Prosperity Life Group Review
Prosperity Life Group is an innovative insurance, reinsurance, and asset management company providing financial security for customers and their families for over a century. The company specializes in tailoring solutions for block and flow reinsurance needs and offers several options to help customers grow and protect their retirement savings.
Prosperity Life Group also provides Medicare Supplement insurance, which can provide financial protection by helping pay for certain out-of-pocket costs that Medicare Part A and B don’t cover.
AM Best, a global credit rating agency specializing in the insurance industry, has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” to Prosperity Life Assurance Limited (PLAL), a newly added member of the Prosperity Life Group.
The ratings reflect PLAL’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile, and appropriate enterprise risk management. Prosperity Life Group has a strong financial rating from AM Best signifies strong financial reliability.
Prosperity Life Group offers a range of life insurance products to help customers protect their financial security. Here are some of the life insurance products offered by Prosperity Life Group:
Prosperity Life Group Review
Disclaimer: We are not in any way affiliated with Prosperity Life. We are Independent Insurance agents that offer top-rate final expense insurance companies. This article reviews their simplified issue product Life Insurance program and our opinions. If you are looking to contact them directly with this info
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Final expense insurance
Final expense insurance is a type of life insurance policy designed to cover the costs associated with end-of-life expenses, such as funeral costs, outstanding debts, and living expenses. Prosperity Life Group offers final expense insurance, which can help ease the financial burden on loved ones during a difficult time. Prosperity Life Group’s final expense insurance is available in two types: a whole-life product and a term product designed for those in poorer health who may not qualify for the whole-life product. Prosperity Life Group’s final expense insurance product is New Vista, underwritten by S.USA Life Insurance Company, Inc.
To apply for Prosperity Life Group’s final expense insurance, you can contact an agent or broker who can help you with the application process. The application process may involve answering health questions; in some cases, a medical exam may be required. Prosperity Life Group’s New Vista final expense plan is available to individuals between 50 and 80, and face amounts range from $1,500 to $35,000. The policy is permanent, the premiums will not increase, and the face value will not decrease over time.
Prosperity Life Group’s final expense insurance has several benefits, including providing coverage for end-of-life expenses, being easy to get approved for, and having a smaller death benefit, which makes the premiums more affordable. The policy is also permanent, which means that your heirs will get the death benefit you want them to have as long as you pay the premiums. However, it is important to note that final expense insurance policies are typically open to people 50 and older and capped at low coverage amounts, and the premiums tend to be expensive.
Universal Life Insurance
Universal life insurance is a permanent life insurance that provides both a death benefit and a savings component. Prosperity Life Group offers two types of universal life insurance: Fixed Universal Life and Indexed Universal Life. The death benefit is the money paid to the beneficiaries upon the policyholder’s death. The savings component is the cash value, a portion of each premium payment that is invested and grows over time. The cash value can help pay for college tuition or retirement expenses.
Prosperity Life Group’s universal life insurance policies offer flexible premiums and death benefits, which can be adjusted over time. The policies also accumulate cash value over time, which can be accessed through loans and other withdrawal options. The cash value is guaranteed to grow according to a minimum annual interest rate but may grow faster depending on the insurer’s market performance. Prosperity Life Group’s universal life insurance policies are available to individuals of all ages, and the premiums and death benefits can be customized to fit each individual’s needs.
It is important to note that universal life insurance policies are more expensive than term life insurance policies. The premiums for universal life insurance policies are split between the cost of coverage and the cash value, and policyholders can choose how much they pay as long as it falls between the minimum and maximum premium amounts. Universal life insurance policies can be a good investment for those who have long-term insurance needs and who have enough funds to pay for one.
Simple Issue Term Insurance
Simple Issue Term Insurance is a type of term life insurance that provides easy access to affordable protection without the hassle of a medical exam. Prosperity Life Group offers Simple Issue Term Insurance only through select banking partners. This type of insurance can cover a specific period, such as 10 or 20 years. The coverage amounts range from $1,500 to $350,000, and no medical exam is required. The application process involves answering health questions, and the decision is based on the applicant’s height/weight, answers to some health history questions, and information obtained from MIB and pharmaceutical databases.
Simplified issue term life insurance is a term life insurance policy that is easier to apply for and quicker to get because it requires less information than traditional life insurance policies. Simplified issue policies usually offer coverage up to $300,000 or $500,000; term lengths are typically shorter, around 10-25 years. Simplified issue policies come in various forms, including term and whole life, each with pros and cons. Simplified-issue life insurance policies are more expensive than fully underwritten policies, and policyholders may pay higher premiums for lower coverage amounts.
Medicare Supplement Insurance
Prosperity Life Group offers Medicare Supplement insurance, which can provide financial protection by helping pay for certain out-of-pocket costs that Medicare Part A and B don’t cover. Medicare Supplement insurance is also known as Medigap or Med Supp, and it is designed to help individuals enrolled in Medicare enhance their healthcare coverage by filling the gaps left by Original Medicare.
Prosperity Life Group’s Medicare Supplement plans aim to provide comprehensive and reliable coverage options that address the gaps in Original Medicare. Prosperity Life Group’s Medicare Supplement plans are available in plans A, F, G, and N, and the coverage amount ranges from $25,000 to $350,000. The premiums for Prosperity Life Group’s Medicare Supplement insurance may vary depending on the plan, age, gender, and location of the policyholder.
It is important to note that Medicare Supplement insurance policies are standardized and regulated by the federal government, which means that the benefits for each plan are the same across all insurance companies. However, the premiums for each plan may vary depending on the insurance company, so it is important to compare prices and coverage options before choosing a plan.
Pros:
– Prosperity Life Group offers a range of life insurance products, including life insurance, final expense insurance, universal life insurance, simple issue term insurance, and Medicare Supplement insurance.
– Prosperity Life Group has a strong financial rating from AM Best signifies strong financial reliability.
– Prosperity Life Group offers competitive rates for final expense insurance, which can be a good option for those looking for affordable coverage.
– Prosperity Life Group has a quick and easy application process for final expense insurance.
Cons:
– Prosperity Life Group does not issue policies directly, instead working with three issuing companies, which can confuse policies.
– Prosperity Life Group has multiple support departments based on the company that issues your policy, which can lead to confusion and frustration.
– Prosperity Life Group has received negative customer reviews regarding customer service and claims process.
– Prosperity Life Group does not offer the same types of term life insurance policies that many other major life insurance companies offer.
Cost and Rates
– Prosperity Life Group offers competitive rates for final expense insurance, which can be a good option for those looking for affordable coverage.
– Prosperity Life Group’s final expense coverage, called the New Vista Final Expense Plan, is 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 and available for ages 50 to 80.
– Prosperity Life Group offers final expense whole life insurance. Three different burial insurance options are available: level, graded, and modified benefit for ages 50-80. Face amounts available range from $1,500 – $35,000.
– Prosperity Life Group offers a range of life insurance products, including life insurance, final expense insurance, universal life insurance, simple issue term insurance, and Medicare Supplement insurance.
Coverage Options
– Prosperity Life Group offers a range of life insurance products, including life insurance, final expense insurance, universal life insurance, simple issue term insurance, and Medicare Supplement insurance.
– Prosperity Life Group’s final expense coverage, called the New Vista Final Expense Plan, is considered a simplified issue whole life plan that allows you to cover your final expenses in full.
– Prosperity Life Group offers final expense whole life insurance. Three different burial insurance options are available: level, graded, and modified benefit for ages 50-80. Face amounts available range from $1,500 – $35,000.
Application Process
– Prosperity Life Group has a quick and easy application process for final expense insurance.
– Prosperity Life burial insurance, aka final expense or funeral insurance, is a no-exam whole life policy to cover your final expenses. While no medical exam is required, you do have to answer health questions.
– Prosperity Life Group offers simple issue-term insurance, which provides easy access to affordable protection without the hassle of a medical exam.
Customer Reviews and Ratings
– Prosperity Life Group has received negative customer reviews regarding customer service and claims process.
– Prosperity Life Insurance is one of the newer life insurance companies in the industry. They have an “A-” (excellent) rating with A.M. Best. Prosperity is an excellent option for final expense life insurance.
– Prosperity Life Group has a strong financial rating from AM Best signifies strong financial reliability.
Here is a comparison chart of Prosperity Life Group's final expense products with other life insurance companies that offer final expense:
| Company | A.M. Best Rating | Eligible Ages | Coverage Amounts | Medical Exam Required |
|---|---|---|---|---|
| Prosperity Life Group | A- | 50-80 | $1,500-$35,000 | No |
| Mutual of Omaha | A+ | 45-85 | $2,000-$40,000 | No |
| Liberty Bankers Life | B++ | 18-85 | $1,000-$35,000 | No |
| American Home Life | A- | 50-85 | $2,000-$25,000 | No |
| Pioneer American | A- | 50-85 | $1,000-$25,000 | No |
| AIG | A | 50-85 | $5,000-$25,000 | No |
| Trinity Life | A+ | 50-85 | $2,500-$25,000 | No |
| Royal Neighbors | A- | 50-85 | $5,000-$25,000 | No |
| Gerber Life | A | 50-80 | $5,000-$25,000 | No |
| Foresters Financial | A- | 50-85 | $2,000-$35,000 | No |
This chart provides a quick comparison of the final expense products offered by Prosperity Life Group and other life insurance companies. It is important to note that the eligibility ages, coverage amounts, and medical exam requirements may vary by state and individual circumstances
How to File a Claim with Prosperity Life Group
To file a claim with Prosperity Life Group, you can follow these steps:
- Determine the type of claim you need to file. Prosperity Life Group offers individual life, annuity, and group claims.
- Visit the Prosperity Life Group website and click the “Start a Claim” button.
- Select the type of claim you need to file and follow the instructions provided. You may need to fill out a claim form and provide supporting documentation.
- If you have any questions or need assistance filing your claim, contact Prosperity Life Group’s customer service department at 1 (800) 229-9300.
It is important to note that all claims are subject to a review process, including death verification, policy validity, and beneficiary status.