Foresters Financial Life Insurance Review

Foresters Financial life insurance review (2025 update)

Foresters Financial is a Toronto-based life insurance company with more than 150 years of history, founded in 1874. In 2020, it merged with the Canada Protection Plan (CPP) and expanded its reach in the no-medical and simplified life insurance markets.

Foresters is a fraternal benefit society, which means it reinvests its profits into member benefits and community programs for policyholders rather than paying shareholders. 

Foresters Financial life insurance: Our verdict ★★★☆☆ (3.0/5)

^{* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years for $500,000 in coverage}

Foresters Financial offers term life insurance products, and their participating whole life policies include a Children's Term Insurance Rider, providing term protection for a policyholder’s children up to age 25.

Their sustainability efforts and charity benefits provision make this life insurance company a great choice for those seeking unique participating perks that can potentially lead to cash value growth. However, it’s important to note that Foresters’ premiums are generally higher than those of many competitors—especially for non-medical or participating policies.

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Foresters Life is best for...

Canadians in search of a mutual life insurance company with participating perks.

Foresters Financial life insurance: Key features

Foresters Financial is a fraternal benefit society with over 150 years of history in Canada and serves over 2.5 million clients in Canada, the U.S., and the U.K. It combines traditional life insurance products with member benefits like scholarships, community grants, and volunteer opportunities. Through the Canada Protection Plan (CPP), Foresters has also become a leading provider of no-medical and simplified issue life insurance in Canada.

Foresters mainly offers its services through advisors and brokers, but policyholders can download the MyForesters Mobile to view and manage their insurance policies and access member benefits. The company also offers the wellness app Foresters Go, which allows policyholders to earn rewards for healthy lifestyle choices.

Reviews for Foresters life insurance tend to be mixed, with some customers appreciating good service and others highlighting slower processing times compared to digital providers.

The bottom line: Foresters Financial sets itself apart with its unique combination of coverage and community-focused membership benefits. It may not match the digital convenience of more modern providers, but it’s a reputable company with some unique perks. 

Foresters Financial life insurance: pros & cons

Before choosing a life insurance policy, it’s important to weigh the pros and cons. Here’s a rundown of where Foresters shines and where it leaves a little to be desired.

Pros

Cons

Foresters Financial life insurance cost and value

For non-smoking applicants in good health, Foresters Financial’s term life insurance policies are priced near the industry average, with seniors aged 60 and over receiving the most competitive rates.

^{* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years.} 

^{** Compared to the average monthly costs for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

In most age groups, smokers with Foresters Financial life insurance pay 2–9% below the industry average. The exception: female applicants between 18 and 29 years old see slightly higher rates compared to other life insurance companies.

^{* These figures reflect the average monthly cost for healthy, smoking individuals across a term length of 10-30 years.}

^{** Compared to the average monthly costs for $500,000 of coverage for non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.}

About pricing comparisons

To ensure fairness and accuracy, all pricing comparisons were made within identical product types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 18-29 with $500,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.

Foresters Financial life insurance reviews and customer service

Foresters Life Insurance falls short of our Great Customer Service badge with a Google Reviews rating of just 3.2 stars and a Better Business Bureau grade of A. While some customers praise the wide range of policy options and perks like the Foresters Go wellness app, others complain about difficulty with policy management and reaching a financial advisor, especially for those in the west.

Foresters Financial life insurance products at a glance

Foresters Financial offers term life insurance and whole life insurance, as well as critical illness coverage.

Read more: Term vs. whole life insurance

How Foresters Financial compares to other insurers

When you’re choosing a provider, it’s important to compare coverage options, benefits, and get life insurance quotes from at least three different insurance companies. We’ve done some of the legwork for you, breaking down how Foresters compares to three of the best insurers in Canada.

^{* These figures reflect the average monthly cost for $500,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years}

Foresters Financial life insurance vs. PolicyMe life insurance

Foresters Financial and PolicyMe both have a strong presence in the Canadian insurance market. Let’s take a look at how they compare.

Cost

Foresters Financial provides term life, whole life, and simplified issue products with coverage available up to millions. Its products, even those offered under Canada Protection Plan, tend to be much more expensive than fully underwritten term policies.

PolicyMe leverages its fully digital model to reduce overhead costs, resulting in lower premiums for Canadians seeking term life insurance. PolicyMe is one of the most affordable options in Canada.

Customer experience

Foresters Financial distributes its products through advisors and brokers, with CPP offering online applications for simplified issue policies. The reviews are mixed, with many policyholders noting slower processing compared to other insurers.

PolicyMe was built around speed and simplicity. You can get a quote almost instantly, and then complete the fully online application process in about 20 minutes to finalize your policy. Of course, if you need to speak to an agent, you’ll find customer support available to help.

The bottom line: Who should consider Foresters Financial?

Foresters Financial has established a strong presence in Canada with its simplified issue and no-medical life insurance offerings. Beyond financial protection, Foresters stands out thanks to unique membership benefits like scholarships and community grants. It’s a decent option for individuals who prefer a traditional approach to life insurance and value the personalized service you receive from connecting with an advisor.

For healthy applicants seeking the lowest premiums on term life, however, a digital-first insurer like PolicyMe may be more affordable.

FAQ: Foresters Financial life insurance review

^{* ** The life insurance premium rates in this article are based on publicly available figures as of November 2025.}