Prosperity Life vs Baltimore Life
Prosperity Life and Baltimore Life are both established insurers catering to clients seeking affordable life insurance, particularly for final expense and simplified issue coverage. While both companies offer competitive products for seniors and those with health concerns, they differ in underwriting flexibility, product variety, and customer experience.
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Company Overviews
Prosperity Life
With over a century of tradition, Prosperity Life Group provides life insurance, annuities, and supplemental health products through multiple issuing companies. Headquartered in New York, Prosperity Life is known for its flexible underwriting, competitive rates for seniors—even those with complex health histories—and a streamlined application process.
Baltimore Life
Founded in 1882, Baltimore Life Insurance Company is part of Baltimore Financial Group and insures over 300,000 individuals, families, and businesses. It targets the middle-income market with a broad portfolio of whole, term, universal, and final expense life insurance, as well as annuities.
Financial Strength & Ratings
| Company | AM Best / KBRA Rating | Outlook | Assets (recent) |
|---|---|---|---|
| Prosperity Life | A- (Excellent), under review (AM Best) | Developing | $2.7 billion (2019) |
| Baltimore Life | A- (KBRA, 2024) | Stable | Not specified |
Both companies hold A- ratings, signaling strong financial stability, though Prosperity Life’s rating is currently under review due to a pending acquisition.
Policy Types Offered
| Policy Type | Prosperity Life | Baltimore Life |
|---|---|---|
| Final Expense/Whole | Yes (New Vista, $1,500–$35,000) | Yes (Silver Guard, $2,500–$25,000; aPriority, $15,000–$150,000) |
| Term Life | Yes (up to $350,000, no exam) | Yes (10–30 years, $25,000–$150,000) |
| Universal Life | Yes (including single premium) | Yes (aPriority Universal) |
| Graded/Modified Plans | Yes (Golden Promise, Modified) | Yes (Silver Guard II/III) |
| Annuities | Yes | Yes |
Coverage Options & Flexibility
- Prosperity Life
- Final expense: $1,500–$35,000, issue ages 50–80, immediate coverage for many health conditions.
- Term: Up to $350,000, no medical exam, approval in 48 hours or less.
- Whole life: Level premiums to age 121, cash value, accelerated death benefit for terminal illness.
- Universal life: Single premium and flexible options, cash value growth.
- Baltimore Life
- Final expense (Silver Guard): $2,500–$25,000 (Standard), $2,500–$15,000 (Special), ages 50–80; immediate or graded benefits based on health.
- aPriority Whole Life: $15,000–$150,000, ages 18–80; higher amounts may require a medical exam for older seniors.
- Term: 10–30 years, $25,000–$150,000, convertible to whole life.
- Universal life: Flexible premiums and death benefit (aPriority Universal).
Underwriting & Application Process
- Prosperity Life
- No medical exam for most products; only health questions.
- Very lenient for many health conditions, including insulin-dependent diabetes and organ transplant recipients (if over two years).
- E-application with instant decisions for final expense; fast, agent-friendly process.
- Baltimore Life
- No medical exam for most final expense and term products; simplified health questions.
- Three health categories for final expense: Standard (immediate), Silver Guard II/III (graded).
- Some policies (aPriority) may require a medical exam for higher coverage and older ages.
Pricing & Affordability
- Prosperity Life
- Competitive rates, especially for seniors with health issues.
- Example: Female, age 65, $10,000 whole life: ~$44/month; Male, age 65: ~$58/month.
- Level premiums; annual payment discounts available.
- Baltimore Life
- Rates are competitive for healthy applicants, especially smokers.
- Example: $10,000 final expense for a healthy senior is comparable to Prosperity Life, but rates increase sharply at older ages or with health issues.
- Best rates require strict underwriting; graded plans are more expensive.
Alternatives to Consider
- Mutual of Omaha (Living Promise)
- AIG
- Liberty Bankers Life
- Americo
- Transamerica
- These companies may offer more lenient underwriting or lower rates for certain health profiles.
Riders & Customization
- Prosperity Life
- Accelerated death benefit (included).
- Optional accidental death benefit (expires at age 75).
- Cash value loans available on whole life.
- Flexible premium options for universal life.
- Baltimore Life
- Accelerated death benefit, accidental death, children’s term, waiver of premium, and more.
- Option to pay up policy in 20 years (aPriority).
- Extensive rider list for term and whole life.
Best For…
| Company | Best For |
|---|---|
| Prosperity Life | Seniors with health issues, those seeking fast approval, and applicants needing flexible underwriting or smaller final expense policies. |
| Baltimore Life | Healthy seniors, smokers seeking competitive rates, and those wanting higher whole life coverage or extensive rider options. |
Pros and Cons
| Company | Pros | Cons |
|---|---|---|
| Prosperity Life | Lenient underwriting, fast e-application, competitive rates for health issues, immediate coverage, flexible products. | Multiple issuing companies can cause confusion; customer service varies; mental health underwriting is stricter. |
| Baltimore Life | Competitive rates for healthy/smokers, high coverage amounts, extensive riders, immediate death benefit for many. | Tougher underwriting for health issues, higher rates for older ages/graded plans, some negative customer service reviews. |
Customer Experience & Support
- Prosperity Life: Mixed reviews; some praise for fast approval and agent experience, but customer service is rated low (1 out of 5) with complaints about responsiveness and complex support structure due to multiple issuing companies. Multiple contact numbers and departments depending on the issuing company.
- Baltimore Life: Customer reviews are mixed: some praise helpful agents, but others report slow claims and lack of compassion, especially for beneficiaries. Career agents and independent marketing organizations provide support, but some complaints about claims delays and communication.
Final Verdict
FAQs: Prosperity Life vs. Baltimore Life Insurance
What types of life insurance do Prosperity Life and Baltimore Life offer?
Both companies offer final expense (whole life), term life, and universal life insurance. Baltimore Life also provides single premium whole life and aPriority Whole Life, which can go up to $150,000 in coverage.
What is the coverage range for final expense insurance?
Prosperity Life offers $1,500 to $35,000 for final expense. Baltimore Life’s Silver Guard covers $2,500–$25,000 (Standard), and up to $15,000 (Special).
Do I need a medical exam to qualify?
No, simplified issue policies from both companies skip the medical exam. However, Baltimore Life may require it for higher coverage after age 61.
How do the death benefits work for applicants with health issues?
Both offer graded benefits: Prosperity pays partial in first two years; Baltimore pays 25% in year one, 50% in year two, then full.
How do the rates compare for seniors?
A $10,000 policy for a healthy 50-year-old man is about $35/month (Prosperity) vs $37 (Baltimore). Women pay slightly less with both.
Do these policies build cash value?
Yes, final expense and whole life policies from both companies accumulate cash value over time.
What riders or policy options are available?
Prosperity offers accelerated and accidental death. Baltimore includes more riders like children’s term and waiver of premium.
How fast can I get approved?
Approvals are usually within 48 hours. Many simplified policies get same-day decisions.
Are there waiting periods for benefits?
Yes, both have a two-year graded benefit period for non-accidental deaths.
Can I pay off my policy early?
Baltimore Life’s aPriority plan allows full payoff in 20 years while maintaining lifetime coverage.
Are the premiums level?
Yes, premiums stay level throughout the policy term for both companies.
Who should consider Prosperity Life over Baltimore Life?
Prosperity is best for quick-approval, smaller final expense coverage. Baltimore suits smokers, healthy seniors, and those wanting more rider options.
How is customer service rated?
Both have mixed reviews. Prosperity is fast but inconsistent. Baltimore has helpful agents but some delays in claims.
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed
Blake Nwosu
Owner & Principal Agent