When shopping around for life insurance, you might have come across Family Heritage Life and Health Insurance Company, also known as the Globe Life Family Heritage Division. The company has been in business for more than three decades. But you might be wondering if the company is legitimate. Keep reading to learn the answer to this and other questions.
About the Family Heritage Company
The company was created in 1989 in Ohio, and then it started to expand around the country. It was in business for 20 years before it had offered 200,000 policies.
In 2012, it became a part of the Torchmark Corporation. It was a wholly owned subsidiary.
The company creates many kinds of life insurance policies. Plus, it also offers specialty types of health insurance. The goal of its health insurance policies is to offer extra coverage for certain illnesses and accidents, such as stroke, heart attack, and cancer care.
The company still has its headquarters in Ohio, but it also has some offices in McKinley, Texas. The company is licensed in 49 out of the 50 states, and it sells its products through local agents.
Products Offered by the Company
The products that the Family Heritage Life Insurance company offers are fairly straightforward. You can get life insurance for both children and adults. The plan is a whole life insurance policy that includes simplified issue.
That means that you do not have to get a medical exam. The benefit amounts for simplified issue insurance policies are often somewhat lower.
You can also get accident insurance so you can pay for medical or other costs if you have an accident. That includes hospital costs, physical therapy, or ambulance fees.
Plus, if you get a cancer policy, you can get coverage for costs related to the diagnosis, such as the treatment. These might not be covered by your regular insurance policy.
You can also get a heart attack or a stroke policy that offers similar coverage. The goal is to help with bills besides just medical costs.
With an intensive care policy, you can cover the cost of being in an intensive care unit, as well as air ambulance costs. These can all help you if you have a sudden injury or illness.
You may decide to go with the Hospital Indemnity insurance, which can cover out-of-pocket costs under standard insurance.
What Are the Rates?
You can’t get online quoting for the policies offered by Family Heritage Life Insurance. However, the company’s rates are fairly competitive since its name is not as recognized as many other companies are. Its policies are also very specific.
If you do want a quote from Family Heritage, you can get one by contacting one of the company’s agents or the company itself.
The Benefits of Choosing the Company
You might decide to get insurance from this company since it has high ratings for its financial strength from the company A.M. Best. If you are getting insurance from Family Heritage, you can have peace of mind knowing that the company is able to pay any claims.
Getting Coverage for Your Entire Family
You can get a couple of different insurance plans from the company. One of them might be for your kids and another one might be for the adults in the family. One of the reasons that Family Heritage stands out from the other competitors is that it offers insurance for kids.
Many times, life insurance companies do not offer coverage for those who are under the age of 18.
You can get permanent life insurance plans from the company. Each policy will get a cash value, and the coverage can last for a long time. The money you get in the cash value of your policy can be used while you are living, and it is an asset.
You can also use it to supplement your income when you are retired. If you need coverage for your family, you can explore the many policies offered by the company.
Easy Underwriting Process
When it comes to purchasing life insurance for you or your loved ones, you will need to go through an underwriting process. This is used to determine the risk of insuring someone and the rate that they will offer the policy at.
With underwriting, the insurer will consider the personal information of the individual getting the policy. That might include their health history, or lifestyle, among other factors. You might need to undergo a medical exam for a fully underwritten policy.
However, the Family Heritage company does not require you to have a medical exam during the underwriting process. You can expect to still fill out a questionnaire about your health history.
It is important to tell the truth on this because if you do not and it is found that you have certain health conditions, the policy may be declared invalid. With the simplified process, it is easy for you to apply to the policies.
Quick Issuing of Policies
With the simplified underwiring process, it is faster to get a policy from Family Heritage. It can take more time to issue a fully underwritten policy since the process is more thorough. It might also require you to schedule and have a medical exam. One of the advantages of choosing this company is that it is able to get you your policy so quickly.
More Insurance Products
You can get a policy for other kinds of issues as well. For example, you might get one for intensive care, cancer, accidents, or heart attacks. You can also get a policy for hospital indemnity.
No matter which additional policy you might choose, the goal is to get coverage for certain situations or conditions. For example, having cancer might result in extra expenses, such as health care services related to the treatment.
If you want to have one company for several different kinds of insurance, then Family Heritage is the one for you to choose.
The Claims Process
There is a variety of information about claims offered for each product, and these can differ depending on the product that you have. On the claims page, there is a menu for each of the options. The site says that the company only accepts claims by fax or mail.
The goal behind this is to keep each claim confidential for the customer. The company does not offer online filing. However, you can download the form to make a claim easily.
If your policy is less than two years old, you might need to enter some extra information and they may need to review it more. You can call the phone line to ask for help or to get more questions, but you can’t file a claim in this manner.
Are There Any Cons?
The company does have a few disadvantages as well. These include:
Hard to Estimate Your Payments Online
If you want to know more about the coverage and the premium rates, you might have to meet with one of the representatives from the company. Doing so in person or via a phone call will allow you to get more specific information on each of the policies.
You may be able to use third-party providers, estimates from other companies, or online quotes to estimate the cost, but you will not know the full cost until you have submitted the application and completed the underwriting process. Then you will know the final cost for you.
Hard to get Online Information
There is some good general information about the company on the website for Family Heritage, and you can learn about the policies and benefits offered, but you will have to talk to the company to get more information on the coverage levels, premium rates, benefits, and any terms conditions.
That isn’t to say that you should not consider the company when you are getting permanent life insurance policies for either you or your family members. It is good that you can get policies for anyone in the family. If you are interested, then you should contact the company to get more specific information on how much the policies cost and their terms.
Customer Reviews and Ratings
This insurance company has an A+ rating at the Better Business Bureau. There have been a couple of complaints against the company, but most of them have been closed.
Many complaints are because people canceled their policies, and the cancelations weren’t properly processed.
On the Complaints Board, you can find both negative and positive comments. Some people believe that the salespeople are pushy about trying to cover the policy. Other people misunderstood what the plan covered.
You should always read the fine print. If you do not understand something that is in the plan, it is important to ask the agent about it.
Closing Thoughts
Family Heritage Life is a smaller company that offers both basic simplified and supplemental health insurance. It might do a bit of door-to-door marketing, and that might make some people less likely to choose this company. There isn’t anything discouraging about this company.