Family Benefit Life Insurance Company Review: Is It Right for You?
Written by Daniel Ray, Life Insurance Expert |
✅
Fact Checked by
Lisamarie Monaco |
Editorial Disclosure
Overall, Family Benefit Life Insurance Company is a name many seniors encounter when looking for reliable life insurance. But how does it stack up against the competition?
In this article, we’ll provide a thorough Family Benefit Life Insurance Company Review that answers all the questions you might have. Whether you’re concerned about costs, coverage, or the company’s reputation, we’ve got you covered.
What is Family Benefit Life Insurance Company?
Family Benefit Life Insurance Company has been serving families for years, offering a range of life insurance products aimed at providing financial peace of mind.
With a focus on final expense plans like the Golden Eagle Final Expense Plan, the company aims to help seniors cover end-of-life expenses, ensuring that their loved ones aren’t left with financial burdens.
Why Consider Family Benefit Life Insurance?
Choosing the right life insurance is crucial, especially as we age. Family Benefit Life Insurance Company stands out for its guaranteed level premiums, non-cancelable policies, and affordable coverage options.
Furthermore, what does that mean for you? Let’s break it down.
Guaranteed Level Premiums
With Family Benefit Life Insurance, your premiums are locked in for life. This means no surprises—your payments won’t increase as you get older or if your health declines. This is particularly important for seniors on a fixed income.
Guaranteed Death Benefit
Your beneficiaries will receive the full face amount of your policy, minus any outstanding loans. Furthermore, this guaranteed death benefit ensures that your loved ones have the funds they need when they need them most.
Non-Cancelable Policy
Above all, as long as you keep up with your premium payments, your policy will never be canceled. This non-cancelable policy gives you the peace of mind that your coverage is secure.
Understanding the Golden Eagle Final Expense Plan
The Golden Eagle Final Expense Plan is designed to cover the costs associated with end-of-life expenses, such as funeral costs, unpaid bills, and other unforeseen expenses. Here’s what makes this plan special:
| Product Details | Features |
|---|---|
| Age of Issue | 50-85 Years of age |
| Coverage Amount | $2,500-$25,000 |
| Level Premiums | Premiums will never increase |
| Level Benefit | Death benefit NEVER decreases |
| 100% Accelerated Living Benefit | Benefits may be accelerated due to terminal illness |
| Cash Value | Accumulate cash value over time |
| No Medical Exam Required | Simplified application process with no need for a medical examination. |
| Nursing Home Confinement Benefit | Access benefits if you’re confined to a qualified nursing home. |
What Are the Costs?
Affordability is a significant concern. The Golden Eagle Final Expense Plan offers premiums that fit within a senior’s budget. With transparent pricing and no hidden fees, what you see is what you get.
Male, $10,000 in Whole Life
| Age |
|
|
|
|
|---|---|---|---|---|
| 50 | $59.70 | $33.00 | $58.00 | $27.35 |
| 55 | $69.65 | $42.00 | $58.00 | $32.78 |
| 60 | $89.55 | $50.00 | $62.00 | $41.74 |
| 65 | $109.45 | $62.00 | $73.00 | $53.75 |
| 70 | $149.25 | $81.00 | $97.00 | $69.23 |
| 75 | $149.25 | $100.00 | $115.00 | $96.58 |
| 80 | $149.25 | $122.00 | $164.00 | $145.79 |
| 85 | $149.25 | N/A | $164.00 | $192.49 |
|
Colonial Penn: 107% of premiums during first 2 years AAA: 130% Premiums during first 2 years |
||||
Female, $10,000 in Whole Life
| Age |
|
|
|
|
|---|---|---|---|---|
| 50 | $49.75 | $24.00 | $46.00 | $21.78 |
| 55 | $59.70 | $30.00 | $46.00 | $26.26 |
| 60 | $69.65 | $36.00 | $48.00 | $32.60 |
| 65 | $79.60 | $47.00 | $55.00 | $41.28 |
| 70 | $99.50 | $62.00 | $76.00 | $52.03 |
| 75 | $129.35 | $79.00 | $102.00 | $71.64 |
| 80 | $149.25 | $92.00 | $118.00 | $104.83 |
| 85 | $149.25 | N/A | $118.00 | $155.23 |
|
Colonial Penn: 107% of premiums during first 2 years AAA: 130% Premiums during first 2 years |
||||
Common Concerns and How Family Benefit Life Insurance Addresses Them
Is the Company Reliable?
Seniors often wonder about the reliability of their life insurance provider. Family Benefit Life Insurance has a strong reputation, backed by positive customer reviews and solid financial ratings. They’ve been in business for years, offering stable and trustworthy services.
What Does the Policy Cover?
This plan is designed to cover all final expenses, from funeral costs to unpaid bills. The Golden Eagle Final Expense Plan ensures that your loved ones aren’t left with financial stress.
Can I Qualify with My Health Condition?
If you’re worried about pre-existing health conditions, Family Benefit Life Insurance might be the solution. The policy is available to many seniors, even those with health issues, thanks to their simplified application process.
| Health Impairment | Rating Class |
|---|---|
| Arthritis | Level |
| Heart disease | Level |
| Cancer | If treated within 2 years, Decline |
| High blood pressure | Level |
| Osteoporosis | Level |
| Diabetes | If “Insulin use?” answered “Yes”, Level. If diagnosed prior to age 39, Decline |
| COPD | Graded |
| Depression | Level |
| Stroke | If treated within 1 year, Decline. If treated between 1 and 2 years ago, Graded |
| Alzheimer’s / Dementia | Decline |
Application Questions
| Application Questions To Qualify |
|---|
| 1. Proposed Insured’s Height & Weight. |
| 2. Have you used tobacco, nicotine products, marijuana, electronic cigarette, or vaping pen/device in any form in the past 12 months? |
| 3. Have you ever received or been given medical advice by a medical professional that you need to receive an organ or tissue transplant? |
| 4. 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? |
| 5. Have you ever been diagnosed by a medical professional with a terminal illness, end stage disease, congestive heart failure or cardiomyopathy? |
| 6. 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? |
| 7. 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? |
| 8. 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 (pacemaker, heart valve replaced, bypass, angioplasty, stent implant) to improve circulation to the heart or brain? |
| 9. 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? |
| 10. 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? |
| 11. 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? |
| 12. During the past 24 months have you been treated by a medical professional for: insulin shock, diabetic coma, amputation caused by disease, or have you ever taken insulin shots prior to age 40? |
| 13. 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? |
| 14. Have you ever been diagnosed as having: multiple sclerosis, epilepsy, schizophrenia, Parkinson’s, 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)? |
| 15. Have you ever been diagnosed with diabetes and also been diagnosed with, or been advised by a member of the medical profession to receive treatment for: nephropathy (kidney), neuropathy (nerve), or retinopathy (eye)? |
How Easy Is the Claims Process?
No one wants their family to struggle with complicated paperwork after they’re gone. Family Benefit Life Insurance offers a simple and straightforward claims process, ensuring your beneficiaries receive their payout quickly.
What Happens If I Miss a Payment?
Life happens, and sometimes payments are missed. Family Benefit Life Insurance offers grace periods and policy reinstatement options, giving you the flexibility you need.
Is There a Waiting Period?
For many seniors, waiting periods are a concern. In fact, the Golden Eagle Final Expense Plan may have specific waiting periods based on the answers to your application, but once covered, your benefits are guaranteed.
Are There Flexibility Options?
Life changes, and so do your needs. Family Benefit Life Insurance offers flexible options to adjust your coverage as needed, ensuring your policy grows with you.
How Family Benefit Life Insurance Compares to Competitors
Overall, when comparing Family Benefit Life Insurance to other providers, the company’s strengths lie in its affordability, guaranteed coverage, and simple application process.
In fact, while some competitors may offer similar products, Family Benefit Life Insurance stands out for its transparent pricing and commitment to customer satisfaction.
Customer Experiences and Testimonials
Many seniors who have chosen Family Benefit Life Insurance have positive things to say. Customer reviews highlight the ease of the application process, the affordability of premiums, and the peace of mind that comes with guaranteed coverage.
These real-life experiences demonstrate the company’s commitment to helping seniors secure their financial future.
Customer Testimonials:
- “The application process was simple, and the premiums are affordable. I feel secure knowing my family is protected.”
- “Family Benefit Life Insurance gave me peace of mind with their guaranteed coverage.”
FAQ
The best feature is the guaranteed level premiums, which ensure that your payments will never increase.
Yes, Family Benefit Life Insurance offers policies that are accessible even to those with pre-existing conditions.
The claims process is straightforward, with quick payouts to your beneficiaries.
No, Family Benefit Life Insurance prides itself on transparent pricing with no hidden fees.
There are grace periods and options to reinstate your policy, ensuring you don’t lose your coverage.
Conclusion: Is Family Benefit Life Insurance Right for You?
Above all, when it comes to finding the right life insurance, Family Benefit Life Insurance Company offers a reliable, affordable option, especially with their Golden Eagle Final Expense Plan. With guaranteed premiums, easy application processes, and strong customer support, they provide the peace of mind that seniors need.
This article is designed to give you the information you need to make an informed decision. If you’re looking for a trustworthy life insurance provider, Family Benefit Life Insurance might be the perfect choice for you.
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