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Foresters Financial Key Facts

Foresters Financial Key Facts

Foresters Financial has a long history of being a society that helps its members.

Foresters Financial is an international financial service provider that has more than three million members and clients in Canada, the United States, and the United Kingdom. Foresters Financial members are only those who are insured by a life insurance certificate issued to them by The Independent Order of Foresters. Foresters Financial member benefits may not be contracted and are subject to eligibility requirements, definitions, and limitations. They can also be cancelled or changed without notice.

The Independent Order of Foresters, also known as Foresters Financial, is a fraternal benefits society based in Toronto, Ontario, Canada. It provides life insurance and financial solutions in Canada, the United Kingdom and the United States. Louis Gagnon was the company’s president and CEO as of 2022.

To purchase an insurance policy, you don’t have to be a member. On their applications, you can choose to become a member of the association which offers many member benefits.

A. M. Best Company has rated the Independent Order of Foresters’ financial strength as “A” (Excellent), for the past 21 year. A. M. Best also gave the IOF’s subsidiary Foresters Life Insurance Company, (FLIC), an “A” (Excellent), Financial Strength Rating in 2021.

Foresters Term policy holders are also eligible to join Foresters membership plans. Members enjoy unique benefits such as financial counselling, academic scholarships, financial counseling, discounted legal services, and grants for local volunteer opportunities.

Foresters, like other fraternal and friendly societies of the time helped transform the insurance industry by providing insurance benefits to working families. Foresters not only admitted women as full members but also provided orphan benefits for the children of Foresters members who died.

Foresters Financial Recent History and Changes

Foresters acquired Unity Life of Canada in 2008, which subsequently rebranded as Foresters Life Insurance Company in January 2012.

Foresters has supported many community causes in Canada, the US, and the UK since 2014. This was through direct investment in local and national community partnerships, branch funding, and educational scholarships.

The Macquarie Group’s investment division agreed to purchase $12.3 billion of assets from Foresters Financial in April 2019. This included Foresters’ First Investors mutual fund business. The company also sold its U. Cetera Financial Group acquired the U.S broker-dealer in order to concentrate on life insurance.

Foresters sold its Canadian money-management unit, Foresters Asset Management to Fiera Capital Corp. The company sold Foresters Financial Holding and Foresters Life Insurance and Annuity Company, to Nassau Financial Group in October 2019.

Foresters sold its financial management operations to focus on life insurance in Canada, the US, and the UK.

Foresters Financial merged in October 2020 with Canada Protection Plan, a life insurance distributor. Canada Protection Plan, a Foresters Financial business, was rebranded with the merger as “Canada Protection Plan, a Foresters Financial company.”

Foresters offers a full line of life insurance and Critical Illness products.

Foresters also offers a full-benefit critical illness insurance product. They also offer whole life insurance that is both participatory and non-participating.

Forester’s offers term life insurance policies that cover up to $5,000,000 and can be converted to permanent policies without any additional medical underwriting. Their policies offer many benefits, including community membership, bereavement support, academic scholarships, charitable donations, and much more. There are three term options: 10, 20, and 30, with the option of converting to whole or participating policies.

Foresters Financials’ Term Insurance is a pure term insurance product. It can be renewed and converted to their permanent life insurance products without the need for additional medical underwriting. If Foresters offers it at the time of exchange, it can be exchanged for another term insurance policy with an extended term. This product is a great choice for changing financial needs.

There are many riders: Spousal term riders and term riders, child term riders, accidental death riders, premium riders who waive disability waivers, and term riders.

Foresters Term Life products offer unique benefits that reflect the company’s desire to positively impact the lives of its clients and their communities. Foresters insurance policies can be purchased to enable you to participate in community programs that support personal development, social interaction, and voluntary service.

Foresters term life insurance comes with a built in Bereavement Assistance benefit. This provides up to $1,000 reimbursement for counselling services to beneficiaries to help with their loss.

Foresters Financial, as the name suggests, also offers options for people who want to save for retirement via annuities. For those who want to have a reliable source for income in retirement, the Annuity Plus product line can be used as RRSPs or TFSAs.

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