Foresters Financial – Mortgage Protection Insurance Review (2024)

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Foresters Financial

Foresters Financial provides life insurance and financial solutions as a fraternal benefit society. It serves residents of Canada, the US, and the UK. The organization’s origins are somewhat unusual: it began as a British Friendly Society that granted membership based on initiation by combat. In 1834, the Ancient Order of Foresters (AOF) was founded, and its US chapter became independent in 1874, then expanded into Canada in 1875. The AOF helped to transform the life insurance industry by offering benefits to average people, admitting women into its organization, and offering benefits to orphans of deceased members. It was not until 2012 that Foresters was rebranded as Foresters Life Insurance Company by its then-parent company Unity Life of Canada.

Does Foresters Offer Mortgage Protection Insurance?

Foresters offers unique life insurance products, including term, whole-life, and critical illness plans. It does not, however, offer mortgage protection insurance. Mortgage protection insurance works differently than traditional life insurance products. Instead of paying out benefits to the policyholder’s beneficiary directly, the money required to pay off the mortgage goes straight to the lender upon the policyholder’s death.

The approach taken by mortgage protection insurance to managing payouts helps to avoid family conflict. No one has to handle the money, nor does anyone get a say in how it’s spent other than the deceased policyholder.

Foresters Mortgage Protection Insurance Cost

Because Foresters does not offer mortgage protection insurance, there’s no reason to speculate as to what it would cost. In general, though, mortgage protection insurance policies are much more affordable than either term or whole-life life insurance.

The policyholder simply fills out an application that describes certain applicable factors about themselves, such as age, health, gender, and smoking status. They then let the company know where the home is located and how much coverage they want.

From there, a mortgage protection insurance provider will be able to offer a detailed quote. Typically, monthly payments range from $5 to $50, although they can exceed $500 for elderly people who want to take out the maximum amount of coverage.

Riders for Foresters Mortgage Life Insurance

Riders are designed to allow policyholders to make customizations to their policies as they see fit. Foresters offers riders for its life insurance policies, as do almost all traditional life insurance companies. Mortgage protection insurance providers almost always offer riders, as well. They are:

Disability riders that kick in when the policyholder becomes temporarily or permanently disabled. The company makes payments either until the person can return to work or for the remainder of the coverage period.

Unemployment riders that kick in when the policyholder involuntarily loses their source of employment for a reason that’s covered by the policy. In this case, the policy will cover up to six months of mortgage payments, giving policyholders time to find new employment.

Both these and other types of riders are considered add-ons, which means they cost more. The cost of the riders is usually fixed and gets added to the monthly premiums.