Prosperity Life Insurance Group Review | 2024
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You may have already heard of Prosperity Life Insurance.
For over 100 years, Prosperity Life Insurance has remained a staple within the insurance industry, providing stability and financial freedom to over 300,000 policies a year.
Has anything changed? Are they still a safe option in 2024?
Origin Of Prosperity Insurance
Starting from the beginning, Prosperity Life Insurance was not always the Prosperity we know and love today. Beginning in 1916, Prosperity Life Insurance’s origin company, Shenandoah Life Insurance Company was founded in Roanoke, Virginia. Here they would remain a policyholder-owned mutual insurance company for nearly a millennium until 2012 when it was sold to United Prosperity Life Insurance.
As a result of this purchase, the original company was dissolved into a subsidiary of Prosperity Life Insurance. During this period, Shenandoah would participate in radio and other media, where its influence and financial power would continue to grow.
Notable Developments
Shenandoah Life Insurance Company is created.
SBLI fund begins its debut in selling insurance out of the state of New York.
Shenandoah Life Insurance Company enters the radio scene.
The Corresponding FM station is created
SLI creates its first television station
The radio/FM station is sold to Park Communications.
Shenandoah becomes a subsidiary of Prosperity Life Insurance.
1916: Shenandoah Life Insurance Company is created.
1939: SBLI fund begins its debut in selling insurance out of the state of New york.
1940: Shenandoah Life Insurance Company enters the radio scene.
1947: Corresponding FM station is created
1952: SLI creates its first television station
1959: The radio/FM station is sold to Park Communications.
2012: Shenandoah becomes a subsidiary of Prosperity Life Insurance.
Your Coverage Options With Prosperity Insurance
Prosperity Term Life Insurance
Term Life Insurance, similar to Whole Life Insurance, contains a key takeaway when choosing between the two types. This involves the period of time in which you have the policy, where a term life insurance policy must be renewed and upheld over the term period given to you, usually 5-20 years.
This may sound like an inherent drawback to term life insurance, but the pros of this insurance type involve the generally lower price point. As a result of this lower price point, term life insurance policies usually require a medical exam. This form of insurance generally sees the most use with children and middle-aged individuals, as those that foresee unfortunate circumstances or are frequently in the hospital may wish to seek a whole life insurance option.
Prosperity Whole Life Insurance
Whole Life Insurance, also known as Traditional Life Insurance or Guaranteed Life Insurance, this insurance type is sold as a policy meant to cover an individual for the remainder of their life, as long as premiums are paid accordingly.
Whole Life Insurance policies indicate a premium that is decided at the time of purchase and cannot go up due to factors such as inflation, what have you. Although Whole Life Insurance is considered the “default” insurance type, it does not indicate the only insurance type that may be “permanent”. What Whole Life Insurance does simultaneously is that it accumulates a cash value so long as the policy is in place, to which someone may use this to their benefit while accruing interest.
On top of the fact that this policy is paid regardless of circumstances, the individual upholding the policy may also withdraw these funds or adjust coverage at any time. This insurance type also usually does not require a medical exam, but rather a medical questionnaire. Due to this, the price point may be higher than other similar policies. Whole Life Insurance may include other insurance types, such as Final Expense Insurance.
Prosperity Final Expense Insurance
Final expense insurance is the type of insurance that’s in place to cover the funeral costs after your passing. This is the type of coverage that you can apply for, and once you’re approved, your family will be entitled to the payout immediately, no matter how early or late your passing might be.
While final expense coverage is generally used to cover funeral/burial costs, one may use the funds in any way desired. In this way, some brokers claim that there is essentially no difference between final expense insurance and another regular Whole Life Insurance Policy. In a way, this is true, as either way you’re relieving any potential financial burdens regardless of your coverage.
Final expense coverage usually exists as a simplified issue plan, meaning that you are approved regardless of any previous medical conditions, 99% of the time. The premiums are also generally low (depending on the condition of the applicant) and whole life, meaning that your rate does not change within the span of your lifetime. Additionally, these plans can coexist with Medicaid, depending on your total assets. If said assets are too high to qualify, one may withdraw and use these funds to purchase additional coverage or what have you, maximizing your beneficiaries’ payout.
Prosperity Universal Life
Similar to a whole life insurance policy, a Universal Life Insurance Policy offers long-term protection and coverage, although without the luxury of fixed premiums. As a result, your premium can change depending on current economic conditions. With this in mind, your policy could potentially substantially increase as you get older. The upside to this policy type, though, is the fact that the payment schedule associated with such a policy is very flexible and allows for payments to be made at the discretion of policyholders.
Prosperity Medicare Supplements
Medicare Supplements, or Medigap, is essentially supplemental assistance meant to fill any gaps left by the original SSA death benefit, which end up being quite large gaps considering funeral costs in 2022. Sometimes also called SSI Life insurance, this supplemental assistance is offered by private organizations and exists like a whole life insurance policy, wherein you’re guaranteed payout at the time of death benefit, and can be renewed/closed at any time. The two are usually paid out at similar time frames.
Prosperity Funeral Insurance
Prosperity Final Expense Insurance, also known as “New Vista”, is a whole life insurance policy meant to mitigate funeral expenses and provide financial relief for beneficiaries. Coverage amounts with Prosperity Final Expense Insurance range from $1,500 to $35,000 with guaranteed level premiums. The odd part of this policy is that it’s technically renewable, in that it expires at age 121. As you might have already guessed, most people are not living past this point.
Is Prosperity A Legitimate Life Insurance Company?
Most definitely. It’s actually somewhat challenging to find negative feedback regarding this insurance provider online. As I’m sure you know, it’s always pretty easy to find someone saying something negative online. Although there are negative reviews and fraudulent claims being made, they are few and far between compared to the positive things being said about the company. There’s also the company’s exceptional AM best rating as well as their NAIC complaint index, indicating powerful financial strength on top of the fact that there are overall not many complaints, at least on file.
Prosperity Insurance Pros & Cons
Pros
- Prosperity Life Insurance is a Premiere option for seniors.
Prosperity Life Insurance and Prosperity Final Expense Insurance provides competitive pricing, riders, and overall great coverage amounts for those over 55.
- Prosperity Life Insurance is available in New York.
This may sound random, but, New York has strict laws regarding how insurance may be sold and applied to customers, usually requiring an in person hand written signature to validate.
- An immense amount of plans and coverage options.
Prosperity Life Insurance has a tremendous amount of coverage options and riders, allowing you to customize your policy to your exact specifications.
Cons
- Puts emphasis on a direct call with an agent.
Although their website is fantastic and easy to navigate, it does not provide you with potential quotes without first calling an agent, which can be problematic if you’re unsure of your budget.
Third-Party Ratings
AMs Best
They utilize a rating, similar to the letter ratings placed on restaurants, meant to help you discern their overall quality.
This letter ranking varies from A+ to F, similar to a scholastic grading system, and this organization is overseen by the chief insurance regulators regarding any US-affiliated territory. The rating itself is determined by a variety of different factors, such as performance, management, financial flexibility, shareholder safety, etc.
Prosperity Life Insurance, as well as its issuing/providers, all hold an A- in financial strength. This indicates excellent financial reliability, just short of perfection.
NAIC Rating 2022
The NAIC, or The National Association of Insurance Commissioners, is a regulation standard support organization based in America meant to add credibility to insurance companies.
Essentially, the goal of this organization is to protect consumers and to mandate that insurers deliver on their promises made. The rating used within the NAIC involves a numerical value usually ranging from 1 – 10. One implies average customer complaints, where anything above this is above average, and so on.
Prosperity Life Insurance, as well as it’s various providers/issuers all uphold less than a 1.0 rating, usually hovering around 0.3. This means they receive a lot less complaints than average.
Cancellation Policy
Insurance policies generally contain a 30-day refund introductory period, where you are able to receive a complete refund if canceled before the 31st day if dissatisfied. This is a two-way policy, allowing for insurers to cancel your policy for the same reasons. This may also be overridden by state law, if applicable. An example includes Florida, which bars insurers from cancellation up to 90 days after the policy start date. Exceptions include, if premiums are not paid, substantial change in risk to insure, etc.
Customer Reviews
Best $10,000 Final Expense Insurance Companies
Finding the best $10,000 Insurance Policy may sound like a daunting task, but here at Final Expense Benefits, we’re here to reassure you that there is a policy out there for you, regardless of your circumstances. Below is a chart including a few sample rates from a few of the companies we partner with, including Prosperity Life Insurance..
| Company | 50 y/o Male | 50 y/o Female | 60 y/o Male | 60 y/o Female | 70 y/o Male | 70 y/o Female |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$51 |
$40 |
$73 |
$58 |
|
|
$39 |
$34 |
$52 |
$41 |
$86 |
$65 |
|
|
$30 |
$24 |
$43 |
$32 |
$74 |
$53 |
|
|
$36 |
$30 |
$47 |
$37 |
$81 |
$60 |
|
|
$55 |
$38 |
$68 |
$53 |
$106 |
$80 |
These figures were obtained from the NFDA and are estimates only. For a detailed quote, please contact an agent.
Our Review
Overall, Prosperity Life Insurance provides very solid statistics regarding its operations and feedback by its customers. There are a few overall cons, such as the lack of online accessibility or the reliance on speaking with an agent, but these do not mitigate the general positive reception this insurer receives. We feel as though Prosperity Life Insurance is one of the most competitive options amongst individuals over the age of 55, and don’t mind calling in to speak with an agent over the phone.
Here at Final Expense Benefits, we work with over 20 insurers to provide you with the most diverse and fine tailored fit for your personal needs. A few examples of carriers we work with include,
Being some of the ones that stand out among the crowd. As a result of Prosperity Life Insurance’s lack of online quote, feel free to give us a call if you’re in need of potential avenues regarding a policy and how that might impact your wallet.
Our lines are open M-F, 9-5 EST. Our number is (866) 311-4338
Frequently Asked Questions
Who Owns Prosperity Life Insurance Company?
Prosperity Group Holdings, LP.
What Does SBLI Stand For?
Savings Bank Life Insurance Company, founded in 1907 by supreme court justice Louis Brandeis.
Where is Prosperity Life Insurance Located?
Manhattan, New York, very close to Manhattan mall.