Foresters Financial

by Mark Cluett
5 min read

Foresters and Foresters Financial are operating brand names for the Independent Order of Foresters (IOF), an international financial services provider. IOF is a fraternal benefit society that originated in Canada and has offered life insurance and annuities in North America and the United Kingdom for more than 145 years through Foresters Financial.

Foresters Financial has over 3 million customers across Canada, the United States, and the United Kingdom. As a fraternal institution, Foresters Financial’s profits are reinvested into causes that enrich the lives of its members and their communities. Foresters Financial has been an early champion of gender and racial equality and is known internationally for its charitable efforts in times of tragedy and need.

Contact Information

Address

The Independent Order of Foresters
789 Don Mills Road
Toronto, Canada M3C 1T9

Phone Numbers

Canada-Wide Toll-Free:  1-800-828-1540

Website

Foresters Financial | Independent Order of Foresters Wikipedia Page

Financial Ratings

Based on 2019 financial reports.

Total premiums and deposits: $2 Billion
Assets under administration: $11.2 Billion

LICAT ratio: 132.6%
DBRS Limited Financial Strength Rating: A, Stable

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Term Life Insurance

Term life insurance is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance.

Foresters Financial offers four different term life insurance options:

Term 10

  • Available for applicants aged 18-75
  • Automatic renewals available every 10 years
  • Face amounts ranging from $100,000 – $5 million

Term 20

  • Available for applicants aged 18-65
  • Automatic renewals available every 20 years
  • Face amounts ranging from $100,000 – $5 million

Term 30

  • Available for applicants aged 18-55
  • Automatic renewals available for 5-year terms once the original 30-year term concludes
  • Face amounts ranging from $50,000 – $5 million

EZ Term

  • Simplified issue non-medical 10 year term life insurance
  • Available for applicants aged 18-65
  • Automatic renewals available every 10 years
  • Face amounts from $25,000 – $250,000 (depending on age at issue)

For more information and an in-depth look at their coverage, read our Foresters Financial Term Life Insurance Review.

Permanent Life Insurance

Permanent life insurance provides you with coverage from the day the policy is settled until the day you die. Premiums are level and guaranteed, and as long as you keep paying the premiums the coverage never expires.

Foresters Financial offers two permanent life insurance policy options:

Advantage Plus Whole Life

  • A participating whole life insurance policy
  • Offers the flexibility to customize a plan that helps provide financial security for your loved ones  with options for term riders for oneself and their children
  • Lifetime death benefit protection, guaranteed cash value, and guaranteed premiums
  • Premium payment options of 10-pay, 20-pay or pay-to-age-100

Non-Par Whole Life

  • A non-participating whole life insurance policy
  • Offers the flexibility to customize a plan that helps provide financial security for your loved ones with options for term riders for oneself, their spouse, and their children
  • Lifetime death benefit protection, guaranteed cash value, and guaranteed premiums
  • Premium payment options of 20-pay or pay-to-age-100

Read our full review of Foresters Financial Whole Life Insurance.

Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump sum if you develop a specified illness, health event, or undergo treatment while under its coverage, after a minimum of 30 days from when you are first diagnosed (90 days for cancer). This coverage is available for a period of time also known as term length; and you determine it when purchasing the policy.

Foresters Financial offers 2 different critical illness insurance policies:

Health Security Plus

  • Basic coverage (four conditions covered)
  • Available in a 10-year term or to age 75
  • Simplified application
  • Coverage up to $100,000
  • Return of premium on death and return of premium on expiry/cancellation available

Life Care

  • Enhanced coverage (25 conditions covered)
  • Available in a 10-year term or to age 75
  • Traditional application process with medical underwriting
  • Coverage up to $2,000,000
  • Return of premium on death and return of premium on expiry/cancellation available

For more information and an in-depth look at their critical illness coverage, read our Foresters Financial Critical Illness Insurance Review.

Other Financial Services

Foresters Financial – as the name implies – also offers options for those saving for retirement through annuities. Their Annuity Plus suite of products can also be used as RRSPs and TFSAs for those looking to ensure a reliable source of income at retirement.

Need help?

Call us at 1-888-601-9980 or book time with our licensed experts.

The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.

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