Great Western Insurance Review
As an independent insurance agent, I’ve had the opportunity to work with numerous insurance providers over the years, each offering their own unique products and services. Today, I’d like to share my perspective on Great Western Insurance Company, a provider that has carved out a significant niche in the final expense and burial insurance market.
Disclaimer: We are not in any way affiliated with Great Western Insurance. In fact, we are Independent Insurance agents that offer Top Rate final expense insurance from multiple companies. This article is our personal review of their Preneed Funeral insurance plan Insurance program along with our opinions on the matter. If you are looking to contact Great Western Insurance directly with this info below (866) 689-1401 (800) 995-9010 (800) 733-5454 Monday-Friday 7:30 a.m. to 5 p.m. Central time Great Western Insurance
Great Western Insurance Company, founded in 1983 and headquartered in Ogden, Utah, has built a reputation for specializing in pre-need and final expense insurance products. Their focus on this particular segment of the insurance industry has allowed them to develop tailored solutions that address the specific needs of seniors and individuals planning for end-of-life expenses.
In this review, I’ll provide an honest, unbiased look at Great Western’s offerings, examining their products, strengths, and potential drawbacks from the viewpoint of an independent agent. Whether you’re a fellow agent considering adding Great Western to your portfolio or a consumer researching insurance options, this review aims to give you a comprehensive understanding of what Great Western brings to the table in the final expense insurance market.
Great Assurance
– Issue ages: 50-85
– Face amounts: $2,500 – $45,000
– Two benefit options:
– Immediate death benefit (level)
– Graded benefit (30%/70%/100%)
Guaranteed Assurance
– Issue ages: 40-80
– Face amounts: $2,500 – $25,000 (maximum)
– Guaranteed issue with no health questions
– Death benefit:
– Years 1-2: Return of premium + 10% for non-accidental deaths
– Year 3+: Full face amount
– Accidental deaths: Full face amount from day one
Both products offer additional features:
– Accelerated Death Benefit Rider at no additional charge
– Optional Child/Grandchild Rider for $1 per month
– Credit/debit card payment options, including Social Security Direct Express
– No height/weight restrictions
– No telephone interview required
Great Western Insurance Company has several notable strengths:
Financial Stability
Great Western’s financial standing has improved significantly. As of March 2021, AM Best upgraded their Financial Strength Rating to A (Excellent) from A- (Excellent). This upgrade indicates strong financial stability and an enhanced ability to meet policyholder obligations.
Guaranteed Issue Option
The Guaranteed Assurance product offers coverage regardless of health, with no medical questions required. This makes it an excellent option for hard-to-insure clients, providing coverage up to $25,000 without underwriting.
Innovative Features
Great Western’s Assurance Plus product is unique in the market, offering day-one coverage that pays 125% of the full face amount selected, regardless of when death occurs. This increased death benefit provides added value to policyholders.
Rider Options
Great Western offers several valuable riders:
– Accelerated Death Benefit Rider at no additional charge
– Optional Child/Grandchild Rider for $1 per month, providing $2,500 in coverage
– Spousal Bonus Rider included at no additional cost, paying an extra $1,000 on the first death if both spouses apply simultaneously
Flexible Options
Great Western provides flexible options for policyholders:
– Coverage amounts ranging from $2,500 to $45,000, depending on the product
– Multiple payment options, including credit/debit cards and Social Security Direct Express
– Various payment terms, including lump sum, 3-year, 5-year, 7-year, and 10-year options for pre-need policies
These strengths make Great Western a competitive option in the final expense and burial insurance market, particularly for seniors and those with health concerns.
When comparing Great Western Insurance Company to other similar companies in the final expense insurance market, several key points emerge:
Coverage Options
Great Western offers two main final expense products:
– Great Assurance: Issue ages 50-85, face amounts $2,500-$45,000
– Guaranteed Assurance: Issue ages 40-80, face amounts $2,500-$25,000
In comparison:
– Mutual of Omaha offers coverage from $2,000 to $25,000 for ages 45-85
– AARP/New York Life provides coverage for ages 50-80 (50-75 in NY)
– State Farm offers only a $10,000 policy for ages 50-80 (50-75 in NY)
Underwriting
Great Western provides both simplified issue and guaranteed issue options. This is similar to many competitors, but some differences exist:
– State Farm only offers guaranteed issue final expense insurance
– Mutual of Omaha provides guaranteed issue with no health questions
– AARP/New York Life offers simplified issue policies
Unique Features
Great Western’s Assurance Plus product pays 125% of the full face amount, which is a unique offering in the market.
Riders
Great Western offers an Accelerated Death Benefit Rider and an optional Child/Grandchild Rider at no additional charge. This is competitive with other companies:
– State Farm includes an Accelerated Death Benefit Rider
– AARP/New York Life offers various riders, including an accelerated benefit option
Financial Strength
Great Western has an A (Excellent) rating from A.M. Best, which is strong but slightly lower than some competitors:
– State Farm: AA+ from A.M. Best
– Mutual of Omaha: A+ from A.M. Best
– New York Life (AARP partner): AAA from Standard & Poor’s
Pricing
While specific pricing varies based on individual factors, Great Western’s rates are generally competitive. For example, a 70-year-old man seeking a $10,000 guaranteed issue policy might pay:
– Great Western: $120 per month
– AARP/New York Life: $108 per month
– AIG: $98 per month
Customer Service
Great Western’s customer service reputation is not as prominently featured in reviews as some competitors’. State Farm, for instance, consistently ranks highly in J.D. Power’s customer satisfaction studies for life insurance.
FAQs about Great Western Insurance
- Accelerated Death Benefit Rider (included at no extra cost)
- Child/Grandchild Protection Rider (optional, $1 per month)
- Accidental Death Benefit Rider (for certain plans)
Customer Reviews
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Blake Nwosu
Owner & Principal Agent
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed