Foresters Life Insurance Review: An Honest Look (2026)
Foresters Financial is a legitimate fraternal benefit society with a real final expense product called PlanRight and unusual member perks like scholarships and community grants. It holds an A (Excellent) rating from AM Best. But service complaints and the membership structure mean shoppers should compare it against other carriers before buying.
Company Overview
What Is Foresters Financial?
Foresters Financial, officially called The Independent Order of Foresters, is a fraternal benefit society. That means it's a member-owned nonprofit that sells life insurance to its members instead of paying profits to stockholders.
If that sounds different from a normal insurance company, it is. A fraternal benefit society operates under a lodge system, pools member premiums, and puts a portion of its surplus into member perks and community programs. When you buy coverage from Foresters, you don't just get an insurance policy. You become a member of the society.
That membership is why Foresters calls your coverage a "certificate" instead of a "policy." It's a legal distinction. For most practical purposes, a certificate works like a life insurance policy: you pay premiums, your beneficiary receives a death benefit. But the certificate also gives you access to member benefits that standard insurance companies don't offer.
Foresters was founded in 1874 and is headquartered in Toronto, Canada. It operates in the US and Canada. The organization has over 150 years of continuous history and holds an A (Excellent) financial strength rating from AM Best.
Asurgo doesn't sell Foresters, so this review has no commission behind it. What follows is an honest look at the product, the perks, the complaints, and whether it's worth your money.
Product Review
The PlanRight Final Expense Plan: An Honest Review
PlanRight is Foresters' final expense whole life product, designed to cover funeral and end-of-life costs for seniors. It's the Foresters product most shoppers reading this page actually want reviewed.
Final expense insurance is small whole life coverage, typically $2,000 to $35,000, that pays your beneficiary a tax-free death benefit when you pass. The money can go toward funeral costs, medical bills, or anything else your family needs.
PlanRight is simplified issue. That means no medical exam, no bloodwork, no nurse visit. You answer a set of health questions, and your answers determine which tier you qualify for. Better health answers get you full day-one coverage at lower rates. More health issues push you into a graded tier with a waiting period before the full benefit kicks in.
PlanRight offers coverage in three tiers based on your health answers:
- Level (Preferred/Standard): Full death benefit from day one. This is the best tier and goes to applicants with the fewest health concerns. Coverage ranges from $5,000 to $35,000 for ages 50 to 80, and $2,000 to $15,000 for ages 81 to 85.
- Graded: The death benefit phases in over the first two to three years. If you pass during that window from natural causes, your beneficiary receives a percentage of the face amount or a return of premiums paid, whichever is greater. Available for ages 50 to 80.
- Modified: A return-of-premium plan for applicants with more serious health conditions. If you pass during the waiting period, your beneficiary receives premiums paid plus interest. Full benefit applies after the waiting period ends.
PlanRight also includes several riders at no extra cost: an accelerated death benefit rider for terminal illness, a common carrier accidental death rider, and a family health benefit rider.
Honest strengths: PlanRight is a real, established final expense product from a financially rated society. The fraternal member perks come along with it. The simplified issue process is standard for the market.
Honest limitations: One carrier's underwriting means one price and one answer. A shopper who doesn't fit PlanRight's sweet spot has no way to know that a different carrier would have said yes at a lower rate. That's the core reason to compare before buying.
Pricing
Foresters Rates vs. the Alternatives
Foresters' rates are competitive for some ages and health profiles but not all of them. There's no way to know which group you're in without comparing quotes.
Final expense premiums vary a lot from carrier to carrier, even for the same coverage amount and health profile. The spread between the cheapest and most expensive carrier for identical coverage can be 20 to 40 percent. That gap exists because every carrier has its own underwriting appetite for specific conditions, medications, and age brackets.
A Foresters agent can only show you Foresters' price. That's not the agent's fault. It's how single-carrier distribution works. But it means you're seeing one data point, not the market. An independent broker shows the same coverage priced across 25 or more carriers, and the lowest rate often comes from a carrier the shopper hadn't considered.
Carriers like Mutual of Omaha, Transamerica, Aetna, and AIG all compete in the same final expense market. Each one prices the same conditions differently. A $10,000 policy that costs $65 a month at one carrier might cost $45 at another. Over 10 years, that $20 monthly gap adds up to $2,400.
The practical takeaway: if you've gotten a Foresters quote, get a second one. If Foresters' price wins, you've confirmed it. If it doesn't, you've saved yourself money every month for the life of the certificate.
Compare your Foresters quote against 25+ carriers
Asurgo doesn't sell Foresters. We're an independent brokerage that compares 25 or more carriers to find the most coverage for your budget.
Member Perks
Foresters Member Benefits: Real Perks, Real Catches
Foresters offers genuine member benefits that most insurers don't, like scholarships and community grants. But they're extras that shouldn't decide the purchase on their own.
Because Foresters is a fraternal society, part of its surplus goes into member programs. These perks come with your certificate at no additional cost. The main ones include:
- Competitive scholarships: Foresters awards nearly $2 million a year in tuition scholarships for members and their families.
- Orphan benefits: Monthly payments and educational support for children of deceased members.
- Community grants: Funding for volunteer activities and community projects. The Foresters Care program offers two $200 grants per year for qualifying activities.
- LawAssure: A legal document preparation service for wills, powers of attorney, and healthcare directives.
- Member discounts: Savings on gift cards, travel, and other everyday purchases through a member discount program.
These perks are real, and they're a genuine differentiator. No standard insurance company offers anything like them. If you have grandchildren heading to college, the scholarship access alone has meaningful value.
The catch: all of Foresters' member benefits are non-contractual. That means the society can change or cancel them without notice. They're not guaranteed by your certificate. Think of them as strong extras, not promises. A senior buying $10,000 of burial coverage should weigh price and coverage first, perks second. If the perks are a tiebreaker between two equally priced options, they matter. If you're paying more for the certificate just to get the perks, run the numbers.
Legitimacy
Is Foresters Legit? And What Happened to Foresters Financial?
Yes, Foresters is a legitimate, licensed fraternal benefit society with a long operating history. It is not a scam.
Is Foresters a Legitimate Company?
Foresters has been operating continuously since 1874. It's licensed and regulated by state insurance departments across the US. You can verify its license through your state's Department of Insurance or look it up on the National Association of Insurance Commissioners (NAIC) Consumer Information Source using NAIC code 58068.
AM Best rates Foresters an A (Excellent) with a Stable outlook. That rating means AM Best considers the organization financially stable and capable of paying claims. Foresters has held an A rating from AM Best for over 25 consecutive years.
What Happened to Foresters Financial?
In 2019, Foresters sold its asset-management businesses. The Canadian arm went to Fiera Capital, and the US mutual fund business (First Investors) went to Macquarie Investment Management. Foresters refocused on its core life insurance and fraternal operations.
This was a business refocus, not a failure or a shutdown. The insurance operations continue. Foresters still holds its A (Excellent) AM Best rating, still issues certificates, and still runs its member benefit programs. If you saw headlines about Foresters selling off a division, that's what happened: they exited asset management, not insurance.
Complaint Record
The Complaints: What Customers Actually Report
The most visible complaints about Foresters are about service friction, especially reaching someone by phone and getting cancellations processed, more than about denied claims.
Customers report themes that include long hold times when calling member services, difficulty getting a cancellation processed in a timely way, and slow communication during claims. These complaints show up across public review platforms and in Better Business Bureau (BBB) filings.
To be fair, similar complaint themes appear at many insurers. Service friction is common across the industry, especially for older, larger organizations. The question is how it compares to the company's size.
The NAIC publishes a complaint index for every insurer. An index of 1.00 is the median for a company of that size. Below 1.00 means fewer complaints than expected. Above 1.00 means more. You can look up Foresters' current complaint index on the NAIC Consumer Information Source using NAIC code 58068.
Practical takeaway: whoever you buy from, keep written records of every call, every payment, and every request. If you ever need to escalate a complaint, your state's Department of Insurance is the path. That's true for Foresters and for every other carrier.
Fit Check
Who Foresters Is Good For, and Who Should Compare First
Foresters can be a fit for shoppers who value the member benefits and get a competitive PlanRight quote. But most seniors should compare several carriers before deciding.
Good Fit
- Your health profile lands in PlanRight's best tier at a competitive price
- You genuinely value the fraternal perks: the scholarships, community grants, and LawAssure service add real value for your family
- You've already compared Foresters' quote against other carriers and found it wins on price or coverage
Compare First
- You're buying on price and a few dollars a month matters on a fixed income
- You have a health condition. A different carrier's underwriting may treat the same condition better and offer level day-one coverage where Foresters would grade you
- You were only shown Foresters because that's all your agent sells
- The fraternal structure (certificates, membership, non-contractual benefits) is confusing to you. If you don't fully understand what you're buying, slow down and compare.
Asurgo doesn't sell Foresters, so this review has no commission behind it. What Asurgo does is compare 25 or more carriers so a shopper can see whether Foresters' quote actually wins.
Not sure how much coverage you need? Try our burial cost calculator.
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Asurgo doesn't sell Foresters. We compare independent carriers to find the most coverage for your budget. Most applicants have coverage in 24 hours.
The Verdict
The Verdict
Foresters Financial is a legitimate, long-established fraternal benefit society with a real final expense product and genuine member perks. But single-carrier pricing and service complaints mean most shoppers should compare before committing. We rate it 3.5 out of 5.
Legitimate society with 150+ years of history, an A (Excellent) AM Best rating, and real member perks. But service complaints, the certificate structure most buyers don't understand, and one-carrier pricing mean comparing is still the smart move.
Strengths
- Legitimate and long-established: operating continuously since 1874, over 150 years
- A (Excellent) AM Best rating held for 25+ consecutive years
- Real final expense product in PlanRight with simplified-issue underwriting and included riders
- Genuine member benefits: scholarships, community grants, LawAssure, and orphan benefits that no standard insurer offers
- Nonprofit fraternal mission that puts surplus into members and community, not stockholders
Weaknesses
- Service reachability and cancellation complaints from customers reporting long hold times and processing delays
- Certificate and membership structure that confuses buyers who expect a standard insurance policy
- One carrier means one price with no way to comparison-shop inside Foresters
- Member benefits are non-contractual and can be changed or cancelled without notice
Asurgo doesn't sell Foresters and earns nothing whether you keep or cancel a Foresters certificate. Our recommendation: get a second quote. If Foresters wins on price and coverage, keep it and enjoy the member perks. If another carrier offers more for the same money, you'll be glad you checked.
Common Questions
Frequently Asked Questions
Is Foresters a good life insurance company?
Foresters is a legitimate fraternal benefit society with over 150 years of history and an A (Excellent) rating from AM Best. It offers a real final expense product (PlanRight) and unusual member perks like scholarships and grants. The main concerns are service reachability complaints and the fact that a single carrier can only show you one price. Comparing quotes from multiple carriers is the best way to know if Foresters is the right fit for you.
How do I access my Foresters life insurance policy?
Contact Foresters member services or your servicing agent to access your certificate. Foresters issues certificates to members, not traditional policies. You can reach member services by phone or through the member portal on foresters.com. Have your certificate number ready when you call. If you're having trouble reaching someone, keep a written record of your attempts and contact your state's Department of Insurance if needed.
Can I borrow against my Foresters life insurance?
Whole life certificates from Foresters can build cash value over time, and once enough cash value has built up, you may be able to borrow against it. The specific terms, interest rates, and minimum cash value required depend on your certificate. Contact Foresters member services or review your certificate documents for the details. Taking a loan reduces the death benefit until you repay it.
What type of insurance is Foresters?
Foresters Financial (The Independent Order of Foresters) is a fraternal benefit society. That means it's a member-owned nonprofit that sells life insurance to its members. It is not a standard stock or mutual insurance company. When you buy coverage, you become a member and receive a certificate instead of a policy. The coverage works like a life insurance policy for most practical purposes.
Is Foresters a legitimate company?
Yes. Foresters Financial is a legitimate, state-licensed fraternal benefit society that has been operating since 1874. It holds an A (Excellent) financial strength rating from AM Best and is regulated by state insurance departments. You can verify its license through your state's Department of Insurance or look it up on the National Association of Insurance Commissioners Consumer Information Source using NAIC code 58068.
What happened to Foresters Financial?
In 2019, Foresters Financial sold its asset-management businesses. The Canadian arm went to Fiera Capital and the US mutual fund business (First Investors) went to Macquarie Investment Management. Foresters refocused on its core life insurance and fraternal operations. This was a business refocus, not a shutdown. The insurance operations continue, and the company still holds an A (Excellent) rating from AM Best.
Related Reviews
References
Sources
- NAIC Consumer Information Source - National Association of Insurance Commissioners (complaint index lookup, company search)
- AM Best Financial Strength Ratings - AM Best Company
- Better Business Bureau - BBB (company profile, complaint history, customer reviews)
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Nicholas Norminton, Licensed Insurance Specialist
Specialties: final expense, carrier comparison, independent broker placement, simplified-issue underwriting.
Nicholas is a nationally licensed insurance specialist who has helped thousands of families secure life insurance coverage. He built Asurgo into a trusted, independent brokerage serving clients in all 50 states.