Foresters Financial has a long history of successfully paying its claims in a manner that works for the beneficiaries of their policyholders.
The company also has a wide range of financial products to offer.
This review will cover Foresters Financial, the financial products they offer, and their ratings from outside companies.
Foresters Financial Company History
Foresters Financial was initially established more than 140 years ago.
This insurance carrier has its headquarters in Ontario, Canada. However, it provides both insurance products and other financial and retirement solutions to customers both in Canada and in the United States.
The company’s overall mission is – and always has been – to provide access to the “average, working family.”
Foresters Financial is the parent company of First Investors – a financial firm that offers many insurance and financial products to the main group of financial consumers.
This firm provides its solutions via more than 500 agents who provide advice throughout the United States.
By of the end of 2013, Foresters Financial had more than $1.4 billion of assets under management and more than $141 million in gross written insurance premium on its books.
The clients of Foresters Financial are considered to be “members”. This is because Foresters is a fraternal company – also referred to as a fraternal benefit society.
This means that the insurer is a not-for-profit entity, and therefore it does not have stockholders or stock on any of the stock market exchanges.
Because of that, the company’s customers are also part owners of the insurer – and therefore, when a person purchases an insurance policy through Foresters Financial, he or she obtains many additional benefits.
These include the ability to apply for college scholarships, receive financial advice, and even attend local family events hosted by the company.
Due to its very stable financial standing, Foresters Financial has earned a high financial rating.
A.M. Best has rated Foresters with an A rating, or excellent, over the past 15 years.
The A rating by A.M. Best shows that the insurer is thought to have a strong ability to meet its ongoing obligations to its policyholders, and that it also is financially secure.
This financial strength is anticipated not to change going forward.
Foresters Financial has earned an excellent grade of A+ as an insurer by the BBB (Better Business Bureau), even though it is not an accredited member. This is on a grade scale between A+ and F.
From the rolling three years reported by the BBB, Foresters has closed two complaints, and there have been no complaints over the past 12 months.
The two complaints were centered on issues with the company’s products/services.
The insurer is also a member of the non-profit entity, Assuris. This organization offers protection for insurance policyholders in Canada, should the insurance carrier fail financially.
This membership is yet another benefit for those who have protection through Foresters. They will still receive their benefits – even in the rare event that the insurance carrier should have some financial issue in the future.
In addition to providing superior products and services, Foresters Financial is quite active in the local community. It is involved in numerous activities, and the firm donates a lot of funds to charitable organizations.
Foresters also makes it easy for its customers to find the information that they need. Whether it is concerns questions on a policy, changes to their account, or even just about basic insurance information, a customer will receive adequate help.
The company provides a detailed Frequently Asked Questions section on its website. There is also a financial literacy section on the site that walks through important details on savings and insurance.
The company also makes it convenient to contact its customer service reps. You can receive assistance by calling a toll-free number, as well as through email.
Also, forms can be filled out online and then you will receive a response in short order.
Products Offered By Foresters Financial
Foresters Financial offers a wide array of financial products to choose from. This can help customers plan ahead and to more easily customize the group of financial products that work the best for their specific needs.
Many people know the company only as Foresters Life Insurance Company. The life products offered via Foresters include the following types:
Term Life Insurance
The term life insurance coverage provided through Foresters Financial can provide a helpful “safety net” for a specific amount of time when a customer needs it most.
This type of coverage can often be priced very reasonably – especially if, at the time of application, the insured is younger and in good health.
The premiums for this type of coverage will remain fixed throughout the entire duration of the coverage.
Foresters Financial provides several different options for term life insurance coverage. This way, policyholders can pick and choose the length of coverage that works best for their specific needs.
Permanent Life Insurance
With permanent life insurance, the insured will receive both life insurance protection throughout the remainder of their life – provided that the premiums continue to be paid – as well as a cash value which grows tax-deferred.
Tax-deferred means that you do not pay any taxes on the money you deposit or on the interest earned, taxes will only have to be paid on these funds if and when they are withdrawn.
There are several different types of permanent life insurance offered through Foresters Financial.
These include the following:
Whole Life Insurance
Whole life insurance is typically considered to be the simplest of all the permanent life insurance offerings.
With this product, the insured will have a guaranteed death benefit, as well as premiums that are locked in for the remainder of his or her life. This can be nice for someone who is on a fixed budget.
The cash value in a whole life insurance policy will grow with a rate of interest that is guaranteed.
In some cases, whole life insurance may also earn dividends, which can help the cash value to grow even more.
Cash has many options for how it can be used. You can take out a loan against that cash value, or it can be withdrawn to:
- Payoff debt
- Supplement your retirement
- Anything else you wish, even a vacation.
Some whole life insurance policies may be paid with a lump sum payment.
Others can be paid with just a few large premiums, and then they are paid off so that the policyholder does not need to worry about making premium payments again throughout the life of the policy.
Universal Life Insurance
Universal life insurance policies will also offer both death benefit protection, as well as cash value build up.
However, universal life insurance, when compared to whole life, is considered more flexible.
This is because you get to decide and make changes to how much of each premium goes toward the death benefit and the cash value.
Final Expense Life Insurance
Final expense life insurance is purchased typically by those who are seniors with the intent of covering funeral costs and other related expenses.
Through Foresters Financial, individuals can buy a PlanRight whole life insurance policy to help in paying final expenses.
Because it is a whole life insurance policy, the plan will offer death benefit protection, along with a cash value that grows on a tax-deferred basis.
Accidental Death Coverage
Foresters Financial also offers an accidental death insurance coverage. With accidental death coverage, the policy will pay out if a person whose life is insured dies due to a covered accident.
The Foresters Prepared accidental death plan will protect an insured loved one until he or she turns 75 years old.
Mortgage Life Insurance Protection
For most people, their home is the single most significant investment that they will ever make.
Because of that, it is vital to protect it – and this includes ensuring that loved ones will able to remain there, even in the event of death.
By having a mortgage life insurance policy, the balance of an unpaid mortgage can be easily and quickly paid off.
This is so that a spouse, children, or other loved ones will not have to drastically change their lives and move from a home they love – especially during already difficult time.
Foresters Financial offers a level term insurance policy that provides insurance protection for the length of one’s mortgage balance – or possibly even longer – depending on the situation.
An individual can even choose to keep the same level of life insurance coverage, even after their mortgage has been paid off.
Foresters Financial Life Insurance Review Bottom Line
Foresters Financial has a long history, is considered one of the top life insurance carriers in the USA, and has an excellent rating on all of its products.
Because of this, a consumer should feel more than comfortable utilizing the services the company provides.
If you’re looking for a good service rely on, Foresters Financial is a reliable option that provides a wide range of services to choose from.