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Many retirees and people on Social Security disability rely on their Social Security deposits to cover their monthly bills. Social Security is paid on different days for a variety of different types of recipients. Most people who solely depend on this means of income have very limited choices and resources and Trinity Life Final Expense can help.
Trinity Life is a company that if very sympathetic to the people who depend on Social Security Income Benefits, Survivors, and Disability (RSDI). They have developed 5 different options for a policy holder to pay their life insurance premiums. Trinity Life knows and understands that most policy holders want their premiums to be paid shortly after their Social Security payment has cleared. For this reason alone, Trinity Life is considered one of the best Final Expense plans (burial insurance) on the market.
Trintiy Life offers five different payment methods to accommodate policy holders ages 50-85
1. Pick the date that coincides with your Social Security deposit and use a Direct Express MasterCard.
- 1st of month
- 3rd of month
- 2nd Wednesday
- 3rd Wednesday
- 4th Wednesday
2. Have the premium automatically withdrawn from a checking or savings account the 1st-28th of the month.
3. Pay with any MasterCard or Visa Debit Card the 1st-28th of the month.
4. Use any MasterCard or Visa Credit Card the 1st-28th of the month.
5. Send in a personal check or money order one time a year.
There are very few companies that will accept a credit or debit card and even less that use the Direct Express card. If Trinity Life does not turn out to be an option, and you do not have a checking or savings account, then Transamerica will accept a Direct Express Card. One of the two plans will likely be able to accommodate the age, and possibly health of the applicant.
If they too are ruled out, then Gerber Life is an option for applicants ages 50-80 for a Guaranteed Issue Whole Life with no health questions. Gerber will accept any type of MasterCard or Visa Card. Gerber, as with any guaranteed issue policy should be the last resort as the level of coverage during years one and two (sometimes three) is probably not as good as it would be with a final expense policy (burial insurance) that the applicant has to at least pass a portion of the health questions.
As with most insurance policies the coverage is only in force after the premium has been paid. For example: The policy holder signed the application May 14th and the insurance company approved them on the 18th. The client did not want the premiums to be deducted on the 3rd June. This policy holder will not be covered until the 3rd of June. If you want your coverage to start immediately after you are approved you should be prepared to have the premium withdrawn immediately and schedule your future payments on a certain day every month thereafter.
Conditional receipt means that you actually submitted a personal check, bank check or money order at the same time as the application. If the insurance company was going to approve you based on the information you provided on the application and there were no material misrepresentations, coverage would begin the date of application. If the person died for any reason, even the next day, the policy would pay the full death benefit.
Trinity life uses four different resources to make a decision on if an applicant will be approve and at which level of coverage. First, as with all simplified issue insurance the applicant answers the questions on the application. Next, the agent will call in with the applicant to complete a phone interview.
During the phone interview they will access a prescription history report and Medical Information Bureau (MIB) report which the applicant gives his or her consent to do on the application. If it cannot be done at the time of application, the company will call the applicant to complete it or the applicant can call in to complete the interview. If the phone interview is not completed in a timely manner then the case will be closed.
Will you qualify for the Trinity Life Final Expense insurance?
Trinity Life offers 2 different levels of coverage based on the applicants health, height and weight. You may either the Simplified Issue which is the best available, or the Graded Benefit which has reduced benefits during the first two years. There is not guaranteed Issue level so everyone has to pass at least the first set of questions. Use of tobacco or nicotine products in the last 12 months will make the rate higher for either the Simplified Issue or Graded Benefit level.
Level 1…Simplifed Issue – Immediate death benefit upon the effective date of the policy. The first thing even before completing the application is always check the height and weight chart. This will tell you what level you would start at for even before you apply
If you have applied for life insurance in the past and been rated, declined, modified, cancelled or postponed, it may affect your approval. You will need to provide details of when and what it occurred. Your independent agent should be able to call and get a tentative answer if you still apply.
If a person has ever been diagnosed for any of the following should not apply and your independent agent should look for an alternative: Ever diagnosed with: HIV/AIDS/ARC, Alzheimer’s, dementia organ or tissue transplant, diagnosed with a terminal illness, end stage disease, congestive heart failure or cardiomyopathy.
- Trinity life does not as anything about previous or current felonies or misdemeanors which most companies do and could get the immediate death benefit.
- Diabetics who began use of insulin after the age of 40 and had no insulin shock, amputation due to disease or diabetic coma may qualify for the immediate death benefit.
Level 2…Graded Death Benefit is a reduced benefit during the first two years. The first years coverage is about the same as most other companies but Trinity Life is much better if death occurs in the second year. Should the policy holder die in the second year, 50% of the death benefit will be paid to the beneficiary instead of just a return of premiums and a small interest payment.
- Applicants with multiple sclerosis, epilepsy, Parkinson’s, systemic lupus, cirrhosis of the liver disease, liver failure or lung impairments (including chronic obstructive pulmonary disease (COPD), chronic asthma, chronic bronchitis, emphysema or fibrosis will qualify for the Graded Death benefit as long as they were able to pass the first set of questions.
There are not too many health conditions that are not treated the same as most other companies. They do have fantastic rates, and clients can use a debit, credit or direct express card which makes them a highly desirable burial insurance company.