Independent Order of Foresters Life Insurance
About Independent Order of Foresters
Originating in 1874, the Independent Order of Foresters is a fraternal benefits society started in Canada. Today, IOF services communities in the United States, Canada and the United Kingdom. Foresters offers special benefits and community involvement opportunities to its members to help them and their families to get more out of life.
The start of the Independent Order of Foresters (IOF) in Canada can be attributed to a prominent doctor and remarkable community leader, Dr. Oronhyatekha. A Mohawk (born in 1841 at Six Nations, near what is now Brantford, Ontario), Oronhyatekha ("Burning Sky") was baptized Peter Martin and later attended Oxford where he became an MD.
Dr. Oronhyatekha joined Foresters as a member in 1878 and quickly climbed its leadership ladder. He held the office of Supreme Chief Ranger (now called International Fraternal President) from 1881 until his death in 1907. By the early 1890s, he had successfully transformed Foresters into North America's leading fraternal benefit society.
Independent Order of Foresters Life Insurance Says
Independent Order of Foresters offers four main types of life insurance: term -life, whole life, universal life and variable universal life insurance. Term-life insurance policies offer coverage for a certain amount of time, usually a set number of years or to a specific age. Within that time span, the death benefits will be paid to the survivors of the policy if the policyholder dies. When the contracted time is over, the policy expires unless renewed. In general, this is the most inexpensive option for life insurance.
Whole life insurance provides guaranteed coverage for life to protect your loved ones and helps pay final taxes and other costs incurred at death. The premiums are usually paid annually and remain set through your life. A cash value accumulates from each premium payment.
Universal life insurance is similar to that of whole life, with a few exceptions. Universal, too, offers coverage for the lifetime of the policyholder with cash value accumulation. However, with this type of policy, you have much greater flexibility in payment amounts and payment dates. This provides financial security for the future that does not lock you in when life suddenly changes.
With variable universal life insurance, your premiums are invested in sub accounts. Deductions for costs of insurance, policy and administrative fees are taken out of the accounts, but the rest is left for investment. This cash value accumulates and can grow based on market performance.
Contact Independent Order of Foresters:
789 Don Mills Rd.
Toronto, Ontario, Canada M3C 1T9
Telephone: (800) 828-1540
Sources: "Fraternal Forestry,” Wikipedia, June 2009; “Financial Products for America,” Foresters web site, 2009, “About Us,” Foresters web site, 2009