Foresters Financial Insurance Review & Complaints: Life Insurance

Foresters Financial (review below) rating is an A- with the Better Business Bureau. Foresters Financial services include annuities. Foresters life insurance policies range from 10-13 years, but you will have to contact an agent for Foresters Financial life insurance quotes.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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Written by Eric Stauffer
Founder & Former Insurance Agent Eric Stauffer

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 1, 2022

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Foresters Financial

Financial Strength

The Highlights:

  • Foresters Financial offers life insurance, annuities, and mutual funds.
  • Foresters Financial life insurance reviews show the company is financially strong.
  • Online quotes are not available through the Foresters website.
  • Member benefits include financial counseling and scholarships.

This Foresters Financial review discusses products offered, pricing, and ratings as well as Foresters Financial life insurance reviews and offerings, but is Foresters Financial life insurance company for you? Read on to find out.

Foresters Financial is an international retirement-focused company tracing its roots to a British fraternal organization. Its products are a mix of investment and life insurance, mainly focused on saving for retirement.

Shopping around for the best insurance companies offering life insurance will help you keep your rates low.

Enter your ZIP code to compare quotes to Foresters Financial’s and discover who has the best life insurance rates.

What is Foresters Financial?

How long has Foresters Financial been in business? It might surprise you to learn how long ago the company got its start.

Foresters go back to the Ancient Order of Foresters, officially founded in England in 1834. It was a Friendly Society, similar to a fraternal organization, that provided medical assistance to those in need.

The order spread to Canada as the Independent Order of Foresters in 1875. Today it is known as Foresters Financial and provides products in the United States as well as the UK and Canada.

As a fraternal society, clients of Foresters are also members of the group. Membership benefits include access to reduced cost legal assistance, a free financial helpline, emergency assistance programs, loans, and scholarships and benefits for orphaned children of members.

Foresters Financial has excellent ratings, with some mixed reviews.

Foresters Financial Corporate Ratings
Ratings CompaniesForsters Financial RatingRating Explanation
A.M. BestAFinancially stable
BBBA-Customer service is average
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The headquarters is located in Toronto, Ontario, Canada, with U.S. offices on Wall Street in New York. Products are sold through financial advisors and independent agents in both the U.S. and Canada.

Who bought Foresters Financial? According to a news release, Nassau Financial Group has entered into an agreement to buy the company. Also, Foresters Financial sold Cetera its First Investor mutual funds.

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What products and financial services are offered?

Insurance products offered by Foresters have the general goal of creating financial security for retirement and beyond.

In addition to insurance products, the company also offers mutual funds and other savings products. The two main insurance products offered in the United States are life insurance and annuities.

Life Insurance

Foresters life insurance offers a full range of life insurance products including term life insurance, whole life insurance, and universal life insurance.

There are three types of term life insurance:

  • The “Your Term” product has a large range of term options from 10 to 30 years. It’s a level term plan that can be renewed or converted.
  • The other Level Term product has three-term options – 10, 20, or 30 years, and has guaranteed convertibility.
  • Accidental Death Term is an insurance policy designed to protect against sudden, accidental death of the insured.

All of the term policies have a variety of riders that can be added on to create more personalized life insurance coverage.

Foresters has four whole life insurance products:

  • PlanRight Whole life is a basic whole life policy with lifetime coverage and level premiums.
  • Advantage Plus is a participating whole life insurance plan that pays dividends, growing a cash value that can be used to pay premiums or taken as a loan.
  • Interest Sensitive is a whole life insurance plan that also accumulates cash through both a guaranteed interest rate and the potential for an excess interest rate to grow cash faster.
  • Your Legacy Single Premium life insurance allows the insured to make a single upfront premium payment and avoid monthly premium requirements.

There are two options for universal life insurance:

  • SMART Universal Life is a straightforward universal life insurance policy that grows a cash accumulation account with flexible premiums and a 10-year guarantee of coverage as long as premiums are paid.
  • Variable Universal Life is a product that also grows cash in an account but is linked to a subaccount whose performance will impact the amount of money that is accumulating. This product also has the flexibility of universal life.

The company also has level premium variable life insurance products. These products offer permanent life insurance protection along with the investment of a cash accumulation account linked to professionally managed investments.

There are three versions of this policy: ISP Choice; ISP 10 Express, which only requires 10 years of premium payments; and ISP Single Premium.

How do I cancel my Foresters Life Insurance?

If you need to cancel your policy, you can call the company or use your Foresters’ life insurance login on the website. The Foresters’ life insurance phone number is 800-832-7783.


The company writes four different types of annuities, which allow customers to create an ongoing retirement income from a relatively simple investment.

First Advantage Deferred Fixed annuities guarantee the rate of return for the life of the contract. This basic annuity has flexible income payment options and flexible contributions with a minimum of $200.

First Choice Variable Deferred annuities are available in two forms, one of which is the Bonus option. These annuities allow investment over time to work towards an eventual Foresters Financial withdrawal at retirement.

The First Advantage for Income Fixed Immediate Annuity creates an immediate income stream that will last for the fixed period of time chosen by the consumer.

Longevity Annuities offer guaranteed supplemental income for life and can be a flexible premium or single premium.

Are the company’s rates affordable?

The company does not offer online quoting or include rates on its website. Is Foresters Financial a pyramid scheme? No, it’s on the up and up.

Foresters is a membership organization that sells through agents and financial advisors and looks to create relationships by engaging customers in the process of quoting and selecting policies.

The company’s phone number is 800-828-1540.

Although we would not expect this company to have the most competitive rates, it does offer a number of member benefits that give added value to its products. Member benefits include academic scholarships and financial counseling.

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How can I file a claim?

Where can you find Foresters’ life insurance claim forms?

For life insurance, claims forms can be located and downloaded in the Customer Care portion of the website. Forms must be filled out and mailed in along with required documentation including the death certificate.

U.S. claims are handled through the Foresters office located in Edison, New Jersey. We were unable to find a dedicated claims phone line, but claims questions can likely be directed to the agent of record or through the main customer service channels.

Does the company have positive reviews and ratings?

Is Foresters Financial a good company? The New York office for Foresters has an A- rating with the Better Business Bureau (BBB), with a total of 23 complaints filed in the past three years. Only one of the Foresters Financial complaints was closed in the past twelve months.

The BBB states that the lowered rating from an A+ to an A- is due to the company’s failure to respond to two of the complaints filed. There are 63 reviews of Foresters on Pissed Consumer. The majority of these reviews are negative, with a few scattered positive reviews as well.

There are a lot of complaints about pushy salespeople, as well as other customer service issues. There are also a number of complaints regarding difficulty with canceling or accessing customer accounts.

Overall, the content and the volume of the complaints do not raise any major red flags regarding this company.

Foresters’ financial ratings are also very good. A.M. Best Company gives them a financial strength rating of  A , meaning the company has an excellent ability to meet financial obligations. It’s a financially healthy company.

Foresters Financial Insurance Review & Complaints:What’s the Bottom Line?

Foresters has a long history and a really good range of products aimed at retirement, final expense, and similar planning. It’s likely to appeal to those who like the idea of a membership organization and prefer to work with an agent on choosing and purchasing this type of product.

As a fraternal benefit society, Foresters offers excellent rates, plus will creation and legal assistance, college scholarships for families, etc.

The company is not likely to be a budget insurer, but it does offer other benefits as added value. These benefits may make the price worth it.

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