What Can Family Benefit Life Insurance Company Offer You?
- Family Benefit Life Insurance Company is known for affordable final expense plans. Explore the benefits of purchasing a policy through this specialty provider.
If you’re looking for an affordable life insurance policy and don’t want to deal with a big conglomerate, you might want to consider Family Benefit Life Insurance Company. Although the firm offers limited coverage options, it’s known for its affordable final expense insurance and may be ideal for consumers who don't qualify for coverage elsewhere. Uncover the potential benefits of purchasing a life insurance policy through this specialty provider.
About Family Benefit Life Insurance Company
Founded in 2007, Family Benefit Life Insurance Company aims to provide affordable, quality life insurance products to individuals and families while upholding its spiritual, moral and ethical principles. The firm offers coverage in 27 states throughout the southern and central United States, either under the Family Benefit umbrella or that of its affiliate, Trinity Life Insurance Company. It hopes to expand into additional states and to offer more products in the future.
What Life Insurance Products Does Family Benefit Life Insurance Company Offer?
Family Benefit Life Insurance Company specializes in whole life insurance and offers two distinct plans: First Whole Life and Golden Eagle Final Expense.
First Whole Life
Coverage under the company's First Whole Life plan ranges between $10,000 and $5 million, and coverage is available for adults up to the age of 80 and children as young as 30 days. Policies offer a guaranteed death benefit and level-term premiums, and purchasers may choose from several payment options, including lifetime premiums, a one-time lump-sum payment or a 10-year payment plan, Policyholders may also add on supplemental coverage through accidental death, terminal illness and waiver-of-premium riders.
Golden Eagle Final Expense
Golden Eagle Final Expense insurance, which is designed to cover the cost of funerals, burials and other end-of-life expenses, offers older Americans two unique coverage options.
- Simplified-issue policies. If you’re between the ages of 50 and 85, you may be eligible for a simplified-issue policy, which offers payouts ranging between $2,500 and $25,000.
- Graded death benefit policies. Individuals between the ages of 50 and 80 may opt for the graded death benefit product. This plan’s payouts range between $2,000 and $10,000.
Neither option requires a physical exam as part of the underwriting process.
Golden Eagle Final Expense insurance also includes an accelerated living benefit rider at no additional charge. This supplemental coverage lets the insured elect to receive up to 100% of their guaranteed benefit if they’re confined to a nursing home for life or diagnosed with a terminal illness.
Additional Product Offerings
In areas where Family Benefit Life Insurance Company’s affiliate, Trinity Life Insurance Company, operates, additional products may be available for purchase, including:
- Renewable term plans. Available in 10-, 15-, 20- and 30-year increments, these term plans may be renewed at the end of their term or converted to whole life policies at the policyholder's discretion
- Value Builder. This affordable option combines whole life coverage with a flexible-premium, deferred-annuity rider so the insured individual has both living and death benefits.
The Pros and Cons of Family Benefit Life Insurance Company
Family Benefit Life Insurance Company may be best known for its low-cost final expense insurance, which offers high-risk purchasers a simplified-issue option that’s easy to qualify for. The company’s other major upside is its flexible payment options. Whole life plans may be paid for in a lump sum, on a 10-year payment plan or by making regular premium payments over the lifetime of the policy.
The company’s downside lies in its small selection of plans and its geographic limitations. Although the company aims to spread into additional markets, it currently combines with its sister firm, Trinity Life Insurance Company, to offer plans to slightly more than half of U.S. states.
Family Benefit Life Insurance Company Reviews: What People Are Saying
Because Family Benefit Life Insurance Company is small and specialized, few consumer reviews are available online. However, reviews by industry professionals often highlight the company’s trademark Golden Eagle Final Expense plan, noting both its affordability and simple qualification process.
Industry insiders do caution that this is a relatively young company that doesn’t yet have many of the crucial industry ratings such as Moody’s, AM Best and S&P Global. Although reviewers don't generally see this as a reason to dismiss the company as a potential provider, it may be something consumers want to consider prior to purchasing a policy.
Is a Family Benefit Life Insurance Company Policy Right for You?
Because this young company only offers a small selection of plans in a limited geographic area, it probably isn’t the ideal insurance provider for many consumers. You won't find one-stop shopping at this firm, and there aren't any multi-policy discounts. However, if you live within the company's coverage area and are looking for an affordable final expense policy that’s easy to qualify for, Family Benefit Life Insurance Company may be worth some additional research.