Great Western Final Expense Insurance Plans and Coverage Options

Great Western offers a range of final expense insurance plans to help cover funeral costs and outstanding medical bills.

Their most basic plan, the Simplified Issue Whole Life Insurance, provides a guaranteed death benefit of up to $25,000.

This plan is perfect for those on a tight budget, with premiums starting at just $15 per month.

The company also offers a more comprehensive plan, the Guaranteed Issue Whole Life Insurance, which provides a guaranteed death benefit of up to $35,000.

This plan comes with a higher premium, but offers more coverage and is ideal for those with larger funeral costs or outstanding medical bills.

One of the best things about Great Western's final expense insurance plans is that they have no health questions or medical exams required.

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Great Western's final expense product requires applicants to answer health-qualifying questions to potentially qualify for coverage. You can download a sample final expense application to review the application health questions.

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The two Final Expense Insurance policies offered by Great Western are guaranteed assurance and assurance plus. Guaranteed assurance is accepted regardless of applicant status, but at an adjusted rate.

Assurance plus involves a medical questionnaire that may entitle applicants to their death benefit early or at a reduced rate, depending on pre-existing conditions or tobacco use.

Great Western's final expense product has a list of health-qualifying questions that your prospect will need to answer to potentially qualify for coverage.

You can download a sample final expense application to review the application health questions for yourself.

Great Western's final expense product has a relatively shorter look-back period, but it's essential to understand how underwriting looks at "treatment" and how prescriptions are treated as either "treatment" or "maintenance medications".

The two Final Expense Insurance policies offered by Great Western are guaranteed assurance and assurance plus, which differ in underwriting and benefits.

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Guaranteed assurance accepts applicants regardless of their status, but at an adjusted rate depending on their qualifications.

Assurance plus involves a medical questionnaire that may entitle applicants to their death benefit early or at a reduced rate depending on pre-existing conditions, tobacco use, and other factors.

If possible, assurance plus is the better option as it rewards good health directly.

The NAIC rating is a valuable tool for consumers to gauge an insurance company's credibility. The National Association of Insurance Commissioners sets this rating to protect consumers and ensure insurers keep their promises.

Great Western Insurance has a stellar NAIC complaint rating of .069 as of August 2022. This low rating implies few complaints against the company.

The NAIC rating is a numerical value ranging from 1 to 10, with one being average customer complaints. A rating above one indicates above-average complaints, while a low rating like .069 suggests excellent customer satisfaction.

You can customize your Great Western Final Expense policy with riders, which are essentially add-ons to your existing coverage. These riders can provide extra protection for you and your loved ones.

Some common examples of riders include Child Term Riders, Accidental Death Riders, and Family Income Riders. Two popular riders offered by Great Western Insurance are the Dependent Child/Grandchild and Accelerated Death Benefit riders.

The Dependent Child/Grandchild rider provides a one-time lump sum in case of untimely circumstances with a child, grandchild, or dependent. The Accelerated Death Benefit rider allows you to use coverage values while still alive if diagnosed with a terminal illness.

Here are some specific details about these riders:

One of the biggest advantages of final expense insurance is the generous accelerated death benefit. You may be entitled to funds early, depending on your qualifications.

This benefit can be a huge relief to your loved ones, who may be struggling to cover funeral expenses. In some cases, you may even be entitled to a percentage multiplier of your coverage amount, usually 125%.

Most plans come with this benefit as a free add-on, which is a great perk. And, in most cases, applications are approved quickly, so you can get the coverage you need without a lengthy medical exam.

Here are some examples of how the accelerated death benefit can work:

These figures are estimates only, based on a $10,000 final expense insurance policy with no applicant pre-existing conditions.

The Spousal Bonus Rider is a unique benefit that can provide additional financial support to couples. It's a first-to-die rider that pays an additional $1,000 on the first death of both spouses who apply for a policy at the same time.

To qualify for this rider, a minimum of $10,000 face amount must be purchased on each spouse. This is a specific requirement to ensure that the rider is available.

The Spousal Bonus Rider is only available if both policies are in force at the time of the first death. This means that the rider will not be paid out if one spouse cancels their policy before the other passes away.

Here are the key requirements for the Spousal Bonus Rider:

Great Western final expense life insurance is notoriously expensive for the face amount available. This is because guaranteed issue carriers take on substantial risk, as almost anyone can buy a GI policy, regardless of health risks.

The cost of Great Western final expense life insurance is high because the carrier is assuming a higher risk. This means you can expect to pay more for the coverage you need.

Final expense insurance, including Great Western's policies, is typically more expensive than other types of life insurance.

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Guaranteed issue life insurance, like Great Western's policies, is notoriously expensive due to the substantial risk taken on by the carrier.

The policy amount ranges from $1,000 to $40,000, with Great Western's policy size capping at a higher amount than some other top-rated GI carriers.

Here are some specific policy amount ranges:

Keep in mind that if you need a larger face amount, you may need to consider stacking life insurance policies.

The cost of Great Western's policies is likely to be higher than other types of life insurance due to the guaranteed issue nature of the policy.

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The Great Western Rate Chart is a valuable tool for understanding the cost of their life insurance products. It's essential to note that Great Western does not have smoker rates, and everyone is rated by sex alone.

One thing to keep in mind is that the charts below are only for the Guaranteed Assurance, guaranteed-issue product. If you're looking for rates for Assurance Plus, you'll need to use the rate chart linked above or multiply the corresponding face amount by 125% to arrive at the Assurance Plus death benefit.

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Great Western Insurance has an excellent rating from A.M. Best, a prestigious organization that evaluates insurance companies, with a rating of A as of April 2022.

The National Association of Insurance Commissioners (NAIC) also gives Great Western a low complaint rating of .069 as of August 2022, indicating few customer complaints.

Great Western is one of the top choices for Final Expense Insurance, with a plethora of riders available at potentially no extra cost.

Their guaranteed option plans remain at a relatively low cost, making them a highly recommended option for seniors on a fixed income.

The company contracts with over 20 suppliers, analyzing them based on their usefulness and ability to deliver on promises made.

Great Western only offers policies involving final expenses, so if you're looking for other types of insurance, you'll need to contact another organization.

Great Western's final expense policies offer a range of options for those looking for coverage. The company provides guaranteed issue life insurance, which is issued regardless of the applicant's health status.

You can submit applications either by paper or electronically, and Great Western has an agent support hotline available at (866) 252-5594. The company also offers a 24-48 hour average policy issue turnaround time.

The face amount issue limits for Assurance Plus and Guaranteed Assurance policies are as follows:

This flexibility can be a big advantage for those who need coverage.

Great Western Life Insurance has a unique origin story that sets it apart from other insurance companies. John E. Lindquist, a mortician and cemetery owner, founded the company in 1983.

Lindquist's experience in the funeral industry gave him a keen understanding of the importance of being prepared for final expenses. This insight led him to create a company that specialized in helping people plan for their own mortality.

As of 2021, Great Western Insurance Company (GWIC) oversees over $2.4 billion in assets. This significant growth is a testament to the company's successful business model and commitment to its customers.

The company's focus on final expenses has allowed it to establish a strong presence in the industry, with over 46,000 employees in 46 U.S. states. This widespread reach enables GWIC to provide its services to a large and diverse customer base.

Both the Assurance Plus and Guaranteed Assurance products will continue to be available in their current participating states. This means you can still purchase these policies in the states where they are currently offered.

If you're considering purchasing either the Assurance Plus or Guaranteed Assurance policy, here are some key facts to keep in mind:

These policies are ideal for covering funeral expenses, end-of-life medical bills, and small debts.

My Enroller is a game-changer for agents looking to streamline their Final Expense insurance enrollment process. It's an electronic quoting and application tool that ensures the correct forms are completed and all necessary information is provided, which significantly shortens application processing time.

This means your clients can get the coverage they need faster, and you can get your commissions paid sooner.

If you're considering Assurance Plus level product, be aware that certain medical conditions can disqualify you from coverage. Cancer, other than basal cell carcinoma, is a disqualifying condition.

Disorders such as anemias, hemophilia, and lymphoma are also on the disqualifying list. These blood disorders can impact your eligibility for the Assurance Plus level product.

Kidney disorders like nephritis and renal failure can disqualify you from coverage. Similarly, lung disorders such as COPD, emphysema, and pulmonary embolism/blood clot are also disqualifying conditions.

Brain disorders, including Alzheimer's, stroke, and Parkinson's, can also impact your eligibility. Heart disorders, such as angina, hypertension, and congestive heart failure, are also disqualifying conditions.

Circulatory system disorders, including aneurysm, thrombosis/blood clot, and peripheral vascular disease, can also disqualify you from coverage. Liver disorders, like cirrhosis and hepatitis, are also on the disqualifying list.

Terminal illnesses, which are diseases that cannot be cured or adequately treated and are reasonably expected to result in death, are also disqualifying conditions.

A.M. Best Rating is a way to gauge a company's quality, similar to a restaurant's rating. It uses a letter ranking system from A+ to F.

The rating system is overseen by chief insurance regulators in the US-affiliated territory. This ensures that the ratings are fair and accurate.

A.M. Best Rating considers various factors when determining a company's rating, such as performance, management, and financial flexibility. The rating itself is a valuable tool for consumers to make informed decisions about their insurance policies.

Great Western Insurance has received an A rating from A.M. Best, indicating an excellent rating.

You can expect a quick and easy acceptance process when applying for final expense insurance, as mentioned in the article.

The payout from a final expense insurance policy is not restricted to final expenses only, so the beneficiary has the freedom to use the funds as they wish.

The payout value of a final expense insurance policy is lower compared to a guaranteed whole life policy, but the premium is also lower.

The policy details are changing in a few key ways. The minimum age on the Assurance Plus product will now be 50, up from 40.

One of the most significant changes is the increase in the minimum face amount on the Assurance Plus product, which will now be $2,500.

The chargeback period on deaths will now be 12 months for both Assurance Plus and Guaranteed Assurance products. This means that if a policyholder passes away, the chargeback period will be the same for both products.