Family First Life is an insurance broker that sells mortgage protection, last expense, and universal life insurance products to consumers by working with nine reputed insurance providers. For retirement security, they also provide fixed index annuities. You may use our research to evaluate the life insurance policies offered by Family First Life. Based on factors including financial strength and customer satisfaction ratings, as well as company websites, customer service ratings, and plans that are currently available.
Shawn Meaike launched Family First in 2013, and the company is based in Connecticut. More than 80,000 Americans seek life insurance plans and annuities each year from the company. Family First Life is a multi-level marketing (MLM) company that sells life insurance. For Family First Life representatives, this means commissions on every policy sold. And an incentive to recruit new agents so that they may make even more money off of the commissions they already receive.
Working with an MLM is often frowned upon by the FTC. Despite the fact that Family First Life is not a pyramid scam, the company’s business plan is troubling nonetheless.
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Pros of Family First Life Insurance
Family First Life works with a wide range of insurance providers. So you can be sure to find a policy that suits your requirements.
Numerous choices for life insurance:
There are numerous possibilities for life insurance, including whole, term, universal, last expense, and mortgage protection plans, as well as annuities, with numerous providers.
There are a variety of quotes available on the internet:
All of Family First Life’s products are available for online quotations from the company’s providers.
Most of its carriers have high ratings for financial stability:
AM Best gave top marks to all of Family First Life’s carrier partners.
Cons of Family First Life Insurance
Since Family First Life is a multi-level marketing company. It places a greater emphasis on hiring. And training agents who will go on to sell life insurance products.
Depending on where you live, certain products may not be offered. The services and goods offered differ from one provider to the next. And some may not be accessible in all states.
It is important to note that Family First Life is an insurance broker, not a life insurance company. Through its leading carriers, the corporation offers a wide range of coverage alternatives. Depending on the provider, your insurance and coverage options may differ. Among the many insurance coverage options available from Family First Life are:
Whole life insurance is a type of long-term care insurance that covers the insured for the rest of their natural lives. If you continue to make premium payments after you pass away, your loved ones will be compensated for your passing. Whole life insurance policies also include a savings component known as cash value. This accumulates interest tax-deferred while the policyholder is still alive.
Universal life insurance has a tax-deferred cash value and is a type of perpetual life insurance. Because it’s not as rigid as whole life insurance. Universal life lets you customise your premiums and death benefits to match your changing financial needs. Skip premium payments if there’s enough cash value in your policy to cover them.
Final expense insurance, often known as burial insurance. It is a type of permanent life insurance that helps pay for the costs of a deceased person’s funeral. Paying for last medical expenditures and other expenses towards the end of life. Such as cremation, casket or memorial ceremony, can be done using the death benefit. Beneficiaries, on the other hand, are free to use the death benefit anyway they see suitable.
Even if you stop paying your premiums, your final expense insurance policy will remain in effect. However, burial insurance differs from standard permanent life insurance policies in that it does not require a medical evaluation to establish the cost of your coverage.
Mortgage protection insurance (MPI) is a type of life insurance that protects your loved ones from the financial burden of your mortgage payments in the event that you pass away prematurely. If you die with a mortgage balance, your insurance company will cover the difference. This is usually a sort of term life insurance in which you pay your regular premiums, and the coverage expires at the conclusion of the policy period.
Temporary (or term) life insurance covers you for a set number of years, usually between 10 and 30 years after you purchase it. If you die within the period of the policy, a predetermined death benefit will be paid out. Depending on how long you live beyond the policy’s expiration date, you can either renew your coverage or convert it to permanent insurance.
In insurance, a rider is an endorsement you can add to your policy to modify your coverage to match your specific needs and wants. Riders are notorious for paying more for their insurance than they originally planned to.
You can add optional riders to your policy because Family First Life has worked with several insurance carriers. Family First Life’s carriers provide a variety of optional riders. These are some of the more common ones.
Accelerated Death Benefit Rider
If you’re diagnosed with a terminal or chronic illness while you’re still living and have this rider, you can access a portion of your death benefits.
Chronic Illness Rider
This rider lets you access some of the policy’s death benefits while you’re still living if you’re diagnosed with a chronic disease that qualifies.
Terminal Illness Rider
If you are diagnosed with a terminal illness and have less than 12 months to live, you may be able to access death benefits through the use of a terminal illness rider.
Disability Waiver of Premium
This rider lets you forego premium payments if you become disabled and unable to work as a result.
Accidental Death Benefit
Accidental death benefits are paid out if you die as a result of the accident, in addition to the usual death benefits provided by the policy.
Child Term Rider
If you have dependent children under the age of 18, you can add a kid term rider to your policy. You will be compensated in the event of your child’s death.
Return of Premium
If you don’t die within the policy period and have a return of premium rider, you’ll get your payments back in full.
Customer Service of Family First Life Insurance
You can reach Family First Life at 860-317-1324 with any questions or concerns. Monday through Friday, 8 a.m. to 4 p.m. Eastern Standard Time, customer service is available. If you need assistance, you can speak with an agent even if the company does not have an online chat feature. You can obtain a quote by completing an online form.
Price of Family First Life Insurance
It is possible that the cost of your insurance premiums will vary depending on your choice of plan, coverage, and optional extras. Age, health history, pre-existing diseases, health behaviours, and location all play a role in the cost of health insurance.
For the most part, life insurance providers want to know whether you’re “man” or “female” when you apply for coverage. Being non-binary does not preclude you from purchasing life insurance, but most insurers haven’t changed their underwriting procedure to account for gender difficulties.
Competition of Family First Life Insurance
Before buying a life insurance policy, it’s a good idea to shop around and compare rates from a few different companies. You cannot acquire insurance directly from Family First Life, despite the fact that it offers a wide range of plans via its carriers. Transamerica, on the other hand, is a superior option to contemplate.
Conclusion of Family First Life Insurance
People can get life insurance plans from companies like AIG and Mutual of Omaha through Family First Life, an insurance broker. Because quotes and policy details aren’t available online from Family First Life, those looking for life insurance will have to contact an agent. As a result of the lack of openness and online resources at Family First Life, we don’t recommend that most consumers utilise them for their insurance needs.
Insurance have become a necessity and people should go for it no matter they feel its necessity or not.
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FAQs on Family First Life Insurance
Is there a way to tell whether or not we can rely on a company when purchasing mortgage insurance?
If you want to know how they do business, read their mission statement. Other multi-level marketing firms will not put such commitments on paper for you. Neither the insurance provider nor a multi-level marketing firm employs them; they work exclusively for you.