Prosperity final expense insurance, also referred to as funeral or burial insurance is a whole life insurance product that is typically marketed towards seniors. Prosperity is just one of many companies offering burial insurance. To view rates for a Prosperity funeral insurance plan just enter your information to the side of this article or call us at 844-528-8688.
Prosperity Burial Insurance
Founded in 2009, Prosperity Life Insurance Group offers a comprehensive selection of life insurance products, annuities, Medicare Supplement Insurance, and worksite specialty health insurance.
The company makes use of a group of subsidiary companies to market these products across the U.S.:
- Prosperity Life
- Shenandoah Life
- S. USA Life
Although some insurance companies use term insurance for final expense coverage, whole life insurance is a much better foundation since the policy coverage will last for the lifetime of the policyholder.
Like traditional whole life insurance policies, whole life final expense insurance contains the same guaranteed benefits that consumers depend on for lifetime coverage:
- Non-Cancellable Lifetime Coverage – Once your final expense policy is issued, your insurance company cannot cancel it for any reasons other than non-payment. This benefit gives policyholders peace of mind knowing there will be coverage when the worst thing happens.
- Lifetime Level Premiums – After your policy is issued and the premium established, your insurance carrier cannot increase your premium for any reason, This means when you get older or if you get sick, there is no way that your premium will go up.
- Builds Cash Value – Each time you make a payment on your policy, a portion of the premium is placed in a cash value account that is guaranteed to earn interest year which is tax-deferred. You have access to this cash account using policy loans or withdrawals. You can even surrender your policy for the balance of money in the cash value account.
Most insurance companies offer final expense insurance but many have different applicant qualifications and underwriting guidelines. Prosperity’s qualifications and guidelines are as follows:
Prosperity Final Expense Insurance Product Detail
Like many other insurers, Prosperity offers three underwriting levels to accommodate all applicants for life insurance coverage.
Level Benefit Plan
The Prosperity Level Benefit final expense insurance policy is the preferred choice for applicants since it offers first-day coverage. This means there is no waiting period if death is the result of natural causes or accidental causes. The level benefit plan is also priced the lowest of the three plans.
Graded Benefit Plan
Prosperity’s graded benefit plan is offered to applicants not qualified to purchase a level benefit plan.
Here’s how it’s different than a level benefit plan:
If the insured dies in the first year because of natural causes, the insurance company will pay your beneficiary 30% of the policy death benefit.
If you died in the second year from natural causes, the company would pay your beneficiary 70% of the death benefit.
Begging the third year (month 25 and later), the insurance company would pay 100% of the death benefit to your beneficiary.
With all of these plans, accidental death would be paid 100% from day one.
Modified Benefit Plan
The Prosperity modified final expense plan is available for applicants who do not qualify for the level benefit or graded benefit plan.
With the modified benefit plan, if the insured dies as a result of natural causes in the first year, the beneficiary would receive the 110% of the annual premium minus the policy fee.
If the insured dies from natural causes during the second year, the beneficiary would receive 231% of the annual premium minus the policy fee.
Beginning the third year and thereafter, the beneficiary would receive the full death benefit if the insured dies for any reason.
Prosperity Final Expense Insurance Underwriting
All life insurance companies have an underwriting process that helps them determine the risk classification of an applicant.
Final Expense Insurance policy underwriting does not include a medical exam or blood/urine tests.
Prosperity Life uses the following underwriting tools to determine which final expense plan each applicant will qualify for.
A health Questionnaire
The health questionnaire is typically part of the life insurance application. It is a list of yes or no questions about your health now and your health historically.
These questions should be reviewed closely to make sure you understand the questions and you must answer every question truthfully. If you are not sure about a question, speak with your agent so that you’ll have a clear understanding.
Prescription Drug Check
Your insurance company will have electronic access to a national database of drugs you have been prescribed.
MIB (medical information bureau) Report
The medical information bureau is a national database that stores medical information provided by member insurance companies
Prosperity’s Weight vs. Height Chart
This is typical for most insurance companies and it is for determining if you are obese or underweight depending on your height.
As we mentioned earlier, it’s critical that you are truthful when answering the medical questions on your life insurance application.
Like any other life insurance company, Prosperity final expense insurance policies contain a 2-year contestability clause. This clause allows the insurance company’s claims department to review and investigate your application if you die in the first two years.
For example, if you claim to have never used tobacco but die from lung cancer, the insurance company is likely to review and investigate your insurance application.
Not only will this cause a delay in paying a claim, if the insurer determines that you were not truthful when you answered the medical questions they may deny the claim.
How much does Prosperity Burial Insurance Cost?
If you want an idea of how affordable final expense insurance can be, check out our chart of actual rates by age for a $15,000 final expense insurance policy from Prosperity.
These are actual rates for a healthy male and female non-smoker who qualifies for the Prosperity Level Benefit final expense plan.
For an accurate quote for your actual age, visit our final expense page and instantly discover how affordable Prosperity Final Expense insurance actually is.
Why Choose Prosperity for Your Burial Insurance?
We have discovered over time that Prosperity Final Expense insurance offers very competitive rates, outstanding customer service, and claims service that is second to none.
The company offers liberal underwriting guidelines that will assist applicants with purchasing the best policy possible.
To get the most accurate quote for all of the final expense whole life insurance policies available to you, give us a call 844-528-8688.