Foresters Financial
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The Independent Order of Foresters,<ref>Template:Cite web</ref> operating as Foresters Financial, is a fraternal benefit society headquartered in Toronto, Ontario, Canada, that provides life insurance and other financial solutions in Canada, the United Kingdom, and the United States. As of 2024, Matt Berman has served as the company's president and CEO.<ref>Template:Cite web</ref>
History
Foresters traces its origins to a British Friendly Society, a mutual organization caring for the sick. Membership was originally gained by combat, first with quarterstaffs, then with swords and finally with cudgels, until initiation by combat was abandoned in 1843.<ref name=marin>Foresters in Marin County, California Template:Webarchive (freemasonry.biz)</ref>
In 1834, the Royal Foresters formed a Friendly Society, the Ancient Order of Foresters (AOF).<ref>Foresters Friendly Society: Our History</ref> The Independent Order of Foresters (IOF) in the United States became independent of the AOF in 1874.<ref name=foresters135>135th Anniversary (1874-2009) Template:Webarchive</ref>
The expansion of the IOF into Canada in 1875 is attributed to a doctor and community leader, Oronhyatekha. Of Mohawk descent, he was born in 1841 at Six Nations near present-day Brantford, Ontario, Oronhyatekha ("Burning Sky") was baptized Peter Martin and later attended Oxford, where he became a medical doctor.<ref>Template:Cite DCB</ref>
Dr. Oronhyatekha held the office of Supreme Chief Ranger (now called "International Fraternal President") from 1879 until 1906; he died in 1907.<ref name=ourstory>Our Story Template:Webarchive at Foresters135.com</ref> Foresters membership reached 257,000 in 1906. Through the 20th century it amalgamated with various other fraternal organizations, including the Ontario part of one of the oldest, the Ancient Order of United Workmen, acquired in 1926, the Modern Brotherhood of America, acquired in 1931, and the Order of Scottish Clans, acquired in 1971.<ref>Template:Cite web</ref>
Like other friendly societies and fraternal organizations of the time, Foresters helped transform the insurance industry by extending insurance benefits to the average working family. In addition to admitting women as full members, Foresters provided orphan benefits to the children of deceased Foresters members.
Foresters acquired Unity Life of Canada in 2008, which subsequently rebranded as Foresters Life Insurance Company in January 2012.<ref>Template:Cite web</ref>
As of 2014, Foresters Financial operated a separate UK division based in Bromley, South London.
In April 2019, Macquarie Group's investing division agreed to buy $12.3 billion in assets from Foresters Financial, including Foresters' First Investors mutual funds business.<ref name=pensions>Template:Cite web</ref> In the same year, the company sold its U.S. broker-dealer to Cetera Financial Group, in efforts to focus on life insurance.<ref name=pensions/>
In May 2019, Foresters sold its Canadian money management unit, Foresters Asset Management, to Fiera Capital.<ref>Template:Cite web</ref> In October 2019, the company sold Foresters Financial Holding and Foresters Life Insurance and Annuity Company to Nassau Financial Group.<ref>Template:Cite web</ref>
In October 2020, Foresters Financial acquired life insurance distributor Canada Protection Plan.<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref> Canada Protection Plan was rebranded as "Canada Protection Plan, a Foresters Financial company".<ref>Template:Cite web</ref>
In July 2021, Foresters invested in a capital project to transform the UK London office. As part of Foresters sustainability roadmap, Renewable Energy Generation Assets and Energy Saving Products were utilized. The investment will reduce the CO2 emissions by up to 10,000 kg per year.<ref>Template:Cite web</ref>
In 2024, Foresters reached 150 years in business, serving 2.6 million clients and families in Canada, the US and the UK.<ref>Template:Cite web</ref> The company continues to invest and support the community, including partnership with nonprofit KaBOOM!, which has helped Foresters build more than 170 playgrounds across the U.S. and Canada since 2006.<ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite news</ref>
Products
Foresters Financial offers term and permanent policies, including:
- Term life insurance policies lasting 10, 20, or 30 years.
- Three types of Whole Life insurance covering children, all ages and 50-85.
- Various policy riders to cover spouses, children, disability and death benefits.
The company's structure as a fraternal organization also includes benefits such as discounted legal services, scholarships, and community grants.<ref>Template:Cite web</ref>