Disclaimer: We are not Prosperity Life Insurance Company. This review of Prosperity is designed to give inside information to consumers about Prosperity’s final expense coverage and overall ratings to assist consumers with deciding if Prosperity is the best life insurance provider for them.
From start to finish, our review is approximately a 6-min read.
We will touch on certain topics of the company that will include but not be limited to the coverages available, complaints consumers typically have, and how their products stack up against the competition.
We have also provided links directly below that will allow you to skip to any specific section of this post that you desire to learn or read more about.
Here’s what on the agenda for this review:
- Our Prosperity Life Review
- History and Background
- Financial Strength
- Complaints and Ratings
- Life Insurance Coverages Offered
- What Makes Prosperity Unique?
- Who Should Consider Prosperity?
- Application and Underwriting Process
- What to do if you Have Been Declined
- Pros of Prosperity Life
- Cons of Prosperity Life
- Final Thoughts
Additionally, we wanted to take a second to deliver a quick synopsis of the company.
Here’s that quick overview for you:
Prosperity Life Insurance is an excellent option for you to consider if you are currently in the market for final expense life insurance.
They offer some extremely competitive rates, robust products, and unique health underwriting niches.
If, however, you are currently in the market for a different form of life insurance, such as term or universal life, you would be much better off comparing rates with a different life insurance company.
Prosperity Life is one of the newer life insurance companies in the industry but certainly has already created a strong brand trusted by agents and consumers across the country.
As always, we recommend you consider Prosperity Life Insurance but also ensure that you are running rates with a minimum of 5-6 life insurance providers before ultimately making any decisions.
That’s the fastest way to explain what you need to know about Prosperity.
If, however, you need a deeper dive into the company and more information, we recommend you spend the 5 minutes and read our full review directly below.
Here is what you need to know.
Our Prosperity Life Review
Prosperity Life is part of a group of life insurance companies that offer several different life insurance solutions for consumers across the US.
Prosperity Life helps consumers find affordable final expense life insurance in addition to term life insurance and other permanent life insurance products.
Additionally, Prosperity Life and other parts of the Prosperity Life Group also offers supplemental health insurance plans.
History and Background
Prosperity Life is comprised of Shenandoah Life and SBLI Life insurance.
When purchasing a life insurance policy from Prosperity, you are simply purchasing life insurance under the name, but the policies themselves are not underwritten by Prosperity.
They are underwritten by either Shenandoah Life or SBLI.
Prosperity is one of the newest life insurance companies to enter the market with only one decade under their belt.
Founded initially in 2009, Prosperity Is currently headquartered in Austin, Texas.
Prosperity uses a broad marketing approach to get its name, brand, and products in front of consumers.
Currently, Prosperity markets its products using a variety of different avenues, such as offering coverage through banks, managing general agencies, employers, and of course, the presence of local agents.
Financial strength ratings help consumers understand how financially stable and reliable a life insurance provider currently is.
As of 2019, Prosperity Life Group is rated as an A- by A.M. Best, who is a global credit rating agency that specializes in judging the financial health of insurance companies.
This rating is not at the top, but it’s still an excellent rating overall and provides consumers with the peace of mind that conducting business with Prosperity Life is a safe bet.
Complaints and Ratings
Prosperity Life is not currently rated with the BBB and does not have any complaints on file to view.
Overall, Prosperity life is a well-respected life insurance option that consumers and agents tend to rely on.
Especially for final expense life insurance.
Life Insurance Coverages Offered
The most popular product offered by Prosperity Life is hands down the final expense coverage.
This is known as the New Vista Final Expense Plans.
It’s considered a simplified issue whole life plan that allows you to cover your final expenses in full to remove that burden from your family.
The features that consumers enjoy most about these New Vista final expense plans include the following:
- Level Premiums (Premiums Can’t Change)
- Policies Are Good for Life
- Death Benefits Remain Level
- No exam required
What Makes Prosperity Unique?
Prosperity is unique from a few angles.
First and foremost, the fact that Prosperity doesn’t underwrite their own policies is relatively unique compared to other life insurance companies.
Sure some companies operate in the fashion but the most part, the life insurance provider themselves handles the underwriting of the policies.
Additionally, the fact that you can purchase top-notch final expense coverage in addition to other policy types is something that not all life insurance companies currently offer.
Especially at the competitive pricing that Prosperity currently offers.
Who Should Consider Prosperity?
Prosperity should 100% be a company of consideration if you are an individual seeking final expense coverage to help cover the costly experience that comes with the end of life arrangements.
Prosperity is one of the most competitively priced final expense life insurance providers in the country, and any individual between the age of 50-80 should be at least taking a second look before ultimately choosing which company is best for them.
Application and Underwriting Process
The application process with Prosperity Life is about as straightforward as it gets.
If you are seeking coverage amounts between $1,500 and $35,000, you can choose to apply with Prosperity, but only if you are between the ages discussed previously.
You will be able to apply for one of the three options:
- Level Benefits
- Graded Benefits
- Modified Benefits
Which of these plans you qualify for is determined by your health history and the answers provided during the application process.
Level benefits are what you would want to qualify for, which simply means that coverage is active immediately, and premium payments begin.
With modified or graded plans, typically, you will have a waiting period attached to the plan that requires you only to receive a percentage of the death benefit if you pass away before paying premiums on the policy for a minimum of 2 years.
When applying, you will work with an agent typically over the phone for the initial application, which includes your necessary information, the selected plan, and the health questionnaire.
Following this step, you can complete a short phone interview with an underwriter employed by Prosperity to find out your final approval and the rates you will ultimately pay for the coverage.
It’s a simple 30-minute process from start to finish.
What to Do If You Have Been Declined?
If you have been declined coverage with Prosperity, it’s important not to give up hope.
First, realize that two of the plans offered by Prosperity are specifically designed for individuals with health conditions or lengthy health histories.
Secondly, I always consider working with an independent life insurance agent who can present alternative life insurance companies and work on your behalf to gain your approval.
Some coverage is always better than no coverage, and it’s very rare that you run into a situation where you can’t find some form of protection to get the job done.
Plain and simple.
Pros of Prosperity Life
All life insurance companies present unique pros and cons to consumers.
After our careful review of Prosperity Life, here’s what we believe to be the most significant upsides of working with Prosperity Life.
- Top-Notch Final Expense Products
- Competitive Pricing
- Robust Products for Term, Final Expense, and Permanent Products
- Quick Application Process
Cons of Prosperity Life
On the flip side, here’s what we believe to be the most significant downfalls working with Prosperity.
- Does not underwrite their own life insurance
- Lower Brand Recognition
- Some Health Conditions Will Be Modified, Graded or Declined
As stated previously, Prosperity Life is one of the best in the business at providing top-end final expense coverage to the senior market.
If, however, you are searching for a different form of life insurance coverage, you are always best-off comparing rates an options with multiple life insurance companies before ultimately choosing which company is going to be best for you.
We wish you luck with your search.