Foresters Critical Illness Insurance Review

Critical illness insurance protects you and your family from life’s uncertainties by providing a lump sum if you are diagnosed with a covered condition. The payout can help you pay for immediate living expenses, medical expenses excluded in your health insurance plan, and replace lost income. 

If you don’t have critical illness insurance yet or are not happy with your existing plan, Foresters is an option worth considering. Read our in-depth review of Foresters’ critical illness insurance coverage to find out if it’s right for you. 

Our Review of Foresters Critical Illness Insurance

Foresters offers both basic and comprehensive critical illness coverage. The basic (Live Well) coverage protects you against four illnesses, whereas the comprehensive cover (Live Well Plus) includes 25 illnesses. The return of premium rider on death is pre-built into both the plans, with the option to buy the return of premium on cancellation/expiry rider.

While there is no permanent critical illness insurance plan, there is a Term 80 option. The good part is that even if you purchase a Term 10 or Term 20 plan, you can exchange it for a Term 80 option down the road if your insurance needs change. Additional features, like access to a panel of medical experts and simpler application process, are a bonus. 

Who is Foresters Insurance?

For roughly 150 years, Foresters Financial have been providing life insurance solutions to Canadians to help them achieve long-term financial security. They offer a range of life insurance solutions, including, but not limited to, life insurance, annuities, and critical insurance. 

What is covered by foresters’ Critical Illness Insurance?

Foresters’ Live Well covers the following four most common critical illnesses: 

• Heart attack
• Coronary artery bypass surgery
• Stroke
• Cancer (life-threatening)

Live Well Plus provides protection against all the above-mentioned conditions, plus: 

• Aplastic anemia
• Aortic surgery
• Benign brain tumor
• Bacterial meningitis
• Coma
• Blindness
• Deafness
• Dementia (Alzheimer’s disease is included)
• Kidney failure
• Heart valve repair or replacement
• Loss of speech
• Loss of Limbs
• Loss of independence existence
• Major organ transplant
• Major organ failure on waiting list
• Multiple sclerosis
• Motor neuron disease
• Occupational HIV infection
• Parkinson’s disease
• Paralysis
• Severe burns

Pros and Cons of Foresters Critical Illness Insurance 

Pros:

• Partial Payout for 8 eligible conditions
• Return of premium on death included by default
• Option to add Return of premium on expiry or cancellation
• Child critical illness cover
• Choice of three policy terms (10 years, 20 years, or up to age 80)
• Disability waiver of premium
• Digital e-policy

Cons:

• Partial payout decreases final coverage
• No option to buy permanent critical illness coverage
• Limited pay option is not there

Types of Foresters Critical Illness Insurance 

Foresters offers both basic and enhanced critical illness cover. Live Well from Foresters provides basic coverage, providing protection against four most common critical illnesses. Live Well Plus, in contrast, covers 25 illnesses and conditions. 

Both Live Well and Live Well Plus  are available in three terms (10 years, 20 years, or up to age 80) and include the following features and benefits: 

• Return of premium on death: Foresters will pay back the premiums if you die without availing critical illness benefits. 
• Partial payment: You will receive a partial benefit — the lesser of 15% of the sum insured or $50,000 — if you are diagnosed with any of the eligible conditions. Your overall payout, however, will be reduced.  
• Exchange privilege: You can exchange a 10-year-term or 20-year-term critical illness plan with a Term 80 policy.
• Teladoc Medical Experts: You may get free access to Teladoc Medical Experts — a program that provides free, personalized recommendations and advice on health issues from industry experts. 

In addition to these benefits, Foresters offer three riders to help applicants customize their plan to their needs. 

1. Return of premium on expiry or surrender: You may receive all or part of the premiums at the end of the policy term if you did not file a claim. You will be eligible for a partial refund if you surrender the plan after it has been in force for 20 years. 
2. Juvenile critical illness insurance: This rider is available only with Live Well Plus and covers children who are not over 17 years of age for the following five conditions: Muscular dystrophy, Cystic fibrosis, congenital heart disease, diabetes (type 1), and cerebral palsy.
3. Disability waiver of premium: In the event of total disability lasting six months or longer, your premiums may be waived. 

How much does Foresters Critical Illness Insurance Cost?

Since critical illness insurance rates are unique to the person applying for coverage, it’s not possible to give an accurate price estimate. Foresters, like other insurers, look at many factors while determining your monthly premium rate, including: 

• Age
• Health
• Riders
• Coverage amount
• Type of plan 

Consulting an independent insurance advisor, like Dundas Life, can help you compare Foresters’ offerings and pricing with those of other top players and keep the cost of critical illness cover affordable. Reach out to us for a free quote today.

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Is there an age limit to apply for Foresters Critical Illness Insurance?

Foresters Critical Illness Insurance typically has an age limit between 18 and 65 years old. However, it's best to check with an independent insurance advisor like Dundas Life to confirm the age eligibility requirements.