement of description is that this concept may challenge some traditionally held financial sacred ideas. Check out our resources tab and infinite banking webinars to get more detail.

      Best, Steve Gibbs for I&E

  • Matoya Hampton
    Matoya Hampton

    I have a smart UL am I able to switch to whole life? Which is better for dividends?

    • Insurance&Estates

      Hello Matoya, to have your current policy reviwed and do an educated comparison, go ahead and schedule a call with one of our IBC experts. A good start is to request a call with Barry or Denise by emailing

      Best, Steve Gibbs for I&E

  • Victor

    I would like information on starting infinite banking and receiving dividends through a whole life cash growth insurance that has a solid track record with flexible

  • Albert Cosio
    Albert Cosio

    I’m looking for a mutually owned company with a whole life insurance with high cash value and pays dividends. I would also like to be walked through the infinite banking process. Thank you

  • Jerry Walker Jr
    Jerry Walker Jr

    I need to have a agent break down my cash options at this time. Im a long term policy hold who do to pandemic reasons need to evaluate my potions at this time

  • Linda

    looking to start infinite banking receiving dividends through a whole life cash growth insurance that has a solid track record with flexible premium design and paid up addition to maximize cash value accumulation regardless of a policy loan

    • Insurance&Estates

      Hi Linda,

      Our IBC Practitioner Expert, Barry Brooksby, can help you. I suggest that you connect with him directly at to schedule a call.

      Best, Steve Gibbs, for I&E

  • Erick

    I would like to know what are the cost differences between going through medical underwriting and not with a whole life insurance policy. Please email me ASAP.

  • Jerry Day
    Jerry Day

    I currently have a 100K Term policy with Foresters and would like to convert it to Whole life policy for IBC. I have contacted a foresters agent but he does not seem to understand high cash value policies. could you help me with this?
    Jerry Day 559-756-1816

    • Insurance&Estates

      Hello Jerry and thanks for commenting. Barry Brooksby or Jason Herring will be reaching out to you if they haven’t already.



  • Tirus T Tholen
    Tirus T Tholen

    I need more information on the
    Cash-value life insurance

    • Insurance&Estates

      Hello and thank commenting. Your inquiry has been forwarded to our Pro Client Guide team who will reach out to you ASAP.

      Best, I&E

  • Tim Brecheen
    Tim Brecheen

    Would like information on whole life Insurance, to use as infinite banking concept

    • Insurance&Estates

      Hello Tim, your request has been forwarded to Jason Herring for follow up concerning IBC. Thank you and best.

      Steve Gibbs for I&E

  • Thomas Swift
    Thomas Swift

    65, retired, currently no insurance. All funeral plans already in place.

  • Chance

    Hello and thanks for making available such insightful articles on various life insurance policies, especially participating whole life. I am very interested in such a policy but a close friend (who is a financial advisor) has warned me that these policies may be scams as they pertain to personal longterm wealth growth and personal banking. My hunch is otherwise, so I’d love to find an honest agent who can help structure a policy for my needs. I’m 30, engaged, a college grad, very healthy, a small organic farmer, and I’m eager to save responsibly and invest in my business.

  • Jerome

    IS Forester’s a non-direct recognition company?

    • Insurance&Estates

      Hi Jerome, thanks for your inquiry and interest and yes it is.

      Let us know if you’d like some more information and will connect you with a Pro Client Guide.



  • Windell Compton
    Windell Compton

    Would like to more about your whole life insurance.

    • Insurance&Estates

      Hi Windell, thanks for inquiring about Whole Life Insurance. One of our whole life pro client guides, Jason Herring, has e-mailed you to assist in your search. Please send him some feedback to continue the conversation when you can.

      Best, Steve

  • Rick L.R.
    Rick L.R.

    …married non- Smoker. Sold insurance for 15 years. Relatively good health few problems. no cancer, diabetes or high cholesterol, or heart problems. Exercise by walking daily

    • Insurance&Estates


      Thank you for the contact information. We will reach out to you shortly.


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