What is the product interest and growth rate?
Product interest rates have changed as of January 1, 2019. For more information contact FDLIC customer service at (800) 234-8031.
Are health questions included on the Insurance/Annuity application?
There are two sections of health questions; Section A and Section B. Section A must be completed on all applications. Single Premium policies will be issued regardless of the "Yes" or "No" answer. If the Single Pay Section A answer is "Yes," no commission is paid because it is assumed that death will occur within the 9 month "commission charge-back period."
If the applicant answers "No" to both questions in Section A, they can qualify for the multi-pay plans with a "Graded Death Benefit." If they can answer "No" to all questions in Section B, they can qualify for the multi-pay plans with full insurance coverage beginning on date of issue.
The two questions in Section A are intended to reduce the number of policies that are issued and then closed out due to a death that occurs not too long after the policy is issued. If that is achieved, it increases product profitability and results in fewer product changes.
How is the premium calculated?
An easy method is to use a handheld calculator. 98% of our business in Pennsylvania is Single Premium. Single Premium calculation is: divide the total funeral amount by the applicable age factor to determine the policy face amount at issue. Above age 80, the policy face equals the funeral amount.
There is a FDLIC Premium Calculator online which can be accessed by computer or a smart phone.
Are copies of Group Insurance & Annuity certificates available?
The Funeral Directors Life Insurance Company (FDLIC) products are group insurance policies and group annuity contracts. A certificate is issued and held by FDLIC. If a consumer or funeral home wants a copy of the certificate, just call customer service at 800-234-8031. The reason they hold the certificates is because so many policyholders or next of kin cannot find them when needed.
What about Death Claim Payments?
For a death benefit quote, call (800) 234-8031, provide the person in Claims with the information needed and they will fax it back to you within 15 minutes.
For death benefit claim payment, fax a copy of the death certificate and the FDLIC claim form to (325) 695-3696 (Do not send, fax only). Claims are normally paid within 48 hours.
With direct deposit, the funds can be in your business account within 48 hours. If you want funds deposited in your business account, ask for a Direct Deposit Claim Form that you can fill out and send back to FDLIC.