Important update
Great Western Insurance Company is no longer selling new life insurance policies.
Great Western stopped issuing new final expense life insurance policies on August 31, 2024. The company was acquired by Wellabe (American Enterprise Group) in 2018 and now only offers pre-need funeral insurance, not traditional life coverage. Existing Great Western policies remain in force.
If you are shopping for new final expense or senior life insurance, we recommend:
- Mutual of Omaha Living Promise: ages 45-85, simplified underwriting
- Aetna Accendo: $2,000 to $50,000 face amounts, easy underwriting
- Foresters PlanRight Whole Life: ages 50-85, no-exam approval
- Aflac Senior Final Expense Whole Life: ages 45-85, level benefits
Our take on Great Western
In 1983, John E. Lindquist sought to ease the stress of planning for funerals and other final arrangements, which can often take a toll on surviving family members. Thus, Great Western Insurance Company was born.
Today, the company continues this mission by providing affordable life insurance in the form of pre-need and final expense insurance policies. The pre-need policy options enable the policyholder to pay for a funeral upfront, which prevents costs from rising due to inflation. Additionally, the company offers annuities that can help customers plan for their whole future.
Currently based in Ogden, UT, Great Western now serves the majority of the United States and is regarded as one of the nation’s top final expense insurance providers.
This means that if you’re looking for level term life insurance or other life insurance offerings, you will need to look elsewhere. But if you’re a senior looking to cover final expenses, Great Western Life Insurance has several policy options available.
Great Western company details
| A.M. Best Rating | A- |
| S&P Rating | Not yet rated |
| BBB Rating | A- |
| Customer Service Phone | 866-689-1415 |
| Website | www.gwic.com |
| Address | Great Western Insurance 3434 Washington Blvd, Suite 300 Ogden, Utah 84401 |
Ready to shop for life insurance? Start here
What we like
Multiple Options for Pre-Need Coverage
Those looking for pre-need simplified issue whole life insurance will find multiple favorable options of coverage.
Locked-In Costs
Pre-need packages ensure that your costs remain the same and that your future expenses will not increase with inflation.
No Medical Exam
Great Western provides guaranteed issue life insurance, which means that it is a type of no medical exam life insurance product where applicants are guaranteed to receive coverage.
What we don’t like
No Online Quotes
Great Western offers no online quotes for its policies, which means that applicants will have to speak with an agent.
Narrow Options
The available policies are ideal life insurance for seniors and others looking for final expense insurance but offer limited options for other insurance policies.
Graded Benefits
Many of the policies offer graded benefits, which means that there’s a waiting period before your full benefits become available.
Great Western’s Life Insurance Products
Pre-Need
A pre-need policy allows the policyholder to pay for his funeral expenses up-front with a participating funeral home. This ensures that these expenses are covered, with the added benefit that it prevents costs from rising due to inflation. Great Western also promises to ensure that every detail is covered, so your surviving family is relieved of the burden of funeral planning or guessing at your final wishes.
Pre-need policies aren’t overly common, but they’re hardly unique, either. What makes Great Western stand out is their three options of pre-need coverage.
Voyage
The Voyage product ensures that either (1) your death benefit increases at a favorable rate over time or (2) that you receive a return of your premiums as your death benefit (whichever is higher). This means that you will never pay more than your final death benefit.
A graded plan is offered, but if you answer two simple health questions, you receive immediate coverage.
The Voyage option allows single premium payment, as well as payment plans ranging from one to ten years.
Course
This product has many of the same features as the Voyage product. The Course product allows your death benefit to grow at a favorable rate over the lifetime of the policy.
Destination
The Destination product is designed for those whose death is only days or weeks away. The death benefit is either the premium paid or the cash surrender value, whichever is higher.
Final Expense
Great Western offers two options for final expense insurance.
Guaranteed Assurance
The guaranteed assurance plan offers final expenses with no medical exam or even any health questions to answer. Policies are available to applicants between 40 and 85 and provide between $5,000 and $25,000 in coverage.
Graded benefits apply for the first two years (paying 110% of premiums paid), but the full death benefit becomes available beginning in year three.
Assurance Plus
If you’re in good health, Assurance Plus offers a 25% increase in your death benefit if you answer a few basic health questions. This policy is also issued to applicants between 50 and 85, but the death benefit is higher at $40,000.
Additionally, the Assurance Plus plan includes an accelerated death benefit at no additional cost. This rider allows the insured to borrow from the death benefit to pay for expenses related to a terminal illness.
Policy benefits
Riders
Great Western offers several riders that can be used to modify their existing plans.
Accelerated Death Benefit
Assurance Plus final expense plans include this rider at no extra cost. If you are diagnosed with a terminal illness, you may borrow a portion of the death benefit to pay for medical expenses, groceries, and any other financial obligations incurred as the result of a terminal illness.
Dependent Child and Grandchild Rider
For only $1.00 extra per month, policyholders can purchase a $2,500 policy covering their children or grandchildren.
Spousal Bonus Rider
If both spouses apply at the same time, a rider can be applied to both policies providing an additional $1,000 to the last surviving spouse.
Pre-Need Policy Transfer
If you purchase pre-need insurance, you’re not necessarily tied to one local funeral home. Great Western lets you take your pre-need policy with you if you move for any reason, ensuring that you have full coverage regardless of where you call home.
Group Annuities
Great Western also offers group annuity options, which may be helpful for retirement planning.
Cost
Great Western offers an online quote tool, but you will only receive an insurance quote after providing your personal information and speaking with an agent.
Great Western’s pre-need coverage is affordable and flexible, but their other policies tend to be a bit mixed when it comes to price and value.
Affordable for Younger Applicants
If you’re a high-risk applicant in your 50s, you’ll find that Great Western’s guaranteed issue policy highly affordable, with rates around $50.00 per month for a $10,000 policy.
Not Competitive for Older Applicants
Unfortunately, Great Western’s target customer base will find their rates to be less than competitive compared to other companies that offer simple issue insurance.
Ultimately, this company is best for those looking for flexible forms of pre-need coverage. Others may wish to continue shopping and comparing rates prior to committing to their guaranteed issue policies.
Performance
Financial ratings
Great Western has been positively reviewed by top industry analysts, including:
- A.M. Best Rating: A+
- BBB Rating: A-
These high reviews indicate a strong financial background, and that the company can be counted on to provide a payout at the appropriate time.
