Great Western Insurance Company, a subsidiary of the large insurance provider Wellabe, formerly offered a small selection of final expense insurance options. They were a more limited provider, but their final expense choices were fairly solid options for the market.
Unfortunately, starting in 2024, Great Western no longer offers final expense insurance. They still provide a pre-need funeral insurance policy, but no other life insurance options.
Thankfully, Final Expense Benefits works with over 20 of the top life insurance providers on the market. If you were interested in Great Western funeral insurance, we can help you find an alternative.
Call us at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET. Check our free online quoting tool for life insurance options and price estimates.
History of the Great Western Insurance Company
The Great Western Insurance Company has had a short history on the life insurance market. John Lindquist, a cemetery owner in Utah, founded Great Western in 1983 to help people cover their final expenses.
Final expense insurance was Great Western’s main coverage option. When they stopped offering traditional life insurance in 2024, final expense was their last remaining whole life option.
They were bought by Wellabe in 2018. Wellabe, formerly known as American Republic Insurance and American Enterprise Group, is a longtime provider with nearly 100 years of service in the insurance industry.
However, they have moved away from life insurance to focus on health insurance and Medicare supplement products. Wellabe illustrated this pivot by discontinuing Great Western’s final expense options in 2024 and electing to offer neither whole life nor term life insurance in their place.
However, true to Great Western’s roots, they still provide one life-insurance-adjacent product: a pre-need funeral agreement policy. The Wellabe pre-need funeral agreement is still underwritten by Great Western.
Great Western Insurance Coverage Options
With Great Western’s final expense policies eliminated, their catalog is barren. The only service they now offer that is even similar to life insurance is a pre-need funeral agreement.
1
Great Western Final Expense Insurance
Great Western Insurance Company’s final expense policy was a standard burial insurance, with industry-standard rates. It had two categories, one with guaranteed acceptance for seniors with serious preexisting health concerns.
Great Western included some insurance riders with their final expense policies for extra coverage. Unfortunately, their final expense policies were discontinued in 2024 and are no longer available. Instead, they offer preneed funeral insurance as their only life insurance product.
2
Great Western Preneed Funeral Insurance
Preneed funeral insurance, or a prepaid funeral plan, is the only final expense option that Great Western Insurance Company continues to offer. Great Western Funeral Insurance is a funeral service agreement between you and a funeral home of your choice (as long as they work with Great Western).
With rising traditional funeral service, burial plot, and cremation costs, preneed funeral insurance plans may seem tempting. Plus, they offer far more control for the policyholder over their funeral than a final expense insurance policy does and take a lot of funeral planning guesswork out of your loved ones hands. However, this control comes at a cost.
Usually, this cost ranges from $10,000 to $25,000. And unlike final expense insurance, which we recommend mainly because of the reliable, locked-in low monthly rate, you must pay most (or all) of that cost up-front.
Because of the large up-front cost, costs for a preneed agreement don’t differ too much from just paying for a funeral out-of-pocket, unlike the low monthly rates burial insurance offers. While Great Western Funeral Insurance may be a quality plan for preneed funeral insurance, these policies often can’t match the flexibility and low cost of a quality final expense insurance policy.
3
Limitations of Preneed Funeral Insurance
One of the biggest drawbacks to preneed funeral insurance is that your money is locked in with a single funeral provider. If they go out of business or their rates change, you may have wasted that money on that plan. Plus, you don’t have much flexibility. That money will be used for a funeral and its associated costs, no matter what.
Final expense insurance is much more flexible. With a quality policy, your loved ones could easily cover your funeral expenses and have plenty of money left over.
Unlike a funeral agreement, which uses all the allocated funds for the funeral, your beneficiaries can use the tax-free death benefit payout for whatever they need.
We at Final Expense Benefits generally don’t recommend preneed funeral plans for this reason, especially when comparing these plans to final expense insurance.
Contact us at (866) 786-0725, and we can help you find a low-cost burial insurance policy that can cover your final expenses.
Great Western Insurance Company Reviews: Third-Party Rating Services
1
Great Western AM Best Rating
AM Best is a third-party agency that assesses insurance providers’ credit and ability to fulfill financial obligations. They currently rate Great Western’s parent company Wellabe A.
This indicates they believe Wellabe has a strong ability to uphold financial obligations.
2
Great Western NAIC Rating
The National Association of Insurance Commissioners (NAIC) records complaints against life insurance companies on their yearly complaint index to protect consumers. The NAIC’s rating scale ranges from 0 to 10, with 1 as the average customer complaint rating. Companies should aim to be rated below 1.
Great Western’s NAIC rating is 0.41. This excellent rating indicates a very strong customer service record, making their discontinuation of their final expense policies even more disappointing.
3
Great Western BBB Rating
The Better Business Bureau (BBB) is a rating service that evaluates businesses’ trustworthiness by tracking customer complaints and resolutions. Based on customer complaints and resolutions, they rate companies from A+ to F.
The BBB grades Wellabe A+. However, they are not accredited by the BBB. This rating indicates they believe Wellabe has a superior ability to navigate and resolve customer concerns, but has not exhibited exceptional ability to do so. However, Wellabe is currently rated 1.57 out of 5 based on customer ratings.
Great Western Insurance Company Reviews: Customer Reviews
Remember that the customer reviews below reference Great Western’s final expense insurance policy and are indicative of Great Western’s previous offerings.
Christopher S
Memphis, TN
5/5
As long as you do what you are supposed to do, the company will do what they are supposed to do. Needless to say, Great Western Life Insurance Company is one of the good ones. Thank you very much Great Western.
Michelle D
Paterson, NJ
5/5
Karen D
Savannah, GA
5/5
Alternatives to Great Western Insurance
The Great Western Insurance Company no longer offers final expense insurance, but you have plenty of alternatives. We work with over 20 top-rated insurance providers in America to help you find the best available coverage.
Final expense insurance is quite flexible and can help you cover your end-of-life expenses, even if you have a major preexisting medical concern.
For those with medical conditions such as Alzheimer’s or cancer, modified policies and guaranteed insurance with a waiting period are available. However, you may be surprised to see that no-wait policies accept a large number of applicants with health concerns like obesity and diabetes, or if you are a smoker.
The best part about final expense insurance is its affordability. Below are sample rates from some of our top providers for a $10,000 policy (considered the benchmark for final expense death benefits) for a non-smoking applicant with no preexisting health concerns:
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.
If you’re interested in these or any of our life insurance options, call Final Expense Benefits at (866) 786-0725 to learn more.
Our Great Western Insurance Company Review & Final Thoughts
Unfortunately, Great Western Funeral Insurance is only a preneed funeral arrangement rather than final expense insurance, given the limitations of preneed funeral insurance. While Great Western’s policy may be good for preneed funeral insurance, we generally don’t recommend these policies for multiple reasons.
The main reason is that final expense insurance is much more flexible and affordable, plus your policy’s cash value grows over time. You can find a final expense insurance policy for as little as $30 per month, and your beneficiaries can use payouts for whatever they need.
You have plenty of options on the final expense insurance market, and Final Expense Benefits is here to help connect you to the plan that best fits your needs.
Contact us with any questions at (866) 786-0725, and be sure to check our free online quoting tool for customized pricing estimates.
FAQ
Where is Great Western Insurance located?
Great Western was previously headquartered in Ogden, Utah. They’re now a subsidiary of Wellabe, which is located in Des Moines, Iowa.
Who owns Great Western Insurance Company?
Great Western is owned by Wellabe, which was previously known as American Enterprise Group. They purchased Great Western Insurance in 2018 after many years of collaboration.
Does Great Western still provide final expense insurance?
Unfortunately, Great Western no longer offers new final expense insurance policies as of 2024. They maintain service on policies started before 2024.
