2024 Prosperity Life Burial Insurance Review – Pros & Cons
last updated on July 22, 2024Our Prosperity Life burial insurance review will focus on their final expense insurance products. These plans are designed to cover final expenses such as funeral and burial costs.
Prosperity Life burial insurance products do not require a medical exam to qualify. You only need to answer a set of health questions.
This Prosperity Life burial insurance review will explain everything you should know about Prosperity life burial insurance.
| PROSPERITY LIFE FUNERAL FUNDS 5-STAR RATING | |
|---|---|
| First-day Coverage | ★★★★★ |
| Ease of Approval | ★★ |
| Coverage Amount | ★★★★★ |
| Pricing | ★★★ |
| Riders | ★ |
FOR EASIER NAVIGATION:
- Does Prosperity Life Offer First-day Coverage?
- Pros of Prosperity Life Burial Insurance
- Cons of Prosperity Life Burial Insurance
- Prosperity Life Burial Insurance Product
- Prosperity Life Burial Insurance Riders
- When Does Prosperity Life Burial Insurance Make the Most Sense?
- Prosperity Life Underwriting Guidelines
- Prosperity Life Pricing Examples
- Getting Approved for Prosperity Life Burial Insurance
- The Best Payment Option
- Prosperity Life Company Overview
- How Can Funeral Funds Help Me?
Does Prosperity Life Offer First-day Coverage?
YES, Prosperity Life Insurance offers a first-day coverage plan, but they tend to be more expensive than other companies.
If you qualify, their New Vista Final Expense no medical exam insurance policy gives you full coverage from the first day. Your beneficiary will receive your 100% death benefit when you pass away.
Pros Of Prosperity Life Burial Insurance
Average pricing – the Level benefit plan pricing has average pricing that is in the same range as other big insurance companies offering first-day coverage plan.
Non-smoker rates – smoker rate only applies to cigarette smoking. Tobacco and nicotine users can get non-tobacco rates equal to 30-40% savings on their premium.
Semi-lenient underwriting – some medical conditions will qualify for first-day coverage.
Cons Of Prosperity Life Burial Insurance
After approval policy support – getting policy support to get updates or changes to your policy is below average
3-year lookback period – on cancer diagnosis and treatment
Restrictive underwriting for blood thinner use – if you are using Coumadin, Warfarin, and other blood thinners for angina and heart attack prevention, you may be disqualified for coverage.
Prosperity Life Burial Insurance Product
Prosperity Life Group offers their “New Vista” policy in 49 States and their “Golden Promise” in New York only.
Burial insurance policies from Prosperity Life are all simplified issue whole life insurance designed to provide cash benefits to cover end-of-life expenses.
| PROSPERITY LIFE NEW VISTA PRODUCT FEATURES | |
|---|---|
| Age Availability | 50-80 |
| No Medical Exam | YES |
| Coverage Amount | $1,500-$35,000 |
| Level Premium | Price never increases |
| Level Benefit | Coverage never decreases |
| Lifetime Coverage | Lasts until age 121 |
| Builds Cash Value | Yes |
There are three different eligibility ratings for their burial insurance program. Your health will determine which one you will qualify for.
1. LEVEL BENEFIT PLAN
This plan is best for three reasons. First, it has immediate coverage. You will get first-day coverage. Second, it has no waiting period. Third, this plan has the lowest-priced premium they offer.
Face amounts: Between $1,500 and $35,000
Issue ages: 50-80
Prosperity has a more lenient underwriting compared with other life insurance companies. Many medical conditions qualify for first-day coverage.
2. GRADED BENEFIT PLAN
Prosperity’s graded benefit plan is called The Golden Promise. This plan is offered to applicants who are not healthy enough to qualify for a level benefit plan. It also costs more than the level benefit plan.
Face amounts: Between $1,500 and $35,000
Issue ages: 50-75 Golden Promise
Limited payout – The Golden Promise has a limited payout of benefits for the natural cause of death during the first two years. A graded benefit plan works this way:
If the insured dies due to natural causes, the beneficiary will receive:
- 1st year: 30% of the face amount
- 2nd year: 70% of the face amount
- 3rd year and beyond: 100% of the face amount
For accidental death from the first day of coverage – 100% of the face amount will be given to the beneficiary.
Their graded benefit plan is only suitable in a few rare situations. Some medical conditions on the graded plan will qualify for first-day coverage in other companies.
3. MODIFIED BENEFIT PLAN
A modified plan is the highest risk plan offered by the company. It is the most expensive of the three plans. This plan comes with a two-year waiting period.
The modified benefit plan is designed for applicants with multiple or severe medical conditions who did qualify for the level benefit and graded benefit plan.
Face amounts: Between $1,500 and $35,000
Issue ages: 50-80
2-year waiting period – The modified plan will payout 100% accidental death benefit from the first day of coverage.
If you pass away due to natural causes during the first year, the company will return 110% of the annual premium (excluding the policy fee).
On the 12-24 months of the policy, they would return 231% of the annual premium (excluding the policy fee). After the two-year waiting period, the death benefit is equal to the face amount of the plan.
Prosperity’s modified plan is not the best option because it is the most expensive plan with a two-year waiting period.
Overall, Prosperity Life offers average rates with semi-lenient underwriting. Prosperity may be your best option if you qualify for their level benefit plan. But, they may not be the best if you only qualify for their Graded or Modified plans.
Prosperity Life Burial Insurance Riders
Prosperity Life has no optional riders you can add to your policy, unlike other insurance companies. However, they include Accelerated Death Benefit Rider at no cost.
If you’re diagnosed with a terminal illness, you can access your death benefit while you are still alive. You can use between 25-50% of your face amount. If you decide to access this, the accelerated amount will be considered a policy loan and deducted from your total death benefit when you die.
When Does Prosperity Life Burial Insurance Make The Most Sense?
Prosperity Life has a liberal underwriting. They accept all minor health issues. They also absorb higher-risk conditions. If you have any medical conditions, you will still qualify for a level benefit plan with first-day coverage.
- Asthma
- Non-cigarette tobacco product users get non-tobacco rates
- Blood clots
- Depression (not bi-polar)
- Non-cancerous tumors
- Type 1 or 2 diabetics
- Insulin injections for diabetics
- Insulin shock after two years or more
- Diabetic coma after two years or more
- Diabetic amputations after two years or more
- Pacemaker or defibrillator (installed for at least two years)
- Irregular heartbeat issues such as Afib
- Sleep Apnea
- Seizure disorders like epilepsy
- Multiple Sclerosis
- Wheelchair-bound because of accident
Purchasing Prosperity Life burial insurance with first-day coverage makes the most sense.
However, if you cannot qualify for this plan, we will help you to get approved by another company. Stay away from their graded and modified plans because they are expensive and have limited death benefit schedules.
Prosperity Life Underwriting Guidelines
You don’t have to take a medical exam to qualify for Prosperity Life burial insurance. You are only required to answer a set of health questions.
The company’s decision if you qualify for coverage will depend on:
- Health questions on the application
- Prescription history
- Medical Information Bureau (MIB) file
- Height & weight chart
Your answers to the health questionnaire will carry the most weight in determining what plan you will qualify for.
During your tele-application, the underwriter will electronically check your medication history to verify your health. Some medications are a red flag for specific conditions. If you are taking those meds, it may affect your eligibility for the best rates.
They will check your MIB file to look for the health conditions you have admitted to other companies you applied to in the past.
Prosperity uses a build chart for your height and weight to determine if you are eligible. If you are severely under or overweight, it may impact what plan you will qualify for.
HEALTH QUESTIONNAIRE
Answering health questions is part of the application process. There are three parts of the health questions that you must answer “no” to qualify for a level benefit plan.
Here are the health questions on the Prosperity Life Burial Insurance Application:
PART 1: KNOCKOUT QUESTIONS
Here are the knockout questions on the application. If you have any of the following medical conditions, you will not qualify for any of Prosperity’s burial insurance plans. They will not issue you any coverage.
- Is the Proposed Insured currently or in the last 30 days been: hospitalized, committed to a psychiatric facility, bedridden, confined to a nursing home, receiving hospice or home health care, wheelchair-bound due to a chronic illness or disease, or waiting for an organ transplant? (Yes – No)
- Does the Proposed insured currently require assistance or supervision with activities of daily living such as taking medications, eating, bathing, dressing, toileting, continence, or transferring? (Yes – No)
Within the past 12 months has the Proposed Insured:
- Been advised by a member of the medical profession to have a diagnostic test (other than an HIV test), surgery, home health care or hospitalization which has not yet started, been completed or for which results are not known? (Yes – No)
- Used or been advised by a member of the medical profession to use oxygen equipment for assistance in Breathing (excluding CPAP or nebulizer)? (Yes – No)
- Had or been advised by a doctor to have Kidney Dialysis? (Yes – No)
- Has the Proposed Insured ever been diagnosed or treated for Acquired Immune Deficiency Syndrome (AIDS) and or Human Immunodeficiency Virus (HIV) infection by a licensed member of the medical profession? (Yes – No)
- Has the Proposed Insured ever been diagnosed or received treatment for Alzheimer’s disease, dementia, Lou Gehrig’s/Amyotrophic Lateral Sclerosis (ALS), Liver Cirrhosis (Stage C) or been diagnosed as having a terminal illness that is expected to result in death within the next 24 months? (Yes – No)
- Has the Proposed Insured ever been diagnosed with more than one occurrence of the same or different type of cancer or is the Proposed Insured currently receiving treatment (including taking medication) for any form of cancer (excluding basal cell skin cancer)? (Yes – No)
If you answered “Yes” to any of the above medical conditions, we work with different A-rated life insurance companies, and we can often get you insurance coverage even with these health issues.
If you answer “No” to the knockout questions in Part 1, proceed to Part 2
PART 2: MODIFIED BENEFIT QUESTIONS
In the past two years, has the Proposed Insured been diagnosed or received treatment from a member of the medical profession, or other practitioners, or been hospitalized for any of the following:
- The use of alcohol or drugs; or been advised by a physician, practitioner, health facility, or counselor to restrict the use of alcohol or drugs? (Yes – No)
- Complications of diabetes, such as diabetic coma or insulin shock or had an amputation due to complications of any disease? (Yes – No)
- Heart attack, angina (chest pain), congestive heart failure, cardiomyopathy stroke, transient ischemic attack (TIA), or aneurysm or had heart or circulatory surgery? (Yes – No)
- Has the Proposed Insured had more than one conviction for reckless driving or driving under the influence of alcohol or drugs (DUI or DWI)? (Yes – No)
- In the past three years, has the Proposed Insured been diagnosed, treated, or prescribed medication for internal cancer, including but not limited to, malignant brain tumor, malignant melanoma (but excluding basal/squamous cell skin cancer), leukemia, or multiple myeloma? (Yes – No)
- In the past 2 years, has the Proposed Insured had more than 1 conviction for reckless driving or for driving under the influence of alcohol or drugs (DUI or DWI)? (Yes – No)
If you answer “Yes” to any of the modified benefit questions, Prosperity will offer you their Modified Death Benefit plan.
If you answer “No” to the modified benefit questions, proceed on.
PART 3: GRADED BENEFIT QUESTIONS
Has the Proposed Insured ever been diagnosed, treated, or prescribed medication by a member of the medical profession for:
- Parkinson’s disease, Systemic Lupus (SLE), or sickle cell disease? (Yes – No)
- Bipolar Disorder or Schizophrenia or been hospitalized in the past two years for any mental or nervous disorder? (Yes – No)
- Cirrhosis (Stage A or Stage B) of the liver, chronic hepatitis or other liver disorder, kidney failure, or other chronic kidney diseases? (Yes – No)
- Chronic Obstructive Pulmonary Disease (COPD), which includes emphysema, black lung disease, or tuberculosis? (Yes – No)
If you answer “YES” to any of the graded benefit questions, Prosperity will offer you their Graded Benefit Plan.
If you answer “NO” to all the health questions in Part 1, Part 2, and Part 3, and your prescription history aligns with your health question answers, Prosperity will offer you Level Benefit with first-day coverage and their most affordable premium.
Prosperity Life Pricing Examples
| FEMALE AGE | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $16.38 | $29.15 | $41.93 | $54.70 | $67.48 |
| 55 | $16.77 | $29.93 | $43.10 | $56.27 | $69.44 |
| 60 | $19.74 | $35.88 | $52.02 | $68.17 | $84.31 |
| 65 | $24.01 | $44.42 | $64.84 | $85.25 | $105.66 |
| 70 | $31.37 | $59.13 | $86.90 | $114.66 | $142.42 |
| 75 | $41.89 | $80.19 | $118.49 | $156.78 | $195.08 |
| 80 | $50.95 | $98.30 | $145.65 | $193.00 | $240.35 |
| MALE AGE | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| 50 | $19.06 | $34.52 | $49.97 | $65.43 | $80.89 |
| 55 | $20.61 | $37.62 | $54.63 | $71.64 | $88.65 |
| 60 | $24.69 | $45.77 | $66.86 | $87.95 | $109.04 |
| 65 | $30.85 | $58.10 | $85.34 | $112.59 | $139.84 |
| 70 | $41.59 | $79.58 | $117.57 | $155.56 | $193.55 |
| 75 | $58.64 | $113.68 | $168.72 | $223.76 | $278.80 |
| 80 | $75.78 | $147.96 | $220.14 | $292.32 | $364.50 |
*Pricing for illustration purposes only and are subject to change without notice.
Getting Approved For Prosperity Life Burial Insurance
| BURIAL INSURANCE APPLICATION PROCESS | |
|---|---|
| Rates & coverage | Agent can help provide help with this |
| Underwriting | Agent will help you qualify for the best plan |
| Beneficiary | You determine who will get your death benefit |
| Application | Agent submits application to insurance company |
| Approval | Congratulations on your new policy! |
| Policy start date | Policy active after 1st payment date |
| Policy delivery | 7-10 business days after first draft date |
The Best Payment Option
| PAYMENT METHOD | RECOMMENDED? |
|---|---|
| Savings Account | Best way to pay |
| Checking Account | Best way to pay |
| Cash | Not recommended |
| Money Order | Not recommended |
| Cashier's Check | Not recommended |
| Debit Card | Not recommended |
| Credit Card | Not recommended |
| Direct Express | Not recommended |
| PAYMENT FREQUENCY | RECOMMENDED | ACCEPTED BY |
|---|---|---|
| Monthly | Recommended | All Companies |
| Quarterly | Not Recommended | Some Companies |
| Semi-annually | Not Recommended | Some Companies |
| Annually | Not Recommended | Some Companies |
Prosperity Life Company Overview
Prosperity Life offers life insurance, Medicare supplements, and annuity products. They have more than 300,000 insurance policies and more than $15 billion in life insurance.
Prosperity Life Insurance Group, LLC was first incorporated in 2009. Despite its recent incorporation, the other member companies have a history dating back a century.
The companies included under the Prosperity Life Group are Prosperity Life, SNLI USA, Shenandoah, and S.USA Life Insurance, which write their burial insurance policies.
Currently, Prosperity Life is based in Austin, Texas. Together with its subsidiaries, their group holds an A- (Excellent) rating from A.M. Best. It shows that the company’s financial outlook is stable and can pay policyholders’ claims in due time.
How Can Funeral Funds Help Me?
Finding a policy if you need burial insurance needn’t be frustrating; working with an independent agency like Funeral Funds will make the process easier and quicker.
If you have any pre-existing medical condition, let us help you; we will work with you side by side to find a plan that fits your needs.
We will work with you every step to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time searching for multiple insurance companies because we will do the dirty work for you.
We work with many A+ rated insurance carriers that specialize in covering high-risk clients like you. We will search all those companies and match you up with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford. So, if you are looking for Prosperity Life funeral insurance, Prosperity Life burial insurance, or Prosperity Life life insurance.
Fill out our quote form on this page or call us at (888) 862-9456, and we can give you an accurate quote.
Additional Questions & Answers On Prosperity Life Insurance Review
PROSPERITY LIFE INSURANCE COMPANY INFORMATION
Is Prosperity Life Insurance still in business?
Yes, Prosperity Life Insurance is still in business.
Is Prosperity Life Insurance legitimate?
Yes, Prosperity Life Insurance is a legitimate insurance company.
Who owns Prosperity Life insurance?
Prosperity Group Holdings own Prosperity Life Insurance.
How long has Prosperity Life Insurance been around?
Prosperity Life Insurance has been in business since 2009.
What is Prosperity Life financial rating?
Prosperity Life Insurance has a financial rating of A- (Excellent).
What is Prosperity Life website?
Check out Prosperity Life at www.prosperitylife.com
What is Prosperity Life insurance phone number?
You can reach Prosperity Life Insurance at 1-800-PROSPERITY.
What is Prosperity Life fax number?
You can fax Prosperity Life at 1-866-927-9378.
What is Prosperity Life customer service number?
You can reach Prosperity Life Insurance at 1-800-PROSPERITY.
What is Prosperity Life email address?
Email Prosperity Life at info@prosperitylife.com.
What is Prosperity Life members’ login?
You can log in to your Prosperity Life account at www.prosperitylife.com.
Where is Prosperity Life located?
Prosperity Life is headquartered in
100 West 33rd Street
Suite 1007
New York, NY 10001, US
Where can I find Prosperity Life BBB reviews?
You can find Prosperity Life BBB reviews at www.bbb.org/new-york/business-reviews/insurance-companies/prosperity-life-insurance-in-new-york-ny-22007601/.
How can I get a Prosperity Life insurance quote?
You can get a Prosperity Life insurance quote by visiting www.prosperitylife.com or calling 1-800-PROSPERITY.
How can I make Prosperity Life insurance online payment?
You can make a Prosperity Life insurance payment online by visiting www.prosperitylife.com and logging in to your account.
How can I access Prosperity Life insurance claim form?
You can access the Prosperity Life insurance claim form by visiting www.prosperitylife.com and logging in to your account.
Where can I check Prosperity Life insurance complaints?
You can check Prosperity Life insurance complaints by visiting www.ftc.gov/complaint or www.bbb.org/new-york/business-reviews/insurance-companies/prosperity-life-insurance-in-new-york-ny-22007601/.
What are the different life insurance products offered by Prosperity Life?
Prosperity Life offers a variety of life insurance products, including term life, whole life, and universal life.
How old do you have to be to apply for Prosperity Life insurance coverage?
You must be at least 50 years old to apply for Prosperity Life final expense insurance coverage.
Can you get first-day coverage with Prosperity Life?
Yes, you can get first-day coverage with Prosperity Life.
What are the pros and cons of Prosperity Life insurance?
Prosperity Life insurance is a great way to protect your loved ones financially in the event of your death. The cons are that it can be expensive, and you may not be able to get coverage if you have health problems.
How much life insurance can you get with Prosperity Life insurance?
You can get up to $35,000 in life insurance coverage with Prosperity Life.
What does Prosperity Life insurance cost?
The cost of Prosperity Life insurance depends on the type of coverage you choose, your age, and your health history.
Where can I get Prosperity Life insurance pricing?
You can get pricing for Prosperity Life insurance by visiting www.prosperitylife.com or calling 1-800-PROSPERITY.
Is Prosperity Life insurance expensive?
Prosperity Life insurance has average pricing similar to most life insurance companies.
Do you need a medical exam to qualify for Prosperity Life insurance?
No, you do not need a medical exam to qualify for Prosperity Life insurance.
Does Prosperity Life ask health questions?
Prosperity Life will ask health questions to determine if you are eligible for coverage.
Does Prosperity Life have a waiting period?
No, they offer first-day coverage. Prosperity Life does, however, have a lookback period of three years for cancer and a two-year waiting period for their graded benefit plan.
Does Prosperity Life insurance accumulate cash value?
Yes, Prosperity Life insurance whole life insurance plans accumulate cash value.
What other benefits does Prosperity Life offer?
Prosperity Life offers a variety of benefits, including death benefits, cash value accumulation, policy riders, and premium flexibility.
Does Prosperity Life insurance expire?
No, Prosperity Life insurance does not expire.
How can I find a replacement for my Prosperity Life insurance policy?
You can find a replacement for your Prosperity Life insurance policy by contacting the company directly.
What is the process for policy replacement?
The process for policy replacement will vary depending on the specific situation. Generally, you will need to provide the company with information about your current policy and the new policy you are looking to purchase.
How do I cancel my Prosperity Life insurance policy?
You can cancel your Prosperity Life insurance policy by contacting the company directly.
What is the process for policy cancellation?
The process for policy cancellation will vary depending on the specific situation. Generally, you will need to provide the company with information about your current policy and the reason for cancellation.
