This review of Prosperity life insurance will help you decide if they are the right company for your life insurance needs.
We will review their company history, financial ratings, and who they are best for. You’ll also see details about their excellent final expense and guaranteed issue life insurance products.
- About Prosperity Life Insurance
- Prosperity Life Insurance Ratings
- Life Insurance Products Offered by Prosperity
- Who Should Consider Prosperity for Life Insurance?
- Prosperity Has a Simple Application & Underwriting Process
- Pros & Cons of Choosing Prosperity Life Insurance
- Compare Prosperity Life Insurance to Other Top Companies
About Prosperity Life Insurance
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 offer 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 underwritten by either Shenandoah Life or SBLI.
Prosperity is one of the newest life insurance companies to enter the market. 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.
Prosperity Life Insurance Ratings
Financial strength ratings help consumers understand how financially stable and reliable a life insurance provider currently is.
Here are the financial ratings for Prosperity Life Insurance, along with several other metrics that we use to review carriers.
- A.M. Best: “A-” (excellent) rating
- Affordability Index: 9.7
- Ease of Applying: 9.8
- Customer Service: 9.8
- COMDEX Ranking: N/A
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Prosperity compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Life Insurance Products Offered by Prosperity
Prosperity offers a variety of policies. Below we’ll look at each one in detail.
The New Vista Final Expense Plan
The most popular product offered by Prosperity Life is their final expense coverage called the New Vista Final Expense Plan.
It’s considered a simplified issue whole life plan that allows you to cover your final expenses in full. The features of this policy include:
- Very low rates
- Available for ages 50 to 80
- Level premiums, meaning your monthly payment doesn’t change
- Policies are good for life
- Death benefits remain level
- No medical exam is required
- Direct express debit cards & credit cards are accepted – most companies don’t accept this)
- Make a decision over the phone
- Voice signature (no e-sign)
Many of these features are unique to Prosperity making it one of the best final expense life insurance companies available.
You have 3 Death Benefit Options
You will be able to apply for one of the three options with the New Vista policy:
- Level Benefits
- Graded Benefits
- Modified Benefits
The plan 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.
Prosperity’s PrimeTerm to 100 Policy
Prime Term to 100 is a 20-year term plan with a graded death benefit.
This plan is great for people with health problems looking for a guaranteed acceptance policy because you’ll likely get lower rates.
Here are several features of this policy:
- Issued from ages 40 to 80.
- $5,000 to $ 30,000 in coverage available.
- The term coverage and premium remain level for 20 years. Then it converts to decreasing term, decreasing by 5% per year to age 100.
- You can pay by credit card.
There are only 3 questions to qualify for PrimeTerm to 100. Only one of those is an actual health question. It asks if the conditions that are listed were diagnosed in the last 2 years, and were not treated for.
Also, conditions such as Cancer, HIV, etc. are eligible for coverage as long as they were diagnosed more than 2 years ago.
The death benefit is modified for 3 years.
- If you pass away in the first year, your beneficiary gets all premiums returned plus 15%.
- In the 2nd year, they get 30% of the death benefit. 40% for ages 75-80.
- In the 3rd year, they get 60% of the death benefit. 70% for ages 75-80.
In year 4 the full face amount is in force.
Who Should Consider Prosperity for Life Insurance?
Prosperity should 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. Anyone between the ages of 50-80 should get rates from Prosperity and compare it with the best life insurance companies to find the right policy.
Prosperity Has a Simple Application & Underwriting Process
The application process with Prosperity Life is about as straightforward as it gets.
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.
Pros & Cons of Choosing Prosperity Life Insurance
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
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
Compare Prosperity Life Insurance to Other Top Companies
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.
Here are some other final expense life insurance companies to consider along with Prosperity. You can also use our quote comparison tool to see rates quickly.