There are many different variables to consider when shopping for life insurance coverage.
This Family Life Insurance company review will show you how they cover key components to ensure that you have the right amount of protection to provide income or proceeds that are needed to meet your financial goals.
These goals may include paying off final expenses, paying off large debt such as a mortgage, or providing ongoing income for a spouse and children.
But just having an insurance policy is only part of the equation. Another primary factor is knowing that the coverage you have is held with a company that is among the best life insurance companies in the U.S. and that it will be there when your loved ones and survivors need them to be.
That is why it is important to carefully research the insurance company you are considering. One company that offers a variety of life insurance policies is Family Life Insurance Company of Houston, Texas.
A Review of Family Life Insurance Company
Family Life Insurance Company has been in the business of protecting individuals and families with insurance coverage since 1949.
The firm has a focus in providing mortgage protection, which can help to ensure that if a breadwinner or other income earner passes away, their loved ones can still continue to stay in the family home.
In 2011, the company added additional Family Protection life insurance products to its overall portfolio of products. This helped to expand even further the ways in which this insurer helps to protect individuals and families from facing financial hardship following the death of a loved one.
The company has built a reputation for offering quality coverage products, along with professional customer service. It is also known for being stable from a financial standpoint – meaning that it is there when its policyholders need them.
Family Life Insurance Company is headquartered in Houston, Texas, and it is a part of the Manhattan Insurance Group. This firm has been given a financial strength rating of B+ (Good) by A.M. Best, and an issuer credit rating (ICR) of bbb-.
If policyholders need assistance, there are several ways to get in touch with a company representative. These include via email, regular mail, and phone – including a toll-free customer service line.
Products Offered By Family Life Insurance Company
Family Life Insurance Company offers a variety of products, including a nice portfolio of life insurance coverages, and Medicare Supplement insurance. In keeping with the company’s motto of “Families Come First at Family Life,” this company provides protection that is geared for every family member’s needs.
Some of Family Life Insurance Company’s key life insurance product offerings include the following:
Viva Life is a level term life insurance plan. This particular simplified issue policy provides term coverage, with a benefit of up to $250,000. There is no medical examination required as a part of the underwriting process.
Therefore, those who may have various types of health-related conditions may still be able to qualify for this particular coverage. There are just four health questions that are asked on the application for coverage.
In addition to the basic term insurance cases, the Viva Life product offers two riders that are optional and that can be chosen by the policyholder to be included on the policy. These include the:
- Children’s Term Insurance Rider – The Children’s Term Insurance rider will provide $10,00 of term life insurance coverage for each child – regardless of the number of children that are in the policy holder’s family. This can offer an ideal way to cover the final expenses that could be needed in case the unthinkable were to occur on a beloved child.
- Return of Premium Rider – The Return of Premium rider will return to the policyholder the entire amount of the premiums that he or she has paid into the Viva Life insurance plan should they survive through to the end of the policy’s term.
Viva Critical Choice
There is also no medical exam required as a part of the underwriting process on the Viva Critical Choice policy. This plan, which offers up to $100,000 in simplified issue term life insurance coverage, also only requires that a few health questions be answered by the applicant.
There is also an optional rider – the First Occurrence Critical Illness rider. This rider offers a critical illness benefit. This benefit will offer 50 percent of the amount of the policy’s death benefit if the insured is diagnosed with a covered critical illness.
Mortgage Protection Insurance – MCI Gold
The MCI Gold Mortgage Protection Insurance policy is also a simplified issue level term life insurance policy. This plan will provide term coverage of up to $250,000. This plan also requires no medical examination. A family can be covered all in one policy.
With this particular plan, the mortgage lender could be the policy’s beneficiary. In this case, if the insured passes away, the mortgage lender will be paid out the death benefit proceeds in order to pay off the balance of the mortgage – ensuring that the family home will be paid off.
In some cases, the amount of the MCI Gold premium may be added into the policy holder’s monthly mortgage payment so that only one payment needs to be made each month.
Family Protection Select and Premier
For those who require larger amounts of life insurance coverage, there is the Family Protection Select and Premier.
The Family Protection Select is a term life insurance policy that offers coverage of up to $3 million. Likewise, the Family Protection Premier is a whole life insurance product that also provides coverage of up to $3 million.
Both of these plans will require that the applicant undergo full medical underwriting – which will typically entail answering health-related questions on the application for coverage, as well as taking a medical exam.
Once all of the information has been received by the company’s underwriters, a decision can be made regarding policy approval, as well as the class of policy in which the individual may be placed.
Marketing Products to Potential Policyholders
In addition to offering a variety of different products, Family Life Insurance Company ensures that its offerings are marketed to as broad of an audience as possible.
It does so by providing marketing materials in a number of different languages, including English, Spanish, Russian, Korean, Vietnamese, and Chinese.
The company also provides an online application system for its Viva products. This makes the process of applying for its coverage quick, easy, and convenient for its potential policyholders.
In addition to marketing to potential policyholders, Family Life Insurance Company provides a number of conveniences once a person or family has become a customer. This includes offering policyholder forms directly on the company’s website.
These include forms for service, the acknowledgement of a misplaced policy, the changing of a beneficiary, the declaration of ownership, and for drafting one’s premium from his or her bank directly.
This can make the process much faster and easier for policyholders. Forms can be accessed and printed directly and then either faxed or emailed back to the insurer for processing.
How and Where to Obtain the Best Premium Quotes for Family Life Insurance Company Policies
When considering the purchase of life insurance coverage, it is always a good idea to work with either a company or an agency that has access to more than just one carrier.
That way, you will be able to more directly – yet in an unbiased manner – compare the plans, and the premium prices, of each of the insurers.
From there, you will then be able to make a better determination of which one will work the best for your specific needs – and for your life insurance budget.