Great Western Life Insurance Review (2024)

Great Western is an Iowa-based life insurance company that does business in most areas across the United States. Despite its A.M. Best rating, Great Western isn’t as popular as the best life insurance companies.

Our Great Western life insurance guide explains everything you need to know about the company, its products, life insurance quotes, and its relationship with Great Western Bank.

But why stop at Great Western Life Insurance Company? Use our free comparison tool to compare multiple life insurance companies in your local area.

What products are available at Great Western Life Insurance Company?

Great Western provides annuities and life insurance for potential customers. But what kind of life insurance can you buy from Great Western? Let’s look at the name of products available at GWIC.

• Final Expense Insurance
• Preneed Funeral Insurance
• Group Annuities

Both Final Expense and Preneed Funeral insurance policies are known as burial insurance. Final expense is often referred to as a type of whole life insurance, but you don’t accumulate cash. Meanwhile, preneed funeral insurance lists the funeral home as the beneficiary.

How do you find affordable Great Western life insurance quotes?

Although Great Western offers life insurance and annuities across most states, you won’t find any public life insurance rates. If you want to buy Great Western life insurance quotes, you’ll need to contact a Great Western agent or customer service.

Great Western’s customer service phone number is 1-866-636-3286.

Great Western Life Insurance Reviews: Financial Strength and Credit Ratings

Why are ratings so important? Third-party ratings are insurance report cards – they give customers insight into how an insurance company manages money and how it satisfies customers.

Although Great Western doesn’t have a lot of information regarding rates, it does have a few ratings. Let’s review them.

• A.M. Best Financial Strength and Credit Rating – A- (Excellent); A- (Credit Rating)
• National Association of Insurance Commissioners (NAIC) Complaint Index – 0.91 (Below Average complaint ratio)
• Better Business Bureau Rating – A- (Not BBB Accredited)

Great Western’s A.M. Best rating isn’t the highest, but it’s a decent rating that shows its excellent ability to meet insurance obligations. And so far, it has low credit risk – but it may have long-term risks.

The NAIC Complaint Index shows the ratio of complaints. It means Great Western received less than average complaints.

Pros and Cons

What are some of the advantages and disadvantages of Great Western? We answered that in a compilation of highlights and drawbacks. Check out the results.

Some companies allow you to grab quotes in less than 15 minutes, but you’ll need to call Great Western representatives or agents to get a quote. This may discourage some customers from continuing.

And you won’t find term life insurance quotes because Great Western doesn’t offer term life policies. However, it does provide annuities.

The significant factor about Great Western is its 30-day free look period. This will allow you to cancel within 30 days without a penalty.

What’s Great Western Life Insurance Company’s history?

John E. Lindquist founded Great Western Life Insurance in 1983. Lindquist was the owner of Lindquist Mortuaries & Cemeteries and held the business for five generations.

Despite its name, Great Western Bank isn’t affiliated with Great Western Life Insurance Company.

Today, Great Western continues the Lindquist legacy by focusing its policies on funeral and burial-related life insurance plans. Great Western Life Insurance Company currently has $2.4 billion in assets and earned $199.3 million in 2020.

Great Western Life Insurance: What’s the bottom line?

If you’re looking for a straightforward burial policy, Great Western life insurance policies may be what you need.

Based on the third-party ratings, Great Western appears to do well with meeting the expectations of customers. But there are many other companies with the same ratings and more transparency when you’re looking for life insurance rates.

Now that you know more about Great Western life insurance, enter your ZIP code in the free comparison tool below to compare multiple life insurance companies in your area.