Last Updated on June 20, 2018 by lifepolicyshopper
LifeShield National Insurance Co. was incorporated in 1982 as an Oklahoma domiciled insurance company and is part of the Midland Group of Companies that include MidFirst Bank. As an affiliate of the Midland Group, it was initially formed to aid mortgage servicing customers by offering insurance products through direct mail and in-home sales. Since that time, it has grown to encompass a wide variety of protection related products.
LifeShield National Ratings and Financial Stability
A.M. Best, typically the most well-known insurance company rating service, has awarded LifeShield National Insurance Company with a B++ (Good) rating. They show the company’s financial size from $25 million to $50 million dollars. Best also provides a BBB Long-Term rating and they describe the company’s outlook as “Positive.”
LifeShield National's Product Offering
Although this article refers to LifeShield National’s burial insurance for seniors, the company also offers several other products for American families.
GAP (Grand American Plan)
LifeShield’s Grand American Plan is supplemental insurance that is designed to fill the gaps in individual health insurance for individuals and families. The policy pays a lump-sum benefit for health care expenses resulting from a covered accident. This supplement insurance fills in the gaps that exist in traditional health insurance because of deductibles, copayments, and coinsurance.
The policy benefits are paid directly to the named insured who can use those funds in any manner they choose such as:
- Reimburse for health insurance deductibles, copayments, and coinsurance
- Help with lost income when the insured misses time at work
- Cover household and transportation expenses related to hospital stays
Supplemental Cancer Insurance
The LifeShield Cancer policy works similar to the accident policy in that it pays a lump sum benefit when an insured is diagnosed with cancer. The benefit can be used to supplement other insurance and serves to protect the insured financially.
Applicants have the option of adding several riders that will help pay for the many expenses related to a cancer diagnosis:
- Benefit for annual Cancer screening
- Benefits for daily hospital confinement
- Benefits to help cover cancer treatments like radiation, chemotherapy, and immunotherapy
- Hospital intensive care expense benefit
- Surgical expense benefit
Critical Illness Insurance
Lifeshield’s Critical Illness insurance was designed to fill the gaps in traditional health insurance when an insured is diagnosed with a covered critical illness. When diagnosed with a covered illness, the policyholder will receive a lump-sum payment to help with all the costs that are typically related to the illness.
LifeShield's Burial Insurance for Seniors
LifeShield offers a solid burial insurance product for seniors. Their Survivor Life product was designed to offer final expense insurance (burial insurance) for men and women age 50 to 85-years old. The policy is whole life insurance and offers all of the guarantees that seniors look for in a final expense insurance plan:
- Coverage guaranteed for the life of the insured as long as premiums are paid.
- Once issued, the periodic premium cannot be increased by the insurance company, even if the insured becomes very ill and must live in a nursing home.
- The Survivor Life policy builds cash value over time that can be accessed through policy loans, withdrawals, or policy surrender.
Face amounts for the Survivor Life policy range from $3,000 to $50,000 depending on the age of the applicant with the most popular face amount being $10,000.
Here are the insurance rates for a LifeShield $10,000 Final Expense and Burial Insurance for seniors:
If you fail to qualify for LifeShield's Level Benefit Plan with first-day coverage, you may qualify for their Graded Plan at the very same rate. The Graded Plan has a 24-month waiting period for deaths caused by natural causes. If you pass away during the waiting period because of natural causes, your beneficiary will receive 110% of the premiums paid on your policy. If death is the result of an accident, the full benefit will be paid to your beneficiary.
Although LifeShield National Insurance company does not advertise as much as Lincoln Heritage or Colonial Penn and is a little-known life insurance company, their rates for burial insurance for seniors are very competitive and should be considered when you are shopping for final expense and burial insurance.