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Security National Life Insurance Company Review

Security National Life Insurance Review

Security National is one of the top final expense insurance companies available for those who meet its somewhat stringent underwriting criteria.

Security National Official Ratings

When selecting an insurance company, it’s crucial to determine the company’s financial stability. Opting for a highly-rated insurance company can provide reassurance that the company has a solid financial footing, offering peace of mind to policyholders.

Moreover, it’s essential to take into account the experiences of other customers with a particular insurance company. Understanding the opinions of existing policyholders can help you gain insight into the level of customer service and overall satisfaction with the company.

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To gauge both of these criteria, there are numerous techniques and reliable sources but we like to stick with A.M. Best and the BBB because they are credible and you can compare directly between companies.

A.M. Best Rating A- (Excellent)

A.M. Best Rating as of August 2019.

BBB Rating B-

BBB rating as of May 2020.

Whereas A.M. Best assesses the financial strength of a business, the Better Business Bureau (BBB) looks into how well they interact with customers.  Security National Life has been awarded a ‘B-’ rating which means that it falls a little short. With this in mind, they look after their customers, are available to listen to requests, and on hand to resolve any problems that might occur.

Security National Life Insurance Policies

Before delving into the advantages and disadvantages of selecting Security National Life, it’s essential to consider the products they offer, such as simplified issue or guaranteed issue life insurance.

Security National specializes in funeral insurance, specifically burial insurance policies. It’s clear that the company focuses on final expense products, making them a suitable choice for individuals over the age of 40. However, if you’re younger than 40, it may be best to explore other coverage options.

It’s worth noting that Security National Life is one of the few companies that allows new policies up to the age of 90, which is beneficial for older individuals. Additionally, the company offers three main final expense policies, and selecting the right one will depend on your specific needs, pricing, and medical conditions.

Preferred Plan

If you can qualify for the preferred plan, you will be in a great position moving forward because it is the cheapest of the lot and offers a fair price when compared with other funeral insurance companies in the marketplace.

The policy is life insurance without a medical exam. Rather, they will assess any medication you take, how long you have been taking it, and then use this information to reach an underwriting decision.

If you have used or currently used blood thinners or heart prescriptions, Security National Life is actually one of the best choices for final expense life insurance around.

Standard Plan

In truth, this plan isn’t so good and you may be forced into this plan if you currently take insulin.

If you are a diabetic taking insulin on a daily basis, you will find much better deals elsewhere so don’t be forced into this decision if you can help it.

Graded Plan

Finally, this is the most expensive of the lot but the prices are extremely competitive and you aren’t likely to find too many deals that are better.

As the name suggests, there is a waiting time involved with this policy but this is to be expected considering the cases they accept (with little information to go on).

Regardless of which option you choose, the benefit will remain the same throughout the duration of the policy and the same can be said for the premiums as long as you pay them when due.

Furthermore, two of them will have your death benefit available from the very first day – the graded plan has a waiting period as discussed previously.\

Finally, the coverage will not expire like some other final expense policies we have seen in the past.

Security National Life Additional Information

So we have the basics for the three products but let’s take a look at some extra information as well as the benefits and drawbacks to choosing Security National Life.

No Riders

Unfortunately, this isn’t the company for you if you were planning on adding a couple of riders to your policy for added protection. Whether it is the Waiver of Premium or the Accelerated Death Benefit, you will not find them with Security National Life.

No Medical Examination

One significant advantage of choosing Security National Life is that the application process doesn’t require a medical examination. However, it’s important to note that the application process with this company is different from others.

Typically, when a medical exam isn’t required, there is a point of sale (POS) interview during which the insurance company and your agent ask you health-related questions. Based on your answers, a decision is made. However, Security National Life doesn’t conduct these interviews, so you’ll have to wait for approval after submitting your application. That said, most applicants receive a response within one day.

Health Questions

Ultimately, life insurance companies use health questions to gather as much information about you as possible without the need for a medical exam. As morbid as it sounds, they are trying to secure their investment by ensuring you won’t die within weeks of the policy starting.

Therefore, they will ask whether you have tested positive for HIV, diagnosed with AIDS, cancer, Alzheimer’s, and other medical conditions. Furthermore, they may also ask whether you have been treated in a hospital, health care facility, or nursing home within the last month.

If you answer negatively to any of these problems, there is no need to panic just yet because they do accept some health conditions. If not, there will be options for you elsewhere and you will see this with some of the other reviews we have done.

Graded Period

If you were to choose or be forced into the ‘Graded Plan’, there will be a waiting period before the death benefit becomes active. Across the US, this period is two years (except for Arkansas and Nevada).

If you pass away before the two-year mark is reached, your beneficiary will receive 100% of the premiums you have already paid plus an extra 10%. As soon as you pass two years, the full death benefit will be active.

Entry Requirements

So far, we haven’t yet mentioned the entry requirements for the policies from Security National Life but this is important. In terms of age, you should be between the ages of 40 and 85 but some policies go right up to 90.

Normally, coverage will start at just $2,500 and it will be your age that decides the maximum amount. Rather than choosing an upper limit, this is a more personalized method of setting the boundaries of coverage and one that has proved quite popular.

Prescription History

As part of the medical check, Security National Life will ask you medical questions but they will also check your prescription history.

Essentially, this is to gather some basic information regarding the medication you might be using. When you have been using a certain medication for over two years, these are considered ‘maintenance’ drugs.

Compared to companies that do not perform this check, you are likely to see lower premiums because they will be getting more information about you and your health.

About Security National Life

Overall, Security National Life has a relatively short history, dating back to 1965, compared to other life insurance companies that have been around for over 100 years. However, the company has grown over time and now has three divisions based in Salt Lake City, Utah.

Despite being relatively young compared to other companies in the industry, Security National Life has earned the respect of others, especially in the area of final expense insurance policies. As many people in the US still lack active insurance policies, Security National Life is committed to ensuring that as many people as possible are insured, and that includes you.

Final thoughts…

Security National Life Insurance is a reputable company that specializes in final expense insurance policies, particularly for funeral expenses. They offer policies for those up to the age of 90, which is a rare find in the industry. Moreover, there is no medical exam involved in the application process, making it easier and quicker to obtain coverage. Additionally, the company has been in business for over 50 years, showing its stability and expertise in the industry.

However, it is important to note that different insurance companies offer different policies and rates, and what may work for one person may not work for another. It is essential to shop around and compare policies from various companies before making a decision. By taking the time to research and compare different life insurance providers, you can find the one that best suits your needs and budget.

Factors to consider may include the coverage amount, premiums, benefits, customer service, and overall reputation of the company. Therefore, it is crucial to do your due diligence and explore your options before making a final decision. By doing so, you can ensure that you select the best life insurance policy for you and your family’s needs. In summary, while Security National Life Insurance may be a good option for some individuals, it’s important to shop around and compare policies to make an informed decision that meets your unique needs.

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