UPDATED: Nov 30, 2018
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About Security National Life
Founded in Salt Lake City, Utah, in 1965, Security National Life is focused mainly on the final expense planning market. They work with individuals as well as with funeral homes to help customers pre-plan for funerals and other final expenses.
In addition to final expense planning, Security National offers diver’s insurance, something of an unusual combination of products. In addition to their corporate headquarters in Salt Lake City, they also have a home service office in Flowood, Mississippi.
Products are sold through agents across the country, with local managers in each state.
Security National Products
Security National’s main products are focused on the funeral planning industry, but they also write diver’s insurance. Information on the products found on the website is limited, and the company offers only basic overviews.
Security National offers preneed insurance policies to help customers plan and pre-pay for funeral costs. They work with funeral homes directly to help policyholders make arrangements, ensuring that change in funeral costs will not impact their final plans in the future.
Final Expense insurance is a policy that helps to pay for funeral expenses in addition to other final costs for which those left behind may not be prepared. The website offers little in the way of details on what sort of death benefits they offer, but this type of policy is usually a whole life policy issued in a smaller amount than standard life insurance, making it more affordable for older people.
Security Life offers more information on their diver’s insurance policy than they do either of the other two products, in spite of the fact that final expense planning appears to be the majority of their business.
Their diver’s insurance policy covers the insured for a variety of risks associated with diving, snorkeling, and similar watersports. Coverage is offered in four classes that can be mixed and matched to create a custom policy.
Class A is decompression chamber coverage, which covers this treatment if needed as the result of diving.
Class B covers all other injuries that may result specifically from diving or snorkeling.
Class C adds air ambulance and emergency transportation services to pay the costs of relocating an injured person for treatment. This coverage excludes accidents involving jet skis, parasailing, and boat racing.
Class D is other injuries coverage for any other watersports, including boating. Like Class C, this coverage excludes injuries resulting from jet skiing, parasailing, and boat racing.
While rates are not available online for funeral or final expense insurance, the rates for diver’s insurance are clearly outlined. A diver’s policy including Classes A through C is quoted at $43 a year, with an additional $20 for Class D. A watersports package including Classes C and D is quoted at $28 annually.
Since this is very much a niche product, we have no grounds for comparison to other companies in terms of these rates.
Quotes for other products can be obtained by completing a quote request form online or contacting an agent directly.
Security National’s website has very clear instructions to assist beneficiaries with submitting claims. The three-step process begins with submitting the claim via phone or email. Required documentation will then be submitted by mail, and the claim paid out.
Many life insurance companies fail to recognize that a beneficiary looking for claims information on their website may not have access to policyholder logins, or simply fail to make claims information easy to find. Security National has a very easy to find and very clear claims section, which is in their favor.
Ratings and Consumer Reviews
The Better Business Bureau (BBB) rates Security National an A-, stating that the four complaints against the business are the reason for the slightly lowered rating. Four complaints in three years, three of which were closed in the past 12 months, is not what we would consider a high complaint volume, even for smaller company.
There are 17 five-star reviews of Security National on their Facebook page, but the majority of these appear to be from agents and employees, which skews the star rating when seeking actual customer reviews. A few negative Facebook reviews also exist, at least one of which is a customer and the other a funeral home. Overall, the Facebook reviews do not provide much in the way of valuable information.
We found little else in terms of reviews for this company.
The Bottom Line
Security National does not offer much information in terms of their final expense and funeral policies, which makes it difficult to compare them to other companies. They seem to be the type of company that obtains most of their business through funeral home connections and agents, and unlikely to land on the radar of those seeking insurance independently.
For a list of companies that we recommend, visit our Best Insurance Companies page.