CPP underwritten by Foresters
Just the facts
Established
1874
AM best Rating
“A” (Excellent)
Total assets
$18.1 billion CAD
Total premium in force
$1.2 billion
About Foresters Insurance
Foresters FinancialTM began in 1874 as a Fraternal Benefit Society that focused on providing life insurance to everyday families. And today, we continue that focus while building stronger communities and helping our members live their best life.
On Oct. 1, 2020, Foresters and Canada Protection Plan joined forces in an amalgamation that benefits advisors and their customers. The union brings together the industry-leading sales and marketing power of Canada Protection Plan with the well-capitalized, purpose-driven Foresters.
As we’ve grown, we’ve become an international financial services provider with assets of $18.7 billion CAD and a surplus of $2.0 billion CAD.1,2 Foresters has maintained our “A” (Excellent) rating from A.M. Best for 21 straight years thanks to our consistent operating performance and excellent balance sheet strength.3
As of December 31, 2021, The Independent Order of Foresters Life Insurance Capital Adequacy Test (LICAT) ratio was 176.3%.
In 2021, Foresters paid $901 million CAD in insurance claims and benefits, and paid out a total of $10.2 million CAD in dividend4 payouts to eligible policyholders. For over 23 years, Foresters dividend interest rate has remained at or above 5.25%.
We’re here to enrich the lives and communities of our members and deliver on what they want, more than just life insurance.
As part of our purpose, Foresters offers our members a wide range of unique and complimentary benefits.5 Member benefits such as Competitive Scholarships,6 Community Grants and LawAssure7 are just some of the comprehensive and unique features enjoyed by members.
About Canada Protection Plan
With Canada Protection Plan, a Foresters Financial company, you can get the life insurance coverage you need in as little as just under a day. Offering you a large selection of No Medical Life Insurance plans to choose from, with high coverage amounts at very competitive rates. Our many options can provide the coverage you want, whether you have very serious medical conditions, or are in good health
As Canada’s leading provider of No Medical and Simplified Issue Insurance plans, our aim is to provide accessible, full-spectrum coverage to everyone regardless of health condition, whether you are in good health or hard-to-insure. Whatever your health history, age, or income, we’ll work alongside you to help you choose the best coverage to meet your needs:
- Cover final expenses, including the cost of a funeral
- Ensure loved ones are not left covering outstanding debts
- Leave a legacy for a cause close to your heart
- Leave a gift for loved ones or family members
Unique stand out qualities/Community involvement
In 2021 alone:
- 1.8 million in funding for Foresters Competitive Scholarships was awarded.
- $2.7 million was distributed through Foresters Community Grants to help members organize 2,296 volunteer activities and fun family events.
- Nearly 20,000 trees were planted with the help of our employees, advisors and members.
Life Insurance product offerings
Term Life Insurance 8
Term 10, Term 20 and Term 30 with preferred underwriting for amounts of $500,001 or more and very competitive rates especially for Joint First-to-die coverage. Built-in benefits for no additional premium include Bereavement Assistance and Charity Benefit provision.
Advantage Plus Participating Whole Life Insurance9
Ideal for families looking for affordable permanent coverage with the opportunity for dividend growth. Built-in Quit Smoking Incentive Plan provides very competitive rates for smokers (especially with 10 and 20-Pay options) and parents with uninsurable children will appreciate the Children’s Insurance Benefit.
Non-Par Whole Life Insurance8
Competitively priced permanent protection with preferred underwriting for amounts of $500,001 or more and affordable Joint Last-to-die coverage. Built-in benefits for no additional premium include Bereavement Assistance and Quit Smoking Incentive Plan.
Live Well Critical Illness Insurance8
Covers four conditions and offers a simple application process with coverage up to $100,000 without paramedical exam and lab work. No policy fee, built-in Return of Premium at Death and unique Term 80 option that is competitive with other insurers Term 75.
Live Well Plus Critical Illness Insurance8
Covers 25 conditions with coverage up to $1,000,000. No policy fee, built-in Return of Premium at Death and unique Term 80 option that is competitive with other insurers Term 75.
No Medical & Simplified Issue Life Insurance
Coverage up to $750,000 for No Medical & Simplified Issue Life Insurance plans. We do not ask if you’ve been declined life insurance in the past, nor do you need to go for a medical exam. This means total convenience, enabling you to get protected no matter your health condition or if you require coverage quickly.
Critical Illness Insurance
Protect your family with much needed cash when they need it most. Critical Illness policies provide lump-sum payments that can be used to cover many costs related to illness — including medical care, travel expenses or wages of a family member leaving work to help.
Subscripts
1 Consolidated financial results as of December 31, 2021. Financial strength refers to the overall health of The Independent Order of Foresters. It does not refer to nor represent the performance of any particular investment or insurance product. All investing involves risk, including the risk that you can lose money.
2 This surplus represents excess funds above the amount required as legal reserves for insurance and annuity certificates in force and provides additional assurances to our members for our long-term financial strength.
3 The A.M. Best rating assigned on July 29, 2021 reflects the overall strength and claims-paying ability of The Independent Order of Foresters (IOF) but does not apply to the performance of any non-IOF issued products. An “A” (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. See ambest.com for our latest rating.
4 Dividends are not guaranteed. Past dividends are not an indicator of future performance.
5 Foresters Financial member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice or are no longer available.
6 This program is administered by International Scholarship and Tuition Services, Inc. Eligible members, their spouse, dependent children, and grandchildren may apply subject to the eligibility criteria. Please visit https://www.foresters.com/en-ca/foresters-difference/scholarships for further details.
7 LawAssure is provided by Epoq, Inc. Epoq is an independent service provider and is not affiliated with Foresters. Not available in Quebec, the Yukon, the Northwest Territories and Nunavut. LawAssure is not a legal service or legal advice and is not a substitute for legal advice or services of a lawyer.
8 Underwritten by Foresters Life Insurance Company.
9 Underwritten by The Independent Order of Foresters.
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