2024 Family Benefit Life Insurance Review – Pros & Cons
last updated on July 22, 2024This Family Benefit Life insurance is one of the best companies we work with for burial, cremation, final expenses, and funeral funds.
Their Golden Eagle insurance product is worth reviewing if you need affordable end-of-life insurance coverage.
Let’s dive into our review of Family Benefit Life!
Table of Contents
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What to Ask Before Buying Family Benefit Life Insurance
What Are My Policy Options With Family Benefit Life?
Family Benefit Life offers two final expense products. The Golden Eagle first-day coverage plan and their Golden Eagle graded death benefit plan.
Golden Eagle First-Day Coverage: Their 1st-day coverage option is one of the best products in the entire senior life insurance market. We highly recommend it for its low rates and easy approval process.
This is the recommended coverage and the one we help the most people with at Funeral Funds of America.
Golden Eagle Graded Death Benefit: This coverage offers minimal coverage from day 1 through 12 months based on a sliding modal factor dependent on age and gender.
In months 12-24, it will pay out 50%.
After 24 months, the policy will pay out 100% for any death.
| GOLDEN EAGLE PRODUCT FEATURES | |
|---|---|
| Issue Ages | 50-85 years old |
| Benefit amount | $2,500 - $25,000 |
| Level premiums | Premiums will never increase |
| Level benefit | Death benefit will never decrease |
| 100% accelerated living benefit | Benefits may be accelerated due to terminal illness or nursing home confinement |
| Cash value | Accumulate cash value over time |
How is Family Benefit Life insurance good for Seniors?
Family Benefit Life is a brilliant choice for most people. Their underwriting is flexible, and their pricing is almost always the best value for most people.
People with diabetes who started taking insulin after age 40 and with no insulin shock, diabetic coma, or diabetic amputation will qualify for first-day coverage.
Does Family Benefit Life Have Any Hidden “Fine Print” In Their Policy?
Family Benefit Life graded benefit plan has a sliding modal factor.
They phase the death benefit in for the first two years. If you die during the 12-24 months, your beneficiary will receive 50% of the death benefit.
After month 24, the policy will pay the full death benefit to your beneficiary.
Family Benefit’s first-day coverage plan is incredible. Their graded plan is not one we recommend, as we have other companies that are often a better fit than a graded plan.
What Are The Pros & Cons Of Family Benefit Life Insurance?
PROS
- First-day coverage plan is available
- You can opt for Social Security payday billing
- Do not ask about current felonies and misdemeanors
- Type 1 & Type 2 diabetics qualify for first-day coverage
- Simple application and approval process over the phone
- They include accelerated living benefits at no additional cost
- Family Benefit Life offers lower premiums than almost all other insurance companies
- Family Benefit Life has lenient underwriting, and most health issues qualify for first-day coverage
CONS
- Family Benefit Life is not available in all 50 states
- They are not appropriate for people who use inhalers every month
- Family Benefit Life has a height & weight chart. Overweight or obese may not qualify
Are There Any Riders Or Other Benefits With Family Benefit Life Insurance?
Family Benefit Life Riders
- 100% Accelerated Living Benefit1: “Benefits may be accelerated if the insured is diagnosed with a terminal illness that, with reasonable medical certainty, will result in the death of the Insured in 12 months or less.”
- Nursing Home Confinement1: “Benefits may also be accelerated if the Insured is confined continuously to a Qualified Nursing Home, with confinement expected to continue until the Insured’s death. Nursing Home confinement must begin after the effective date of this policy.”
Family Benefit Life Other Benefits
- Policy Loans: “You can borrow up to 100% of your cash value. This is tax-free. Loans reduce your cash value amount and are subtracted from your death benefit. The interest on policy loans varies by state.”
How Do I Get Approved?
Family Benefit Life’s 1st-day coverage life insurance application will ask if you’ve ever had some health issue or had other health issues in the last 6, 12, or 24 months.
What Are Family Benefit Life’s Application Questions?
The health questions are the most important part of Family Benefit Life Insurance underwriting.
If you answer “NO” to all the health questions, you will qualify for first-day life insurance coverage for burial, cremation, funeral, or final expense needs.
If any answers to questions 3-12 are “YES,” the Proposed Insured is not eligible for coverage.
If any answers to questions 13-14 are “YES,” the Proposed Insured may qualify for Graded Death Benefit.
- Proposed Insured’s Height____ Weight____ In the Past year any ( )gain ( )loss _____lbs.
- Have you used tobacco, nicotine products, marijuana, electronic cigarette, or vaping pen/device in any form in the past 12 months?
- Have you ever received or been given medical advice by a medical professional that you need to receive an organ or tissue transplant?
- Have you ever been diagnosed or treated by a medical professional as having: AIDS (Acquired Immune Deficiency Syndrome), ARC (AIDS Related Complex), or HIV (Human Immunodeficiency Virus) virus?
- Have you ever been diagnosed by a medical professional with a terminal illness, end-stage disease, congestive heart failure or cardiomyopathy?
- Have you ever been diagnosed by a medical professional for or taken medication for: dementia, Alzheimer’s disease, mental incapacity, Downs Syndrome, Huntington’s disease, Lou Gehrig’s disease (ALS), cystic fibrosis, cerebral palsy, muscular dystrophy, or sickle cell anemia?
- Are you currently, or within the past 6 months, have you been: hospitalized, bedridden, used oxygen to assist in breathing, confined to a wheelchair, nursing home, hospice, received home health care or been on dialysis?
- Within the past 12 months, have you been diagnosed by a medical professional for, or been hospitalized for: heart attack, stroke, transient ischemic attack (TIA), angina, aneurysm, or had cardiac or circulatory surgery of any kind to improve circulation to the heart or brain?
- Within the past 12 months, have you been: hospitalized two or more times or been advised by a medical professional to have surgery, hospital confinement, or nursing facility confinement and have not done so?
- Within the past 24 months, have you been diagnosed or treated by a medical professional for or taken medication for internal cancer, leukemia, or melanoma?
- During the past 24 months, have you been: advised by a medical professional to have any diagnostic testing recommended, except for an HIV test, which has not been completed, or for which the results have not yet been received, or had or been advised to have treatment or counseling for alcohol or drug abuse?
- During the past 24 months, have you been treated by a medical professional for insulin shock, diabetic coma, or amputation caused by disease, or have you ever taken insulin shots prior to age 40?
- During the past 24 months, have you been diagnosed, treated, tested positive for, or been given medical advice by a member of the medical profession for: heart attack, stroke, transient ischemic attack (TIA), angina, aneurysm, or had cardiac or circulatory surgery of any kind (pacemaker, heart valve replaced, bypass, angioplasty, stent implant) to improve circulation to the heart or brain?
- Have you ever been diagnosed as having: multiple sclerosis, epilepsy, schizophrenia, Parkinson’s, nephropathy, neuropathy, retinopathy, chronic kidney disease or failure, systemic lupus, hepatitis B or C, cirrhosis of the liver, liver disease, liver failure or lung impairments (including chronic obstructive pulmonary disease (COPD), chronic asthma, chronic bronchitis, emphysema or fibrosis).
Does Family Benefit Life Have The Same Day Approval Process?
Family Benefit Life offers a simple application process where you can apply over the phone with an agent at Funeral Funds of America.
We can generally get you approved within 15 minutes over the phone.
How Can I Get Life Insurance Pricing?
Family Benefit Life rates are based on your age, gender, health, coverage amount, and the state you live in at the time of application.
| FEMALE AGE | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $12.18 | $21.78 | $31.37 | $40.97 | $50.57 |
| 55 | $14.42 | $26.26 | $38.09 | $49.93 | $61.77 |
| 60 | $17.59 | $32.60 | $47.61 | $62.63 | $77.64 |
| 65 | $21.93 | $41.28 | $60.63 | $79.98 | $99.33 |
| 70 | $27.30 | $52.03 | $76.76 | $101.48 | $126.20 |
| 75 | $37.11 | $71.64 | $106.17 | $140.70 | $175.23 |
| 80 | $53.71 | $104.83 | $155.96 | $207.09 | $258.22 |
| MALE AGE | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $14.96 | $27.35 | $39.73 | $52.12 | $64.50 |
| 55 | $17.68 | $32.77 | $47.87 | $62.97 | $78.07 |
| 60 | $22.16 | $41.74 | $61.31 | $80.89 | $100.47 |
| 65 | $28.17 | $53.75 | $79.34 | $104.92 | $130.51 |
| 70 | $35.90 | $69.23 | $102.55 | $135.88 | $169.20 |
| 75 | $49.58 | $96.58 | $143.58 | $190.58 | $237.58 |
| 80 | $74.18 | $145.79 | $217.39 | $288.99 | $360.60 |
*Pricing is for illustration only and is subject to change without notice.
How does Family Benefit Life insurance compare?
If you are open to looking at better insurance companies available in your state, we can offer you some help!
Common Family Benefit Life Company Questions
What Is Family Benefit Life’s Operational History
Family Benefit Life Insurance Company is owned and operated by its parent company First Trinity Financial Corporation, based in Tulsa, Oklahoma.
They have been in business and licensed to sell life insurance in the following states since 2011:
Alabama, Arizona, Arkansas, Colorado, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Utah Virginia, and West Virginia.
Company Address
7633 East 63rd Pl.
Suite 230
Tulsa, OK, 74133
Contact Info
Website: www.familybenefit.com
Phone: (918) 249-2438
Customer Service: (866) 211-0811
What Is Family Benefit Life’s Financial Rating?
Family Benefit Life has an A+ (excellent) rating from Better Business Bureau. This rating shows the company’s excellent customer service and ability to pay claims.
Does Family Benefit Life Have Any Consumer Complaints?
Family Benefit Life Insurance has no complaints listed on the National Association of Insurance Commissioners (NAIC).
What Should You Know Before Buying Life Life Insurance?
What is Family Benefit Life’s Sales Process?
Funeral Funds of America can sell all Family Benefit Life products in every state they offer insurance products.
They are not available in all states, so some other companies we work with may be a better fit sometimes.
When does Family Benefit Life make the most sense?
Family Benefit Life is best for people with good to below-average health. Most health problems will qualify for 1st-day coverage.
With a graded benefit plan, you will still receive 50% of the death benefit if you die during the first two years of the policy. We don’t recommend their graded plan in most cases.
Are Any Health Conditions Not Accepted By Family Benefit Life?
They do not accept these health issues for Golden Eagle’s first-day coverage plan:
- Activities Of Daily Living (ADLs)
- Alzheimer’s or Dementia
- AIDs, HIV, ARC
- Current Cancer
- Congestive Heart Failure
- Cardiomyopathy
- Dementia
- Dialysis
- Diabetic Amputation
- End-stage Renal Disease
- Hospice
- Inhaler use more than 1X a month
- Nursing Home Confinement
- Organ or Tissue Transplant
- Oxygen Use
- Terminal Illness
How Can I Get Pricing Help Today?
Use our quoting software below to see how Family Benefit Life’s pricing compares to other companies.
- $10,000 to 15,000 is often appropriate for burial needs
- $3,000 to $7,000 is often appropriate for cremation needs
What Are The Top 10 Questions About Family Benefit Life?
Who owns Family Benefit Life Insurance?
Family Benefit Life Insurance is a subsidiary of First Trinity Financial Corporation, an insurance holding company in the US.How can I access Family Benefit Life claim form?
The claim form for Family Benefit Insurance can be found by clicking on the “Forms” button on their website.What is the maximum age for a policy with Family Benefit Life
The maximum age for a policy with Family Benefit Life is 85 years old.What are the rates for Family Benefit insurance?
Family Benefit insurance rates vary depending on the policy and the insured’s age.Is Family Benefit Life insurance expensive?
Family Benefit Life insurance has competitive pricing.Can I borrow money against my life insurance policy with Family Benefit Life?
You can borrow money against your life insurance policy with Family Benefit Life.What other benefits does Family Benefit Life offer?
Family Benefit Life Life offers different riders, such as accidental death and nursing home benefit.Does Family Benefit Life insurance expire?
Life insurance policies with Family Benefit Life do not expire.Can I make changes to my policy with Family Benefit Life?
Yes, you can make changes to your policy with Family Benefit Life.What are the common terms used when searching for Family Benefit Life Insurance
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Here are some common terms people use when searching for, or describing Family Benefit Life life insurance Products:
- Family Benefit Life Burial Insurance
- Family Benefit Life Cremation Insurance
- Family Benefit Life Final Expense Insurance
- Family Benefit Life Funeral Insurance
- Family Benefit Life Term Life Insurance
- Family Benefit Life Universal Life Insurance
- Family Benefit Life Whole Life Insurance
Sources Cited In This Article:
Family Benefit Life Insurance Website. “Golden Eagle Final Expense.” Accessed November 11, 2022. https://familybenefitlife.com/golden-eagle-final-expense
