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2023 Foresters PlanRight Whole Life Insurance Review

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Foresters PlanRight whole life insurance coverage is a popular final expenses life insurance option that offers several unique features that can make it a top choice compared to other final expense products.

People who purchase final expense coverage are generally in their senior years and are looking for smaller amounts of life insurance protection to cover end-of-life expenses such as funeral costs and potentially other smaller amounts of debts.

All final expense plans offer common policy features such as a lifetime of coverage with a fixed premium that is locked in for the entire time the policy is active. These plans even have a guaranteed cash value accumulation account built into the policy where the cash will continually grow every year.

While final expense life insurance plans can offer many advantages, you should always compare options before choosing a plan. For example, some policies can offer extra policy riders, simplified underwriting processes, and other helpful policy features.

Our following review of the Foresters PlanRight whole life insurance coverage will go in-depth to explore everything the life insurance coverage has to offer. In addition to looking at all the policy features that PlanRight can offer, we also explore the cost of purchasing a policy and the advantages and disadvantages of the coverage.

Foresters Life Insurance Company

PlanRight whole life insurance is a life insurance option offered through Foresters Life Insurance Company, owned and operated by Foresters Financial.

While Foresters Financial is not a common household name, the company’s history goes back over 145 years. The story of Foresters begins with the formation of the British Friendly Society. The society was dedicated to helping ordinary people gain access to affordable insurance and savings options.

The Independent Order of Foresters (IOF) emerged as an expansion of the Ancient Order of Foresters (AOF) in 1874. The IOF was based in Canada and led by a prominent doctor of Mohawk descent. IOF eventually went by the name Foresters Financial and acquired Unity Life of Canada in 2008.

In 2012, Unity Life of Canada was rebranded as Foresters Life Insurance Company. The company is headquartered in Toronto and serves customers throughout Canada, the United Kingdom, and the United States.

If you’re curious about how Foresters ranks among their competitors as a company, we often like to reference the annual Top 200 U.S. Life/Health Insurers list that AM Best’s Review conducts. The annual list ranks the top 200 life and health insurers in the United States based on admitted assets. As of 2021, Foresters Financial ranks No. 102 of 200.

Foresters Ratings and Reviews

When choosing a life insurance company, it’s always important to exam the ratings and reviews of the company before committing to purchasing a policy. Ratings and reviews can provide helpful insight into selecting an insurance company that will be able to pay the benefits of a life insurance policy should that time come.

Strong ratings from independent rating agencies can paint a clearer picture of the company’s overall operating performance. This is especially true for financial ratings awarded by AM Best.

Founded in 1899, AM Best assesses the creditworthiness of insurance companies. Through a letter grade model, AM Best awards a grade based on how they view the financial strength of a particular company’s ability to pay claims, debts, and other financial obligations in a timely manner.

With over $14.2 billion in assets and $12.6 billion in liabilities, and a surplus of $1.7 billion, Foresters Financial has kept its “A” rating from AM Best for 20 consecutive years.

The A rating awarded by AM Best is the 3rd highest rating out of a possible 16 ratings, which should give you peace of mind, as there is less risk of the company folding before the end of your policy. However, financial ratings are not available from S&P, Fitch, or Moody’s Investors Service.

It is also important to pay attention to customer ratings and reviews, including the latest Better Business Bureau (BBB) rating. Foresters Financial has an A+ rating with the BBB. The BBB rating indicates the company’s ability to satisfy the needs of its customers.

Foresters PlanRight Whole Life Insurance

As mentioned at the beginning of our review, Foresters PlanRight is whole life insurance that falls under final expense life insurance. Thus, it is a form of permanent insurance that offers coverage for life (or up to the age of 121 years). In addition, it includes a guaranteed death benefit and level premium that remains the same price throughout your lifetime.

Since plans are limited to a maximum death benefit amount of $35,000, PlanRight is best suited to help policyholders cover the cost of their final expenses. Common final expenses include funeral and burial expenses and other financial obligations that your loved ones may need help to cover after you pass.

Foresters Financial offers three different death benefit plans:

  • PlanRight Preferred – Level death benefit
  • PlanRight Standard – Level death benefit
  • PlanRight Basic – 2-year graded death benefit

Eligibility for the different plans depends on the answers to the medical questions during the application process. However, no matter what plan you qualify for, all policyholders will receive access to several key features:

  • Guaranteed premiums
  • Guaranteed benefits
  • Guaranteed cash values
  • Access to exclusive member benefits

In addition to multiple policy features, all Foresters PlanRight life insurance plans come with two policy riders with no additional premium required. Those riders include the Family Health Benefit Rider and the Common Carrier Accidental Death Rider for free.

Foresters PlanRight Coverage Overview

Policy FeaturesPlanRight PreferredPlanRight StandardPlanRight Basic
Death Benefit:Day One CoverageDay One Coverage2-Year Graded Death Benefit
Issue Ages:50-8550-8550-80
Minimum Coverage Amount:$5,000
Maximum Coverage Amount:Ages 50-80: $35,000
Ages 81-85: $15,000
Ages 50-80: $20,000
Ages 81-85: $10,000
Ages 50-80: $15,000
Contract Duration:Level to age 121
Policy Riders:Accidental Death
Terminal Illness
Common Carrier AD
Family Health Benefit
Terminal Illness
Common Carrier AD
Family Health Benefit
Common Carrier AD
Family Health Benefit
State Availability:Available in all states

Foresters PlanRight Issue Ages

PlanRight Issue Ages

The issue ages for Foresters PlanRight insurance are 50 to 85 for the Preferred and Standard plans. The Basic plan, which offers a 2-year graded death benefit, is for ages 50 to 80.

While many life insurance companies will round your age up if you’re within 6 months of your next birthday, often referred to as age nearest, PlanRight issues ages are based on your current age. So, as an example, if you are 49 and turn 50 later this year, you need to wait until your actual birthday to apply.

On the positive side, if you are over the age of 50 and within six months of your next birthday, your rates will be based on the price of your current age rather than being rounded to the next age.

Foresters PlanRight Level and Graded Benefit Plans

PlanRight Death Benefit Plans
PlanRight PreferredDay one coverage
PlanRight StandardDay one coverage
PlanRight Basic2-year graded death benefit

PlanRight whole life insurance is designed to offer both a level and graded death benefit option. This allows Foresters to provide a final expense life insurance policy to healthy applicants and applicants who may have a past medical history or even those who may be being treated for a medical condition.

The level death benefit is available in two health classes, PlanRight Preferred, and PlanRight Standard. With a level death benefit, the payout is equal to 100% of the face amount of your policy beginning the first day the life insurance policy is active.

While there are two separate level death benefit plans, the PlanRight Preferred plan will offer the lowest premiums compared to PlanRight Standard or PlanRight Basic. This is mainly because the Preferred plan is reserved for healthy or low-risk applicants.

The graded death benefit is part of the PlanRight Basic plan. The insurance company will pay a lower death benefit if the policyholder dies within the first two years with a graded death benefit.

The death benefit payable to your beneficiary on the PlanRight Basic plan equals all the premiums you have paid currently plus 10% annual interest during the first two years. Starting at the third year, PlanRight Basic turns into a level benefit plan with the death benefit based on 100% of the face amount of your policy.

Level and Graded Death Benefit Qualification

PlanRight Level and Graded Death Benefit Qualification
PlanRight PreferredMust answer "No" to all 15 medical questions
PlanRight StandardIf you answer "Yes" to medical questions 13-15
PlanRight BasicIf you answer "Yes" to medical questions 7-12

The qualification for a level or graded death benefits depends heavily on responses to the medical questions of the actual life insurance application. The life insurance application contains a total of 15 medical questions.

The first six questions are known as knockout questions. If you answer yes to any of the six medical questions, you will not be eligible for any of the three Foresters PlanRight options.

If you answer “yes” at least one of the questions 7 through 12, you only qualify for the graded death benefit that comes with PlanRight Basic.

If you answer “yes” at least once to questions 13 to 15, you may apply for PlanRight Standard, which comes with the level death benefit but a higher premium than the Preferred Plan.

Applicants who answer “no” to all 15 medical questions will be eligible for the top-tier Forester PlanRight Preferred plan, which will offer a level death benefit and result in the lowest premiums for coverage.

PlanRight Contract Duration

PlanRight Contract Duration
Level premium to age 121

Foresters PlanRight plans are whole life insurance plans otherwise known as permanent life insurance policies. The life insurance policy remains in effect until you die or stop paying the premiums. That means that the insurance coverage will last for life.

However, the plan is technically set to expire on the date of your 121st birthday. So if you live to age 121, at that time, the cash value would be equal to the full death benefit, and the insurance company would pay the cash value amount to the policyholder.

Minimum and Maximum Coverage Amounts

PlanRight Level and Graded Death Benefit Qualification
PlanRight PreferredAges 50-80: $35,000
Ages 81-85: $15,000
PlanRight StandardAges 50-80: $20,000
Ages 81-85: $10,000
PlanRight BasicAges 50-80: $15,000

The minimum coverage amount on all three plans is $5,000. As PlanRight is designed as an insurance plan for covering final expenses, it offers a relatively small maximum face amount which is common for this type of life insurance program.

Depending on your age and the plan option you qualify for based on answers to the medical questions listed on the life insurance application, you can receive up to a maximum death benefit amount of $35,000.

Here is a breakdown of the maximum coverage options for each age group and plan:

  • Preferred (ages 50 to 80): $35,000 
  • Preferred (ages 81 to 85): $15,000
  • Standard (ages 50 to 80): $20,000
  • Standard (ages 81 to 85): $10,000
  • Basic (ages 50 to 80): $15,000

Basic coverage is not available for those over the age of 80.

Medical Exam Requirements

PlanRight Medical Exam Requirements
No medical exams required

A medical exam is never required when applying for Foresters PlanRight final expense coverage. Instead, the insurance company uses a simplified underwriting process and third-party data assistance to determine eligibility.

Guaranteed Cash Value Growth

PlanRight Guaranteed Cash Value Growth
Pre-determined amount of each premium deposited into cash account

Foresters PlanRight whole life insurance includes guaranteed cash value growth. As a result, the cash value of your policy continues to grow each time a premium payment is paid.

After you build enough cash value, you may borrow from the cash value account through policy loans to supplement your retirement income, use it for emergencies or even pay your policy premium.

You are not required to pay taxes on loans taken from the cash value, but loan balances will require interest to be paid at a rate declared by Foresters Financial.

Ultimately, if the cash value is not borrowed, the total amount should equal the full death benefit amount by age 121.

Available Policy Riders

PlanRight Policy Riders
PlanRight PreferredPlanRight StandardPlanRight Basic
Accidental Death
Terminal Illness
Common Carrier AD
Family Health Benefit
Terminal Illness
Common Carrier AD
Family Health Benefit
Common Carrier AD
Family Health Benefit

PlanRight whole life insurance is available with up to four policy riders. However, some of the riders are only available for select plans. The riders include:

  • Accidental death rider
  • Accelerated death benefit rider
  • Common carrier accidental death rider
  • Family health benefit rider

Here is a closer look at each policy rider.

Accidental Death Rider

The accidental death rider is only available with the PlanRight Preferred plan and for members between the ages of 50 and 80. The accidental death rider is an optional rider, which means that it increases your monthly premium.

Adding the accidental death rider provides extra coverage in the event of accidental death, which is a death caused by accidental bodily injury, such as a car accident. The death must also occur within 180 days of the injury.

You can select the amount of additional coverage. The minimum amount is $5,000, while the maximum amount is equal to 100% of the face amount of the base policy.

This policy rider is available at an extra cost.

Accelerated Death Benefit Rider

The accelerated death benefit rider is only available with the Preferred and Standard plans. However, it is also included with these plans at no additional cost.

The accelerated death benefit rider provides the policyholder with the option of receiving an accelerated payout after being diagnosed with a terminal illness. However, the policyholder also needs to reasonably be expected to die within 12 months of the diagnosis.

If you are diagnosed with a terminal illness, you can receive between $2,000 and 95% of the policy’s face amount as a one-time payment. Only one payment is allowed, as the rider terminates after you receive the accelerated benefit.

This policy rider is included at no additional cost.

Common Carrier Accidental Death Rider

The common carrier accidental death rider is included with all three plans at no extra cost. This rider provides extra coverage if you die within 180 days of an accidental injury that occurred while riding as a paying passenger on a common carrier, such as a taxi, airplane, train, or boat.

The payout for this rider is equal to twice the face amount of your policy. So, for example, if you have $25,000 in coverage, your family will receive a death benefit of $50,000.

This policy rider is included at no additional cost.

Family Health Benefit Rider

The family health benefit rider is the second policy rider included with all PlanRight plans without increasing your monthly premiums. This rider provides extra payouts for eligible health situations that have occurred due to certain natural disasters (earthquake, hurricane, tornado, tsunami, typhoon, lightning strike, or volcanic eruption) experienced by the policyholder or their immediate family.

You can receive up to $650 per health incident per family member with the family health benefit rider. The maximum lifetime payout for this rider is $5,000. The benefits include $50 toward ambulance transportation, $100 for hospital emergency room examination, and $100 per day for up to five days for a hospital stay.

This policy rider is included at no additional cost.

Membership Benefits

When you purchase life insurance from Foresters Financial, you become a policyholder and a member. Policyholders gain access to a variety of free membership benefits offered by Foresters Life Insurance Company. Some of the available benefits include:

  • Competitive scholarships
  • Orphan scholarships
  • Community grants
  • Member deals
  • Diabetes assistance
  • Legal document preparation service
  • Access to online learning courses
  • Terminal illness loans
  • Volunteer and community activities

The membership benefits are far-reaching and may provide additional assistance for your children in the event of your death. For example, the orphan benefit and orphan scholarships are available to qualifying dependents of policyholders with PlanRight whole life insurance.

Members also gain access to useful services that may help save money, including legal document preparation services. For example, members can receive help preparing wills, powers of attorney documents, and healthcare directives.

Foresters PlanRight Frequently Asked Questions

You now have a general understanding of the Foresters PlanRight plans, including the available features and policy riders. However, you may still have a few questions about how the policy works, such as how to apply or determine your eligibility.

Here are answers to the most frequently asked questions about Foresters PlanRight whole life insurance. If we missed answering one of your questions, please be sure to leave a comment below so we can get you an answer and add your question to this FAQ section to help others.

How Do You Apply for PlanRight Whole Life Insurance?

Foresters Financial offers two methods for applying and processing applications, both of which our agency can help assist you with.

You have the option to either submit an electronic application or a paper application. Both the electronic and paper application are the same. However, the electronic application offers more of a completely streamlined process.

The total time to complete the Foresters PlanRight life insurance application takes about 30 minutes. As part of the application process, you need to answer a series of 15 medical questions and provide basic personal and health information, including your age, height, and weight.

After completing the application, you will be required to complete a telephone interview with Foresters. This is referred to as the Personal Health Interview or PHI for short.

Foresters works with Apptical to complete personal health interviews over the phone. An agent will call you to complete the personal health interview (PHI). You will then receive notification of your application acceptance or denial at the end of the telephone interview.

What Determines Eligibility for Coverage?

Eligibility is based on several criteria, including:

  • Answers to a medical questionnaire
  • Height and weight guidelines
  • Use of certain prescription medications
  • Third-party data reports

If you answer yes to any of the first six medical questions, Foresters will not be able to consider you for a policy. These six health-related questions are referred to as the knockout questions and are generally based on medical conditions that would be viewed as very high-risk.

In addition to the medical questions, you must also be within the height and weight guidelines set by Foresters Financial.

The use of certain prescriptions can also lead to disqualification for coverage. These prescriptions generally indicate that the applicant suffers from specific medical conditions that would otherwise disqualify them from obtaining coverage.

Foresters underwriting will also use the assistance of third-party agencies to perform prescription history checks and review the MIB database to verify any potential discrepancies between application answers and findings in the MIB report.

How Quick is Approval for Coverage?

Thanks to the simplified underwriting process, approval for coverage is quick. Foresters can determine your eligibility instantly using its point-of-sale (POS) process, which is done during the telephone interview. As a result, a final notice of the approval of your application may only take a few days or up to two weeks.

What Happens After You Are Approved for Coverage?

Foresters Life Insurance Company will send you your policy in the mail if you are approved for coverage. The coverage comes into effect after you pay the first premium. You may also elect to have the life insurance policy electronically sent to you as well if preferred.

Is Foresters PlanRight Whole Life Insurance Affordable?

Foresters Financial offers competitive rates for its PlanRight whole life insurance. However, the rate you receive depends on the type of plan you qualify for and your age, gender, and tobacco use.

Tobacco users receive higher premiums compared to non-tobacco applicants, as using tobacco products reduces life expectancy. Non-tobacco applicants have not used cigarettes or any other form of tobacco in the last 12 months.

Premiums are also based on age. The older you get, the more you pay, as there is an increased likelihood that the company will need to pay your policy sooner. Men also pay more for life insurance compared to women. This is because men have shorter average life expectancies, which results in higher premiums.

The plan that you qualify for is another consideration. PlanRight Preferred includes the lowest premiums, as individuals who qualify for this plan do not suffer from any major medical issues.

Foresters PlanRight Final Expense Rate Chart

MalePlanRight Preferred
PlanRight Standard
PlanRight Basic
Age 50$32.00$45.04$46.62
Age 55$36.86$59.17$59.85
Age 60$45.18$73.88$74.02
Age 65$54.81$92.75$94.82
Age 70$70.66$116.44$118.44
Age 75$102.69$167.12$171.36
Age 80$146.74$224.60$259.25
Age 85$200.75$320.20NA
FemalePlanRight Preferred
PlanRight Standard
PlanRight Basic
Age 50$26.05$37.06$37.17
Age 55$31.16$43.16$43.78
Age 60$35.41$50.30$52.29
Age 65$41.00$64.50$65.52
Age 70$51.92$83.41$86.31
Age 75$75.07$124.38$131.67
Age 80$111.08$173.50$192.15
Age 85$165.92$263.41NA

Monthly male/female premium rates current as of 01/25/2023 representing the cost of a $10,000 Foresters Financial PlanRight whole life insurance policy, both level, and graded benefit plans.

What Is Foresters Cancellation Policy?

Policyholders who wish to cancel their policies must submit a policy surrender request form. Unlike many other insurance companies, Foresters does not charge a surrender fee for canceling your policy. When you cancel your policy using the form, you receive the cash value of the policy minus any fees.

How Good Is Foresters Customer Service?

Foresters has mixed reviews when it comes to customer service. You may not always receive a swift response to your inquiries. However, the company is known for offering a wide range of member benefits, lenient cancellation policies, and simplified underwriting processes, which tend to lead to higher customer satisfaction.

Foresters Life Insurance Company’s customer service is available via phone, mail, or email. You can reach customer service on the phone between 9 AM and 6 PM on the weekdays. The company does not have an online chat feature on its website.

How to Get a Foresters PlanRight Whole Life Insurance Quote

Our company offers Foresters PlanRight Whole Life Insurance. You can use our online quoter to instantly view rates and then allow our team to assist with the electronic online application process.

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Advantages of Foresters PlanRight Whole Life Insurance

Foresters PlanRight whole life insurance offers many advantages for those looking for final expense planning:

  • A quick and simple underwriting process
  • No required medical exam
  • Option of several riders at no extra cost
  • Access to dozens of membership benefits
  • Availability of personal loans

The main advantage of Foresters PlanRight is the underwriting method. Foresters uses a simplified underwriting process with two rate classes — tobacco and non-tobacco. You do not need to take a medical exam. During the application process, you need to answer 15 medical questions to determine your eligibility.

The company also checks your medical history and prescription drug history, but the entire process is streamlined compared to other whole life insurance options. You are likely to receive approval faster than if you go elsewhere.

The whole life insurance plans from Foresters also come with several riders and dozens of membership benefits. Policyholders may also borrow money against the cash value of their policy. Personal loans are subject to interest and penalties for late payments but typically provide better terms compared to loans from banks.

Disadvantages of Foresters PlanRight Whole Life Insurance

PlanRight does not include any significant disadvantages when compared to other whole life insurance products. However, some applicants may be disappointed by the limited coverage amounts and the restrictions on the PlanRight Basic plan.

The maximum coverage amount is $35,000 if you have no medical problems and are between the ages of 50 and 80. The maximum coverage drops to $20,000 for the Standard plan and $15,000 for the Basic plan.

The PlanRight Basic plan is also ineligible for the accelerated death benefit rider and the accidental death rider. However, it remains a convenient choice for those who want limited coverage with no medical exam.

Conclusion: Is Foresters PlanRight Whole Life Insurance Worth it?

Foresters PlanRight is a whole life insurance product with no medical exam and streamlined underwriting. If you want whole life insurance to start your final expense planning but do not want to deal with a lengthy application process, PlanRight may be the right choice for you.

Foresters Life Insurance Company is a reliable insurance provider with over 145 years of experience and high financial strength. The company looks out for its customers by offering a wide range of benefits and extra riders at no additional cost.

Without increasing your premiums, you receive a family health benefit rider and a common carrier accidental death benefit rider. You can also explore a variety of membership benefits ranging from scholarships to legal document preparation services.

In the end, Foresters PlanRight is convenient and comes with many perks. Use our online quoter to receive your Foresters PlanRight whole life insurance quote today.

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Picture of Jeffrey Manola - Life Insurance Expert
Jeffrey Manola - Life Insurance Expert

Jeffrey Manola is the founder of No Medical Exam Quotes, an online insurance agency that strongly focuses on helping people shop for the perfect life insurance policy. He is a licensed life insurance expert and content creator for the website.

Before becoming a life insurance agent, he served in the United States Marine Corps, transitioning from serving his country to helping families find affordable life insurance coverage beginning in 2009. Since starting a career as a licensed life insurance agent, Jeffrey has helped thousands of families with their life insurance needs.

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