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Prosperity Life Insurance Review

We recommend their products to seniors looking for final expense insurance, which can ease the burden on surviving family members by providing funds for funeral expenses, unpaid medical bills, and other end-of-life obligations.
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Prosperity Life Insurance Review

Written by Brian Greenberg
CEO / Founder & Licensed Insurance Agent

Last updated: March 20th, 2023

Reviewed by Grant Desselle
Licensed Insurance Agent

Our take on Prosperity

Prosperity Life is a combination of Shenandoah Life, S.USA Life Insurance Company, and SBLI USA Life Insurance Company. That means that its products are underwritten by any of these three companies.
Prosperity was founded in 2009 and is currently headquartered in Austin, Texas.
Their products are sold through banks and other financial institutions, but the company relies most heavily on local agents.

A.M Best RatingA-
S&P RatingNot Yet Rated
BBB RatingA+
Customer Service Phone866­-787­-2123
AddressS.USA Life Insurance Company, Inc.
P.O. Box 1050
Newark, NJ 07101

What we like

Great for Seniors

Prosperity’s products are ideal for seniors looking for final expense coverage.

No Medical Exam

As with other final expense insurance, no medical exam is necessary for approval.

Income Protection Term

Prosperity offers an income protection policy that can distribute the death benefit in the form of monthly “income” payments.

What we don’t like

Specific to Seniors

Younger applicants looking for greater coverage and more options should look elsewhere.

No Online Quotes

Prosperity offers no options for online quotes, preferring that its customers deal with agents directly.

Company Lacks History

While no company should be judged by age, we’d prefer to see how Prosperity performs in the market over a longer period of time.

Prosperity Life Insurance Products

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While products are aimed at the senior market, older applicants have a range of policy options to choose from.

Final Expense

Prosperity offers a final expense insurance product with coverage ranging from $1,500 to $35,000. All policies are issued to applicants between the ages of 50 and 80 and remain in force for the lifetime of the policy.
All plans include an accelerated death benefit rider that pays as much as 50% of the death benefit if the insured is diagnosed with a terminal illness.
Prosperity’s final expense insurance comes in three distinct varieties: (1) the level-benefit plan, (2) a graded plan, and (3) a modified plan.

Level Benefit Plan

This plan offers level premiums and full death benefit coverage from the time of issue.

Graded Plan

The graded plan does not pay the full death benefit until year three. For the first year, the plan pays 30% of the death benefit, and 70% the following year.

Modified Plan

The modified plan is ideal for those with severe or multiple health issues and can’t medically qualify for the level or graded plans. However, the coverage amounts remain the same as the other final expense plans. The difference is that there is a graded period, during which the beneficiaries only receive a return of premiums, as well as additional interest. After the first two years, the full death benefit amount becomes available

Graded Death Benefit Term

Length of Coverage20 years
Minimum Coverage$5,000
Maximum Coverage$30,000
Estimated Time to ApprovalImmediate
Product Features
  • Graded Benefit
  • No medical exam

Prosperity offers a 20-year term life insurance product designed as an alternative to final expense coverage. The death benefit ranges from $5,000 to $30,000, which is ideal for older applicants looking to cover final expenses. This product is available to applicants between the ages of 40 and 80, though the greatest value will be for those who don’t expect to live past the initial term.

No Medical Exam

This policy requires no medical exam, effectively making it a guaranteed form of final expense insurance.

Graded Benefits

This product offers a 3-year graded period, during which time the full death benefit is not available. The first year offers a return of premiums, and years two and three offer 30% and 60% of the total death benefit.

Decreasing Benefits After Year 20

After the initial term expires, the policy remains effective. However, the total death benefit is reduced by 5% each year until the coverage lapses at age 100.

Income Protection Term

Rather than provide a lump-sum benefit, this plan offers your beneficiaries continued “income” in the form of a monthly benefit payment. This period can be 2, 3, or 5 years, or until the policyholder would have turned 70.
This product is available to applicants between the ages of 18 and 55, and coverage lapses at age 70.

Simplified Issue Option

This policy has both a simplified issue and a fully underwritten option.

Level Premium Period

These policies have a 10-year level-premium period. This period can then be renewed in five-year installments until the policyholder turns 65.

Lump-Sum Rider

For an additional cost, policyholders can add a rider that will offer their beneficiaries an additional lump-sum payment ranging from $10,000 to $500,000.

Inflation-Adjustment Rider

For an additional cost, this rider will increase the monthly benefit payments by 3% each year to keep up with inflation.

Renewable and Convertible Term

Prosperity offers a term life policy that can be renewed until age 98. Policyholders also have the option to convert to a whole policy until age 75.
Multiple riders are available to customize this product, as well as flexible payment options.

Simple Issue Term

This simple policy requires no medical exam and typically provides coverage within 48 hours. Policies are available to applicants between 18 and 60, with coverage up to $350,000, which is competitive for a simple issue plan.

Renewable Options

The plan itself is a 10-year term with a level premium but applicants can renew the policy in five-year increments until age 85. However, each renewal period will bring an increase in premiums.

Conversion Options

Policyholders can convert to a whole policy at any point prior to their 75th birthday.

Whole Life

Prosperity provides permanent, whole life insurance products. Coverage lasts a lifetime as long as you stay current with your premiums. Level premiums ensure your rates stay locked in for your lifetime.
Applicants can be as young as 15 days, and as old as 80 years. Coverage starts at $50,000.

Living Benefits

This policy grants access to up to 50% of the death benefit in the event of a terminal illness.

Cash Value Accumulation

This policy accrues cash value, which can be used for loans, or left for your beneficiaries and family.

Smart Life

Smart Life is a simplified issue whole life policy, whose key feature is that it requires no medical exam. It is essentially identical to Prosperity’s standard whole life policy (see above), though age and coverage amounts vary slightly. Applicants should be 75 or younger and can expect coverage between $15,000 and $75,000.

Universal Life

Universal life insurance is another permanent option, and it comes with additional methods of investment and inheritance. Prosperity’s universal option may be a good choice for those looking for long-range estate planning. This product is available to applicants between 50 and 80, with a lump-sum premium between $15,000 to $250,000.

Return of Premium Option

If you don’t make loans or withdrawals, you are guaranteed to receive a return of premiums.

Cash Value Accumulation

Cash value accrual provides access to loans or withdrawals.

Living Benefits

The accelerated death benefit rider provides an advance in the event of a qualifying illness.

Policy benefits

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Prosperity offers all the standard riders you’d expect to see, some of which are included at no additional cost.


Prosperity’s policies can be modified with the following riders:

Accidental Death

If you die as the result of an accident, this rider pays a supplemental benefit up to 100% of your policy’s value. This coverage expires at age 75.

Terminal Illness

Most policies include this rider for no additional cost, providing up to 50% of the death benefit if you are diagnosed with a terminal illness.

Waiver of Premium (Disability)

If you are disabled for at least 6 months, this rider will waive your premiums for the duration of this period.

Ten-Year Term Rider

Whole life customers can add a 10-year term policy to either themselves or an additional person. The amount of this supplemental coverage can be the face value of the policy, or $100,000, whichever comes first. The rider can be renewed in five-year increments until the insured’s 75th birthday.


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Prosperity’s rates remain competitive even for older applicants, and their flexible payment plans offer options that fit your budget.

Seniors already face limited life insurance options, so it’s refreshing to see that Prosperity offers affordable life insurance for every age. We found them especially competitive for level-term final expense coverage. A healthy, non-smoking man can purchase a $15,000 final expense policy for less than $50 at age 50, and less than $120 at age 70. The rates of female non-smokers are even lower, providing the same policy to a 70-year-old woman at just over $85.00 per month. However, these rates tend to be based on a multiplicity of factors, so consult an agent before making a final decision.
Additionally, multiple payment options are available, including monthly, quarterly, semi-annual, annual, and even lump-sum payments (the latter for select policies only).


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Though new, Prosperity enjoys favorable financial ratings from top agencies.

Financial ratings

Prosperity has a solid financial reputation, according to third-party ratings.

  • A.M. Best Rating: A-
  • BBB: A+

Prosperity is not accredited with the Better Business Bureau but enjoys a positive rating.

Customer reviews

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