Prosperity Life Insurance Final Expense Review & Complaints: Life Insurance (2024)

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Financial Strength

Prosperity Life Group is a group of life insurance companies offering a range of life insurance and other products across the country. In addition to final expense life insurance, they write both term life insurance and permanent life and supplemental health insurance plans.

About Prosperity Life

Prosperity is made up of Shenandoah Life, SBLI USA Life Insurance Company, and S.USA Life Insurance Company. Products are sold under the Prosperity name but underwritten by any of the three underlying companies.

Prosperity was founded in 2009 and has its headquarters in Austin, Texas. They sell their products through a variety of sources, including banks, managing general agencies, employers, and more – including local agents.

The company has a variety of products, which include several life insurance options, annuities, Medicare Supplement, and other supplemental health products.

Prosperity Life Final Expense

Prosperity Life offers a final expense plan that is a whole life insurance policy with a cash accumulation account. Like most whole life insurance plans, it is designed to be an affordable option to provide cash for funeral and other final expenses, with coverage amounts ranging from $1,500 up to $35,000. This top end is not the highest we have seen for this type of policy, but is a reasonably high maximum coverage.

Issue age for the policy is between 50 and 80 years old for a level plans and up to 85 years old for some graded or modified benefit plans. The plans are sold under the name of either New Vista or Golden Promise.

On the level plan, the full death benefit is available from the first day that the plan is in force.

The graded plan provides 30% of the death benefit in the first year and 70% in the second year. After two years the full benefit is payable. There is no limit on accidental death, for which the full benefit is payable from day one.

On the modified plan, the death benefit in the first year is equal to 110% of the annual premium. In the second year, the benefit is equal to 231% of the annual premium. Like the graded plan, the full death benefit is payable after the second year and is payable from the first day for accidental death.

All the plans include an accelerated death benefit that provides up to 50% of the face value in the event of a terminal illness.

There is no medical exam required for any of the product options, but a health history will determine premium amounts and eligibility for the various plan options. That makes it a simplified issue, although health history does have an impact.

Rates

Prosperity does not have an online quoting option, and the entire site reads like it is aimed less at potential new clients and more at agents, brokers, and other professionals. This indicates that most of the company’s new business comes in through agent sales and not much through online searches.

Final Expense insurance is usually an affordable way to provide some cash for funeral expenses, but that does not make it the least expensive insurance. Since it is aimed mostly at seniors, it will not be as cheap as the rates available to younger people, even with lower death benefits. (For more information, read our “Best Life Insurance Policies for Seniors“).

Prosperity Life Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Prosperity Life Insurance offers a claims process that can be initiated by requesting a claim form package online. The claimant can then fill out the necessary forms and follow the instructions provided in the package.

It’s important to note that different forms are available depending on the state of residence, as state laws may require different filing procedures.

Average Claim Processing Time

Information regarding the average claim processing time for Prosperity Life Insurance is not explicitly mentioned in the provided content. Claim processing times can vary depending on the complexity of the claim and the documentation provided.

It’s advisable for policyholders to inquire about the expected claim processing times directly with the insurance company or their agent.

Customer Feedback on Claim Resolutions and Payouts

The content does not provide specific customer feedback on claim resolutions and payouts from Prosperity Life Insurance. Customer feedback and reviews are valuable sources of information when assessing an insurance company’s performance in handling claims.

Policyholders and potential customers may want to seek out independent customer reviews and testimonials to gain insights into the company’s track record in this regard.

Prosperity Life Digital and Technological Features

Mobile App Features and Functionality

The content does not mention specific details about Prosperity Life Insurance’s mobile app features and functionality. Mobile apps have become increasingly important for policyholders to manage their insurance accounts conveniently.

To assess the digital capabilities of Prosperity Life Insurance, it is recommended to visit their official website or contact their customer service to inquire about the features available through their mobile app.

Online Account Management Capabilities

Similarly, the content does not provide information about Prosperity Life Insurance’s online account management capabilities. Policyholders typically rely on online account management portals to view policy details, make premium payments, and access important documents.

To evaluate the online account management features offered by Prosperity Life Insurance, individuals should visit the company’s website or contact their customer support for specific details.

Digital Tools and Resources

The content does not elaborate on any specific digital tools or resources offered by Prosperity Life Insurance. Many insurance companies provide digital tools such as calculators, educational resources, and FAQs to help policyholders make informed decisions about their coverage.

To determine the availability of digital tools and resources, interested individuals can explore the company’s official website or reach out to their customer service department for more information.

Ratings and Consumer Reviews

Prosperity has an A+ rating with the Better Business Bureau (BBB) with no reviews and no complaints listed for the past three years.

We were unable to locate any customer experience reviews of this company elsewhere either, which may well have to do with the fact that they are a group of companies with three different companies underlying them. The reviews may appear elsewhere for individual companies. That said, Prosperity is the marketing name for all three companies, so it stands to reason that complaints would be lodged under that name.

Overall, it appears this company does not have much in the way of complaints and generally has a good customer satisfaction record.

Financial Strength

Prosperity Life Group and their three subsidiaries all hold an A- (Excellent) rating from financial rating service AM Best. The grade indicates the strong ability of Prosperity and its stable of issuers to meet their ongoing financial obligations.

The Bottom Line

Prosperity has several options for final expense insurance that should meet the needs of any buyer and allow access to most seniors seeking coverage. We cannot compare them in terms of rates since there is no online quoting, but they are worth comparing to other options thanks to solid programs and good reputation.