Choice Mutual's ratings are determined by our editorial team. The scoring formula takes into account consumer experience, financial strength ratings and complaint data.
Foresters Financial final expense insurance is a marriage of low prices and lenient underwriting.
Most seniors needing insurance to cover their funeral will qualify for a competitive premium.
Learn how their coverage works, see sample costs, pros & cons, and if their policy is worth buying.
Topics Covered in this article
How Does Foresters Financial Burial Insurance Work?
Foresters Financial burial insurance, aka final expense or funeral insurance, is a whole life insurance policy with a quick payout so your family can pay for your funeral.
Ultimately, the policy will pay your loved ones a cash benefit (tax-free) which they can spend any way they please.
That means they can pay for any outstanding medical bills, debts, or anything else.
And if they don’t use all the money for your final expenses, they get to keep the rest.
You don’t have to take a medical exam to qualify. You only need to answer health questions.
In addition, foresters financial will obtain your prescription history information because that gives them great insight into your medical conditions.
Depending on how your respond to the health questions, you may qualify for one of three health ratings:
- Preferred: This is their cheapest option and has no waiting period. To qualify for the preferred rating, you must be able to say no to all health questions in the application.
- Standard: This option also has no waiting period, but it’s more expensive than the preferred plan. The standard rating will be offered if you have any health issue mentioned in questions 13-15 of the application health questions.
- Basic: This last option is the most costly and has a two-year waiting period. Death in the first two years would result in a refund of your money plus 10% interest. The basic plan will be offered if you have any health issues mentioned in questions 7-12 in the application.
Foresters Financial only sells its products through licensed agencies such as choice mutual, national family, or life insurance savings group.
| Coverage Details | Preferred | Standard | Basic |
|---|---|---|---|
| Policy Type | Whole Life Insurance | ||
| Policy Duration | Lifetime | ||
| Fixed Premiums | Yes | ||
| Builds Cash Value | Yes | ||
| State Availability | All states except New York | ||
| New Applicant Age Range | 50-85 | 40-75 | |
| Minimum Coverage Amount | $5,000 | ||
| Maximum Coverage Amount | 50-80: $35K 81-85: $15K | 50-80: $20K 81-85: $10K | $15K |
| Free Built In Riders | Terminal illness, Common carrier accidental death, & Family health benefit | ||
| Optional Riders | Accidental Death (2X the payout for accidental death) | ||
| Where to Apply | Agencies licensed to sell Foresters Financial Life products (you can't buy this plan directly from them) | ||
| Phone Number to Apply | 1-800-644-2926 | ||
| Medical Exam Required | No | ||
| 2-Year Waiting Period | No (subject to underwriting approval) | Yes | |
| Application Approval Time | 10 Minutes | ||
| Brochure | Foresters Financial Final Expense Brochure | ||
| Sample Application | Foresters Financial Final Expense Application | ||
How Much Does Foresters Financial Funeral Insurance Cost?
The cost of Foresters burial insurance depends on your state of residence, exact age, gender, health history, tobacco habits, and the death benefit amount you want.
In the table below, you can see some sample funeral insurance premiums for their coverage.
All these prices are monthly for $10,000 in coverage at a non-tobacco rating.
| Age | Preferred | Standard | Basic |
|---|---|---|---|
| 50 | F: $26.05 M: $32.00 | F: $37.07 M: $45.04 | F: $37.17 M: $46.62 |
| 55 | F: $32.47 M: $39.25 | F: $43.16 M: $59.17 | F: $43.79 M: $59.85 |
| 60 | F: $37.22 M: $47.06 | F: $50.78 M: $73.81 | F: $52.29 M: $74.02 |
| 65 | F: $43.38 M: $57.72 | F: $64.51 M: $92.75 | F: $65.52 M: $94.82 |
| 70 | F: $54.63 M: $74.53 | F: $83.41 M: $116.44 | F: $86.31 M: $118.44 |
| 75 | F: $82.13 M: $109.38 | F: $126.80 M: $167.12 | F: $131.67 M: $171.36 |
| 80 | F: $122.10 M: $151.35 | F: $176.91 M: $229.03 | F: $192.15 M: $259.25 |
| 85 | F: $182.55 M: $216.99 | F: $268.62 M: $326.54 | N/A |
Pros & Cons Of Foresters Financial Final Expense Life Insurance
- The preferred and standard ratings both have no waiting period
- Excellent prices relative to other providers
- Favorable underwriting that accepts most seniors who deal with common elderly-related health issues
- All policyholders get access to generous member benefits at no extra cost
- Fast approvals (usually less than 10 mins)
- A very old company that has been operating for nearly 150 years
- Had an A rating with A.M. Best
- The policy is permanent (unlike AARP life insurance) and has a fixed cost
- Available in all states except New York
- Philanthropy is a significant initiative of the company
- Unique and valuable riders are included at no extra cost
- For certain ages, other companies have lower prices
- $5,000 is the minimum face amount which is a bit high relative to most companies
- No guaranteed acceptance option
- You must meet with an agent face-to-face if you intend to replace an existing life insurance policy
- Recent blood thinner prescriptions can sometimes cause them to erroneously offer their basic plan, which is very costly and has a waiting period
Is Foresters Financial Burial Insurance Worth Buying?
Forester financial final expense insurance is well worth the money if you qualify for their preferred or standard plans.
Only policies like Living Promise from Mutual of Omaha would be cheaper.
Their basic option is not a wise purchase due to the high cost.
Other companies such as AIG or Gerber would be cheaper than the Foresters basic plan if you have a health issue that warrants a waiting period.
The table below outlines many typical health issues where you’d still be eligible for no waiting period coverage with Foresters Financial.
Common conditions still eligible for no waiting period coverage: Afib Aneurysm Arthritis Asthma Bipolar disorder Blindness Blood clots Blood thinners Cancer > 3 years ago Chronic bronchitis Circulatory surgery > 1 year ago Cirrhosis COPD Crohn’s disease Depression Diabetes (type 1 or 2) Diverticulitis Epilepsy Fibromyalgia Grave’s disease Heart attack > 1 year ago Heart surgery > 1 year ago Hepatitis High blood pressure High cholesterol Insulin shock > 2 years ago Kidney disease (no dialysis) Lupus Multiple sclerosis Pacemaker (installed > 1 year ago) Parkinson’s disease Schizophrenia Scleroderma Seizures Sickle cell anemia Sleep apnea Squamous/basal cell skin cancer Stroke/TIA > 1 year ago Tumors |
Foresters Financial Company Background
Foresters Financial has been in business since 1874. Their home office is in Ontario, Canada, but they distribute insurance throughout the USA except for New York.
They offer a variety of life insurance products, including term life, funeral insurance for seniors, traditional whole life, accidental death, universal life, and life insurance for grandchildren or juveniles.
They are very financially stable, which is why they have an A (Excellent) rating with A.M. Best.
Their contact information is below:
- Website: www.foresters.com
- Phone number: 1-800-828-1540
- Mailing address: PO Box 179, Buffalo, NY, 14201
Foresters Financial earned 4 stars out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.
Learn about our rating methodology.