Unity Life of Canada (now known as Foresters Life Insurance) is an insurance company that was founded way back in 1898 under the name of the Insurance Department of the Subsidiary High Court of the Ancient Order of Foresters. That was quite a mouthful, and by 1934, when it officially incorporated, it changed its name to the Toronto Mutual Life Insurance Company. In 2002, Toronto Mutual Life was purchased by the Western Life Assurance Company and renamed Unity Life of Canada. But that wasn’t the end of the company’s transformation – in 2008, this mutual life insurance company was converted into a stock life insurance company owned by Foresters. Unity Life of Canada has an A- rating from A.M. Best, and over 331,000 active policies and certificates. Its headquarters can be found in Mississauga, Ontario. In January 2012, Unity Life of Canada changed its name to Foresters Life Insurance.
Some of the life insurance products offered by Foresters Life Insurance include term life insurance, permanent life insurance and universal life insurance. Term life insurance is a kind of life insurance that only provides coverage for a specified period of time. Foresters Life Insurance (formerly Unity Life of Canada) offers term life insurance for policies consisting of 5 years, 10 years or 20 years. During the policy life, your premiums are guaranteed not to rise. After the policy ends, you have the option of renewing the policy at an increased premium. There is no cash value for a term life insurance policy, and you can convert the policy to a permanent one if you choose.
In contrast to term life insurance, permanent life insurance does build up a cash value over time. Cash value is the amount of money you would receive if you chose to cancel the policy or cash it in early. If you never cash in on the cash value, this amount is added to the eventual payout to the beneficiaries of the policy. One kind of permanent life insurance policy available is called a participating policy. Participating policies are policies that are eligible to earn additional money through dividends.
Universal life insurance is a great choice for people interested in using life insurance as an investment. Foresters Life Insurance (formerly Unity Life of Canada) provides universal life insurance policyholders with several investment choices, such as guaranteed interest accounts or index accounts. The way a universal life insurance policy works is that a percentage of each premium payment you make gets invested into the account of your choice.