Great Western Life Insurance Company Review

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Are you looking for a final expense policy from Great Western Life Insurance Company? If so, you have landed on the right page. Educating clients about life insurance products starts with reading reviews because it gives the average person an opportunity to comprehend more before purchasing life insurance.

This post is an unbiased review of Great Western Life Insurance Company. With only three knock-out questions on the application, this may be the easiest final expense insurance application you can qualify for. However, is it right for you? Let’s find out more.

Related: Best final expense companies reviews

Great Western Life Insurance History

Great Western Life Insurance was established in Ogden, Utah in 1983. Their main business is life insurance and annuities specifically related to funding pre-arranged funeral plans. It was funded by John E. Lindquist, owner of Lindquist Mortuaries & Cemeteries, a family business of five generations.

The funeral business background gave him the knowledge and insight to create the simplest and most effective final expense plans in the market. Great Western is licensed to sell insurance in 46 states. They also rank as one of the top carriers in the U.S. for pre-need insurance.

Great Western Life Insurance Financial Ratings

According to A.M. Best, Great Western Life Insurance has a rating of B++ (Good).

Which Final Expense Products Great Western Offers

Final expense life insurance is for those who are interested in protection for end-of-life expenses, such as funeral and burial services, medical bills, and headstone among many others. Great Western offers two types of coverage: level and guaranteed issue plans. Let’s take an in-depth look.

Assurance Plus—Level Benefit Plan

Assurance Plus is a level benefit plan, meaning there is no waiting period for the death benefit to kick in. Whether the insured dies, whether days or years after buying the policy, this plan will pay 100% of the purchased face amount (death benefit). Assurance Plus is a simplified issue plan, which means you will not need to undergo an exam as part of the underwriting procedure.

Alternatively, you will have three health questions on the application to which you need to answer “yes” or “no”. To qualify for this plan, you must answer “no” to all three health questions and must not have had any significant health conditions in the past two years such as a tumor, insulin-dependent diabetes, or disorder of the blood among a few others. This product offers value by increasing the death benefit by 125%. This means that, if you bought $10,000 in face amount, your death benefit would be $12,500 worth of coverage.

  • Issue ages: 40–80
  • Face amount: $1,000–$40,000
  • Simplified issue with no exam needed
  • Guaranteed level premiums and death amount
  • Whole life insurance with cash value accumulation
  • An increased benefit to 125% of the purchased face amount
  • Accelerated death benefit at no additional charge

Guaranteed Assurance—Graded Benefit Plan

As the name implies, guaranteed issue life insurance is a type of coverage that ensures your acceptance regardless of any current or past health conditions. In fact, there are no health questions you need to answer. Just pay and get covered. Before you get too excited, you need to understand the significant pitfall of this type of coverage: you can’t die in the first two years.

Let me explain, if you die within two years (not accident-related) after buying the policy, your beneficiaries will only receive the paid premium plus 10% in interest. Only in year three and beyond will they collect 100% of the purchased face amount. This type of coverage is designed for those who are not in the best of health or have been declined before for life insurance, and this is the last resort for them.

  • Issue ages: 40–80
  • Face amount: $1,000–$40,000
  • Simplified issue with no exam needed
  • Graded death benefit
  • Death benefit for the first two years: paid premium plus 10%
  • Whole life insurance with cash value accumulation

Takeaway: A guaranteed issue policy should be your last resort and never your first option when buying coverage. Just because you have a particular health condition, don’t assume you can’t get a traditional policy. Too many agents place individuals with the wrong plan. With such plans, you are not only paying more but it will not pay the full death benefit for two years due to a graded benefit clause.

Available and Optional Riders

Life insurance riders are provisions that are added to a policy to enhance or customize its benefits. Great Western offers three riders:

  1. Accelerated death benefit rider: It’s only available on the Assurance Plus plan. The insured can access the death benefit amount if he is diagnosed with a qualifying medical condition. Here are the requirements:
    • Terminal illness—If the insured has 12 months or less to live.
    • Chronic Illness—if the insured can’t perform two of the six activities of daily living for at least ninety days.
  1. Spousal bonus rider: This rider is available on both plans. If both husband and wife have at least $10,000 in death benefit, Great Western will pay an extra $1,000 in death benefit on the death of the first spouse.
  2. Child or grandchild rider: This is available on both plans. It gives the insured an opportunity to buy coverage for a child or grandchild of $2,500 in death benefit for $1 per month.

Knockout Questions

Great Western life knockout questions

Great Western vs. Other Carriers’ Sample Monthly Rates

Male $10,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $28.82 $41.65 $73.05 $155.57
 Mutual of Omaha $29.16 $42.76 $73.70 $132.65
 Americo $32.06 $43.68 $72.93 $145.65
 Liberty Bankers Life $30.51 $45.80 $73.31 $146.80
 Phoenix$30.15 $43.27 $72.74 $146.92
 American-Amicable $30.80 $45.76 $76.57 $151.36
 United Home Life $31.02 $44.69 $74.63 $138.60
 Settlers $31.45 $45.31 $72.85 $153.80
 Transamerica $30.73 $43.85 $74.66 $140.22
 Great Western $59.58 $75.42 $119.58 $227.92

Female $10,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $25.48 $34.74 $56.41 $113.89
 Mutual of Omaha $24.67 $32.87 $53.24 $98.43
 Americo $24.56 $33.93 $53.43 $112.77
 Liberty Bankers Life $25.57 $34.67 $54.79 $109.16
 Phoenix$26.63 $36.46 $55.26 $110.24
 American-Amicable $25.96 $37.22 $58.70 $110.44
 United Home Life $26.06 $35.42 $73.28 $141.58
 Settlers $26.01 $36.38 $55.76 $113.48
 Transamerica $25.32 $33.72 $71.59 $104.11
 Great Western $49.58 $66.25 $102.08 $190.42

Male $20,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $55.44 $81.10 $143.90 $308.93
 Mutual of Omaha $55.11 $82.31 $144.20 $262.11
 Americo $60.33 $83.56 $142.06 $287.51
 Liberty Bankers Life $56.39 $86.97 $141.99 $288.97
 Phoenix$56.16 $82.40 $141.34 $289.69
 American-Amicable $58.96 $88.88 $150.50 $300.08
 United Home Life $57.68 $85.03 $144.91 $272.05
 Settlers $62.90 $90.61 $145.69 $291.13
 Transamerica $57.89 $84.05 $145.74 $276.88
 Great Western $116.25 $147.92 $236.25 $452.91

Female $20,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $48.77 $67.28 $110.62 $225.58
 Mutual of Omaha $46.14 $62.53 $103.28 $193.66
 Americo $45.32 $64.07 $103.06 $221.75
 Liberty Bankers Life $46.51 $64.71 $104.95 $213.69
 Phoenix$49.12 $68.78 $106.37 $216.34
 American-Amicable $49.28 $71.81 $114.75 $218.24
 United Home Life $47.76 $66.49 $100.59 $204.87
  Settlers $52.02 $72.76 $111.52 $226.95
 Transamerica $47.07 $63.87 $104.41 $204.65
 Great Western $96.25 $129.58 $201.25 $377.92

Male $30,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $82.06 $120.55 $214.75 $462.30
 Mutual of Omaha $81.06 $121.86 $214.69 $391.56
 Americo $88.59 $123.44 $211.19 $429.36
 Liberty Bankers Life $82.27 $128.14 $210.67 $431.14
 Phoenix$82.17 $121.53 $209.94 $432.47
 American-Amicable $87.12 $132.00 $224.43 $448.80
 United Home Life $84.35 $125.38 $215.19 $407.10
 Settlers $94.35 $135.92$218.54 $461.81
 Transamerica $85.04 $124.29 $216.83 NA
 Great Western $172.92 $220.42 $352.92 $677.91

Female $30,000 Whole Life

 CompanyAge 50Age 60Age 70Age 80
 Assurity $72.05 $99.83 $164.82 $337.27
 Mutual of Omaha $67.60 $92.20 $153.31 $288.89
 Americo $66.07 $94.20 $152.68 $330.72
 Liberty Bankers Life $67.45 $94.76 $155.11 $318.23
 Phoenix$71.61 $101.10 $157.49 $322.43
 American-Amicable $72.60 $106.39 $170.81 $326.04
 United Home Life $69.47 $97.55 $148.71 $305.13
 Settlers $78.03 $109.14 $167.28 $340.43
 Transamerica $68.82 $94.02 $154.84NA
 Great Western $142.92 $192.92 $300.42 $565.41

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Aug 2018 and are subject to underwriting approval.*

Bottom Line

Great Western Life has a few benefits that are unique, such as a benefit increase to 125% of the purchased face amount on the level benefit plan and a simplified issue coverage with only three questions. They also offer a guaranteed issue plan with up to $40,000 in coverage while other carriers are capped at $25,000.

However, they are a B-rated company, and their pricing isn’t competitive when compared to the major players like Mutual of Omaha, Assurity, or Settlers Life. As a consumer, you always want to make sure that your broker can offer more than one company and you should never accept just one quote. Instead, ask to see more than one company so that you can make a fact-based decision and not an impulsive one.

Here at Effortless Insurance, we represent more than 50 carriers from which to choose. We do not use high-pressure selling. Instead, we will present all the options based on your health situation and goals and let you decide for yourself. You can run the quotes yourself on this page.

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Aug 11, 2018 | Categories: Company Reviews, Seniors Life Insurance | 0 comments

About the Author: Ron Attias

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