Security National Life Insurance Reveiw

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Who is Security National Life?

Security National Life Insurance Company (SNL) started in 1965 in Salt Lake City, Utah, where they are still headquartered today. They have four other sister companies, including C&J Financial, LLC, Security National Commerical Capital, Memorial Mortuaries and Cemeteries, and Security National Mortgage Company.

The Security National family of companies concentrates on insurance, funeral services, and mortgage loans.  Each segment is intertwined with the others. For example, the funeral business helps generate business for the sales and marketing of the insurance segment.  The insurance division, in turn, invests in mortgage loans.

How Much Does a Security National Final Expense Plan Cost?

*Sample rates reflect Preferred non-tobacco users  for the  Loyalty Plan

Security National Life Final Expense Plan Choices

SNL policies are some of the most competitively priced in the Final Expense industry, especially for tobacco and smokeless nicotine users.  There are four different final expense whole life policies to choose from.

The Loyalty and Guardian Plans are considered simplified issue plans, and they’re designed for individuals with some health conditions.

The third plan, ICare, is meant for healthier individuals between 25 and 70.  The underwriting is more stringent, so getting approved is harder than getting approved for the Loyalty or Guardian plan.

The fourth plan is the MIB Plan, and it should be used if you cannot qualify for the other plans.

Loyalty Plan Description

The Loyalty Plan is a Whole life Insurance policy for people ages 40 through 90.  They each have three levels of coverage you could qualify for based on your health.

Security National Life offers three levels of plans for Final Expense Life Insurance: Preferred Loyalty, Standard Loyalty, and Modified Loyalty Plans.  You can purchase additional coverage for accidental death that doubles your death benefit, and the cost is minimal.

There’s also a child rider available if you’re between the ages of 40 and 60 for up to $10,000.  The child must be under age 17 when you purchase the policy.  It expires on their 25th birthday or your 65th birthday, whichever one comes first.

There are 25 health questions; you’ll need to provide a list of your medications.  Most medications won’t affect which plan you’ll qualify for, but using some medicines in the last two years may determine the level or cause a decline.  Your use of nicotine or tobacco products in the previous 12 months is also factored into the rate calculation.  Suppose you have used these substances in the last year. In that case, the combination of tobacco or nicotine and certain medical conditions, like respiratory diseases, can also play a part in your acceptance or approval.

Your body mass index (BMI), more commonly called height and weight,  can contribute to the rates or cause a decline.  Most companies use a minimum and maximum weight chart according to your height.  Security Life has some of the most lenient weight limits in the Final Expense market, but if you’ve exceeded the limits, look at a company with no weight limitations, like Aetna.  You can attach two additional riders for an extra premium: accidental life and coverage for a dependent child.

Preferred Loyalty

• Ages 40-75 $50,000
• Ages 76-80 $15,000
• Ages 81-90 #10,000

This plan is the best level of coverage for the lowest premium.  The death benefit is a complete and immediate payout to your beneficiary regardless of when death occurs or what you die from.  It’s also more challenging to qualify for than the Standard or Modified plans.

Standard Loyalty

• Ages 40-75 $25,000
• Ages 76-80 $15,000
• Ages 81-90 $10,000

The Standard Plan is also an immediate death benefit with no waiting period.  The rates are slightly more than those of the Preferred Plan.  Very few Final Expense companies offer this level of coverage.  It’s a great way to get insured for full benefits; you’ll pay a little higher premium because more health conditions are considered acceptable.

Modified Loyalty

• Ages 40-75 $25,000
• Ages 75-80 $15,000
• Ages 81-85 $10,000

Their Modified Loyalty plan is a graded death benefit available through age 85.  A Graded Death Benefit policy will pay a portion of the death benefit during the first few years.  In this instance, your beneficiary would receive a 100% return of the premiums you paid, plus 10% interest if you die during the first two years of the policy. After the two years have passed, your beneficiary gets 100% of the face amount purchased.  The plan includes an Accidental Death Benefit for the first two years with no extra premium.  The premiums for this level are slightly higher than the Preferred and Standard policies.

Health Niches

Some medical conditions are difficult to insure.  SNL is especially lenient with certain conditions.  Many companies would only approve you for a graded or modified policy that pays your beneficiary a return of premiums plus 5% to 10% interest.  With Security National, you  can qualify for an immediate death benefit without a 2 year waiting period even with the following conditions.

• Diabetes with insulin under 121 units per day
• COPD if you’re a non smoker and you don’t use oxygen
• Neuropathy caused by diabetes
• Blood Thinners if you’ve been stable on the medication for at least 2 years

Guardian Plan Description

Ages 30 days old through 39 years old

Whole Life Insurance has the option to pay premiums for a lifetime or limited payments for 10 and 20 years.  The policy includes an Accidental Death benefit that doubles the face amount for the first ten years at no additional cost.  You can purchase an additional Accidental Death rider up-to-death benefit of the base plan for an additional premium.  A Child Rider is also available for up to $10,000, which expires on the insured 65th bday or age 25 of the child.  You must be within the height and weight guidelines in the chart below.  If you

Preferred and Standard Guardian

Choose from $1,000 to $25,000. Death Benefit – Full death benefit payable from day 1.

Graded Guardian

$1,000 to $20,000 Death Benefit

• Year 1 –    25% Death Benefit
• Year 2 –    50% Death Benefit
• Year 3 –    75% Death Benefit
• Year 4 + 100% Death Benefit

ICare Plan Description

Ages 25 years old through 70 years old

This Security National Life Insurance Plan is intended for healthy people between 25 and 70.  It’s whole life insurance with a minimum death benefit of $25,000 and maximum coverage of $30,000. The rates are based on age,  gender, and tobacco use.  The rates for tobacco and nicotine users are only about 25% more than for non users as compared to 50% or 75% more with other companies.

Unlike the Loyalty and Guardian plans, there’s only one level of coverage with tobacco and non-tobacco rates.  This policy is designed for applicants who don’t want a medical exam, have a healthy weight, an insignificant medical history and want a small amount of whole life insurance.  The rates are more similar to a traditional fully underwritten insurance policy but most conventional whole-life policies don’t go as low as $25,000, so it’s a great way to get a smaller death benefit if you’re healthy enough to qualify.  You need to be within the height and weight limits below to qualify.

ICare Additional Riders

• Accidental Death –  Double the death benefit if you die from an accident.  The rider expires on your 65th birthday
• Dependent Child –  Up to $10,00 per child or equal to the amount of the base benefit, whichever one is less.
• Waiver of Premium (Available for ages 25 to 55) – If you become totally and permanently disabled due to accidental bodily injury or sickness, you won’t need to pay your premiums for as long as you remain disabled. 

ICareHeight and Weight Chart

MIB Plan

Ages 30 days old to 85 years old

The MIB plan is a monthly increasing death benefit plan with either a three, five or ten year payment plan. You can purchase a $2,000 to $10,000 Death Benefit and an accidental death benefit is included during the time the base death benefit is increasing.  Once you reach 100% of the death benefit you purchased, the accidental rider falls off and the policy pays the full amount for any cause of death.

The MIB Plan doesn’t have a height and weight chart and you don’t need to list your medications.  There are only a few basic health questions you need to pass.  If any of the questions are answered “Yes”, it’s best to apply for a guarantee issue policy that doesn’t have any health questions. like Gerber Life.