Lifeshield Life Insurance Company Burial and Final Expense Insurance Review

Lifeshield Life Insurance Company Burial and Final Expense Insurance Review

Life is filled with too many uncertainties. We never know what will happen, nor how or when it will happen. That is why insurance is important. It gives us a sense of control over the uncertainties of life. Today there are many types of insurance covers to pick from. From general, to health and even life insurance.

Life insurance is perhaps the most important form of insurance there is. It ensures that we along with our loved ones are financially secured. While death is not easy to think about let alone discuss or plan for, it is important to ensure you and your loved ones are financially secured. 

Funerals can cost a lot especially when unexpected and often end up leaving the family in financial crisis. Even though it may be difficult to decide on the details of your funeral, you can at least take up burial insurance. 

With a burial or final expense insurance, you can be sure that your funeral costs and/or any pending bills are catered for without burdening your family. Many final expense packages are being offered by different insurance companies. 

It can be difficult to assess which package is suitable for you. It is therefore important to take your time, consider your options and compare the premiums and benefits. Among the Lifeshield Life Insurance Company is among the companies you will come across in your search. 

To help you decide, in this post, we will discuss in detail what Lifeshield Life is about, and the products offered especially focusing on the Burial and Final Expense policy.

Overview of Lifeshield Life Insurance Company.

Lifeshield life insurance company has been domiciled in Oklahoma since 1982, which offers accident and health insurance.

Lifeshield is a life insurance company that was founded in 1982, and headquartered in Oklahoma. It operates as a subsidiary of Midland Group of companies, which also consists of the MidFirst Bank. Originally, Midland started Lifeshield to help clients service mortgages by offering insurance policies. The policies were provided through direct male and in-home sales. The company has expanded since then to offer a range of individual and group products nationwide. 

Lifeshield specializes in health, accident, and life insurance. Among its products, are short-term medical, limited medical, term life, and joint and individual whole life policies. Its target audience includes small businesses, associations, and school districts. Today, Lifeshield is considered to have the most competitively priced insurance for smokers.


The ratings given to an insurance company, by the big financial companies, are a sign of the company’s financial stability. Other ratings are proof of the quality of services offered by the company. 

Lifeshield has a rating of B+++ from A.M. Best, which is a reputable insurance rating company rating service. A.M. Best also gave Lifeshield a positive rating on its financial outlook based on the BBB long-term rating. 

The ratings given to Lifeshield indicate that the company has financial stability, with a financial measurement of $25-$50 million. The positive outlook is a result of its long history of conservative investments. 

This allows the company to fulfill its obligations when it comes to claims and operating performance. You can therefore be assured that the company will payout when necessary. 


The Lifeshield Life Insurance company offers four core products. Those products include mortgage insurance protection, universal life insurance, term life insurance, and whole life/final expense insurance. The following is a detailed description of the products:

Mortgage Insurance Protection.

Mortgages can be difficult to keep up with especially when the unexpected happened. Most families end up losing their homes as well as the equity they may have built over time. 

This product is the best way to safeguard your home in the event of any unexpected illness or death. The policy benefit is a lump sum amount that allows you to pay off your mortgage debt.

The difference between traditional Life Insurance and Mortgage Protection Insurance offered by Lifeshield is that the Mortgage policy offers way more benefits and riders aside from the death benefit. 

With the policy, you also get a chronic and terminal illness as well as disability premiums and waiver of premiums. 

For instance, you can advance up to 100% of the death benefit if you are diagnosed with a chronic or terminal illness. The benefit helps you continue paying or completely pay off your mortgage while you recover.

Universal Life Insurance.

This is a specially designed type of permanent life insurance with flexible premium options. This allows you a savings element. The coverage amounts offered are also larger than the whole life insurance policies. 

More of its policies offer living benefits. The affordability and flexibility of the premiums make it possible for you to make adjustments to your policy as needed. 

Universal Life Insurance also offers cash value with high accumulation, which acts as a supplemental income that will pay expenses throughout life. 

The different policies range from variable, indexed, and guaranteed universal life insurance. The type will depend on your needs and how your policy should be like.

Term Life Insurance.  

With the term life insurance policy offered by Lifeshield, you get more coverage at a lower cost. The cover however is only for a limited amount of time. 

The term for the policy can range from 5-40 years. When the term is over, the policy can either be renewed or converted into a permanent whole life insurance policy. 

This type of policy is good for when you need a cover on a demanding budget and can’t afford a permanent premium.

Whole Life/ Final Expense Insurance.  

When our loved ones are grieving, we wouldn’t want them to also be stressed about the final expenses. The final expense offers both you and your loved one peace of mind. 

The final expenses involve funeral costs and medical expenses as well as other unexpected bills. The final expense policy is a type of whole life insurance designed to elevate the financial burden after a loved one passes.

The final expense policy offered features fixed premiums for a life cover. The cover also has an accumulating cash value that is tax-free. The cash value can act as your savings. 

The policy is flexible and affordable to fit your budget and designed to offer you family financial security. There are also no restrictions on how the beneficiaries can use the benefits received.


Lifeshield is said to offer one of the most competitive rates in the industry. The rates are dependent on your gender as a male or female and whether or not you’re a smoker or non-smoker. Smokers have a higher rate than non-smoker because their health is more compromised. 

Similarly, males have higher rates than females, because females are believed to live longer than men. In the same way, the rate increases with age and with the face amount. The rates for smokers, however, do not go beyond 80 years. 

The following is a summary demonstration of how the rates vary for a face amount of $10,000:

85$169.72$138.20  –  –


Final expenses are different from other life insurance policies. The death benefit offered from the cover isn’t just for financial support but also to fund your desired funeral. 

That is why final expenses are calculated based on the cost of funeral costs as opposed to other policies that are based on debts and earnings. Hence, the final expense cover rarely goes beyond $40,000. 

If you contest the policy within the first two years, you get a chargeback on the unearned advance if it checks out. Otherwise, if you rescinded the policy, then you get a full chargeback. 

How to Qualify for Lifeshield Life Final Expense Insurance?

To qualify for Lifeshield Life Final Expense Insurance, one needs to fill to qualify the extensive health questionnaire.

Given the competitive prices of the policy, they have a shortlist of conditions they can allow. Lifeshield has a very extensive health questionnaire each applicant needs to fill to qualify. 

The policy only has the living promise plan, which is their final expense policy. There is no other type of guaranteed whole life final expense insurance policy offered by the company. 

If you do not qualify for this policy, you may have to apply to a different company. Hence, Lifeshield’s final expense policy is more suitable for applicants with fewer health conditions.

Underwriting Overview and Advantages.

The process of acquiring a cover with Lifeshield involves filling out an application form. The form gathers personal information like name, address, and marital status. 

It also has a section with a very detailed set of health questions that are meant to assess your health status and medical history. 

Part of the underwriting process is verifying the information given in the application form. A MIB check is done to confirm the information given concerning your health. 

Once all the information checks out, you’re either qualified or disqualified based mainly on the health questionnaire. The following are some of the advantages of Lifeshield’s underwriting:

  • It ranked among the top three cheapest rates for smokers and non-smokers.
  • You don’t need to undergo a point-of-sale interview.
  • Eligibility is solely based on your ability to answer yes for the health questions.
  • If you have non-insulin diabetes that is not complicated you are still eligible for standard pricing.
  • You get a 2-year lookback for most cardiac events and procedures so you can be considered for standard pricing.
  • Depression and bipolar conditions are considered for standard pricing.

What Are the Knockout Questions?

Knockout Questions of Lifeshield Life Insurance is meant to assess eligibility.

Given how vigilant Lifeshield is with the final expense policy, they have a set of knockout questions. The questions are meant to assess the eligibility of the applicants and disqualify those who do not meet the necessary conditions. 

Missing any of the questions means you’re disqualified. Here are some of the knockout questions you can expect to be asked by Lifeshield:

  • Within the past 1 year, have you used or been advised by a member of the medical profession to use breathing support in connection with treatment for Obstructive Pulmonary Disease, bronchitis, asthma, or another lung disease?
  • Do you or the Proposed Insured use a wheelchair or require assistance with Activities of Daily Life: bathing, toileting, walking, moving about, or taking medication?
  • Within the past 1 year, has the Proposed Insured been treated for or advised by a member of the medical profession to receive treatment for alcohol or drug use?
  • Is the Proposed Insured under age 65 AND receiving disability benefits?

What Are the Health Questions Asked for a Whole Life Policy?

In general, you can expect the life insurance application to ask about family's medical history.

Whole insurance policies require health questions to assess the risk of the applicant. That way they can determine whether or not they are willing to take up the risk. The health question will differ based on the policy and the insurance company. 

Aside from knockout questions, Lifeshield, like all insurance companies has a set of health questions. Unlike the knockout questions, missing one of the health questions doesn’t mean that you’re are disqualified. It just means that you may receive a higher rate and/or reduced benefit. The following are some of the health questions you can expect to be asked:

  • Within the past 24 months was the Proposed Insured diagnosed, treated for, or advised by a member of the medical profession to receive treatment for liver disorder or kidney disease without dialysis?
  • Does the Proposed Insured have a pacemaker that was implanted more than 12 months before the date of the application?
  • Within the past 24 months has the Proposed Insured had or been advised by a member of the medical profession to receive treatment for alcohol and/or drug use?
  • Within the past 24 months was the Proposed Insured diagnosed, treated for, or advised by a member of the medical profession to receive treatment for heart attack, stroke, Transient Ischemic Attack (TIA), aneurysm, angina pectoris, or any cardiovascular surgery? surgery?

Final Expense Coverage Benefits.

The benefit of the final expense cover offered by Lifeshield is known as the Living benefit. This benefit is designed to allow the insured to take advantage of the cover while they are alive. 

Your beneficiaries also don’t have to wait for the death of the insured, for them to start benefiting from the cover. You may even receive cash benefits if you fall in any of the categories of either having a chronic, terminal or critical illness. This type of cash benefit is known as accelerated benefits.

The payout for this kind of benefit ranges between $10,000 to $1 million. You will receive the lump sum in the event of your diagnosis will help you pay for the medical bills. 

It could also be used to pay rent, the mortgage, or any other critical expense that may be pending because of loss of income.

Pros & Cons.

As with everything, there are benefits and drawbacks when it comes to Lifeshield’s policies. The following are the pros and cons of the policy:


  • Affordable pricing. Lifeshield offers the cheapest premiums in the industry.
  • The first-to-die concept for couples. If a couple takes up a cover, then when one partner dies first, the other one receives the benefits.
  • No need for phone call interviews. Once you have filled the application form properly, there is no need for a follow-up call.


  • They have a more underwriting restriction due to their affordable pricing
  • You won’t be eligible if you’re receiving disability under the age of 65
  • If you use insulin then you’re also not eligible
  • The e-app used during the application process is not available for Apple devices.

Lifeshield Final Expense Insurance for Seniors.

Final expense insurance for seniors is a type of whole life insurance designed to cover medical bills and funeral.

Lifeshield offers a specialized final expense policy for the senior community called Survivor Life policy. It’s a type of whole life insurance issued to those aged between 50-85 years and offers the guarantees that seniors need in a final expense policy.

You will be guaranteed a lifetime cover for a fixed premium even if your health changes. The cover also has a cash value that’s guaranteed to accumulate over time. 

You can access the money either by taking a loan against the cash value or through a withdrawal. Alternatively, you could also get it as a policy surrender value.

Lifeshield’s Survivor Life policy has a face amount that ranges from $3,000-$50,000 depending on the applicant’s health. 

Based on the average funeral cost that is $8,000-$10,000, the average insurance amount is $10,000 

How to Sell Lifeshield Life’s Final Expense Product?

To sell Lifeshield’s final expense you have to seek a contract with the company. For that, you have to be a licensed agent as well with the proper accreditation and qualification. 

Certain agencies can help you acquire the contract. The biggest advantage is that they have a cheap premium that will easily attract clients. 


The Lifeshield Life Insurance company is popular for its cheap premiums. This is its biggest benefit but also the reason for its biggest drawback. Due to its competitive price, the underwriting process is rigorous and has many restrictions, unlike other carriers. 

If you’re considering taking up cover with Lifeshield, therefore, ensure you have a good health status to qualify.