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 senior life insurance 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

Both senior final expense insurance plans from Bankers Fidelity Life Insurance Company come 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 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 a couple of 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 to pay the monthly premium after being confined to a nursing facility or hospital for an ongoing 180 day period.

Bankers Fidelity Funeral Insurance Quotes

Bankers Fidelity burial insurance has midpoint premiums compared to the competition. Mutual of Omaha offers lower prices than the Level Benefit plan from Banker Fidelity. The rates shown below are non-smoking quotes.

Level Benefit 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

Level Benefit Quotes: 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%.

Bankers Fidelity Graded Death Benefit Payout

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

Accidental Death Payout

The beneficiary will receive the full insurance coverage amount if the policyholder passes away due to an accident during the two-year waiting period. This is a common feature with graded, modified, and guaranteed issue products.

man and women on couch

Bankers Fidelity FAQ’s

Is Bankers Fidelity a Good Company?

Bankers Fidelity 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. Policyholders can be assured that Bankers Fidelity will pay out the claim when their family needs it 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.

How Do I Know if I Qualify for Bankers Fidelity Final Expense Insurance?

To know what final expense life insurance plan is most suitable for you, it is best to work with an agent that has access to multiple carriers. A good agent will be able to pre-qualify you for the lowest price based on your health and policy goals. Again, working with someone who can compare many policies on your behalf is the best way to ensure you get the best individualized funeral insurance coverage.

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 funeral insurance 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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