Foresters Financial Final Expense Insurance Review & Complaints: Life & Retirement Insurance (2024)

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Foresters Financial is a venerable company with a focus on life insurance and retirement planning products. They are an international company serving members in three countries, with final expense insurance among their products.

About Foresters Financial Final Expense

Foresters Financial Life Insurance Company was founded in 1847 with the goal of making life insurance accessible to working class people. The company was created by a Native Canadian doctor with a forward-thinking approach that included admitting women as members and providing orphan benefits to members. Foresters today operates in Canada, the U.S., and the U.K. and provides financial services and retirement planning in addition to affordable life insurance. They operate as a membership-based fraternal society. Benefits to members include access to a scholarship program, community grants, and more. Among the various life insurance options available is a final expense insurance policy. The company’s headquarters is located in Toronto, Ontario, Canada, with U.S. headquarters in Edison, New Jersey. Life insurance products are sold through independent life insurance agents. Read our comprehensive review of Foresters Financial Life.

What is the Foresters Final Expense Product?

Foresters have one final expense insurance policy available, called PlanRight Whole Life. The plan provides guaranteed level premiums on a permanent policy, up to age 121. The site does not list issue ages, nor is there information on the death benefit amounts available. The plan automatically includes a Common Carrier Accidental Death Benefit, which will pay out additional benefits if the insured dies as the result of an accident on a bus, plane, or other common carriers. A full accidental death benefit can be added to the policy as an endorsement. Like all whole life insurance plans, PlanRight includes a cash accumulation account that can be withdrawn and used as needed. The details about this plan are not available on the website, which directs visitors to contact an agent for more information. That is not surprising given the nature of the company; as a membership-based society, those interested will need to consider all of the aspects of joining before selecting this company for life insurance.

How to Get Rates

Rate information is not available nor is online quoting for this company. Again, that comes as no surprise since they are a fraternal society and operate through agents. Societies like this sometimes have a membership fee, but we were unable to find any evidence that there is one here. To become a member, it appears that the only requirement is to take out a life insurance policy and keep it in force.

Foresters Financial Final Expense Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Foresters Financial offers a straightforward process for filing a claim. While there isn’t an online claims system, customers can contact the claims line toll-free during business hours, which are from Monday through Friday, 8:00 a.m. to 6:00 p.m. Eastern time.

Additionally, claim forms can be easily downloaded from the company’s website along with instructions for submission. To initiate the claims process, policyholders will need their policy number or member number, which will guide them to the appropriate claim form.

Average Claim Processing Time

The average claim processing time is not explicitly mentioned in the provided information. However, Foresters Financial aims to streamline the claims process by offering downloadable claim forms and a dedicated claims line to assist policyholders. The actual processing time may vary depending on the specific circumstances of the claim.

Customer Feedback on Claim Resolutions and Payouts

Foresters Financial holds an A+ rating from the Better Business Bureau (BBB), which indicates a level of trustworthiness and customer satisfaction. However, there are six complaints on file with the BBB in the past three years, mainly related to billing issues.

In terms of customer reviews, there are limited online reviews available, with one positive review and the rest being negative. The scarcity of reviews suggests that there are relatively few complaints or feedback directly related to final expense insurance, which can be seen as a positive sign for the company’s overall customer satisfaction.

Digital and Technological Features of Foresters Financial Final Expense

Mobile App Features and Functionality

The provided information does not mention specific details about Foresters Financial’s mobile app features and functionality. Customers interested in mobile app capabilities should reach out to the company directly or visit their website for more information.

Online Account Management Capabilities

The content does not provide details about the online account management capabilities offered by Foresters Financial. Policyholders looking for information on managing their accounts online should visit the company’s official website or contact customer support for specific details.

Digital Tools and Resources

The content does not elaborate on the digital tools and resources provided by Foresters Financial. Policyholders interested in accessing digital resources or tools should inquire with the company directly or explore their official website for available options.

What are the Ratings and Consumer Reviews?

Foresters Financial has an A+ rating with the Better Business Bureau (BBB), where there are 6 complaints on file in the past three years. There are five reviews, one of which is positive and the rest negative. Complaints mainly involved billing issues. We were unable to find much else on this company and nothing that directly relates to final expense insurance. A lack of reviews is usually a positive thing for an insurance company because it indicates a lack of complaints worthy of posting publicly.

What’s the Bottom Line?

Foresters have a long history that appears to be stable and reputable. They might be a good choice for those that are interested in the benefits of a fraternal society. Without rates or detailed policy information, however, it is difficult to say how their final expense insurance stacks up.