Foresters Financial Life Insurance Review

Foresters Financial offers excellent life insurance products and is one of the best whole life insurance companies in the U.S. 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.

About Foresters Financial

Founded in 1874, Foresters has been around for over 150 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 has expanded significantly over the years and now serves over 2.5 million members across North America and the United Kingdom.

What sets Foresters apart from many traditional insurers is its strong focus on member benefits and community impact. As a fraternal benefit society, Foresters reinvests its profits into benefits for members and charitable initiatives rather than distributing them to shareholders. This unique business model allows the company to offer competitive financial products while maintaining a purpose-driven approach.

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 dividend paying whole life insurance companies. Foresters has consistently earned a place among the respected insurance providers thanks to the company’s flagship product, Advantage Plus Whole Life Insurance.

Foresters Financial Ratings & Strength

As of 2025, The Independent Order of Foresters (Foresters Financial) maintains a strong financial position, with an “A” (Excellent) rating from A.M. Best Company, which has been held for 24 consecutive years. This signifies the company’s overall financial strength and claims-paying ability.

The A.M. Best ratings reflect the 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.

In addition to its A.M. Best rating, Foresters also holds an “A” rating from Morningstar DBRS, further confirming its financial stability.

Key Financial Indicators (as of 2023-2025):

• Total Assets: $12.8 billion
• Surplus: $1.5 billion
• Certificates and Contracts in Force: 2.56 million
• Solvency Ratios: Well above regulatory requirements in all jurisdictions

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, even during economic downturns, which speaks to their conservative investment approach and prudent financial management.

Foresters Products Overview

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 will be targeting the company’s life insurance products which include:

• Term Life Insurance
• Whole Life Insurance
• Universal Life Insurance
• Variable Universal Life Insurance
• Variable Life Insurance
• Critical Illness Coverage

Product Updates

In recent years, Foresters has made several enhancements to their product lineup:

• Permanent Price Reduction: In 2023, Foresters reduced term life insurance prices and made the reduction permanent into 2024 and beyond, making their coverage more accessible.
• Enhanced Member Benefits: Foresters has expanded its member benefits program to include additional scholarships, community grants, volunteer opportunities, and wellness programs.
• Simplified Underwriting: Foresters has streamlined its underwriting process for many policies, making it easier and faster to obtain coverage.

Foresters Life Insurance Policies

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

Foresters offers level term coverage with 10, 20, and 30-year terms. All policies are convertible to permanent insurance without requiring additional medical underwriting.

Key Features:

• Coverage amounts from $100,000 to $5 million
• Available for applicants aged 18-75 (maximum age varies by term length)
• Renewable and convertible to permanent insurance without medical underwriting
• Option to exchange for longer terms if offered

Included Riders (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.

Optional Riders:

• Children’s Term Rider: Coverage for children ages 15 days to 25 years, convertible to permanent insurance.
• Accidental Death Benefit: Additional payment if death occurs due to an accident.
• Waiver of Premium: Waives premiums if you become disabled.

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.

Key Features:

• 10-year no-lapse guarantee as long as you pay your premiums
• Guaranteed 3% interest rate on cash value
• Flexible premium payments and death benefit amounts
• Access to cash value through withdrawals and loans

Included Riders (at no additional charge):

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

Optional Riders:

• 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.

Key Features:

• Flexible death benefit and premium payments
• Investment options through various sub-accounts
• Potential for higher returns compared to traditional universal life

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 several whole life insurance options to meet different needs and financial goals.

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
• No medical exam required

Your Legacy Whole Life Insurance

Single premium whole life insurance designed for wealth transfer and estate planning.

Interest Sensitive Whole Life Insurance

Ordinary life insurance with guaranteed benefits plus potential for additional growth through interest credits.

Advantage Plus Whole Life Insurance

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

• Custom-built dividend-paying whole life insurance
• Available as limited pay life insurance
• Available in 10-Pay, 20-Pay, and Paid-up at 100 options
• No Medical Exam Whole Life Insurance up to $400,000
• Guaranteed Insurability Rider available on issue ages 0-37

Non-Par Whole Life

Non-participating whole life with guaranteed cash value and premiums, available with 20-pay or pay-to-age-100 options.

Critical Illness Coverage – Life Care

Foresters also offers critical illness coverage through their Life Care product:

• Covers 25 different medical conditions
• Available as a 10-year term or to age 75
• Options for return of premium on death or expiry

Additional Benefits & Member Advantages

As a fraternal benefit society, Foresters offers unique member benefits beyond just insurance coverage. These benefits are a significant differentiator for Foresters compared to traditional insurance companies.

Member Benefits Include:

• Scholarships: Competitive scholarship program for members and their families
• Community Grants: Funding for local community improvement projects
• Volunteer Opportunities: Organized volunteer activities and support
• Wellness Programs: Health and wellness initiatives for members
• Orphan Benefits: Support for children who lose their parents

Sustainability Initiatives:

Foresters has increased its focus on sustainability in recent years, with initiatives centered on:

• Health and community well-being
• Environmental responsibility and climate action
• Employee engagement and development

These initiatives align with select UN Sustainable Development Goals and reflect Foresters’ commitment to making a positive impact beyond financial services.

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.

Dividend History & Performance

Dividends are valuable and can be used to:

• Purchase paid up additions
• Pay Premiums
• Earn interest with the company
• Cash Out

While dividends are not guaranteed, Foresters has maintained a consistent history of dividend payments to policyholders, even during economic downturns. This speaks to the company’s financial stability and commitment to providing value to its members.

Customer Service & Contact Information

U.S. Customer Service:

• Phone: 800-828-1540
• Hours: Monday-Friday, 8:00 AM – 8:00 PM Eastern Time
• Email: service@foresters.com
• Website: foresters.com

Claims Department:

• Phone: 800-828-1540
• Email: claims@foresters.com

Mailing Address:

Foresters Financial
P.O. Box 179
Buffalo, NY 14201-0179

Online Resources:

Members can access their policies, make payments, update information, and explore member benefits through the Foresters Financial website and mobile app.

Foresters Review Conclusion

Foresters Financial stands out as a solid choice for life insurance, particularly for those who value a company with a strong commitment to social responsibility and member benefits. With over 150 years of history, consistent “A” ratings, and a robust financial position, Foresters offers the security and stability essential for long-term insurance products.

The company’s product lineup is diverse and flexible, with options ranging from term life to various permanent insurance solutions. Their flagship Advantage Plus Whole Life Insurance provides an excellent combination of guaranteed benefits, dividend potential, and simplified underwriting options, making it accessible to a wide range of individuals.

What truly sets Foresters apart is its status as a fraternal benefit society, offering unique member benefits beyond just insurance coverage. Scholarships, community grants, volunteer opportunities, and wellness programs add significant value to Foresters’ policies and reflect the company’s purpose-driven approach.

For those considering permanent life insurance as a financial tool for wealth building, retirement planning, or estate planning, Foresters’ dividend-paying whole life products deserve serious consideration. Their competitive rates, strong dividend history, and no-exam options for coverage up to $400,000 make them particularly attractive in the marketplace.

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