Foresters PlanRight Life Insurance Review For 2023

The Independent Order of Foresters, more commonly known as Foresters Financial, is a purpose-driven financial services provider offering life insurance, annuities, and mutual funds to over three million clients and members in Canada, the United States, and the United Kingdom.

Foresters Life Insurance Company has been in business since 1874 and operates as a fraternal benefit society (a non-profit organization).

In the U.S., Foresters’ primary product is individual life insurance – whole life insurance, smart universal life insurance, and term life insurance coverage. This review will focus on Foresters’ PlanRight whole life insurance offering, one of the top final expense life insurance products in the country.

Foresters Insurance Company holds an A (Excellent) rating from A.M. Best and an A+ rating from the Better Business Bureau.

As mentioned, PlanRight is the brand name of Forester’s final expense life insurance policies.

As the name suggests, these policies provide coverage for your “whole life” (as long as your premiums are paid on time).  For this reason, these policies are also often referred to as permanent life insurance policies.

PlanRight Whole Life Insurance Availability

A PlanRight whole life insurance policy is available to individuals ages 50-85 across all U.S. states and D.C. Foresters is one of the only life insurance companies to offer a final expense life insurance policy across all 50 states.

The amount of final expense coverage you can buy varies by your age and your health (i.e., the plan type you are approved for), but in general, it ranges from $5,000 to $35,000.

Given their maximum death benefit of $35,000, PlanRight is intended to help policyholders cover their final expenses.  Common end-of-life expenses include funeral and burial costs as well as other financial obligations such as unpaid medical debt.

PlanRight Policy Riders

While many life insurance companies charge for riders, Foresters Life Insurance automatically includes up to three riders, at no additional premium. (Life insurance riders provide additional coverage beyond what is available in the standard policy.)

• Accelerated Death Benefit Rider:  The accelerated death benefits rider allows you to receive a portion of your death benefit is your are diagnosed with a terminal illness
• Common Carrier Accidental Death Rider: Provides an additional death benefit if death is due to an accident while on a plane, bus, or train
• Family Health Benefit Rider: Provides a payment to help cover family health expenses (e.g., an ambulance ride) that occur as a result of certain natural disasters

Foresters also offers an accidental death benefit rider, which pays the beneficiary double the death benefit if the insured dies an accidental death.

The Benefits of PlanRight Final Expense Insurance

PlanRight burial insurance policies have the following benefits:

• Lifetime life insurance coverage (up to age 121)
• Premiums that are guaranteed never to increase
• Tax-free, guaranteed death benefit
• Guaranteed cash value growth
• Access to exclusive member benefits, such as financial counseling

In addition, one of the biggest selling points of all burial insurance policies is the lack of a medical exam. As you can see from Foresters’ sample life insurance application below, you simply have to answer a set of X “yes or no” medical questions (called a personal health interview) in order to apply for the policy.

For many people, these personal health interviews are far less stressful and privacy-invading vs. standard life insurance medical exams.

You can purchase life insurance coverage from Foresters via one of three plan types:

• PlanRight Preferred: Provides a level death benefit
• PlanRight Standard: Provides a level death benefit (but is priced slightly higher than the Preferred product)
• PlanRight Basic: Provides a two-year graded death benefit

As mentioned above, eligibility for these plans depends on your answers to the medical questions during the application process.

We hope you enjoyed this Foresters Life Insurance Company burial insurance review!