Foresters Financial Reports 37% Year-Over-Year Growth In Life Insurance Sales

Foresters Financial, the fraternal life insurer recognized by its commitment to enrich family and community well-being, reported 37% year-over-year growth in U.S. life insurance sales in the first three quarters of 2021.

This milestone follows its record 23% annual growth in 2020 when Foresters strengthened its digital ecosystem to support virtual sales during the first waves of the COVID-19 pandemic.

Foresters attributes this trajectory to its life insurance with a larger purpose strategy: harmonizing turnkey-decisioned, mobile-enabled products with a suite of socially relevant, wellness-centric member benefits. Deploying this strategy, Foresters is re-defining the conventional life insurance model, and quickly bridging the $25 trillion mortality protection gap₍₁₎ to deliver a better, new normal for everyday American families.

"The Foresters commitment to a full suite of non-face-to-face, simplified issue life insurance proved an indispensable asset to agents serving everyday American families through COVID-19," said Matt Berman, President of Foresters Financial US. "This represented 90% of Foresters total U.S. business in 2020."

Mr. Berman continued, "Emerging from a pandemic, American families have a renewed focus on life insurance. To compete in a post-COVID world, life insurers need to demonstrate a more proactive value proposition to address today's protection realities. Now more than ever, fully integrated, holistic life insurance matters. Our mission to integrate wellness into our products and member benefits is proving to be our unique differentiator."

Complimentary benefits for better quality of life

Foresters has elevated its portfolio of complimentary member benefits, designed to help everyday families enjoy a more prepared and healthier life (and have a little fun along the way).

Most recently, Foresters launched the Foresters Go app. This unique engagement platform co-produced with industry-leading insurtech, dacadoo, rewards members for healthy lifestyles, volunteer activities and community-minded behavior.

Other benefits include the Foresters Competitive Scholarship Program, providing $2,500 per year, for up to four years, to children or grandchildren of insured members, and Community Granting providing up to $2,000 (up to three times a year) for members to organize meaningful activities that address local needs.

Additionally, LawAssure, launched in 2019, is a complimentary legal documentation preparation service for Wills, Power of Attorney, and Health Directives, and lastly MemberDeals offers significant savings on thousands of products, services, events and experiences.

About Foresters Financial 

Foresters Financial is redefining the life insurance industry across the U.S. and Canada by enriching the lives, communities, and overall well-being of its members. Agents and members alike appreciate the turnkey-decisioned product offerings and end-to-end digitized processes that make it easy to get life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver tailored plans to prospective and current members. Dedicated to its members' well-being, Foresters offers a suite of member benefits₍₂₎ and is redefining the conventional life insurance model, bringing improved financial security and overall wellness to everyday North American families. Foresters recently merged with Canada Protection Plan to become a leading life insurance distributor in Canada. Foresters Financial is the trade name for The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 20 straight years, The Independent Order of Foresters has received an "A" (Excellent) rating from A.M. Best₍₃₎.

1. https://www.swissre.com/institute/research/topics-and-risk-dialogues/economy-and-insurance-outlook/Bridging-the-US-mortality-protection-gap.html
2. Member benefits described assumes Foresters membership. 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.
3. The A.M. Best ratings assigned on July 29, 2021 reflect overall strength and claims-paying ability of The Independent Order of Foresters (IOF). 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. In assigning the ratings for IOF, A.M. Best stated that the rating outlook is "stable", which means it is unlikely to change in the near future. See ambest.com for our latest ratings.