Foresters Financial

Foresters Financial: life insurance with a mutual purpose since 1874

Foresters Financial is an insurance provider operating under the business name The Independent Order of Foresters, a fraternal benefit society headquartered in Toronto, Canada. The organization presents itself as a company dedicated to protecting families' financial future, an activity it has carried out since 1874 and which has given it more than 150 years of history. Its model combines the sale of life insurance with a membership program that provides access to non-contractual benefits.

The company structures its offering across three markets: the United States, Canada and the United Kingdom. In the first two it offers life insurance; in the United Kingdom it adds savings solutions. The website reviewed states that the products and services described are intended exclusively for U.S. residents.

Life insurance products

Foresters Financial's catalog in the United States covers several types of life insurance, organized into categories:

• Term life insurance: includes the Your Term, Level Term, Strong Foundation and Non-med Term options.
• Whole life insurance: with the products PlanRight Whole Life, Advantage Plus II Whole Life, Foresters Live Well Plus Whole Life and BrightFuture Children's Whole Life, the latter aimed at children.
• Universal life insurance: marketed as SMART Universal Life Insurance.
• Accidental death insurance: with the Prepared II Accidental Death and Term options.

The organization also offers tools to support the purchase decision, such as a life insurance needs calculator and guides for choosing an agent and comparing products.

Membership and benefits for policyholders

A distinctive feature of Foresters Financial is that taking out a life insurance policy makes the policyholder a member of the organization. The company describes this membership as access to a set of complimentary benefits designed to encourage healthy habits and community involvement. Among the programs mentioned are:

• Foresters Care, focused on charitable actions.
• Foresters Go, a well-being and rewards app.
• Foresters Member Discounts, with discounts for members.
• Foresters Renew, linked to policy renewal.
• LawAssure, a legal assistance service.
• A competitive scholarship program (Foresters Competitive Scholarship) and scholarships for members.

The site notes that these benefits are non-contractual, subject to specific eligibility requirements, definitions and limitations, and may be changed or canceled without notice. It also states that the Foresters Go app is no longer available and that Rewards Points can be redeemed through the Rewards Store on MyForesters.

Digital tools for customers and agents

The company makes several digital platforms available to its policyholders and its sales network. MyForesters is the customer area where benefits and certificates are managed, and it includes a mobile app. MyPolicy allows users to view and manage their certificate online with live chat support. For agents, the organization has ezbiz and a specific registration for new agents. Employees have their own portal.

Financial strength and rating

Foresters Financial highlights its financial strength as one of the pillars of its proposition. The organization mentions an "A" (Excellent) rating assigned by A.M. Best on July 29, 2021, which reflects The Independent Order of Foresters' overall ability to meet its obligations to policyholders. The company notes that this rating does not apply to the performance of products not issued by IOF.

History and corporate purpose

The organization's origins date back to 1874, with the mission of making life insurance accessible to everyone. The website attributes a founding role to Dr. Oronhyatekha, whose leadership shaped the organization's purpose. Today, Foresters Financial maintains that mutual approach and works with its members on social initiatives.

International presence and structure

The parent company, The Independent Order of Foresters, is a fraternal benefit society domiciled in Toronto, Canada. Foresters Financial, Foresters, Foresters Care, Foresters Renew and Helping Is Who We Are are trade names and trademarks of The Independent Order of Foresters and its subsidiaries, including Foresters Life Insurance Company. The company operates in the United States, Canada and the United Kingdom, and its website allows users to select the region they wish to view.

Location and contact

789 Don Mills Rd, Toronto, ON Canada M3C 1T9