LifeShield National Insurance Co. was established in 1982 as an Oklahoma domiciled life insurance company and is a subsidiary of the Midland Group of Companies that consist of MidFirst Bank. As a subsidiary of the Midland Group, it was originally created to aid mortgage servicing clients by providing insurance policies through direct mail and in-home sales. Since then, it has expanded to include a wide variety of financial protection related products. Here, we'll discuss LifeShield as one of the top final expense insurance companies.
Ratings and Financial Outlook
A.M. Best rating services which is typically the most widely recognized insurance company rating service, has awarded LifeShield National Insurance Company with a B++ (Good) rating. They indicate the Lifeshield's financial measurement from $25 million to $50 million dollars. A.M. Best also provides a BBB Long-Term rating and they describe the organizations' outlook as “Positive.” The company has a history of conservative investments which allows it to have a positive outlook on future obligations like claim payments and operating expenses.
LifeShield National's Product Offering
Even though our intention with this article refers to LifeShield National’s final expense insurance, the company also offers various other insurance products for American families.
GAP (Grand American Plan)
LifeShield’s Grand American Plan (GAP) is supplementary insurance that is tailored to fill the holes in health insurance for individuals and families. The policy will pay a lump-sum payment for health care costs resulting from a covered injury. This supplemental insurance fills in the holes that occur in conventional health insurance because of deductibles, coinsurance, and copayments.
The policy benefits are given directly to the policyholder who can then use any of those funds in any fashion they desire such as:
- Reimburse health insurance deductibles, coinsurance, and copayments
- Assistance 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 plan acts similar to the accident policy in that it pays a one-time payment when a policyholder is diagnosed with some form of cancer. The insurance benefit can be used to complement other insurance coverage and assists to shield the insured financially.
Applicants have the option of adding various riders that will help pay for the various expenses related to a cancer diagnosis:
- Benefit for annual Cancer screenings
- Benefits for daily hospital confinement
- Benefits to help cover cancer treatments like radiation, chemotherapy, and immunotherapy
- Hospital intensive care expense benefit
- Surgical expense benefit
LifeShield’s Critical Illness Coverage
The Lifeshield Critical Illness product was fashioned to fill the holes in traditional health insurance when an insured is diagnosed with a critical illness. If diagnosed with a covered illness, the insured will receive a lump-sum payment to assist with all the costs that are commonly related to the illness.
LifeShield Final Expense Insurance for Seniors
LifeShield offers a reliable final expense insurance plan for seniors. Their Survivor Life policy was fashioned to offer final expense insurance (burial insurance) for individuals age 50 to 85-years old. The insurance policy is whole life insurance and provides all of the guarantees that seniors typically prefer in a final expense insurance plan:
- Insurance coverage guaranteed for the lifetime of the policyholder as long as the premiums are paid.
- Once the insurance policy is issued, the monthly premium cannot be changed by the insurance company, even if the insured becomes terminally ill or must live in a nursing home or hospice facility.
- The Survivor Life Insurance policy will build cash value over time and can be accessed through policy loans, withdrawals, or policy surrender.
The face amount (death benefit) for the LifeShield Survivor Life final expense insurance policy ranges from $3,000 up to $50,000 and depends on the age of the applicant. Because the average funeral typically costs between $8,000 and $10,000, the average insurance amount is $10,000.
Typical Cost of a Moderately Priced Funeral
According to the National Funeral Directors Association, U.S. funeral costs vary depending upon the geographical location of the funeral. Also, a funeral pricing can vary depending upon the needs of the person purchasing the services. Here are the costs for a moderately priced funeral:
Since the most common policy amount for Final Expense Insurance is $10,000, we are posting actual rates from LifeShield here:
As you will notice, the rates from women are lower than the insurance rates for men. This is because women typically live longer than men and therefore the insurance company will have a longer opportunity to collect insurance premiums.
For accurate rate for your actual age, please complete our world-class quote form on the right side of this page.
Our Intent is to help You Save Money
As an independent insurance brokerage that represents all of the highly-rated final expense insurers across the U.S., our intention is to help our clients and prospective clients save money on their final expense insurance policies.