Trinity Insurance Review: Limited and Constrained

Last Updated June 13, 2024
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History of First Trinity Financial and Trinity Life Insurance

     First Trinity Financial is an insurance holding company based in Tulsa, OK. They began in 2007 and faced economic uncertainty when they suffered bond and stock market losses. They have since recovered from their turbulent beginnings and operate two life insurance subsidiaries. Trinity Insurance is one of those subsidiaries and is owned by over 4,000 residents in Oklahoma. Since its founding, First Trinity Financial has grown from being in one state to operating in 27 states.

Coverage Options with Trinity Insurance

     While Trinity Insurance typically focuses on providing final expense insurance policies to seniors, they also have a whole and term life insurance policy. Two variations of Trinity Life Insurance’s final expense insurance are fairly similar with some key differences.

Trinity Whole Life Insurance

     Like most other whole life insurance, Trinity Insurance boasts a cash value growth that can be supplemental to your retirement funds. The face amount of your whole life policy does not change and premiums are guaranteed for life. Trinity Life also guarantees that your coverage cannot be canceled so long as you pay your premiums. This plan is also available for children and grandchildren if you wish to take a policy out on them. Their whole life insurance grants you access to three of their riders.

Whole Life Insurance Riders

  • Terminal Illness Accelerated Death Benefit Rider

If you are under Trinity Life Insurance’s whole life insurance and are diagnosed with a terminal illness, as much as 75% of the policy’s death benefit may be accelerated to provide you with funds of your choice. 

  • Waiver of Premium Rider

If you are under Trinity Life Insurance’s whole life insurance and become totally disabled prior to 65 your monthly premium may be waived. This is available for people with a policy that is between the ages of 18 – 65. 

  • Accidental Death Benefit Rider

If you are covered under Trinity Life’s whole insurance policy and die in an accident prior to age 70, the beneficiaries may become eligible for double the First Whole Life insurance benefit. 

Value Builder

     Trinity Life’s Value Builder Plan is a term life insurance plan that allows you to build cash value that can be accessed should you need funds unexpectedly or need to supplement your income. This policy has a built-in deferred annuity that is designed to be a retirement-savings asset. A deferred annuity is a contract through you and, in this case, Trinity Insurance, where you give a set amount of money and receive payments on it in the future. Your investment will grow throughout the life of the policy without being taxed. This does require a minimum of $1000 a year in premiums. For whole life coverage, premiums are scheduled so that policies reach a paid status between 10 – 20 years

Trinity Life First Term

     Trinity Insurance offers another term insurance called, “First Term”. First Term is comparable to other term insurance policies where they last 10, 15, 20, or 30 years depending on your particular needs. First Term does not build cash value and should your coverage end and you want to renew, your premium costs per month will increase. Trinity Life Insurance’s term policy offers more coverage than their whole life policy where you can get anywhere from $25,000 to $5,000,000 in coverage protection. You can convert your term policy into a whole life policy until you turn 70 years of age.

Golden Eagle Simple Issue

     Trinity Insurance Golden Eagle Simple Issue life insurance plan is available to seniors between the ages of 50-80. Should you get through all of the underwriting requirements, you will benefit from 1st-day coverage under this plan with death benefit face amounts ranging from $2,500 – $25,000.  Like with most good insurance plans, the Golden Eagle plan accumulates cash value over time, premiums do not increase, and your death benefit will not decrease. There is also no medical exam required but the agents over at Trinity Life Insurance will ask a series of underwriting questions to see if you are eligible for their product.

Golden Eagle Graded Issue

     The second option with Trinity Insurance is their Golden Eagle Graded Issue. This plan is available to seniors between the ages of 50-85 making it very similar to the Simple Issue plan mentioned above. The biggest difference between them is the amount of available coverage and the waiting period for your full death benefit coverage. If you should pass within the first year of your graded issue policy plan, you are entitled to a factor, or percentage, of your death benefit. In the second year, you are entitled to 50 % of your death benefit should you pass. You are only entitled to your full death benefit within the third year of your policy.

Trinity Life Final Expense Riders

  • Nursing Home Confinement

Your death benefits can be accelerated if you are insured by Trinity Life, is confined to an approved nursing home, and are expected to stay confined until your death. The start of your nursing home stay must start after you are entitled to your benefit. 

  • 100% Accelerated Living Benefit

During your coverage period under Trinity Insurance should you be diagnosed with a terminal illness, you may be entitled to an accelerated living benefit. You will receive 100% of your face amount on your period if a physician certifies that your illness will result in the death of the insured within 12 months.

Best $10,000 Burial Insurance Companies

     These $10,000 coverage policies have steady and affordable premiums for the life of the policy. If you are looking for great coverage with low monthly premiums, we recommend these top carriers for all of your final expense needs. This is Final Expense Benefits’ best $10,000 insurance policies for seniors.

Company 50 y/o Male 50 y/o Female 60 y/o Male 60 y/o Female 70 y/o Male 70 y/o Female
$49
$39
$74
$59
$107
$85
$58
$49
$76
$60
$127
$96
$44
$34
$64
$47
$110
$78
$51
$43
$64
$53
$119
$88
$82
$56
$101
$79
$158
$119

These figures were obtained from the NFDA and are estimates only. For a detailed quote, please contact an agent. 

Trinity Life Insurance Pros and Cons

Pros

  • Flexible Payment Options
    Trinity Life Insurance offers many convenient ways to pay your monthly premium. You have the flexibility to choose whether to pay annually, semi-annually, or quarterly automatic payments. They also can configure your payment to be taken out when you receive your Social Security check.
  • Accelerated Living Benefits At No Extra Cost
    If you qualify for Trinity Life Insurance then you automatically are entitled to their riders at no extra cost to you. The Accelerated living benefit and the Nursing Home Confinement benefit can be a great help if you are diagnosed with a terminal illness while covered. 

Cons

  • Strict Underwriting Requirements
    While some may say the underwriting requirements are not bad, we noticed that the underwriting for Trinity Insurance has a weight and height question on their exam. Not only can your weight disqualify you from coverage but they ask about any weight loss that happened within the past 12 months. They then add half of the weight back onto your current weight to determine if you are eligible for coverage.So, if you weigh in at 200 lbs but lost 60 lbs over the course of the year, they will calculate your total weight to be 230 lbs for the underwriting. You can also be disqualified for being prescribed certain medications, have taken insulin before you were 40, and have other pre existing conditions such as dementia, sickle cell anemia, or surgery within the past year. It should also be noted that having chronic asthma will knock you from their Simple Issue plan to their Graded Benefit Plan.
  • Low Death Benefit Face Amount
    If you are looking to leave something substantial to your loved ones, Trinity Life is very limited in the amount that you will get. The most you can get from one of their whole life policy plans is $25,000.
  • Not available in all 50 states
    Currently, Trinity Life Insurance is only available in the following states: ND, NE, KS, OK, TX, IL, KY, OH. This excludes the majority of the country making them very limited. 

Ratings for Credit and Customer Service Satisfaction

AM Best Rating

     AM Best can best be described as a rating agency focused on the creditworthiness of insurance companies worldwide. Their grading system is similar to the education system where they go from A+ to F. They measure the likelihood of a company defaulting on its financial obligations to its consumers. 

     As of August 2022, Trinity Life Insurance received a rating of A- which is considered excellent and they are on track to meet all financial obligations. 

JD Power Rating

     JD Power uses data and AI (artificial intelligence) to understand complex consumer behavior. They are committed to providing unbiased information and embody the highest ethical and professional standards.  Unfortunately,  First Trinity Financial was not selected as being amongst the top 21 providers of life insurance so they were not ranked by JD Power. 

NAIC Rating

     The National Association of Insurance Commission (NAIC) provides expertise, data, and analysis for all insurance companies and insurance commissioners. They regulate the insurance industry and protect consumers by collecting complaints and financial data.  The Company Complaint Index is determined by diving the company’s share of complaints in the U.S. market by the company’s share of premiums within the US market. Impressively, Trinity Life Insurance rated below the industry average with total complaints.

Trinity Life Insurance Reviews

Horrible, delay paying claims, took almost 6 months to pay a claim with little assistance or communication, if you want to ensure your loved ones receive their insurance money, Do Not Go With this company, terrible on what they put people grieving through on honoring their contracts.
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Richard Stotts. ✓
Rockford, IL ⭐
I was trying to search for a good deal. Luke from Trinity Financial picked up the phone and sounded like he could barely be bothered to breathe! He told me that there's no point him doing a search solely because I said I had spoken to another broker prior. Utter waste of time filling out all my details!!
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Tony Barton ✓
Toledo, OH ⭐
I was told I didn't qualify for life insurance with this company and they took money out of my account June-Oct. $159.18 every month. It wasn't until my daughter started checking out why my balance wasn't right did we find it out. I don't own a computer so I was unaware of the transactions. I'm nearly 77 yrs old and don't hear well. I was told I wouldn't be billed unless I was approved. I was told I wasn't. So I had no need, at least I thought, to check for them taking money out of my account. I'm on a fixed income. I called and canceled and they charged me for increasing my policy after I told them I didn't want it either. They owe me $669.13 and told my daughter and me they can't refund it "because I might have used it". If I had intended to use it I wouldn't have canceled it. Just a way to keep old people's money. And besides, there's only one way to use life insurance... And I'm not dead yet!!!! I want my money back.
Portrait Sad old woman. Portrait of a gray-haired adult grandmother against the background of nature
Madeline Martin✓
Owensboro, KY ⭐

Our Review and Final Thoughts

Lets review the year. Cropped shot of a businesswoman giving a presentation in the boardroom.

     While Trinity Life Insurance may be a viable option for folks who meet their underwriting requirements for their Simple Issue plan, there are much better options for those with pre-existing conditions. If you take their medical questionnaire and only qualify for their Graded Benefit plan, it would be in your best interest to look for another final expense carrier. You will have more options to choose from if you are overweight, have asthma, or have other conditions. Also, the majority of Americans will not qualify for this insurance simply because Trinity Life Insurance is only available in 8 states. 

     For the above reasons, we at Final Expense recommend that you find similar or better options elsewhere. If you are someone who suffers from asthma, is overweight, or simply does not live in the above mentioned states you simply are barred access to this insurance. Final Expense Benefits partners with over 20 carriers with customer satisfaction guaranteed. They offer no medical exam options at much more affordable rates that fit your needs.  Some of our highly-rated carriers include:

   

     If you are looking for trusted and affordable final expense insurance, the experts at Final Expense Benefits have got you covered. Call one of our talented agents today at 1 (866) 311-4338 to get an affordable quote with one of our highly-rated insurance carriers. 

Frequently Asked Questions

What is Term Life Insurance?

Term insurance plans cover you for a set duration of time. Typically these policies span from 10 – 20 years. These policies are often the most affordable and have lower monthly premiums. You can renew policies if the term is up but you still need life insurance.

What is Whole Life Insurance?

Unlike term, whole life insurance is a type of policy that lasts for as long as you pay the premiums. Usually, the policy has a clause to end if you live over 100 years old. Whole life insurance also has a cash value that grows over the lifetime of the policy.

What is Universal Life Insurance?

Universal life insurance is a type of permanent life insurance where a portion of your premium covers the insurance cost and the other portion accumulates interest. It allows you flexible payment options and to adjust your face amount.

What is Final Expense Life Insurance?

Final expense insurance, also known as burial insurance or funeral insurance, is a type of life insurance policy that specifically assists with end-of-life expenses. From funeral services to final medical bills, these fixed-rate policies last as long as the insured lives.

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