In your hunt to find the best final expense burial life insurance policy, you may have come across the name Family Benefit Life Insurance Company. This is one life insurance company many people turn to for a life insurance policy, but how good are they?
About Family Benefit & Trinity Life Insurance
Family Benefit Life Insurance and Trinity Life Insurance are part of First Trinity Financial. While both are relatively new companies (Family Benefit Life only started in 2007), both have grown relatively fast.
As the name insinuates, Family Benefit Life Insurance is all about one thing: family. Even if your “family” doesn’t fit the typical family structure, you still have people who are near and dear to you—people you want to protect when you leave this earth.
Family Benefit Life Insurance understands those bonds and strives to help people prepare for their future.
First Trinity Financial BBB rating is A+
Although it is difficult to find, we did see a press release that states Trinity Financial has an “A rating by Fitch Ratings, and an A rating by A.M. Best Company.”
Where is Family Benefit Life Insurance Available?
Family Benefit Life Insurance is available in the following states:
- Alabama, Arizona, Arkansas, Colorado, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Missouri, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia
If you do not live in one of these states, then another life insurance company is probably right for you.
Alternately, you can check back in a few months to see if Family Benefit has started operating in your state.
Does it matter that Family Benefit is so new?
Considering there are many life insurance companies that are more than 100 years old, Family Benefit is a really young company in the life insurance industry. That doesn’t necessarily mean, however, that you shouldn’t go with them. To be honest, a company can be very old but still have fundamental flaws or just not be the right life insurance company for you.
While it is smart to question the validity of a company based on its age and track record, it’s not a wise idea to discredit Family Benefit simply on the basis of age! A new company like Family Benefit can offer a fresh perspective. They may not be as “set in their ways” as older companies, perhaps even more eager to adopt technology or innovative insurance practices.
Just know that in researching Family Benefit Life Insurance Company we could not find an A.M. Best Company rating or a BBB rating.
Family Benefit Final Expense Policy
Family Benefit is known for their whole life products, and in particular their final expense policy: Golden Eagle Final Expense
Golden Eagle Final Expense
This is a final expense policy that has a death benefit for the simplified issue product between $2,500-25,000. The minimal policies of only a few thousand dollars are quite affordable and a great option for someone who doesn’t have a lot of money to spare at the end of the month for something like life insurance.
The low monthly payments that you’ll have with a policy for $2500 or even $5000 makes it almost hard to resist this policy.
Please note, Golden Eagle graded benefit face amounts range from $2,000 to $10,000 maximum.
Things to know about Golden Eagle Final Expense Plan:
With this life insurance policy you will:
- Not have to take a medical exam or answer medical questions
- Secure a Guaranteed Death Benefit- your death benefit will not change no matter how old or sick you become
- Be sure your policy will last. So long as you make your payments, this policy cannot be canceled for any reason
- Have the option for 100% accelerated living benefit. In case you suffer a terminal illness and need to cover expenses while you are still alive, you can do access your death benefit
Is Family Benefit Life a Good Option?
If you are looking for a final expense or burial life insurance policy, then Family Benefit is a good option. With a few drawbacks – it’s a young company and there aren’t any known “ratings” by organizations such as AM Best or Moody’s—it’s still a reliable company that has worked out for many people.
However, there are other life insurance companies out there that also offer great final expense policies. If you are looking for a life insurance policy, then it might do you some good to find out more information about Family Benefit as well as other life insurance companies.