At Consolata Funeral Consultants, we're proud to write pre-need contracts through Security National Life Insurance Company. Their insurance products are designed with flexibility and comprehensibility in mind. We aim to simplify these complex concepts for you, ensuring you understand what we offer.
Security National Life Insurance Company provides fully insured and limited benefit whole life plans. The minimum face amount is $500, and the maximum can be up to $30,000 (or $15,000 for those aged 81-85). Flexible payment options and coverage plans exist, with 3, 5, 8, and 10-year pay options available for people between the ages of 0 to 85. Premiums are calculated based on your age at your last birthday.
There are three primary health questions that must be answered for insured products. Depending on the responses, the proposed insured could qualify for full benefits, limited benefits, or an annuity. For more details about these, we recommend contacting our New Business Department.
Preneed contracts consist of two parts: Goods and Services and the Application. Both are submitted to Security National. The contracts are processed, paid, and serviced at Security National Life Insurance Company in Salt Lake City, Utah.
This service is important for those interested in pre-arranging and pre-paying their funerals at a specified funeral home. The policy itself is transferable and can be used in any city, state, or funeral home. However, the preneed contract is non-transferable.
Limited benefit coverage begins after the policy issue. The policy benefit is at full face amount the first day after the limited benefit period. Each pay plan has a distinct limited benefit period with a return of premium plus 10% during this period.
The Insured Plans come with supplemental benefits like Accidental Death Benefit (ADB) and Common Carrier Benefit (CCB), at no extra cost to the insured. The ADB pays an amount equal to the face amount in case the insured dies in an accident. The CCB pays triple indemnity in the event the insured dies in a common carrier (plane, train, bus).
The Early Payoff Option (EPO) allows for the multi-pay policy to be paid off early. The payoff amount equals the face amount if done within the deadline. Note, the change in pay plan can affect the agent's commission.
The Dollar for Dollar Product is a whole life product, designed for those who cannot answer NO to health Question 1 on the preneed application. It has four payment options: 1 Pay, 3 Year Pay, 5 Year Pay, and 10 Year Pay, with the minimum face amount for all payment options being $500. The Dollar for Dollar Product adds growth annually to the policy face.
The Family & Pet Protection Benefit is available to children between the ages of 1 – 18. This benefit will pay the lesser of premiums paid in, guaranteed preneed cost, or $5,000. Pet protection will reimburse up to the lesser of premiums paid or $150.
No health questions are necessary for an annuity. The minimum premium is $25 and the maximum face amount is $30,000. The death benefit equals the fund value.
Please note that all these insurance products, benefits, and options have specific conditions and rules. Always feel free to contact us for more detailed information and personalized advice based on your situation. It's our pleasure to serve you.