When I’m helping families explore their term life insurance options, I often get questions about Financial Security Life Insurance Company. It’s understandable—choosing life insurance is one of the most important financial decisions you’ll make, and you want to know exactly what you’re getting into with any carrier you’re considering.
For a complete overview, see learn more about term life insurance.
Let me walk you through what I’ve learned about Financial Security Life Insurance Company from my experience in the industry, so you can make an informed decision about whether they might be right for your situation.
About Financial Security Life Insurance Company
Financial Security Life Insurance Company has been operating in the life insurance market for several decades, focusing primarily on term life insurance products. They’ve built their business around providing straightforward coverage options without some of the bells and whistles you might find with larger carriers.
From what I’ve seen in the market, they position themselves as a more affordable option for families who need basic term life coverage. Their approach is pretty simple: offer competitive rates on standard term policies without getting into the more complex permanent life insurance products.
Company Background and Ratings
Financial Security Life has maintained steady operations over the years, though they’re not one of the household names you might recognize like Prudential or Northwestern Mutual. They typically receive decent ratings from the major rating agencies, though they don’t always carry the same A+ ratings you’ll see from some of the larger, more established carriers.
When I’m evaluating any insurance company for my clients, I always look at their financial strength ratings from agencies like A.M. Best, Standard & Poor’s, and Moody’s. These ratings give us insight into the company’s ability to pay claims over the long term.
Financial Security Life Insurance Company Products
Term Life Insurance Options
Their main focus is on term life insurance, which makes sense for a lot of families I work with. Term insurance gives you the maximum death benefit for the lowest premium during your peak earning and family-raising years.
From what I’ve observed, Financial Security Life typically offers:
- 10-year term policies - Good for shorter-term needs
- 20-year term policies - Popular choice for young families
- 30-year term policies - Longer protection for those who want extended coverage
The coverage amounts usually range from smaller policies around $25,000 up to several hundred thousand dollars, depending on your age, health, and financial situation.
Underwriting Process
Like most carriers, Financial Security Life uses medical underwriting to determine your eligibility and rates. This typically involves a medical exam, blood work, and a review of your medical history. The process is pretty standard across the industry.
What I’ve noticed is that different carriers can have different appetites for various health conditions. Someone who gets a standard rating with one company might qualify for preferred rates with another. That’s one of the biggest advantages of working with an independent agent—I can shop around to find which carrier will give you the best rates for your specific situation.
Pros and Cons of Financial Security Life Insurance Company
Potential Advantages
Competitive Pricing: They often position themselves as a cost-effective option, which can be attractive if you’re shopping primarily on price.
Straightforward Products: Their focus on basic term insurance means less confusion about product features and options.
Established History: They’ve been in business long enough to demonstrate some stability in the market.
Potential Drawbacks
Limited Product Range: If you’re looking for permanent life insurance options like whole life or universal life, you might need to look elsewhere.
Smaller Company Size: They don’t have the same financial resources or market presence as some of the larger carriers.
Service Questions: Smaller companies sometimes have fewer customer service resources, which can mean longer wait times or less comprehensive support.
How Financial Security Life Insurance Company Compares
Here’s what I’ve learned from years in this business: there’s no single “best” life insurance company. What matters is finding the carrier that gives you the best combination of rates, service, and financial strength for your specific situation.
Some families prioritize having the absolute lowest premium, while others want the peace of mind that comes with a highly-rated, well-known carrier. Some need specialized underwriting for health conditions, while others qualify for preferred rates everywhere.
When I sit down with a client, I don’t start by promoting any particular company. Instead, I want to understand their needs, budget, and health situation first. Then I can show them how different carriers would approach their application.
Understanding Term Life Insurance Basics
Since Financial Security Life focuses on term insurance, let me quickly explain why this might or might not be the right approach for your family.
When Term Life Makes Sense
Term life insurance is pure protection. You pay a premium, and if something happens to you during the term, your beneficiaries receive the death benefit. It’s typically the most affordable way to get substantial life insurance coverage.
I often recommend term insurance for families who:
- Have young children and need maximum coverage during child-raising years
- Have a mortgage or other debts that would burden their family
- Want to replace their income for a specific time period
- Are on a tight budget but still need significant coverage
Term Life Limitations
The challenge with term insurance is that it’s temporary. Most term policies end between ages 65-80, and if you still need life insurance at that point, it becomes very expensive to maintain or replace.
Also, if your health changes during the term period, you might not qualify for new coverage when your term expires. That’s something to consider when you’re thinking long-term.
Questions to Ask About Any Life Insurance Company
Whether you’re considering Financial Security Life or any other carrier, here are the key questions I always encourage families to explore:
Financial Strength and Ratings
- What are their ratings from A.M. Best, Standard & Poor’s, and Moody’s?
- How long have they been in business?
- What’s their claims-paying history?
Product Features
- What term lengths do they offer?
- Do they have conversion options to permanent insurance?
- What are their renewal rates after the initial term period?
- Are there any riders available (like disability waiver of premium)?
Underwriting and Pricing
- How do they handle your specific health situation?
- What’s their process for medical exams and underwriting?
- How do their rates compare to other carriers for someone in your situation?
The Value of Independent Comparison Shopping
Here’s something I’ve learned after helping hundreds of families with their life insurance: the carrier that’s best for your neighbor might not be best for you. Your age, health, lifestyle, and even your state of residence can all affect which company will offer you the most favorable terms.
When you work with an agent who represents only one company, you’re limited to that company’s underwriting guidelines and pricing. But when you work with an independent agent like me, I can shop your application across multiple carriers to find your best option.
For example, I might run your information through Financial Security Life, but I’ll also check carriers like Mutual of Omaha, AIG, Prudential, and others. Maybe Financial Security Life comes back with their standard rates, but another carrier offers you preferred rates because they have a better appetite for your particular health profile.
What to Expect from the Application Process
Regardless of which carrier you choose, the life insurance application process follows a pretty standard pattern:
Initial Application
We’ll complete your application together, going through your medical history, lifestyle, and financial information. This is where accuracy and completeness are crucial—any omissions or inaccuracies can cause problems later.
Medical Exam
Most carriers require a medical exam for coverage above certain amounts. This usually happens at your home or office and includes basic measurements, blood work, and urine tests. The exam is free and typically takes 30-45 minutes.
Underwriting Review
The insurance company reviews your application, medical exam results, and any additional medical records they might request from your doctors. This process can take anywhere from a few days to several weeks, depending on the complexity of your case.
Policy Delivery
Once approved, you’ll receive your policy documents. You’ll typically have a 30-day “free look” period to review everything and make sure you’re satisfied with your coverage.
Making Your Decision
If you’re specifically interested in Financial Security Life Insurance Company, that’s fine—they may very well turn out to be a good fit for your situation. But before you commit to any carrier, I’d encourage you to get a complete picture of your options.
The life insurance market is competitive, and rates can vary significantly between carriers for the same person. What looks like a great deal from one company might not be your best option when you see the full landscape.
My job as an independent agent is to find you the best coverage at the best price—not to push any single company. If Financial Security Life Insurance Company turns out to be your best option, great. But let’s make sure by comparing them against other top-rated carriers first.
Related Reading
- 10 Year Term Life Insurance: The Complete Guide
- 30 Year Term Life Insurance: The Complete Guide
- Decreasing Term Life Insurance: The Complete Guide
- Life Insurance for High Risk Individuals: The Complete Guide
Ready to see all your options? Contact me today for a free comparison across multiple insurance companies. I’ll help you find the coverage that gives you the best value for your specific situation, whether that’s with Financial Security Life or another highly-rated carrier.
- Financial Security Life Insurance Company focuses on straightforward term life insurance with 10, 20, and 30-year policy options, positioning itself as an affordable choice for families needing basic coverage.
- Compare quotes from multiple carriers since different insurers have varying underwriting appetites and pricing strategies that could significantly impact your rates and eligibility.
- Financial Security Life maintains decent ratings from major agencies but doesn’t carry the same high A+ ratings as larger, more established carriers like Prudential or Northwestern Mutual.
- Bring any existing quotes you’ve received to an independent agent for review, as they can help you evaluate whether you’re getting the best combination of rates and coverage.
- Standard medical underwriting applies with Financial Security Life, including medical exams and health history reviews, but your health conditions may be rated differently across various insurance companies.
