Foresters Funeral Insurance Review: 3 Plans, 1 Great Option

Foresters Funeral Insurance Review man playing game

Foresters Funeral Insurance Review: 3 Plans, 1 Great Option

Foresters Funeral Insurance Review Logo Pink and green

You have most likely come across this article because you are curious about the benefits of a funeral insurance plan and which carriers may be right for your specific financial situation and health condition.

There are so many carriers in the market today it’s hard to know what each product does and if it is even the right financial move for you.

We will go through the fine print to help you make the right decision for you and your family.

Foresters Funeral Insurance Review

Foresters Financial was established in 1874, for over 145 years this carrier has been in the Financial Services Industry. In the year 2019, this company Head Quartered in Toronto, Canada, has 2.5 Million active policies.

We will touch on these statistics later in this article but for now, let’s dive into the nuts and bolts of each product they offer.

This company offers a wide range of financial products but for this review, we will be taking a deep dive into the Funeral Insurance products in their toolbox.

There are 3 products in the PlanRight family built for seniors.

If you are between the ages of 50 and 85 chances are you are not going to like what you see when you are looking for a traditional whole life product. This is because the older you are it is riskier for the carrier to give you a permanent plan. Luckily there are small face amount policies that are specifically meant to help your loved ones pay for left behind expenses.

Company Details

  • Established in 1874
  • A.M. Best Company Financial Rating: A
  • Headquarters: Toronto, Canada
  • Operates in U.S.A, Canada & U.K.

Plan Types:

  • Plan 1: Preferred
  • Plan 2: Standard
  • Plan 3: Basic

Foresters Funeral Insurance Review Plan 1 Tan Bulls Eye

Plan 1: Preferred

This is the top tier product they offer. You will need to answer “no” to a wide series of medical questions. This plan includes day one coverage and some of the lowest premiums in the industry.

Quick facts about this plan

  • Available in all 50 states
  • Age Eligibility: 50 – 85
  • Coverage amount: $5,000-$35,000 (age 50-80)
  • Coverage amount: $5,000-$15,000 (age 81-85)
  • Premiums never increase
  • Coverage is locked and never changes
  • Day one coverage
  • Accidental Death Rider
  • Accelerated Death Benefit Rider (for Terminal Illness)
  • Common Carrier Accidental Death Benefit

What does it take to qualify?

You will need to answer “no” to 15 “yes or no” health questions. Depending on how you answer those questions will determine if you are eligible for this top tier product or a lower tier.

Three things to knowForesters Funeral Insurance Review Plan 1 three things green and white

1. The preferred plan is one of the industry’s most respected products

This product is known around the industry as a top option for your end of life expenses. It is one of the lowest price points with many great features that we will talk about in a moment. You cannot go wrong buying this policy!

2. The premiums and coverage amount never change

This is so vital when it comes to budgeting into retirement. Believe it or not, there are products on the market that say they will pay for end of life expenses but actually raise every 5 years in price and terminate at the age of 80 or 90. With this product, everything is locked in and gives you peace of mind that it will be there when you need it.

3. This carrier does a great job of adding value to each policy at no additional cost

The following benefits are built into the policy.

  • Family Health Benefit

“This rider, automatically included on all eligible certificates (cost is included in basic certificate premium), provides benefits for qualified health situations for the insured and their immediate family of up to $650 per person per incident with a lifetime family maximum of $5,000, who have had to be transferred to a hospital in the Continental United States, Alaska or Hawaii by ambulance, visit the emergency room or stay in hospital as a result of the following: Earthquake, Hurricane, Tornado, Tsunami, Typhoon, Struck by lightning, Volcanic eruption.”

  • Common Carrier Accidental Death

“This rider, automatically included on all eligible certificates (cost is included in basic certificate premium), provides additional coverage if the Insured dies within 180 days of an accidental bodily injury that occurred while riding as a fare-paying passenger on a common carrier.”

  • Accelerated Death Benefit Rider (for Terminal Illness)

“This rider, included with eligible certificates at no additional premium, provides the owner an option of accelerating a portion of the eligible death benefit and receiving an accelerated death benefit payment if the Insured has a non-correctable illness or physical condition which is reasonably expected to result in death within 12 months of diagnosis.”

Sample Quotes

Male

*Monthly Premiums

Age$10,000$15,000$20,000
50$32$46$61
55$37$54$71
60$45$66$87
65$55$81$106
70$71$104$138
75$103$152$202
80$147$219$290
85$201$300NA

Female

*Monthly Premiums

Age$10,000$15,000$20,000
50$26$38$49
55$31$45$59
60$35$52$68
65$41$60$79
70$52$76$101
75$75$111$147
80$111$165$219
85$166$247NA

*Rates shown are non-tobacco 

Should I apply for the Prefered Plan?

Yes, apply for this coverage if you can qualify!

We specialize in this product niche here at Willamette Life, so we have seen every product on the market from good to bad. With this type of product, you always want to find a plan that issues day-1 coverage. This plan hits that mark!

When it comes to immediate coverage this carrier is hard to beat. Mutual Of Omaha Level Product and the Preferred are neck and neck for the best product on the market.

Foresters Funeral Insurance Review Plan 2 Green and tan

Plan 2: Standard

This product comes with all the same benefits and features as the preferred option but it comes at a higher price point. To be placed into this policy you would be in a slightly higher risk health class than the Preferred plan.

Quick facts about this plan

  • Available in all 50 states
  • Age Eligibility: 50-85
  • Coverage amount: $5,000-$20,000 (age 50-80)
  • Coverage amount: $5,000-$10,000 (age 81-85)
  • Never Expires
  • Premiums never increase
  • Day one coverage
  • Coverage is locked in and never changes
  • Common Carrier Accidental Death Benefit Rider
  • Accelerated Death Benefit Rider (for Terminal Illness)
  • Family Health Benefit Rider

What does it take to qualify?

With this plan, you will have slightly more wiggle room with the “yes or no” health questions when compared to the Preferred plan.

Three things to knowForesters Funeral Insurance Review Plan 2 three things green and white

1. Rate and coverage is locked in

Just like the preferred product, the rates and coverage will never change!

2. This product also comes with some great built-in benefits

  • Common Carrier Accidental Death Rider
  • Accelerated Death Benefit Rider (for Terminal Illness)
  • Family Health Benefit Rider

3. This product is a day one coverage policy

If you are wondering what the difference is between this plan and the Prefered plan the biggest difference you will see is that the monthly premium will be substantially higher, this is because there is more wiggle room given on the health questions.

Sample Quotes

Male

*Monthly Premiums

Age$10,000$15,000$20,000
50$45$66$87
55$59$87$115
60$74$109$145
65$93$138$182
70$116$173$230
75$167$249$331
80$225$335$446
85$320NANA

Female

*Monthly Premiums

Age$10,000$15,000$20,000
50$37$54$71
55$43$63$83
60$50$74$97
65$65$95$126
70$83$124$164
75$124$185$246
80$173$259$344
85$263NANA

*Rates shown are non-tobacco 

Should I apply for the Standard Plan?

Look elsewhere to find a better price for coverage with no waiting period.

When it comes to this specific niche for end-of-life expenses it is pivotal that you find a product that allows you to get day one coverage. This product has that but it comes at a much higher monthly cost.

Depending on your health conditions this could be the best product for you but there is most likely cheaper immediate coverage options.

Foresters Funeral Insurance Review Plan 3 Green and Tan

Plan 3: Basic

This product offers coverage with a two-year waiting period from the day the policy was issued. Once the waiting period is over you will be awarded the full coverage amount once you pass away. If you were to pass before the two-year waiting period your beneficiary would receive all paid premiums back plus 10% interest.

Quick facts about this plan

  • Available in all 50 states
  • Age Eligibility: 50-80
  • Coverage amount: $5,000-$15,000
  • Premiums are locked in for life
  • Coverage is locked in for life
  • Two-year waiting period
  • Common Carrier Accidental Death Rider
  • Family Health Benefit Rider

What does it take to qualify?

You cannot have any severe medical complications in order to qualify for this plan.

Three things to knowForesters Funeral Insurance Review Plan 3 three things to know green and white hand

1. This plan has a two-year waiting period

What this means is that if you were to die within the first 2 years of having the policy your beneficiary would receive all the premiums paid returned to them plus 10% interest. 10 % interest is nothing to scoff at but it is not nearly as much as the total death benefit would be with no waiting period.

As explained earlier it is crucial to find a carrier that will reward you with day one coverage if your health allows.

2. There are similar but cheaper plans on the market

Do not buy your plan just because of the carrier. We stated earlier that this carrier has a world-class day one coverage plan, that does not mean that the basic product is good as well. Each carrier has different products that are priced great and priced poorly for different health conditions.

Please talk with an independent agent to help you with this!

3. Extra built-in benefits

The saving grace to this product is the added benefits it comes with. You would be hard-pressed to find a plan with a waiting period that is giving away similar free benefits.

  • Common Carrier Accidental Death Rider
  • Family Health Benefit Rider

Sample Quotes

Male

*Monthly Premiums

Age$5,000$10,000$15,000
50$25$47$68
55$32$60$88
60$39$74$109
65$49$95$141
70$61$118$176
75$87$171$255
80$131$259$387
85NANANA

Female

*Monthly Premiums

Age$5,000$10,000$15,000
50$20$37$54
55$23$43$64
60$28$52$77
65$34$66$97
70$45$86$128
75$67$132$196
80$98$192$287
85NANANA

*Rates shown are non-tobacco 

Should I apply for the Basic Plan?

Willamette Life is an independent agency, we have reviewed and detailed many products on the market. We can confidently say that if Foresters will only qualify you for the Basic plan – you can do better with another carrier.

Do not use this plan and call Willamette Life to find you a cheaper plan with possible day one coverage. We will make sure Funeral Insurance is a good idea for you and place you in a proper plan tailored to you.

833-518-0080

Foresters Funeral Insurance Review Medical Questions Tan and green

Medical Questions

If a “Yes” answer to questions 1-6, the proposed insured is not eligible for PlanRight. Do not complete or submit this application.

1. Are you:
A) a resident in, or have you been advised to move into, nursing home or skilled nursing facility?

B) Receiving, or have you been advised to receive, skilled nursing care, hospice care, or home healthcare?
C) A patient in a hospital or psychiatric facility, or confined to a correctional facility?
D) Using a wheelchair or electric scooter due to an ongoing diagnosed illness, medical condition, or disease?
E) Requiring help (from anyone) with administering or taking your medications, or with bathing, dressing, eating, or toileting?

2. Within the past year (12 months), have you been advised to:
A) Use, or have you used, oxygen equipment to assist with breathing (excluding use for sleep apnea)?
B) Have, or have you had kidney dialysis?
C) Have surgery, a medical procedure, hospitalization, or have you been referred for a check-up or consultation with a doctor or medical specialist, which has not yet been started, completed, or for which results are not known?
D) Have a diagnostic test, or have you been referred to get a lab test, which has not yet been started, completed, or for which results are not known (excluding tests related to the Human Immunodeficiency Virus (HIV)?

3. Within the past year (12 months), have you consulted a physician for, been diagnosed with, or received or been advised to receive treatment or medication for, unexplained weight loss greater than 10 pounds?

4. Have you ever received, or been advised to receive, an organ or bone marrow transplant, or had an amputation that you were advised was due to complications of diabetes?

5. Have you ever been diagnosed with, or received or been advised to receive treatment or medication for:

A) Cardiomyopathy, Congestive Heart Failure (CHF), Pulmonary Hypertension, or any other type of heart failure or heart muscle disease?

B) Amyotrophic Lateral Sclerosis (ALS), or terminal illness or end-stage disease?
C) Alzheimer’s disease, dementia, or memory loss?
D) Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC), or tested positive for HIV?

6. Have you ever been diagnosed with more than one occurrence of the same or different type of cancer, or do you currently have cancer (the term “cancer” excludes basal cell skin cancer)?

Foresters Funeral Insurance Review Health Questions 1 green and tan

7. Have you ever been diagnosed with diabetes and have also been diagnosed with, or advised to receive treatment for:
A) Retinopathy (problems with your eyesight)?
B) Nephropathy (kidney disease or kidney damage)?
C) Peripheral Neuropathy (nerve damage or numbness)?

8. Within the past 2 years (24 months), have you been hospitalized for 48 hours or more that you were advised was due to diabetes?

9. Within the past 2 years (24 months), have you been diagnosed with, or received or been advised to receive treatment for:
A) Alcohol or drug abuse, or have you used illegal drugs?
B) An aneurysm, or have you ever been diagnosed with an aneurysm that has not yet been repaired?
D) A brain tumor, or have you ever been diagnosed with a brain tumor that has not yet been treated or is being monitored or observed?

10. Within the past year (12 months), have you been diagnosed with having:
A) A heart attack, stroke, or Transient Ischemic Attack (TIA/mini-stroke)?
B) Angina, or have you taken medication for angina?

11. Within the past year (12 months), have you been advised to have, or have you had, a pacemaker or defibrillator implant, cardioversion treatment, or any other type of heart or circulatory procedure?

12. Within the past 3 years (36 months), have you been diagnosed with cancer, or received or been advised to receive chemotherapy, radiation, or any other type of treatment for cancer (the term “cancer” excludes basal cell skin cancer)?

Foresters Funeral Insurance Review Questions 2 stop light

13. Have you ever been diagnosed with, or received or been advised to receive treatment or medication for:
A) Parkinson’s disease or Systemic Lupus (SLE)?
B) Hepatitis B or C, cirrhosis of the liver, or any other type of liver disease or condition?
C) Chronic kidney disease, chronic renal insufficiency, or any other type of kidney disease or condition (excluding kidney stones)?
D) Chronic Obstructive Pulmonary Disease (COPD), chronic bronchitis, emphysema, or any other type of chronic lung disease or ongoing respiratory condition (excluding asthma or sleep apnea)?

14. Within the past 2 years (24 months), have you been diagnosed with having:
A) A heart attack, stroke, or Transient Ischemic Attack (TIA/mini-stroke)?
B) Angina, or have you taken medication for angina?

15. Within the past 2 years (24 months), have you been advised to have, or have you had, a pacemaker or defibrillator implant, cardioversion treatment, or any other type of heart or circulatory procedure?

Foresters Funeral Insurance Review Health Questions 3 green and tan

Financial Health

This carrier is extremely financially stable. With a surplus of 2.1 billion dollars and 2.5 million policies in force in 2019, you can be assured to receive the financial payout that you and your family are entitled to.

Fraternal Benefits Society

Understanding what this means is important because this company operates much differently than a for-profit carrier. A Fraternal Benefit Society is not-for-profit and does not have shareholders to answer to. This allows for giving back to the policyholders in the form of membership benefits which we will discuss in the next section.

Also, these types of organizations do lots for communities through charity work and volunteering!

Member Benefits

Foresters is a “Fraternal Benefit Society” meaning that they are non-profit and operate for the benefit of their members. You become a member by simply having a policy with them and then have access to the benefits listed below.

LawAssure– This is an online document service that helps you create Power Of Attorney, Wills, and Health Care Directive documents.

Everyday Money– This is a toll-free service that members can call and speak with an accredited debt advisor. They are able to help with debt management and budgeting.

Emergency Assistance Program- Emergency grants provide short term temporary financial aid to members effected by extreme personal hardship or natural disaster.

Orphan Scholarship- This benefit provides a learning scholarship of up to $6,000 per year for children of deceased members.

Orphan Benefit- This is a benefit of up to $900 per month to a child if both parents pass away.

Terminal Illness Loan- If you become terminally ill you may qualify for an interest-free loan of up to 75% of the policy face amount.

Foresters Funeral Insurance Review Stethoscope pink and yellow

Charitable Contributions

KaBOOM- Since 2006 Forests has partnered with KaBOOM. 154 kid play spaces in 93 cities and 31 states around the country have been built.

Final Thoughts

A) Foresters is an extremely well-respected company in the industry. During our Foresters Funeral Insurance Review, it was confirmed that buying a plan from them will give you peace of mind that your money will be there when you need it.

But remember there is not a one size fits all carrier. You need to talk with an independent agent who can look and compare prices from different companies that may be more favorable to your age and health conditions.

B) If there are two plans in the industry that are above the others it would be this carrier’s Prefered Plan and Mutual of Omaha Level Plan. If you can qualify for either of these products take advantage.

Jake Irving

Jake Irving
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.

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