Foresters Financial life insurance

Overview

Foresters Financial is the trade name of The Independent Order of Foresters (IOF), a fraternal benefit society headquartered in Toronto that sells life insurance in the United States, Canada and the United Kingdom. It has no shareholders: it is a not-for-profit membership organization, and anyone insured under a life certificate it issues becomes a member. Foresters says it has about 2.3 million clients and members across its three countries.

Its U.S. business is written by the IOF's U.S. branch, which ranked #52 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with $653.9 million and a 0.42% share. Foresters sells only through independent agents and focuses on everyday families: term life up to $500,000 without a medical exam, small final expense whole life, children's policies and participating whole life. What sets it apart from a stock insurer is the package of non-contractual member benefits that comes with a policy, such as scholarships, community grants and an orphan benefit.

Because it is a fraternal, Foresters calls its policies "certificates," and policyholders are "members."

History

The Independent Order of Foresters traces its roots to English friendly societies known as the Royal Order and later the Ancient Order of Foresters. The IOF itself was founded by Col. Alonzo B. Caldwell in Newark, New Jersey, in 1874, when American members wanted to add life insurance to membership; its first court, Court Independence, was in Newark, and the order reached Canada within two years.

Its defining leader was Dr. Oronhyatekha, a Mohawk physician educated at Oxford, who led the order as Supreme Chief Ranger for 27 years. Under him Foresters added sickness, funeral and disability benefits, grew past 250,000 members, admitted women as members from 1898, and built the 12-story Foresters Temple in Toronto. After the 1906 San Francisco earthquake, Foresters provided emergency help to members who had lost their homes.

In more recent decades Foresters expanded in the U.S. by buying First Investors, a New York investment and insurance business, and its insurer, which became Foresters Life Insurance and Annuity Company (FLIAC). It later exited that business: in 2019 it agreed to sell the First Investors mutual fund business, with about $12.3 billion of assets, to Macquarie Investment Management, which folded the funds into Delaware Funds, and Nassau Financial Group completed its purchase of FLIAC, which sold variable life and annuities in New York, on July 1, 2020. Nassau said the sale enabled Foresters' exit from its New York operations. Since then Foresters has concentrated on fixed term, whole life and universal life in the U.S.

Matt Berman became president and CEO in January 2024; he had earlier run Foresters' U.S. and Canadian divisions and FLIAC. Foresters reported a return to profit for 2025, with CA$224 million of net income and total assets of CA$19.6 billion at year-end.

Life insurance products

Foresters' current U.S. lineup, from its product pages:

• Your Term level term: 10, 15, 20, 25 or 30-year terms for ages 18 to 80, from $50,000; non-medical up to $400,000, with accelerated or full medical underwriting from $100,000. Renewable and convertible to a Foresters permanent plan without new underwriting (see conversion privilege).
• Strong Foundation level term: the same term lengths and ages, $50,000 to $500,000, all non-medical. Foresters says it can accept applicants with diabetes, mild COPD or supplemental tobacco use. See no-medical-exam term life insurance: how it works.
• PlanRight whole life: simplified issue final expense coverage for ages 50 to 85, $5,000 to $35,000, with guaranteed premiums and cash value. It is the product most relevant to final expense shoppers.
• Advantage Plus II participating whole life: ages 0 to 85, from $25,000, premiums for 20 years or to age 100, non-medical through age 75. Dividends can buy paid-up additions, reduce premiums, accumulate or be paid in cash, but are not guaranteed.
• Foresters Live Well Plus: participating whole life for ages 18 to 60 with accelerated underwriting and instant decisions and e-delivery when the agent applies electronically.
• BrightFuture Children's Whole Life: for children under 18, $5,000 to $75,000, simplified issue.
• SMART Universal Life: ages 0 to 85 with a 10-year no-lapse guarantee and a 2% minimum crediting rate.
• Prepared II: accidental death term coverage.

Most policies include, at no extra premium, an accelerated death benefit rider for critical, chronic or terminal illness, a common carrier accidental death rider, a family health benefit rider for natural-disaster expenses, and a charity benefit that pays an extra 1% of the face amount (up to $100,000) to a charity the owner names. Waiver of premium, accidental death, children's term and, on whole life, guaranteed insurability and paid-up additions riders cost extra.

Other products

In the U.S. Foresters no longer sells annuities or variable products; those left with FLIAC in 2020. Member benefits, which are not part of the insurance contract and can change, include academic scholarships, Foresters Renew tuition grants, member discounts, the LawAssure online wills service, an orphan benefit of up to $900 a month per child and orphan scholarships, and an interest-free terminal illness loan of up to 75% of the face amount.

Buying and service

You buy Foresters coverage through an independent agent; the contact page has a form to be connected with a licensed agent. Products and riders vary by state, and Foresters does not sell in New York.

Certificate holders who are both owner and insured can manage their coverage in MyPolicy, through MyForesters online or the MyForesters app, with live chat on weekdays from 9 a.m. to 5 p.m. Eastern. Foresters recommends email ([email protected]) as the fastest route and warns that phone wait times can be long. U.S. service is run from Buffalo, New York.

Claims

Beneficiaries can start a claim by calling 800-828-1540 (option 6), weekdays 9 a.m. to 5 p.m. Eastern, or by downloading the claimant statement: a contestable form if the death was within two years of issue or reinstatement, a non-contestable form otherwise. Send it with a certified death certificate (plus medical authorization or police and coroner reports where relevant) to Foresters, P.O. Box 179, Buffalo, NY 14201-0179, or fax 877-329-4631.

Foresters says it processes complete non-contestable claims within 15 business days, not counting mail time, and decides contestable claims within 30 business days after it receives all medical records. See the claims guide for the general process.

Ratings and reputation

AM Best rates The Independent Order of Foresters A (Excellent), most recently on October 10, 2025, with a stable outlook; Foresters says it has held that rating for 25 years. Morningstar DBRS confirmed its A financial strength and issuer ratings on July 3, 2025. Foresters does not have S&P, Moody's or Fitch ratings. Its financial strength page reports a risk-based capital ratio of 623% for the U.S. branch.

Foresters was not ranked in the J.D. Power 2026 U.S. Individual Life Insurance Study.

Who it suits

Foresters fits buyers who want straightforward term or whole life without a medical exam, people with manageable conditions like diabetes looking at Strong Foundation, seniors shopping for small final expense policies, and families who like the idea of fraternal member benefits. It is less suited to people who want to buy online without an agent, need large face amounts, want indexed or variable products, or live in New York.

• Strengths: A (Excellent) AM Best rating held for 25 years; non-medical term to $500,000 and whole life with instant decisions; free accelerated death benefit and charity benefit on most policies; published claims timelines.
• Weaknesses: only through independent agents, with no direct online purchase; not sold in New York; no indexed or variable products in the U.S.; member benefits are not guaranteed, and the company itself warns of long phone waits.

How to contact Foresters Financial