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Security National Life Insurance Company Review
Security National Life is another niche life insurance company that provides, among other products, final expense insurance. In the following Security National Life review, we will take a closer look at the company and help our readers determine if Security National Life is the right fit for you, based on your needs, health and lifestyle.
About Security National Life Insurance Company
History - After forming over 50 years ago, Security National Life has an extensive history within the senior life insurance industry. Now, the company is traded publicly and has a solid customer base along with some comfortable finances which are two areas we’re going to explore with this review here today.
When you talk about innovation within the industry, it doesn’t get much better than Security National Life since they were actually the very first within the funeral insurance niche to offer a mobile app. Now available for Apple and Android, perhaps this shows you the nature of this forward-thinking company.
Finances - Between 2014 and 2016, Security National Life enjoyed some good growth and this led to total assets of around $570 million (up from $510 million). In terms of capital, this sits above $2.5 million while their net surplus has risen to just over $34 million in recent years. How have they been able to solidify such a strong financial standing? Well, above all else, they have over $1.6 billion worth of life insurance in-force.
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Security National Life Insurance Company Ratings
With every life insurance review, we like to assess official agency ratings because this gives us an idea of how they’re perceived on a professional level. With the likes of A.M. Best and the Better Business Bureau (BBB), we can see exactly how they compare with other top life insurance companies and whether they would be a good fit for your needs in the years ahead.
A.M. Best - Well-known for financial ratings and helping people to understand the financial position of insurance companies, where better to start than with A.M. Best? Towards the beginning of 2017, Security National Life were awarded with an ‘A’ rating which is exactly what we need and it means their finances are strong enough to be confident in the company's current ability to meet ongoing financial obligations.
Compared to many other industries, the future health of life insurance businesses is perhaps more important because we’re placing a bet on a company that’ll pay out claims after we pass away. While on this note, they also received an ‘a’ rating for the Long-Term Issuer Credit rating so there are no current concerns regarding the company's ability to meet ongoing senior financial obligations.
BBB - Unfortunately, A.M. Best is the only financial agency rating we have for Security National Life but we also saw the fantastic position of their finances in the ‘About’ section so we shouldn't have any worries financially. Therefore, we move onto the Better Business Bureau who are known for providing a rating based on customer complaints and the company’s overall behavior in the market when it comes to advertising and more.
With a rating of A-, this is the third-highest in the scale and a fantastic score. Based on a scale of 0-100, which is then converted to a grade, this particular rating means they scored between 90 and 94. In truth, the missing points required for an A+ could have come from any of the thirteen scoring criterion, but this is a great rating nonetheless. With the file first being opened in 2005, there’s also a back-catalog of ratings if you want to assess their journey.
Products offered by Security National Life Insurance Company
Despite their experience coming from the life insurance industry, they actually provide a number of different services for individuals and for businesses. Since our main focus is always on the different types of life insurance policies companies offer, this review will be no different but it’s still worth taking a look at the other services. From this, we can see what makes the company tick and how they’ve managed to obtain strong ratings from the official agencies.
Well, their main focus is on final expense and funeral planning so this should be kept in mind. If you’re looking for larger face amount cash value whole life insurance, you might be in the wrong place because there are other providers who operate within this niche. For final expense and prepaid funerals, Security National Life is at the top of their game.
Final Expense Insurance
With this product, we have a form of insurance that’ll help in the closing years of life called Final Expense Insurance. Designed to cover funeral costs, medical bills, and any other expenses that arise after death, this Final Expense insurance policy will allow you to set a face amount and then have this amount provided to your loved ones after passing away.
Sadly, millions of people leave their families behind without any help and it can make a huge dent in the finances. With this policy, you ensure your family can move through this transition phase as comfortably as possible.
As we always say, the financial needs of your family will be unique so be sure to speak to a professional before you jump into a policy. By assessing your needs and a rough figure your family will need, it prevents mistakes and allows them to cover everything with the money. Of course, your family will also lose your source of income so this is important to remember. With Security National Life as a leading member of the final expense insurance market, this is a great policy to choose as long as it meets your needs.
Nowadays, funerals can be costly and they can also be damaging for families who just want to grieve without the pressure of organizing a funeral too. If you often think about preparing as much as possible before you pass away, you might be interested in Preneed Insurance.
With a pre-need insurance policy, you can plan everything in advance including the finances and the decisions regarding the funeral itself. After working with your local funeral home today, you enjoy their current rates regardless of what their prices are when you pass away. Once you’ve made all the decisions, your loved ones won’t have to worry about providing the ‘perfect’ funeral. These days, Security National Life works with an array of funeral homes across the United States while also offering a policy that meets the needs of yourself and your family.
Just in case you happen to be a keen diver or snorkeler, this divers insurance product has various different levels of coverage depending on how often you take part in the activity and how much protection you want. While they all cover expenses relating to a specific activity, Class A focuses on the decompression chamber, Class B is all injuries sustained from snorkeling or diving, Class C covers any evacuation expenses (i.e. air ambulance), and Class D moves to other water sports and even boating injuries.
Compared to the polices we’re about to see, the coverage is actually very simple in that each Class has its own cost and all four together come to around $43 per year (as well as paying $3 for the online payment service). If you go diving every weekend, the four-tier coverage might be useful while those who go less frequently might opt to go for something a little smaller
After five successful decades within the market, it seems as though Security National Life want to pass on some of their advice after launching many different business services.
First, they offer a marketing consultation service for all businesses who choose to go with their funeral home solutions service. With advice and trusted methods in telemarketing, mailers, bookmarks, lead generation, and referrals, it helps business owners to learn how to market their company successfully. What’s more, they even hold regular seminars to go with the referral program.
Overall, Security National Life has promoted a familial feel with their business startup system and they’ve allowed people to launch profitable businesses while receiving the help and advice they need to succeed. Compared to other companies in the life insurance market, this is rare but it comes from their long history and knowing how to find success themselves.
Finally, we always like to finish with a brief glimpse into the customer service side of the business. As we’ve seen, they have a superb rating with the Better Business Bureau but how will you get in contact with any problems or make changes to the details on your policy?
If you head to the Security National Life website, the first thing you’ll see is that they push the contact form quite heavily and this is great news. However, Security National Life also go one step further because they also allow you to choose a department. With eight different departments, you know the recipient of the email will be the person who can help with your question or concern. After this, you can enter some basic details and your message before hitting the magic ‘Submit’ button.
If you would prefer to speak on the phone, there are a couple of numbers available depending on your location and the type of help you need. Additionally, there’s a Corporate Headquarters Mailing Address as well as a Home Service Office Mailing Address section which could come in handy. With several points of contact, they offer a supreme customer service and this is before we even mention their appearance on Google+, Facebook, LinkedIn, and Twitter.