Foresters Financial: life insurance with member benefits
A Toronto-based fraternal benefit society since 1874, and the owner of Canada Protection Plan. Here are its term and participating whole life plans, no-medical options and member benefits.
The short answer
Foresters Financial is the trade name of The Independent Order of Foresters, a fraternal benefit society founded in 1874 and headquartered in Toronto. When you buy a Foresters or Canada Protection Plan policy you become a member, with benefits such as scholarships, community grants and the Foresters Go wellness app. In Canada it offers Foresters Term (10, 20 and 30 years), Advantage Plus and Advantage Max participating whole life, and, through its subsidiary Canada Protection Plan (acquired in 2020), no-medical and simplified-issue life and critical illness insurance.
Foresters Financial at a glance
Foresters was founded in Newark, New Jersey, in 1874 and came to Canada in 1875. It has been the underwriter of Canada Protection Plan's products since 2008 and bought the company in 2020.
Foresters Financial insurance and investment products
What each product does and who it suits. Names and features as published by Foresters Financial, reviewed October 2026.
| Type | Product | What it does | Good for |
|---|---|---|---|
| Term life | Foresters Term 10, 20, 30 | Level premiums for the term; renewable and convertible. Fully underwritten with no initial paramedical or lab work up to set amounts and ages. | Mortgages, families, income replacement |
| Participating whole life | Advantage Plus | Par whole life with dividends; large cases up to $25 million; quit-smoking incentive and children's insurance benefit. | Affordable lifelong coverage, estate planning |
| Participating whole life | Advantage Max | Par whole life focused on dividend growth and competitive cash values. | Tax-sheltered growth |
| No medical | Canada Protection Plan: Express Elite and simplified plans | No-medical term and whole life up to $500,000 or more for healthy clients; simplified plans for people with health issues. | Fast coverage, people declined or rated elsewhere |
| Critical illness | Canada Protection Plan critical illness | Simplified-issue CI plans covering up to 8 conditions that account for most CI claims, with 6 to 8 eligibility questions. | Cancer or heart survivors, quick CI coverage |
| Extra benefit | Charity Benefit provision | On eligible Foresters policies, an extra amount (up to $100,000) can go to a registered charity you choose, in addition to the death benefit. | Giving back without reducing family coverage |
| Member benefits | Foresters member benefits | Competitive scholarships, community grants, volunteer opportunities and the Foresters Go wellness rewards app. | Families who want more than a policy |
Availability, ages and amounts depend on the product, province and underwriting. The contract and illustration govern.
Which Foresters Financial product fits you?
Pick your main goal, age and health. You'll see the Foresters Financial products to ask about, and when another insurer may be the better fit.
A planning aid, not advice or underwriting. Pankaj compares Foresters Financial with the other insurers he represents before recommending.
Where Foresters Financial stands out
- Members get extra benefits: scholarships, grants, volunteer programs and the Foresters Go app.
- Advantage Plus participating whole life with a charity benefit on top of the death benefit.
- Canada Protection Plan gives strong no-medical and simplified options for people with health issues.
- Electronic applications and e-signature for most products.
What to watch
- No universal life; ask Pankaj which savings options are currently available.
- Par dividends are not guaranteed.
- No-medical and simplified coverage costs more than fully underwritten insurance.
- Service experiences in independent reviews are mixed; buying through an advisor helps.
How to buy Foresters Financial through Pankaj
The premium is the same as buying direct; you also get an advisor who compares other insurers.
1. Talk about needs
Income, debts, family, goals and budget. Pankaj runs a needs analysis and compares Foresters Financial with other insurers.
2. Apply
Most applications are electronic, with e-signature. Some coverage needs a phone interview, paramedical exam or tests.
3. Policy and service
Pankaj delivers and explains the policy, then helps with changes, beneficiary updates, renewals and claims.
Foresters Financial: frequently asked questions
What is a fraternal benefit society?
A not-for-profit membership organization that provides insurance to its members and uses part of its surplus for member benefits and community work. Foresters is the oldest non-denominational one.
Buying a Foresters or Canada Protection Plan policy makes the insured person a member.
Is Canada Protection Plan part of Foresters?
Yes. Foresters underwrote Canada Protection Plan's products from 2008 and acquired the company on October 1, 2020.
See our Canada Protection Plan guide for its no-medical plans.
What term life does Foresters offer?
Foresters Term in 10, 20 and 30-year terms, renewable and convertible.
Many applicants up to set ages and amounts don't need an initial paramedical exam or lab work.
What is Advantage Plus?
Foresters' participating whole life insurance: guaranteed lifelong coverage that can also earn dividends.
It includes a quit-smoking incentive, a children's insurance benefit option and a charity benefit provision.
What member benefits does Foresters offer?
Competitive scholarships, community grants, volunteer opportunities and the Foresters Go wellness app, where members earn rewards for healthy habits.
Benefits are not part of the insurance contract and can change.
Does Foresters offer savings and investment products?
Foresters' participating whole life builds guaranteed cash value, and Pankaj can show you the savings options currently available through Foresters.
He also compares segregated funds, GICs and annuities from the other insurers he represents.
Can I buy Foresters through Pankaj Bhatia?
Yes. Pankaj is contracted with Foresters and Canada Protection Plan and compares them with other insurers.
The premium is the same as through any other advisor.
Written by Pankaj Bhatia, CHS, PFA
Licensed insurance & financial advisor · Insure In Canada Inc. · Mississauga & Cambridge, Ontario
Pankaj is a licensed insurance and financial advisor (Insure In Canada Inc.) who represents Foresters Financial alongside other Canadian insurers. He has helped families with life, critical illness and investment planning for 11 years.
Call 647-640-2222 · WhatsApp · About Pankaj · Google reviews
Get a Foresters Financial quote or a second opinion
Send Pankaj your age, coverage amount and goal. He'll show you the Foresters Financial option and how it compares.
Sources and related pages
Other insurers Pankaj represents
- Manulife
- Sun Life
- Canada Life
- Desjardins
- RBC Insurance
- BMO Insurance
- Equitable Life
- Canada Protection Plan
- iA Financial Group
- Empire Life
- Co-operators
- Wawanesa Life
Independent guide by Pankaj Bhatia, a licensed advisor; not published by Foresters Financial. Product names and features are summarized from Foresters Financial's published materials and independent reviews as of October 2026 and can change. The policy contract, illustration and fund facts govern. Segregated fund values fluctuate except for the applicable maturity and death benefit guarantees.