Trinity Life Insurance: A Look at an Industry Newcomer
- Trinity Life Insurance Company's low rates and flexible plans make it worth a look. Discover the pros and cons of buying coverage from this industry newcomer.
Trinity Life Insurance Company may be smaller than many of its competitors, but its affordable rates and flexible plans make it worth looking at if you live in a state where coverage is available. Learn more about this up-and-coming insurance provider, including the pros and cons of purchasing one of its whole or term life policies.
About Trinity Life Insurance Company
Trinity Life Insurance Company and its subsidiary, Family Benefit Life Insurance Company, offer financial products and services to individuals and families in 27 states throughout the southern and central United States. Both companies specialize in affordable life insurance plans and operate under an identical underwriting and pricing structure, so they're often considered the same company.
All funding is provided through First Trinity Financial Corporation, which is owned by agricultural, business and professional leaders throughout the region where policies are sold. Currently, Trinity Life Insurance Company is exploring opportunities to expand into additional areas.
What Life Insurance Products Does Trinity Life Insurance Company Offer?
Trinity Life Insurance Company sells only life insurance products. It offers an array of plans, which are categorized as either whole or term life insurance and may be customized to suit the policyholder.
Whole Life Plans
Trinity Life Insurance Company offers three types of whole life plans.
- First Whole Life: This permanent policy, which can be purchased with a face amount between $10,000 and $5 million, offers level-term premiums and a guaranteed death benefit to individuals up to the age of 80. Purchasers may choose from several payment options, including a lifetime premium payment schedule, one-time payment or 10-year payment plan. Optional add-ons include accidental death, terminal illness and waiver of premium riders.
- Value Builder: Trinity’s Value Builder plan is designed for affordability. It combines whole life coverage with a flexible-premium, deferred-annuity rider to provide both living and death benefits, and premiums may be scheduled over 10 or 20 years. The plan guarantees cash growth and can provide tax-deferred savings. Purchasers may also add on accidental death or increasing-term benefit riders to expand coverage.
- Golden Eagle Final Expense: Depending on your age, this final expense plan is available as a simplified-issue policy or as a graded death benefit. Individuals aged between 50 and 80 may choose the graded death benefit option, which offers a minimum payout of $2,000 and a maximum payout of $10,000. Alternately, the simplified issue product is available to individuals up to the age of 85, with payouts that range between $2,500 and $25,000. This type of policy includes an accelerated living benefit rider that lets the insured access funds if they’re diagnosed with a terminal illness or confined to a nursing home.
Term Life Plans
Trinity Life Insurance Company’s First Term plan is available in 10-, 15-, 20- or 30-year terms, with coverage ranging between $25,000 and $5 million. Policyholders have the option to renew the term, and coverage may continue through age 95.
Premiums remain level throughout the contractual term, and the policy may be converted to a permanent plan any time after the end of the initial year and prior to the insured turning 75. Purchasers may add on riders for accelerated living benefits, accidental death and waiver of premiums.
The Pros and Cons of Trinity Life Insurance Company
Trinity Life Insurance Company’s main upsides are its competitive rates and the flexibility built into its policies. Purchasers may choose from a variety of plans, coverage levels, premium schedules and payment options. Plus, Trinity's term policies are renewable and convertible, and both its term and whole policies may be supplemented with an assortment of riders, including accelerated benefit options. The company also offers simplified-issue plans, which make it easier for older individuals or those with underlying medical conditions to qualify for coverage.
On the downside, Trinity Life Insurance Company currently only operates in certain geographic regions, so policies aren’t available to everyone. Plus, because the company only sells life insurance, you won’t solve all your insurance needs through Trinity Life Insurance, and you won't find multiple-policy discounts.
Trinity Life Insurance Company Reviews: What People Are Saying
There are few consumer reviews on record for Trinity Life Insurance Company or its affiliate, Family Benefit Life Insurance Company. However, reviews by industry insiders typically remark on the firm’s competitive rates and prompt claims processing, as well as the simple approval process it uses for its Golden Eagle final expense plan, which makes obtaining coverage easy.
However, these industry reviewers also consistently note that Trinity Life Insurance Company is a relatively young company as compared to many of its competitors. As such, it doesn’t have some of the standard industry ratings that more well-established companies have, such as AM Best, S&P Global and Moody’s. Some reviews also note the absence of an e-application process.
Is a Trinity Life Insurance Company Policy Right for You?
Trinity Life Insurance Company is a young, regional firm that doesn't have the same century-plus track record as many of the industry giants, and some potential policy purchasers may prefer to purchase a plan through a more established firm. However, if you're on a tight budget, you might benefit from Trinity's affordable coverage, and the company’s flexible plan options make it a good bet for purchasers who want to customize their coverage and payment terms. Its simplified issue plans may also be ideal for older individuals or those who have health risks that may be a barrier to approval with other companies.