Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

Foresters Life Insurance has been around for about a century and a half and has subsidiaries all over the globe, including Canada. The insurance provider offers a number of life insurance policies and options, as well as retirement, savings, and investment products. Foresters currently has more than 3 million clients across Canada, the US, and the UK.

If you’re looking for a life insurance policy to cover your loved ones after your passing, Foresters Life Insurance has plenty of options for you to create a customized plan. 

How Does Foresters Life Insurance Work?

Headquartered in Toronto, Ontario, Foresters works a little differently than other life insurance companies. It’s a non-profit fraternal benefit society that is made up of members who receive benefits from their policies rather than actual policyholders. Members can benefit from perks such as financial advice and post-secondary education scholarships.

That said, its life insurance policies work much like other providers in that a death benefit will be paid out to your beneficiaries upon your passing in exchange for regular premium payments. 

Lookout How To Tell If Your Insurance Agent Is Misleading You

Loans Canada Lookout

LOOKING OUT FOR YOUR BEST INTEREST

Lookout How To Tell If Your Insurance Agent Is Misleading You
How To Tell If Your Insurance Agent Is Misleading You
READ ARTICLE

What Kind Of Life Insurance Does Foresters Offer?

No matter your financial situation, Foresters Insurance has a variety of life insurance policies to help cover your lifestyle. 

Term Life Insurance

A term life insurance policy is a more affordable option for those who are looking for coverage during their working years when bills and debt levels are at their highest. These plans are more cost-effective than permanent policies because they are not designed to last forever. Rather, term policies last for a specified period of time. 

Term coverage is useful if you only require coverage while there are dependents in your home who rely on you for your income. If you passed away during this time frame, your family would receive a payout that can be used to pay some of life’s biggest expenses, including your mortgage

Term life insurance requires fixed premium payments in exchange for a fixed death benefit over a specified period of time. Your premium is guaranteed and will not change over the term you choose. 

Foresters Insurance offers terms of 10, 20, and 30 years. Generally speaking, longer terms are more expensive than shorter terms. You can choose the term that best suits your needs and budget.

When your term comes to an end, you can always renew your policy or convert your term policy to a permanent policy without having to go through the hassle of providing additional proof of insurability as you did when you first took out your insurance plan. 

Term 10

  • Available to applicants between 18 to 75 years of age
  • Automatic renewal after 10 years
  • Coverage between $100,000 to $5 million

Term 20

  • Available to applicants between 18 to 65 years of age
  • Automatic renewal after 20 years
  • Coverage between $100,000 to $5 million

Term 30

  • Available to applicants between 18 to 55 years of age
  • Automatic renewal after 30 years, with 5-year terms available following the expiration of the original term
  • Coverage between $50,000 to $5 million

Check out if you should choose term life insurance or whole life insurance.

Whole Life Insurance

Also referred to as ‘permanent life insurance,’ a whole life insurance policy is designed to last your entire life, regardless of when you pass away. As long as your policy is active and you’ve kept up with premium payments, your beneficiaries will be paid out a death benefit upon your passing.

There is no fixed term and premiums are guaranteed not to increase over the life of the contract. Whole life insurance policies can either be participating or non-participating:

Find out why it’s important to have a will.

Participating Life Insurance

A participating life insurance policy is one in which policyholders may receive dividends. Foresters offers its Advantage Plus Whole Life policy that pays out a death benefit to your named beneficiaries. Your policy will also include a cash value portion that is guaranteed for your lifetime.

Advantage Plus Whole Life is a participating permanent policy that has the potential for dividend payouts. You can use these dividends to put towards your premiums, to buy additional insurance and build on the cash value of your policy, or be paid out in cash. Otherwise, you can simply leave the dividends deposited in your plan to collect interest and let the funds grow over time. 

Non-Participating Life Insurance

A non-participating life insurance policy is one in which policyholders do not receive dividend payouts. Premiums are usually lower than participating life insurance policies as a result.

Foresters’ non-participating whole life insurance policy comes with a tax-free death benefit, guaranteed lifelong coverage, and premiums that won’t change even if your health changes at some point. 

Your policy can accumulate cash value over time, which you’re free to borrow against. The cash value is the amount of money that you are paid out if your policy is terminated and accumulates every year beginning in the 11th year. 

Find out what happens if you miss a life insurance payment.

Foresters offers 3 types of non-participating whole life insurance policies, each of which comes with guaranteed cash values, guaranteed premiums, and lifetime death benefit protection: 

Non-par whole life
  • Coverage type – Single Life, Joint First-to-die, or Joint Last-to-die
  • Premium-paying periods of either 20 years or to age 100 
Simplified non-par whole life:
  • Coverage type – Single Life, Joint First-to-die, or Joint Last-to-die
  • Premium-paying period to age 100
  • No medical exam required
Child non-par whole life

Critical Illness Insurance

If you ever become unable to work due to a debilitating illness, you may be eligible to collect a lump sum payment under a critical illness policy. As long as the premiums are maintained and the illness is listed under your policy, you can receive a percentage of your income to help keep up with your ongoing bill payments. 

Foresters offers two critical illness insurance policies:

  • Live Well. This policy covers 4 medical conditions including cancer, heart attack, stroke, and coronary artery bypass surgery. Coverage is provided up to $100,000.
  • Life Well Plus. This policy covers 25 medical conditions. Coverage is provided up to $2 million.

Pros And Cons Of Using Foresters Life Insurance

Pros

  • Joint term coverage – Both you and your spouse or partner can be covered under the same policy, which can translate into savings compared to having two individual policies. 
  • Lower premiums for good health – Preferred insurance classes are available for coverage of more than $500,000. If you maintain optimal health, you may qualify for lower premiums. 
  • Quit smoking incentive plan – If you’re a smoker when you take out a life insurance policy with Foresters, you may qualify for a 2-year reduction in premiums if you quit smoking during your policy and provide evidence that you’ve ceased the habit. 
  • Conversion option – You can convert a term policy into a permanent policy without having to go through the process of proving your ability to be insured. 
  • Exchange option – You’re free to exchange a term life insurance policy for a longer-term policy at the time of exchange without proof of insurability.
  • Bereavement counselling – Your policy beneficiaries can be reimbursed up to $1,000, which can be applied to counselling services to help them with bereavement.
  • Option to choose premium payment periods – You’re free to select the premium payment period that suits you best. 
  • Dividend options –  The Foresters Advantage Plus plan offers dividend payouts.
  • Several coverage options available – The term and whole life insurance policy options can be further broken down to tailor your life insurance policy according to your needs. 
  • Member benefits – Foresters offers many membership benefits, including scholarships, terminal illness loans, and discounts to sporting events, theme parks, and legal services. 

Cons

  • No digital policy – Only a paper copy of your policy will be made available after it has been approved. 

Check out how gender affects the cost of a life insurance policy.

Costs Involved With Getting Life Insurance With Foresters

To give you an idea of how much a life insurance policy would cost with Foresters, the following chart illustrates the cost for a 20-year term policy with coverage of $500,000 for healthy, non-smoking individuals:

AgeMaleFemale
30 years old$33.30$23.40
40 years old$50.40$37.35
50 years old$135.90$91.80

Like other life insurance companies, Foresters Insurance assesses several factors when calculating the cost of policies, including the following:

When it comes to the cost of a life insurance policy, it’s all about the risk that the insurance provider assumes. The higher the risk, the more expensive your policy will be. The longer your perceived lifespan, the less expensive your policy will be. The above-mentioned factors play a direct role in your risk of dying young versus living a long life, which will, in turn, affect your premiums. 

Find out what is the average cost of life insurance in Canada.

How Will I Receive My Death Benefit? 

The beneficiaries that you have named in your life insurance policy will receive a death benefit in the form of a tax-free, lump sum payout. It’s important that you are up-to-date on your premium payments to keep your policy active and ensure that your loved ones receive the death benefit. 

Check out how life insurance affects your debt.

Before the payout is distributed, your family will need to supply a copy of your death certificate to the insurance provider as proof of your passing. Following this, the death benefit will be paid out shortly after.

If you have a critical illness policy with Foresters and are diagnosed with a medical condition that inhibits you from returning to work, you can file a claim on your own. Your insurance provider will need to see proof of your diagnosis and inability to return to work as a result. After your claim has been approved, you’ll receive your payout as stipulated in your policy.

Here are 14 insurance terms you need to know.

Foresters Insurance Application Process

If you’ve decided to take out a life insurance policy with Foresters Insurance, you can complete an application that can be found on the insurer’s website. The application form is quite detailed and requires the following information to be filled out:

  • Full name
  • Date of birth
  • Address
  • Social insurance number (SIN)
  • Employment information
  • Copy of a government-issued ID
  • Health information
  • Type of policy applying for
  • Beneficiary information 

Depending on the type of policy you are applying for and your health status, you may be required to undergo a medical exam to verify your health. Otherwise, if you are applying for a policy that does not require a medical exam, this step can be skipped. Instead, Foresters Insurance will use the information provided in your application about your health to come up with the cost of your policy. 

Once your policy is approved, you’ll start paying the agreed-upon premiums to keep your policy active. 

Check out if your insurance company will check your credit.

Topic Overview 

Minimum Coverage$50,000
Maximum Coverage$5 million
Term-10, 20, and 30 years for term life
-Lifelong coverage for whole life
RenewableYes (for term life)
ConvertibleYes (for term life)

Should I Get Foresters Life Insurance?

Foresters Insurance offers several life insurance policies that can be tailored to suit your needs. The company has a long track record in the insurance industry and offers many membership perks that you won’t find with other insurance providers. If you’re in the market to take out a life insurance policy, Foresters will likely have something that will fit within your budget.

Caitlin Wood, BA avatar on Loans Canada
Caitlin Wood, BA

Caitlin Wood is the Editor-in-Chief at Loans Canada and specializes in personal finance. She is a graduate of Dawson College and Concordia University and has been working in the personal finance industry for over eight years. Caitlin has covered various subjects such as debt, credit, and loans. Her work has been published on Zoocasa, GoDaddy, and deBanked. She believes that education and knowledge are the two most important factors in the creation of healthy financial habits. She also believes that openly discussing money and credit, and the responsibilities that come with them can lead to better decisions and a greater sense of financial security.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2016/12/caution-1.jpg
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.

https://loanscanada.ca/wp-content/uploads/2022/10/How-To-Pay-Your-Taxes-With-A-Credit-Card-Through.png
How To Pay Your Income Taxes With A Credit Card

By Lisa Rennie

If you’d like to pay your taxes using a credit card, you’ll need to use a third-party service provider like Plastiq or PaySimply.

https://loanscanada.ca/wp-content/uploads/2021/08/Climate-Action-Incentive-CAI-1.png
What Is The Canada Carbon Rebate (CCR)?

By Bryan Daly

The Climate Action Incentive Payment (CAIP), or Carbon Tax Rebate, is quarterly benefit paid to eligible Canadians in

https://loanscanada.ca/wp-content/uploads/2021/03/Canada-Workers-Benefit-CWB.png
Can You Claim The Canada Workers Benefit (CWB) In 2024?

By Bryan Daly

The Canada Workers Benefit is a refundable tax credit for individuals earning a low taxable income of $3,000 - $24,112.

https://loanscanada.ca/wp-content/uploads/2020/12/Student-Tax-Credits-and-Deductions.png
Student Tax Credits In Canada

By Chrissy Kapralos

Similar to how there are specific tax credits and deductions for businesses, seniors, and parents, there are student tax credits in Canada.

https://loanscanada.ca/wp-content/uploads/2021/04/Pay-Less-Taxes-Canada.png
How To Pay Fewer Taxes In Canada

By Bryan Daly

People are always trying to figure out how to save money on taxes in Canada. We present the best ways to legally pay less tax in Canada.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card