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Frequently asked questions
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 Why do I need life insurance? |  |
Simply put, life insurance is basic financial protection for your family. The role of life insurance is to provide a lump sum of money (the "death benefit") in the event of your death. This money can be used to cover debts, provide income for your family in the unfortunate event of your death, or provide money to pay for burial expenses.
| When should I purchase insurance? | |
For lower rates, the earlier, the better. Be aware that as you get older the same coverage costs more - regardless of what type of insurance you prefer. The reason? As people age, they tend to have more health problems and are more likely to pass away. This affects the cost of supplying the insurance. So, it’s generally a better value to start early.
| How do I figure out how much insurance I need? | | You may need as much as 7 times your current salary to cover your financial obligations, although everybody’s situation is different. To get a better idea of how much life insurance you may need, you can use our Life Insurance Needs Calculator. Of course, the best way to determine your insurance needs is to talk to one of our independent life insurance representatives1.
| How do I buy insurance products from Foresters? | |
Our quality insurance products are sold through a network of independent life insurance representatives. Our sales and marketing staff would be happy to recommend a friendly and experienced insurance representative in your area to assist you. You can call us toll free at 1 800 267 8777.
| How long has Foresters been in business? | |
Foresters has been helping protect families for over 135 years. We manage our business with fiscal responsibility, prudent investment policies and sound governance. This commitment has allowed us to weather and withstand adverse business and market conditions, and most importantly, to ensure that the benefits of our members were protected throughout our history.
| What is the difference between Foresters, Foresters Canada and Forester Life Insurance Company? | | Foresters is a fraternal benefit society — a member-based insurance organization —headquartered in Toronto, Canada. Foresters shares its financial strength with almost 950,000 members across the United States, United Kingdom and Canada. Foresters Canada is made up of Foresters operating in Canada and its subsidiary Foresters Life Insurance Company (Foresters Life) formerly Unity Life of Canada.
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How can I change my beneficiary? | |
To change your beneficiary, you will need to complete and sign a beneficiary change form. You can call us toll free at 1 800 267 8777 and press 1 to speak to a customer service representative who can send you the form. Just mail it back to us at the address on the form. When we receive the completed form, signed by the owner, we will update our records and mail a confirmation to you.
| How can I change my banking information? | |
To change your banking information for pre-authorized premium payments, you will need to complete and sign our Pre-Authorized Chequing Form. You can call us toll free at 1 800 267 8777 and press 1 to speak to a customer service representative who can send you the form. Just mail it back to us at the address on the form. When we receive the completed form, signed by the owner, together with a void cheque, we will update the banking information on file.
| How can I surrender my policy and obtain the Cash Surrender Value? | |
To surrender your insurance, you will need to complete our Request for Cash Surrender form. You can call us toll free at 1 800 267 8777 and press 1 to speak to a customer service representative who can send you the form. Just mail it back to us at the address on the form. When we receive the completed form, signed by the owner, we will surrender the policy and, if you had a positive cash surrender value, we will mail the surrender cheque.
| How do I cancel my Term Life Insurance Policy? | |
To surrender your term life insurance, please send us a signed authorization letter requesting the cancellation of the policy. You can write to Foresters Life, 1660 Tech Avenue, Suite 3, Mississauga, Ontario, L4W 5S8. Please be sure to sign and date the letter, specify your policy or certificate number, and clearly instruct us to cancel the insurance. When we receive the letter, signed by the owner, we will cancel your insurance.
| How can I get information about my policy? | |
We would be more than happy to provide you with information about your policy over the phone. You can call us toll free at 1 800 267 8777 and press 1 to speak to a customer service representative. Upon your request, we can also mail you a Policy Summary, free of charge.
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What is a fraternal benefit society?
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A guide to life insurance
Need more information about life insurance? Foresters has put together a short guide to help you understand the different types of life insurance. You can find it here.
Compliance Code:
407873 CAN/US (02/13)
