"Our claims are settled within 24 hours, guaranteed."
- Rudolph "The Rhino"
MISSION STATEMENT
Our mission is to ensure our members that we will be there in their time of need. We don’t depend on a panel of executives whose experience is limited to sitting behind a desk, making decisions based on what they think the public needs.
We have spent the last decade in the field looking our members in their eyes. We have seen the joy that comes through knowing A company has their back, and we have seen the hurt that is associated with lose. We have been there in both instances.
COMPANY
FINANCIALS
Surety Bonds
$75,000,000
A surety bond is defined as a contract among at least three parties: the obligee: the party who is the recipient of an obligation (Our Members). the principal: the primary party who will perform the contractual obligation (First Advance Benefits of America). the surety: who assures the obligee that the principal can perform the task - Winsfield Personal Surety Bonds 3280 Bloor Street 11th Floor Toronto, Ontario M8X2X3
MEMBERSHIP
STRUCTURE
Our plans are only available to our members. Our annual membership fee is $17.00. The membership fee is a separate charge from the plan that you choose. The cost of the plan is paid to the provider.
PRIVACY
POLICY
It is our highest priority at First Advance Benefits of America to keep our members information safe. We must collect personal information during the application process. However, we do not share, sell or lend our members information to any third parties. Our members personal information cannot be viewed by employees of First Advance Benefits of America if they are not at the Corporate Governance level.
FREQUENTLY ASKED QUESTIONS
IS FIRST ADVANCE BENEFITS OF AMERICA AN INSURANCE COMPANY?
No. First Advance Benefits of America is a private limited liability company that does funeral funding, pre-settlement funding and funeral packages. We have a network of service providers. They include funeral homes, crematories, attorneys, banks, venture capitalist and private investors.
WHO REGULATES A COMPANY LIKE FIRST ADVANCE BENEFITS OF AMERICA?
Each State has different rules as to how our company can operate in their State. Some States require us to carry a bond to back each plan that we offer. Some States require that we maintain a trust Account with 40% of the payments that we collect from our members. First Advance Benefits of America maintains both. We have $75,000,000 in bonds and we also maintain surplus accounts. In addition to our bonds and surplus accounts, we have lines of credit across 39 financial institutions and private investors that are solely used to ensure that our members are serviced properly in accordance to their contract. Our licensed providers hold the necessary certifications and licenses required by each State to service our members.
IF FIRST ADVANCE BENEFITS OF AMERICA BECOMES INSOLVENT AND CANNOT PAY IT'S MEMBERS, WHO WILL PAY?
We have $75,000,000 in personal surety bonds that would reimburse our members their payments made to First advance benefits of America. Also, all of our members funds that are held in our surplus accounts are FDIC insured up to $250,000. If First Advance Benefits of America was to become insolvent or if a plan was discontinued, the funds paid to the company would be reimbursed through our trust accounts, lines of credit or liquidation of assets. The personal surety bonds would cover any funds not repaid through the trust accounts, lines of credit or liquidation of assets. Plans purchased through our providers will still be honored if we were to become insolvent as well.
HOW DOES THE COMPANY INVEST THE MEMBERS MONEY?
First Advance Benefits of America maintains lines of credit across 39 financial institutions and private investors. We also have a network of over 130 service providers. A membership to our company gives the member access to our service providers and lines of credit. When a member submits a claim; those documents are forwarded to one of our providers or financial institutions where we maintain lines of credit. The service provider resolves the claim for our members, or the financial institution makes payment directly to the company that is owed from our line of credit. Members payments are held in trust accounts and used to pay the cost associated with maintaining our monthly retainer payments to providers, lines of credit monthly payments and trust account fees. We do not invest clients money. Trust account statements are sent to members on an annual basis by regular mail or email.
This website gives an overview of our company. The plans described can differ by State. See specific details, exclusions, inclusions in the detail section of your member packages. First Advance Benefits of America offers our protector plans through a network of Companies. The protector plans are offered through membership participation only. Our protector plans are not underwritten by an insurance Company. Our protector plans are not insurance or investments. Lines of credit are offered through third party financial Companies. We do not offer legal advice. Wills are prepared by Attorneys, Paralegals and Notary publics in our network of Companies. We don't endorse any Company that offers discounts or rebates to our members. A membership to First Advance Benefits of America allows our members access to our lines of credit that we maintain over multiple financial institutions. The payments made by members are used to pay the monthly fees associated with maintaining our lines of credit. We do not invest our members payments. Our members funds are held in trust accounts and are only used to cover the fees associated with monthly payments towards our lines of credit. Our members funds are FDIC insured up to $250,000.