Great Western vs. Prosperity Life: Top Life Insurance in 2024

While Great Western and Prosperity Life provides whole life insurance, only Prosperity Life offers term life insurance quotes. Prosperity Life also has lower monthly rates but the two companies have the same financial ratings. Comparing Great Western vs. Prosperity Life will help you determine the best fit for your life insurance needs.

Before comparing Great Western vs. Prosperity Life, enter your ZIP code to find the best life insurance quotes in your area.

Great Western vs. Prosperity Life: What are their monthly rates?

Comparing Great Western vs. Prosperity Life insurance rates helps customers compare the providers. The following charts show Prosperity Life and Great Western rates for a $10,000 whole life policy based on age and for men.

Great Western vs. Prosperity Life: Male Whole Life Average $10,000 Policy Monthly Rates by Age

The following chart shows the same information for females.

Great Western vs. Prosperity Life: Female Whole Life Average $10,000 Policy Monthly Rates by Age

As you can see, the average monthly rates of Prosperity Life are lower than Great Western, and rates for females are lower than rates for males.

Great Western vs. Prosperity Life: What life insurance policies are available?

Great Western and Prosperity Life differ greatly in the policies they offer. Great Western focuses its policies on final expenses while Prosperity Life has policies for customers of all ages.

Great Western doesn’t offer any term life policies, but those looking for permanent life insurance quotes will be directed to their whole life offerings. The company has two whole life plans, with the right choice depending on the health of the insured.

The Assurance Plus plan is for policyholders in good health. A willingness to answer medical questions and provide funds for medical expenses will result in a 25% increase in the death benefit. This plan has a simple underwriting process, which allows for a quick approval.

The Guaranteed Assurance plan is designed for those that have had health issues that might disqualify them from the Assurance Plus plan. There is no underwriting process so that every customer is approved but the premiums are higher due to the increased risk.

Great Western also offers pre-need insurance, which allows the policyholder to pay for their funeral and burial expenses. The death benefit is paid directly to the funeral home of the policyholder’s choice to take the burden off of loved ones.

Prosperity Life has four different types of term life insurance. Available in 10, 15, 20, and 30-year terms, each policy can be converted into a whole life plan until the policyholder reaches 75 years of age.

The renewable and convertible term life policy is the most popular type of term life insurance. Available for those between the ages of 18 and 80 years, coverage ranges from $100,000 to $1 million.

Prosperity Life offers two types of simplified-issue term life insurance. Both are available for those between the ages of 18 and 60, feature quick approval, and don’t require a medical exam. Traditional simplified-issue is available up to $350,000 and the Graded Death Benefit plan ranges from $5,000 to $30,000.

Income continuation term life insurance is designed to help those that depend on the policyholder. Available to those between the ages of 18 and 55, the beneficiary will receive regular monthly payments, creating a steady income.

Prosperity Life offers whole life insurance for those between 15 days and 80 years of age. The minimum coverage is $50,000, lower than most competitors. For those looking for less coverage and a simpler approval process, the company offers a simplified-issue option with a value between $15,000 and $75,000.

Prosperity Life also offers final expense insurance and an estate-planning tool. The estate planning tool is the single-premium universal life policy. Available to customers between the ages of 50 and 80, coverage ranges from $15,000 to $25,000 and allows a policyholder to leave money for their loved ones.

The provider’s final expense policy is a whole life plan for those between the ages of 50 and 80. With coverage ranging from $1,500 to $35,000, this policy allows a policyholder to finance their funeral and burial.

Great Western vs. Prosperity Life: What riders are offered?

The policies offered won’t satisfy every customer so Great Western and Prosperity Life offer several optional riders. This allows the policyholder to customize their plan to match their needs. These riders can be added to a policy for an additional premium.

Optional riders offered by Great Western include:

• Accelerated death benefit
• Dependent child or grandchild
• Special bonus

Optional riders offered by Prosperity Life include:

• Accidental death
• Terminal Illness
• Waiver of a premium
• Tern-year term

Great Western and Prosperity Life offer multiple riders but fewer options than several competitors.

Great Western vs. Prosperity Life: What are their financial ratings?

Credit rating agencies provide financial ratings for life insurance providers. These ratings determine the likelihood that the company will be able to provide a payout when a claim is filed. These ratings are considered a company’s financial strength.

Great Western and Prosperity Life have been rated an “A” by A.M. Best. This rating is listed as “excellent” by the rating agency and informs customers that they are likely to receive a payout whenever they file a claim, even under difficult economic conditions.

Great Western vs. Prosperity Life: The Bottom Line

The choice between Great Western and Prosperity Life will largely come down to the type of life insurance desired. Great Western offers more final expense options but Prosperity Life covers a larger demographic. Comparing affordable Great Western vs. Prosperity Life life insurance quotes will allow you to determine the company that best meets your needs.

Now that you’ve compared Great Western vs. Prosperity Life, enter your ZIP code to discover the best life insurance rates in your area.

Great Western vs. Prosperity Life: Frequently Asked Questions

Here are some frequently asked questions about Great Western and Prosperity Life.

#1 – Does Great Western Bank provide Great Western life insurance?

The Great Western Insurance Company offers life insurance and is not affiliated with the Great Western Bank.

#2 – How can I buy Great Western vs. Prosperity Life insurance?

You can buy Great Western and Prosperity Life insurance by contacting an agent. To buy Prosperity Life insurance, the company has provided a contact form on its website.

#3 – What other products can be purchased from Great Western or Prosperity Life?

In addition to life insurance, Great Western offers group annuities. Prosperity Life sells supplemental health insurance and annuities.