Prosperity Life Group Company Life Insurance Review

Written by Jeff Root

Prosperity is a leading provider for supplemental and protection products issued through many General agencies across the United States.

They have a history of financial strength and stability. A.M. Best gives them an A- Excellent rating. In total they service over 300,000 policies equal 2 over 15 billion dollars of life insurance.

Last year they generated 2.5 billion dollars in assets and have generated over $34 in earnings.

Prosperity Whole Life Insurance Review

Prosperity life insurance

If you are looking for a permanent life insurance solution that will cover you for the rest of your life and perhaps supplement your retirement or cover your final expenses, the prosperity whole life insurance is a good option.

It has guaranteed level premiums and a guaranteed death benefit. It also build cash value which you can borrow against if necessary. There are two plans offered by Prosperity: Whole Life and Smart Life.

WHOLE LIFE

  • You get coverage for your entire life as long as you keep paying your premiums on time.
  • Your premiums are guaranteed for the duration of your policy.
  • This is less expensive long-term when compared to term policies.
  • You get a death benefit that passes on to your beneficiaries without any tax complications.
  • The cash value grows tax-deferred.
  • You can use your cash value for loans.
  • You can access up this 50% of your death benefit if you are diagnosed with a terminal illness.

SMART LIFE (Simplified Issue Whole Life Insurance)

  • The application process is simple with no medical exam. You just answer questions on your application to help determine eligibility.
  • You get coverage for your entire life as long as you keep paying your premiums on time.
  • Your premiums are guaranteed for the duration of your policy.
  • This is less expensive long-term when compared to term policies.
  • You get a death benefit that passes on to your beneficiaries without any tax complications.
  • The cash value grows tax-deferred.
  • You can use your cash value for loans.
  • You can access up this 50% of your death benefit if you are diagnosed with a terminal illness.

All About the Prosperity Whole Life Insurance:

Premium Guarantee Your premium is level throughout the entire premium payment period.  This ends at the age of 121.
Issue Ages 15 days through 80, and your age is determined by your nearest birthday.
Coverage amount $50,000 minimum
Billing options and premium modes You can pay with direct billing, wire transfers, or credit cards on an annual, semiannual, quarterly, or monthly option.
Non-forfeiture options Reduced paid-up default, extended term, or cash surrender.
Accelerated Death Benefit feature You are allowed to access up the 50% of your death benefit if you are diagnosed with a terminal illness.
Underwriting
  • Non-smokers can obtain preferred plus, preferred, select, standard nonsmoker, or substandard.
  • Smokers can obtain select, standard, or substandard.
Supplemental benefits and riders
  • You can get an accidental death benefit which is not to exceed $250,000.
  • There is a waiver of premium benefit where you do not have to pay your premiums if you become totally disabled.
  • There is a 10-year term Rider on your primary coverage and for any other people who are insured under your coverage.
  • You can add your children to your coverage.

Death Benefit Options

Prosperity’s whole life insurance policies are offered with the following death benefit options:

Level Benefit 

With level death benefit plans, the death benefit is equal to the face amount of your policy at the starting point of coverage.

Graded Benefit

During the first year of your coverage or death benefit is equal to 30% of your coverage amount.

During the second year of coverage, your death benefit is equal to 70% of the face value of your coverage.

During the third year and beyond your death benefit is equal to the coverage amount for your policy.

In the event of an accidental death, your death benefit will be equal to the face amount from your first day of coverage.

Modified Plan

During the first year of coverage or death benefit is equal to 110% of your annual premium.

During the second year of coverage, your death benefit is equal to 231% of your annual premium.

During your third year and beyond your death benefit is equal to the face amount of your policy. In the event that you pass away from an accidental death benefit is equal to your face amount from the first day of your coverage.

Final Expense Insurance

This type of permanent protection means guaranteed level premiums and death benefits with cash value. You are covered as long as your premiums are paid on time.

Key Features:

  • You get permanent protection.
  • Your premium stays level for the rest of your life.
  • You build tax-deferred cash value.
  • The application is easy with no medical exam. All you have to do is answer some questions.

This company issues whole life insurance products suited to seniors who are actively looking for coverage for their final expenses who might not have another plan in place.

Customers can qualify for a level, grated, or modified plan based on their health history and these are simplified issue products that have three tiers of classifications.

All About Prosperity Final Expense Insurance:

Premium guarantee and renewability This premium remains level throughout the premium payment. The premium paying term ends at age 121.
Issue ages
  • Between ages 50 and 80 you can be issued a level premium.
  • Between ages 50 and 75 you can receive a graded and modified Plan offered by Golden Promise.
  • Between ages 50 and 80 you can receive a graded or modified Plan offered by New Vista.
  • Your age is determined by your last birthday.
Coverage amount
  • $1,500 to $35,000
Premium Options
  • You can use credit cards or direct billing to pay on an annual, semiannual, quarterly, or monthly basis.
Riders
  • There is an accidental death benefit Rider which can be added to your coverage. It gives you 1 times the base covered amount in the event that you die from an accident.
  • You have to be 74 years or younger at the time of your application and this benefit will expire at age 75. You can add this benefit to all three types of plans.
Accelerated death benefits
  • The accelerated death benefit is a built-in feature that allows you to use up to 50% of your death benefit in the event that you are diagnosed with a terminal illness.

Medicare Supplement Insurance

For those who need to cover out-of-pocket expenses that are not covered by Medicare, there is a Medicare supplement product offered under the life insurance products by Prosperity. The product is designed to make sure you have enough money to cover your needs.

This is not connected to the federal Medicare program in any way but it is issued throughout most states. Depending on your health, your income, and what other policies you might already have you can use this as supplemental coverage now in addition to purchasing a different life insurance policy from the company or you can invest specifically in this option.

Many people who need this option might also invest in the final expense policy so that they can cover the minimum medical expenses now and after they pass. This particular form of insurance is something you will need to discuss with a Prosperity agent in order to determine your eligibility and whether it is the right option for you.

Life Insurance for Smokers and Diabetics

Smokers on diabetics will benefit from the smart products where there are no medical exams. There are different classes for smokers which means you can still get access to affordable coverage it will just be in a different underwriting class.

The ability to forgo a medical exam is very beneficial for diabetics to have poorly managed conditions or comorbid ailments.

Alternatively, there is the final expense whole life insurance policy that they offer which gives you just enough money to cover your final expenses and as a final expense product rather than a burial insurance product you can use it to cover any costs that arise after your passing.

How to Choose the Right Life Insurance Policy

Knowing how to choose a policy can be tricky especially with the sheer volume of life insurance products available on the market today. It is important to honestly evaluate your financial needs as well as your current health.

People with a history of a familial cardiovascular disease, people who currently have poorly managed diabetes, smokers, and anyone with other health considerations needs to compare the prices for smoker or health problem policies with final expense policies that forgo the medical exam. In some cases choosing a final expense policy might be the more affordable option in the short-term and the long-term because it provides you with the covers you need for the rest of your life especially if you opt for the whole life insurance version.

Those who are in better health and younger, those who are not smokers, might benefit from taking the medical exam and achieving those preferred plus, non-smoker rates.

It is of course in your best interest to find coverage amounts that meet your financial needs which is why you should sit down with your family to discuss what you need to cover with your life insurance policy at the end of your life.

Younger individuals with a mortgage and children at home will need more coverage than an older individual who has no outstanding debt and no one dependent upon them.

Finding the Best Life Insurance Rates for You

Life insurance comes in many different forms.  Depending on your health, age, lifestyle, coverage need, and more, you may need a totally different type of coverage than someone else in order to get the coverage you need.

For this reason, we strongly recommend that you work with an independent life insurance agent who can help you find the best life insurance rates for your specific situation.

Use our quoting engine to get quick and easy life insurance quote, and then give one of our agents a call to discuss the policy options open to you.

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