Security National Life Insurance Company Review

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Security National Life Insurance specializes in selling final expense coverage. With so many final expense insurance companies, choosing the right one becomes a cumbersome process, especially for those who aren’t in good health or are of an older age. We recognize that buying life insurance is probably the most critical decision you can make, so we would like to share our review of Security National Life Insurance Company so you will have a step up in understanding their products, health questions, and how they compare with other top final expense companies. Let’s get this going!

Security National Life Insurance Company History

Security National has been in business since 1965 and is located in Salt Lake City, Utah. Security National Life Insurance is a publicly traded company. Their main business is prearranged and prepaid funerals in the senior life insurance which they market through licensed insurance agents and funeral professionals.

SNL is the first funeral company to offer apps for both Apple and Android devices, which demonstrates a new way of thinking and a new marketing approach to burial insurance. Security National operates as a subsidiary of Security National Financial Corp.

Products Offered by Security National Life Insurance

SNL offers prepaid funeral services, diver’s insurance, and final expense coverage. This Security National Life Insurance review will only cover the final expense product offerings.

Simple Security Plan

The simple security plan comes in three flavors: preferred, standard, and modified. The type of policy you can buy is based on your health history and the answers on the application. All offered plans are whole life coverage. Whole life provides guaranteed death benefit and level premium payment (stays the same) throughout the insured’s lifetime.

Additionally, a permanent policy carries a cash value component which you can borrow in the future or collect when you surrender your policy. You don’t need to undergo an exam as part of the underwriting procedure. However, a prescription database search can be used to validate your answers on the applications. Let’s review each of the offered plans.

Simple Security Preferred

This plan requires you to be in good health with no serious medical conditions. It’s a level benefit plan, which means there is no waiting period for the coverage to kick in. Once the policy is issued, the coverage starts from day one.

  • An immediate death benefit from day one
  • Face amounts:
    • Ages 40–75 maximum $35,000
    • Ages 76–80 maximum $15,000
    • Ages 81-90 maximum $10,000
  • Available riders:
    • Accidental death benefit
    • Dependent child insurance

Simple Security Standard

This plan also starts from day one but allows the applicant to have a few health issues such as A-fib, stroke, or stents. You will pay a higher rate but will have an immediate death benefit. Also, note that the maximum coverage for this plan is up to $25,000 in face value.

  • An immediate death benefit from day one
  • Face amounts:
    • Ages 40–75 maximum $25,000
    • Ages 76–80 maximum $15,000
    • Ages 81-90 maximum $10,000
  • Available riders:
    • Accidental death benefit
    • Dependent child insurance

Simple Security Modified

This plan has a two-year graded benefit clause which means if you pass away during the first two years after buying the policy, not accident related, your beneficiaries will only receive the total paid premiums plus 10 percent interest (they will not collect the full face value you purchased). Only in year three and beyond will the full death benefit be paid.

This plan is reserved for those with significant health challenges who can’t get traditional coverage. I would advise you not apply for this type of coverage until you have exhausted all other options. Having a two-year waiting period can put your loved ones in jeopardy should you die. This is another good reason not to shop for coverage by yourself. A broker can help. It costs you nothing, and he may know other companies who can offer level benefit plan instead of graded.

  • Graded death benefit for two years
  • Face amounts:
    • Ages 40–75 maximum $25,000
    • Ages 76–80 maximum $15,000
    • Ages 81-85 maximum $10,000
  • Available riders:
    • Accidental death benefit
    • Dependent child insurance

Security National vs. Other Carriers’ Sample Monthly Rates

Security National life sample rates

Male $10,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Security National $27.92 $43.49 $70.01 $130.78
 Assurity $28.82 $41.65 $73.05 $155.57
 Mutual of Omaha $29.16 $42.76 $73.70 $132.65
 Americo $32.06 $43.68 $72.93 $145.65
 Liberty Bankers Life $30.51 $45.80 $73.31 $146.80
 Phoenix$30.15 $43.27 $72.74 $146.92
 American-Amicable $30.80 $45.76 $76.57 $151.36
 United Home Life $31.02 $44.69 $74.63 $138.60
 Settlers $31.45 $45.31 $72.85 $153.80
 Transamerica $30.73 $43.85 $74.66 $140.22
 Foresters $32.00 $45.19 $72.91 $216.09

Female $10,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Security National $24.40 $36.35 $54.73 $101.21
 Assurity $25.48 $34.74 $56.41 $113.89
 Mutual of Omaha $24.67 $32.87 $53.24 $98.43
 Americo $24.56 $33.93 $53.43 $112.77
 Liberty Bankers Life $25.57 $34.67 $54.79 $109.16
 Phoenix$26.63 $36.46 $55.26 $110.24
 American-Amicable $25.96 $37.22 $58.70 $110.44
 United Home Life $26.06 $35.42 $73.28 $141.58
 Settlers $26.01 $36.38 $55.76 $113.48
 Transamerica $25.32 $33.72 $71.59 $104.11
 Foresters $26.05 $35.41 $83.41 $111.08

Male $20,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Security National $52.45 $83.59 $136.63 NA
 Assurity $55.44 $81.10 $143.90 $308.93
 Mutual of Omaha $55.11 $82.31 $144.20 $262.11
 Americo $60.33 $83.56 $142.06 $287.51
 Liberty Bankers Life $56.39 $86.97 $141.99 $288.97
 Phoenix$56.16 $82.40 $141.34 $289.69
 American-Amicable $58.96 $88.88 $150.50 $300.08
 United Home Life $57.68 $85.03 $144.91 $272.05
 Settlers $62.90 $90.61 $145.69 $291.13
 Transamerica $57.89 $84.05 $145.74 $276.88
 Foresters $60.85 $87.22 $142.66 $290.33

Female $20,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $48.77 $67.28 $110.62 $225.58
 Mutual of Omaha $46.14 $62.53 $103.28 $193.66
 Americo $45.32 $64.07 $103.06 $221.75
 Liberty Bankers Life $46.51 $64.71 $104.95 $213.69
 Phoenix$49.12 $68.78 $106.37 $216.34
 American-Amicable $49.28 $71.81 $114.75 $218.24
 United Home Life $47.76 $66.49 $100.59 $204.87
  Settlers $52.02 $72.76 $111.52 $226.95
 Security National $52.45 $83.59 $136.63 NA
 Transamerica $47.07 $63.87 $104.41 $204.65
 Foresters $48.95 $67.67 $103.69 $219.01

Male $30,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Security National $76.97 $123.68 $203.24 NA
 Assurity $82.06 $120.55 $214.75 $462.30
 Mutual of Omaha $81.06 $121.86 $214.69 $391.56
 Americo $88.59 $123.44 $211.19 $429.36
 Liberty Bankers Life $82.27 $128.14 $210.67 $431.14
 Phoenix$82.17 $121.53 $209.94 $432.47
 American-Amicable $87.12 $132.00 $224.43 $448.80
 United Home Life $84.35 $125.38 $215.19 $407.10
 Settlers $94.35 $135.92$218.54 $461.81
 Transamerica $85.04 $124.29 $216.83 NA
 Foresters $89.70 $129.26 $212.42 $433.91

Female $30,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Security National $66.41 $102.26 $157.39 NA
 Assurity $72.05 $99.83 $164.82 $337.27
 Mutual of Omaha $67.60 $92.20 $153.31 $288.89
 Americo $66.07 $94.20 $152.68 $330.72
 Liberty Bankers Life $67.45 $94.76 $155.11 $318.23
 Phoenix$71.61 $101.10 $157.49 $322.43
 American-Amicable $72.60 $106.39 $170.81 $326.04
 United Home Life $69.47 $97.55 $148.71 $305.13
 Settlers $78.03 $109.14 $167.28 $340.43
 Transamerica $68.82 $94.02 $154.84NA
 Foresters $71.85 $99.93 $153.96 $326.94

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Nov 2018 and are subject to underwriting approval.*

Bottom Line

Based on the sample rates table above, Security National Life is fairly competitive price-wise when looking at other companies. Of course, shopping for insurance is highly dependent on whether the carrier approves your application and not whether they have a reasonable price. However, those in good health should get a quote from Security National Life.

They are the only company I’m aware of that offers life insurance for individuals age 90. Here is where it gets a little scary. I Googled about Security National Life Insurance Company financial ratings and could not find a shred of evidence about their score. I also logged in as a broker to A.M. Best website, and they were not accredited there.

If I were you, I would probably rather pay a bit more for life insurance and buy from an A-rated company such as Assurity, Mutual of Omaha, or Aetna to name a few. Here is where it gets even more annoying. They only sell the product face to face, which means you can’t buy it online or via phone. You will have to meet with an agent in your home. How do you like this type of sale in the internet age?

If you are looking for final expense life insurance, don’t go about it by yourself. There are no savings or benefits by tackling this alone. Working with a broker is entirely free and choosing the right one will not only get you the best coverage but the best possible price based on your health and needs.

We at Effortless Insurance represent more than 50 companies and promise to help you choose the right company for you. You can start comparing rates by filling out the form on the right-hand side or give us a call at 866-326-3053, and we will do the rest.

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2018-12-04T04:59:21+00:00November 21st, 2018|Categories: Company Reviews, Seniors Life Insurance|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has two amazing rescued Pitbulls. He also enjoys real food, strong coffee, ultra runs, critical thinking, and reading.

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