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Where Foresters Shines
Foresters can actually trace its origin to the early 14th-century, to a group called the Foresters society in England. They were a band of protectors composed of ex-soldiers and knights that banded together near the ancient royal forest and safeguarded travelers. They were partly employed by the monarchy for aid and support. For centuries, the Foresters were a disjointed cabal, mainly held together by their beliefs and the need to do good. Finally, in the 18th century, the society was formally founded. Membership was gained by combat. You had to prove your strength and worthiness through the use of a sword, a quarterstaff, and cudgels.
Over the years, the order branched out, but the general motive and passion for protecting the weak continued. They never disbanded, they just broke out into different factions due to some differences. Forester Financial, the economic backbone of this group’s life insurance operation, was birthed from one of these factions, The British Friendly Society, an organization devoted to caring for the sick and destitute.
Always on the Cutting-Edge
Foresters was one of the first companies, and quite possibly THE one that spearheaded the change that would ultimately result in today’s over-saturation of insurance firms. What did Foresters do? It was the first firm that extended insurance benefits and policies to the average blue-collar family. Not only that, it was the first to admit women as full members. Historically, one of the main reasons we are in awe of Foresters, aside from its great products, which we will get to in a minute, is because of their value system; a brand certainty they have maintained since their inception way back in the Renaissance. Foresters in one of the most active life insurance companies out there. They constantly help down trotted communities. As of 2014, the firm supports multiple causes in Canada, the UK, and the US, not only through direct investment but through partnerships.
Foresters has been there to support families and communities. The company has championed change and treats its policy-holders like individuals, not financial pieces to make a profit of. It is one of the strongest, financially speaking, companies in the market right now, with total assets of almost $12 billion. and funds under management surpassing the $28 Billion mark.
A company that’s always changing
Why is Foresters such a good company? Mainly because it has been at the forefront of actual paradigm-shifting change. Over the decades, whenever there is a tectonic shuffle, for the better, in the insurance industry, you can be sure Foresters is either to blame or has shepherded the innovation. When Foresters first deployed its enterprise in North America, it chose as its leader Dr. Oronhayatekha, a Mohawk who was one of Canada’s first native physicians to practice western medicine. Historical records of this man’s fight for equality, rights, and justice can be found through numerous museums. Forester could have chosen anyone, they could have placed an innocuous colonist at the forefront of their institution, yet instead, despite the frack they were going to get, they picked a Mohawk as figurehead and leader of their deployment in the Americas. Why? Because the man was passionate about his community, had standards, and had radical ideas that piqued Foresters’ interest. Ideas like championing the rights of women, children, and minorities.
What we like
Foresters Life Insurance Company has a stellar reputation not only with firms that grade the insurance field but with third-party critics. The Better Business Bureau has given it A+ and A.M. Best had rated Forester as an A- (excellent).
Aside from all the historical baggage, which speaks volumes on the brand’s spirit, Forester’s products aren’t too shabby. Not at all. They are quality products that aim to not only provide life insurance to the average Joe but whose main goal is to inspire financial independence and a better quality of life for its policy-holders golden years.
Forester gifts its members, apart from their life insurance, numerous financial opportunities, and attractive benefits. It has a fantastic financial service that offers annuities, mutual funds, savings/retirement plans, and even competitive scholarships.
Great Fringe Benefits
Also, on MyForesters.com, you’ll be able to find incredible fringe benefits that come attached to your policy. Tickets to sporting events, concerts, playgrounds, theme parks, and discounts of legal services.
Foresters also offers toll-free financial advice; diabetes management products; terminal illness loans, online learning services, and dozens of other grade-A experiences.
Some products don’t require medical exams
Forrester has a rather wide variety of products to choose from. Some even have a No medical exam option with a guarantee issue. Forester offers different types of simplified life insurance products. Some policies just ask simplified health questions to determine if you’re eligible and for how much they can insure you. They might request doctor records if you have them on hand. The important thing to note is that they don’t require exams, not lab tests, and don’t even ask you about your height or weight.
What we don’t like
Not the most affordable
To be honest, there aren’t that many negative points to consider worth mentioning when it comes to Foresters. It’s not one of the most affordable companies in the market right now, which is always a con’ if you’re shopping for something that adapts to a more frugal existence.
Best Term Life Insurance If you Have Diabetes
Foresters, or The Independent Order of Foresters, is a little different than the traditional publically owned life insurance company. They are a membership organization. This means that in addition to the life insurance products, you have access to other benefits like medical insurance discounts.
The product is called Foresters Strong Foundation Term and is arguably the best no-medical exam product for those with diabetes. In fact, the product is designed with specific health classes for people with Type 1 and Type 2 diabetes.
Before applying, ask your agent to run a quote using their Strong Foundation Diabetes Rating Calculator.
In order to be eligible, you must have an AIC of 10.9% or lower..
The application is 25 minutes taken by an agent over the phone.
- $20,000 – $250,000 in coverage
- 18 – 70 years old
- 15, and 20-year terms
- Available in all states
Special policy for people with diabetes
The majority of no medical exam products automatically decline applicants with diabetes. The Strong Foundation product was designed to fill the unserved market of those with diabetes that want a simplified issue life policy.
Financial history does not affect the price
Financial history is used by most life insurance companies to determine the risk and ultimately the price of a policy. Foresters are one of the few companies that do not run a LexisNexis report that checks your financial history. This is invaluable for those that would pay more or even be uninsurable due to negative financial history such as low credit score, bankruptcy, foreclosure, short sales. late bill payments, or tax liens.
Option to convert to a permanent policy
The policy has what is called a conversion option. This means that you can convert all or part of the coverage amount to a permanent policy without additional health questions. This may not be important now, but many people become uninsurable as they get older and develop health conditions such as cancer or heart disease.
Prices on the high side
Not many agents know about the Strong Foundation products because the pricing is normally not competitive with some of the other no medical exam companies. The pricing only becomes significantly less than the competition when the customer has a financial history that results in increased rates elsewhere.
Low coverage amounts
The maximum about available is $250,000. This causes issues for those looking for more coverage. An option is to buy the maximum coverage available with Foresters, and then purchase an additional policy with another company so you get the coverage amount needed. This is referred to as “laddering”.
Foresters Level Term Insurance: This is temporary level term life insurance that only covers you for a specific period in your life. This is the classic, every company has it, Term Life Insurance. You can get it for 10,15, 20, 25, and 30 year term periods.
Foresters Advantage Plus II: this is a permanent life insurance policy with guaranteed death benefits and premiums. The great thing about this policy is that it accumulates a cash value; you can get dividends from your investments. The advantages of an insurance plan of this type are that you can get bigger death benefits, you know the worst of your premiums for life, you have loan options and you can withdraw cash from your account.
Foresters SMART Universal Life: it is a universal life insurance policy that offers life-long coverage with flexible payments and long-term cash value growth.
Foresters PlanRight: this is whole life insurance that can help cover final expenses.
Foresters Prepared II: an accidental death insurance plan that can cover you until the age of 75.
Foresters ISP Variable Life Insurance: This is a permanent life insurance plan that includes accumulations of cash value, which are tax-deferred, fixed premiums, assured benefits, and access to funds for major life events or living expenses.
Accepts most people
Term at Foresters offers up to $400,000 in coverage with flexible ad-on and clauses. The policies include different riders/add ons, you can attach for an extra fee to optimize your plan. Some riders are accelerated death, accidental death, family health benefits, insurance for kids. Foresters cover most diseases and ailments, nonetheless, they do give a lower rate and lower benefits when a candidate comes to them with one of them.
Coverage for Term starts at $100k
The minimum Term insurance coverage starts at $100k and can reach $400k. There’s an estimated approval period if you’re submitting exams, of 14-30 days. If you waive exams and are approved you can get coverage in minutes, but for small sums.
Advantage Plus II meanwhile starts with benefits that range from $25,000 to $400,000 depending on your health and age. It is one of the more expensive products in the company’s catalog.
Permanent life insurance offers cash values
All of Foresters’ permanent and final expense life insurance policies offer cash values/dividends. Policyholders will receive both death benefits as well as a cash value component. This component can grow to tax-deferred status. You’re allowed to withdraw from this fund for just about anything. Pay off debts, do some renovations, pay off college tuition, or go on a nice vacation.
Another great thing about Foresters’ term is that it offers living benefits.
Converting is easy
Generally speaking, term policies, like Foresters Level Term Insurance, are convertible. That means that you can change your policy from a term to permanent life plan incredibly simple and without any overdue hassle. This enables you to have a bit more independence when it comes to how to strategize your benefits. Nonetheless, you should be aware that premiums go up when you change policy plans.
Forester offers not only term life and universal life insurance but offshoots of them with optional riders you can add to your coverage; including accidental death, accidental disability income, children’s life insurance, no medical exam life insurance and many more.
Only one complain in a 1 million customers
Foresters ensures over a million people in the US, UK, and Canada. It’s one of the oldest companies in the market right now. In the past three years, Foresters has only had one customer complaint filed at the Better Business Bureau, It managed to close it to the customer’s satisfaction. That ONE complaint, among more than a million subscribers.
Foresters also has a superior rating with some of the industry’s most trusted auditors and critics.
- A.MN. Best: A– Excellent
- Better Business Bureau: A+
In essence, this means that Foresters has a reputation for not only providing an exemplary service but paying out policy claims on time and without problems. It is a strong and stable company with a wide range of products.
See what you qualify for by answering some health questions.