Foresters Financial Life Insurance Review for 2024
Founded in 1874, Foresters Financial has been a competitor in the life insurance industry for over 100 years. Foresters Financial life insurance financial ratings have declined in recent years although they continue to have few customer complaints. Foresters Financial term life insurance rates start at just $7.79 per month.
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Heidi Mertlich
Licensed Life Insurance Agent
Heidi works with top-rated life insurance carriers to bring her clients the highest quality protection at the most competitive prices. She founded NoPhysicalTermLife.com, specializing in life insurance that doesn’t require a medical exam. Heidi is a regular contributor to several insurance websites, including FinanceBuzz.com, Insurist.com, and Forbes. As a parent herself, she understands the ...
Licensed Life Insurance Agent
UPDATED: Mar 22, 2024
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Foresters Financial life insurance has been a popular product for over 100 years. Foresters offers cheap term life insurance, whole life insurance, and universal life insurance options.
Choosing the right life insurance provider is important. Here we’ll summarize the Foresters Financial reviews, ratings, and how to get the best rates from Foresters Financial.
Excited to learn more about Foresters Financial life insurance? Start shopping today using our free quote tool above to get instant rates from top life insurance companies. Don’t wait.
What type of insurance products are offered by Foresters?
Foresters Financial might mislead people with their name. With a name that includes financial, you might think they manage IRAs, stocks, or other services.
What products and financial services are offered? Foresters offers term, whole, and universal life insurance products. They also sell two annuities to serve as investment resources. Foresters Financial services are limited primarily to death benefits.
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Foresters’ term life insurance policies are available in 10, 15, 20, 25, and 30-year terms. These have level premiums but no cash value component. Whole and universal life insurance with Foresters will build cash value.
Cash value on a life insurance policy is implemented so that policyholders build a savings account, in a sense, as they pay their monthly premiums. This cash value can be withdrawn in the future in most cases.
The primary difference between whole and universal life insurance is that whole life insurance has level premiums over the course of your life or payment period. Universal life has flexible premium payments.
If you’re simply looking for affordable Foresters Financial life insurance, a term life insurance policy is your best option. If you’re really looking to create financial security, whole or universal life insurance might be better.
Everyone has slightly different needs. It’s important to learn the benefits of term vs whole life insurance.
Are Foresters’ life insurance rates affordable?
Before you buy Foresters Financial life insurance or annuities, you’ll want to be sure you aren’t wasting any money. There are tons of competitors, which gives you the upper hand when buying cheap life insurance.
How much does life insurance from Foresters cost? Let’s take a look.
| Age and Gender | $100,000 | $250,000 | $500,000 |
|---|---|---|---|
| 25-Year-Old Male | $9.19 | $13.78 | $21.44 |
| 25-Year-Old Female | $8.31 | $11.59 | $17.06 |
| 35-Year-Old Male | $9.89 | $15.53 | $24.94 |
| 35-Year-Old Female | $9.28 | $14.00 | $21.88 |
| 45-Year-Old Male | $16.45 | $31.94 | $57.75 |
| 45-Year-Old Female | $14.00 | $25.81 | $45.50 |
| 55-Year-Old Male | $32.64 | $72.41 | $138.69 |
| 55-Year-Old Female | $25.55 | $54.96 | $103.25 |
You’ll see above that the Foresters Financial life insurance rates are reasonable, especially at a younger age. Women typically have lower life insurance rates than men, which is noticeable here as well.
Many companies charge a steep premium when going from $250,000 to $500,000 in coverage, but Foresters has a mild increase in premium which is great if you’re looking for extra coverage.
How much does $250,000 in life insurance cost? Well, that depends on the company. So, how does Foresters’ life insurance compare to other top companies?
| Age and Gender | 20 Year - $250,000 Foresters Financial Monthly Rates | 20 Year - $250,000 State Farm Monthly Rates | 20 Year - $250,000 MassMutual Monthly Rates | 20 Year - $250,000 John Hancock Monthly Rates | 20 Year - $250,000 Prudential Monthly Rates |
|---|---|---|---|---|---|
| Age 30 - Male | $14.00 | $24.59 | $15.23 | $14.79 | $20.35 |
| Age 30 - Female | $12.91 | $18.72 | $13.70 | $13.74 | $17.28 |
| Age 40 - Male | $20.56 | $33.72 | $20.68 | $22.09 | $24.50 |
| Age 40 - Female | $18.59 | $28.49 | $17.83 | $19.94 | $22.53 |
| Age 50 - Male | $46.59 | $69.59 | $47.63 | $49.24 | $45.50 |
| Age 50 - Female | $36.97 | $54.59 | $36.33 | $38.56 | $40.03 |
When comparing Foresters Financial to other top life insurance companies, you’ll see that they have favorable rates. If you simply want affordable life insurance, Foresters Financial could be a good choice.
Read more: John Hancock vs. Allstate Life Insurance: Understanding the Difference
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Is Foresters Financial a good company?
Foresters might not be as well-known as other companies like MetLife, State Farm, or Allstate, but they are still considered a leading life insurance company in the United States.
Which insurance company is best for life insurance? We’ll take a look at Foresters’ financial stability and customer service ratings to provide greater insight into which company is best for you.
Does Foresters have positive reviews and ratings?
Before you start worrying about getting the best Foresters Financial life insurance quotes, you’ll want to be sure the company is worth trusting.
Operating under Foresters Life Insurance and Annuities Company, the NAIC Complaint Index shows zero complaints over the past two years.
Foresters Financial ratings have been strong over the years but were downgraded by A.M. Best in 2020. The downgrade is in response to a sale or merger that is anticipated to occur.
Foresters Financial is also not ranked by JD Power, so we can’t compare them for consumer satisfaction against top life insurance market shareholders.
The Better Business Bureau rates Foresters Financial as an A+ company. They only have 8 complaints over the past two years but some of those complaints remain unresolved.
Overall, Foresters Financial ratings and reviews suggest that the company is trending downwards.
What is the history of Foresters?
What is Foresters? Where did they come from? Foresters, or Foresters Financial, is a life insurance provider that has served the United States for nearly 150 years. The history of Foresters Financial started in 1874 and was founded on helping others during catastrophic events.
Their website shares an inspiring story on Dr. Oronhyatekha who led an initiative to help San Francisco residents that had been impacted by an earthquake.
This company was founded as a feel-good company and appears to have stayed true to that persona. Who owns Foresters Financial? James (Jim) Boyle took over Foresters just a few years ago after gaining experience with competitor John Hancock.
More About Foresters Financial
Foresters Financial has some pros and cons, like any life insurance company. Sometimes it’s the little things that can make or break a company. Making claims or canceling policies is another small detail that we look into.
Read more: How to Get Out of Your Foresters Financial Life Insurance Policy [Right Way]
How can I file a claim? Filing a claim with Foresters Financial can be done two ways, by phone or by mailing their claims form. You’ll need some basic information such as:
- Name of the deceased
- Your contact information
- Date the deceased passed
- Cause of death
You can make matters even easier by having the death certificate, policy numbers, and similar details to prove the facts about the deceased. Sadly, they don’t do online claims.
How do I cancel my Foresters life insurance policy? To cancel or surrender your life insurance policy with Foresters Financial, you’ll need to contact their customer service or complete the form listed on their website.
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The surrender form is a four-page pdf that needs to be mailed to Foresters. You will have to pay taxes on any amount that is earned or returned from the policy.
After looking at ratings, reviews, and more during this Foresters Financial life insurance review, it’s important to highlight the good and the bad.
Pros of Foresters Financial
- Cheap term life insurance
- Various life insurance options
- Very few customer complaints
Cons of Foresters Financial
- Declining financial strength ratings
- Low market share
- Limited online features
Foresters Financial has been a life insurance provider for many years. They are good for cheap term life insurance but there are growing concerns about their financial future.
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Navigating Foresters Financial Life Claims Process
Ease of Filing a Claim
Foresters Financial offers a straightforward process for filing insurance claims. Policyholders have the flexibility to file claims through various channels, including online, over the phone, and through traditional mail. This versatility ensures that customers can choose the method that best suits their preferences and needs.
Average Claim Processing Time
One critical aspect of the claims process is the speed at which claims are processed. Foresters Financial is known for its efficient claims processing system. On average, they strive to expedite the evaluation and approval of claims, providing policyholders with timely resolutions during difficult times.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is a valuable indicator of an insurance company’s performance in handling claims. Foresters Financial has received positive feedback from many policyholders regarding the fairness and promptness of claim resolutions. Customers appreciate the company’s commitment to fulfilling its financial obligations to beneficiaries.
Unveiling Foresters Financial Life Digital and Technological Advancements
Mobile App Features and Functionality
Foresters Financial offers a user-friendly mobile app that allows policyholders to manage their insurance accounts conveniently. The app provides features such as policy information access, premium payments, and claims tracking. Users can easily navigate the app to stay up-to-date on their policies.
Online Account Management Capabilities
Online account management is a key feature for policyholders seeking convenience and control over their insurance policies. Foresters Financial provides a robust online platform that enables customers to access policy details, make payments, and update personal information. This digital convenience streamlines the overall customer experience.
Digital Tools and Resources
In addition to the mobile app and online account management, Foresters Financial offers a range of digital tools and resources to assist policyholders. These resources include educational materials, calculators, and informative articles. Policyholders can use these tools to make informed decisions about their insurance coverage and financial planning.
Foresters Financial Life Insurance: The Bottom Line
If you were wondering how to find the best quotes on life insurance coverage from Foresters Financial, you’ve learned that they have competitive term life insurance rates.
Before you rush to buy Foresters Financial life insurance, but sure to shop rates from other industry leaders. Get multiple quotes in just a few clicks using our FREE quote tool below.