Key takeaway
Foresters Financial is a unique fraternal benefit society offering competitive life insurance plus member benefits like scholarships, community grants, and free legal services. Their rates are mid-market — not the cheapest, but the added member benefits provide tangible extra value that traditional carriers don't offer.
Foresters life insurance products and rates
Foresters offers term life (10, 15, 20, and 30-year), whole life, and universal life products with coverage up to $5 million. Their term rates fall in the mid-market range — typically 5–15% more than the cheapest carriers like Desjardins or Empire Life, but competitive with Sun Life and Manulife.
They also offer non-medical life insurance options up to $500,000, with competitive pricing for simplified issue products. Their PlanRight product provides guaranteed acceptance whole life for applicants aged 50–85 who may not qualify for traditional coverage.
Unique Foresters member benefits
Every Foresters policyholder becomes a member and gains access to benefits unavailable from any other insurer: competitive scholarships for members and their children (up to $4,000/year), community volunteer grants, free online legal will preparation through LawAssure, and complimentary LifeLearn online learning courses.
Members also receive discounts on health, wellness, and lifestyle services. For families with children approaching university, the scholarship benefit alone can offset years of premium payments — making Foresters' slightly higher rates a net positive.
Financial strength and claims service
Foresters Financial is rated A (Excellent) by AM Best. As a fraternal organization, they don't have shareholders — profits go back to members and communities. They've paid claims continuously since 1874.
Claims processing is straightforward, though Foresters' digital tools and online portal are less sophisticated than the Big 3 carriers. Customer service is generally well-regarded, with a personal touch that reflects their member-focused culture.
Frequently asked questions
Is Foresters Financial a legitimate insurance company?
Yes. Foresters Financial has operated since 1874, is rated A by AM Best, is regulated in Canada by OSFI, and policyholders are protected by Assuris. They are one of the oldest and most established life insurance providers in North America.
What are Foresters member benefits?
Foresters policyholders get scholarships (up to $4,000/year), community grants, free online legal will preparation, online learning courses, and health/wellness discounts. These benefits are included at no additional cost with any Foresters life insurance policy.
Is Foresters cheaper than Sun Life?
Foresters' term rates are comparable to Sun Life — sometimes slightly less, sometimes slightly more depending on age and coverage amount. The added member benefits (scholarships, legal services) make Foresters a strong value proposition even at similar pricing.