Bankers Fidelity Burial Insurance Review: Plan Guide

Bankers Fidelity Burial Insurance Review
Bankers Fidelity Burial Insurance Review: Plan Guide

Bankers Fidelity logo

When searching for the best burial insurance plans, there are several specific benefits and features to look for. This includes price, policy structure, and other important details every life insurance product should have.

Our insurance industry experts have reviewed the Bankers Fidelity products and detailed the two plans that are offered.

Bankers Fidelity Burial Insurance Review

Bankers Fidelity Life Insurance Company has been protecting and serving seniors across the United States since 1955. They are a subsidiary of the Atlantic American Corporation. In 2020 Atlantic American had over 195 million dollars in sales and revenue.

Company Details

  • Established: 1955
  • A.M. Best Financial Rating: A (excellent)
  • Headquarters: Atlanta, GA

Plan Types

  • Plan 1: Level Benefit Plan
  • Plan 2: Graded Benefit Plan

Each senior burial insurance plan comes with three permanent whole life benefits.

Coverage Never Changes: The final expense coverage will never terminate or decrease. This will guarantee that the financial resources will be available to celebrate the life of the deceased properly.

Price Never Increase: The monthly premium amount is locked in. This allows for seniors on a fixed income to know how much burial insurance costs with no surprise rate increases.

Builds Cash Value: With every payment made, a portion will go towards the cash value. Over time this amount will grow and can be borrowed from.

level benefit plan 1

Plan 1: Level Benefit

Quick Plan Facts

  • Age Eligibility: 45 – 85
  • Coverage Amount: $3,000 – $35,000
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Immediate Coverage, Preferred & Standard Rates

This product offers burial insurance with no waiting period allowing seniors to be covered as soon as the policy is active. There are two different price categories available for immediate coverage.

Preferred: This plan has a wide range of medical questions that need to be answered favorably. With stricter underwriting comes lower prices from the preferred plan.

Standard: A more flexible underwriting process, the standard plan will be easier to qualify for. More lenient underwriting adds additional costs to the monthly premium.

Additional Benefit Options

There are additional benefits that can be added to the plan.

Accelerated Death Benefit

This rider is triggered if you are diagnosed with a terminal illness and have a life expectancy of 12 months or less. The benefit allows policyholders to receive up to 50% of the policy face amount early and is included with the plan.

Optional Waiver of Premium for Hospital or Nursing Facility Confinement Rider

With this benefit, you can waive your obligation of paying the monthly premium after you have been confined to a nursing facility or hospital for an ongoing 180 day period.

Bankers Fidelity Funeral Insurance Quotes

This carrier has midpoint premiums compared to the competition. Mutual of Omaha offers lower prices than this product. The rates shown are Bankers Fidelity non-smoking quotes.

Female

$10,000 of Coverage

Monthly Premiums

Age Preferred Standard
50 $30 $36
55 $34 $44
60 $40 $49
65 $49 $64
70 $63 $85
75 $84 $114
80 $124 $155
85 $189 $233

Male

$10,000 of Coverage

Monthly Premiums

Age Preferred Standard
50 $35 $44
55 $40 $55
60 $49 $67
65 $60 $89
70 $83 $123
75 $110 $160
80 $156 $205
85 $223 $293

graded benefit plan 2

Plan 2: Graded Benefit

Quick Plan Facts

  • Age Eligibility: 45 – 75
  • Coverage Amount: $3,000 – $20,000
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: Yes
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: Yes

Two-Year Waiting Period

This final expense insurance plan has favorable underwriting, but that comes with a two-year waiting period. If the policyholder were to pass away during the waiting period, the beneficiary would receive all premiums paid plus 10%.

Death Benefit Payout

  • Year 1: All paid premiums returned plus 10%
  • Year 2: All paid premiums returned plus 10%
  • All other years: Full coverage amount

Accidental Death Payout

If the policyholder were to pass away due to an accident during the two-year waiting period, the beneficiary would receive the full insurance coverage amount. This is a common feature with graded or guaranteed issue products. Another policy that has this benefit is the AARP Easy Acceptance burial insurance plan.

man and women on couch

Bankers Fidelity FAQ’s

Is Bankers Fidelity a Good Company?

This carrier has a solid financial rating and good customer reviews. After being in business for over 65 years, Bankers Fidelity has built a solid reputation and can be trusted.

You can be assured that Bankers Fidelity will pay out the claim when your family needs this resource the most.

What Kind of Insurance is Bankers Fidelity?

Other than funeral insurance, Bankers Fidelity offers a wide range of products.

  • Medicare Supplement
  • Short-Term Care
  • Lump-Sum Cancer Insurance
  • Hospital Indemnity
  • Workplace Employee Benefits

Is Bankers Life the Same as Bankers Fidelity?

Not to be confused, Bankers Fidelity is not the same as Bankers Life. This can be a common misunderstanding, but these two companies are completely separate with no affiliation.

man sitting at desk

Final Thoughts On Bankers Fidelity Final Expense Insurance

a. During this Bankers Fidelity burial insurance review, we discovered that this company is respected and credible in the industry.

b. The Level plan is a fair price point and a good product, but you can find a more economical policy elsewhere.

c. Work with a well-respected independent agent. This will give you the most plan options during the application process, which will, in return, lower your price.

Willamette Life is here to assist you with purchasing a final expense insurance policy at the lowest price and best coverage.

Call us at 844-576-0019

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