Written by Kim Wilhelm
Last Updated 26 Mar 2023
Seniors with a Direct Express card for federal government social security benefits struggle to find a life insurance company who will accept these types of payments. Most companies will only take direct payments from a checking account, which isn’t always an option available for seniors on a fixed income.
Find out why we partner with Prosperity Life Group for final expense insurance and if this insurer is the right one for you.
Prosperity Life Group Final Expense Insurance
Many seniors find themselves without life insurance when they need it the most. If your family can’t afford to pay for your funeral, you can take that burden off them with final expense life insurance for seniors.
These policies are whole life insurance, which means:
- Level coverage that never decreases
- Level premiums that never increase
- Cash value that builds over time, allowing you access to funds while you’re still alive
The great thing about buying a final expense policy is your beneficiary can use the funds for anything. Whether it’s paying for your funeral, end-of-life expenses, to leave something for the grandkids, or a combination, a final expense policy is an impactful last gift you can leave to your loved ones.
Prosperity Life Group Life Insurance Policies
Besides final expense life insurance for seniors, Prosperity life group offers a universal life insurance policy and several term life options.
Single Premium Universal Life
As the name suggests, this universal life policy requires just one premium to pay the policy in full. The cash value within the policy will start to grow immediately, which you can access as a loan or withdrawal while alive.
If the cash value remains intact and you decide to cancel the policy, you can get a guaranteed return of premium, which Prosperity determines when the policy is issued.
This policy comes with an accelerated death benefit rider. If you get diagnosed with a terminal illness, you can access some of the death benefit to use while alive. If not paid back, the amount will reduce the death benefit paid to your beneficiary when you pass away.
Term Life Insurance Options
Those who want temporary life insurance coverage can choose from several term life insurance options through Prosperity Life Group.
- Simple Issue Term Life: This policy doesn’t require a medical exam, and most decisions come within 48 hours of applying. You can get up to $350,000 in coverage, and the policy can be renewable or convertible to a permanent policy until you reach age 75. However, Prosperity only guarantees level premiums for the first 10 years of the policy.
- Graded Death Benefit Term Life: This policy has 3 application questions, and a prescription and the Medical Information Bureau check for approval. Prosperity caps coverage at $30,000 on a 20-year term to age 100, which converts to a decreasing term policy after the initial 20 years. It has a reduced death benefit in the first 3 policy years, comes with a free accelerated death benefit rider and an optional accidental death benefit rider for an additional cost.
- Renewable and Convertible Term Life: This policy has level premiums for the initial 10 years, and can be renewed to age 98 or converted to a whole life policy up to age 75. You can add optional riders for accidental death or waiver of premium for disability, but it only applies up to age 60.
- Income Continuation Term Life: This policy has 10 years of level premiums, which can increase yearly thereafter. The death benefit is paid as a monthly income check to your beneficiary for either 2, 3, or 5 years, or until age 70. This term policy can include an optional inflation protection rider or, if you prefer a lump sum death benefit, the lump sum benefit rider.
Prosperity Life Group Life Insurance For Seniors
Prosperity Life Group offers a final expense life insurance for seniors policy with coverage between $1,500 to $35,000, allowing you to choose the coverage amount that meets your needs. Prosperity Life Group has competitive rates for seniors with a complicated health history, allowing more to get approved with rates they can actually afford.
There are three different levels of death benefit you can qualify for. Which one you qualify for depends on your answers to the health questions on the application. There is no medical exam to complete, regardless of your health status.If you’ve been denied or know someone who has been because of receiving an organ transplant, call us at Final Expense Direct so we can get you approved in one phone call!
Prosperity Life Group Senior Life Insurance - Level Death Benefit
Healthy seniors will have no problem qualifying for a level death benefit. There is no waiting period, which means no matter when you pass away, your beneficiary will receive the full death benefit.
That doesn’t mean only healthy seniors will get approved for an immediate death benefit. Prosperity Life Group will also give an immediate death benefit to seniors with these pre-existing conditions:
- Circulation issues
- Coronary artery disease (CAD)
- Insulin-dependent diabetic (type 1 diabetes)
- Irregular heartbeat
- Organ transplant recipient (as long as the transplant was over two years ago)
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Prosperity Life Group Senior Life Insurance - Graded Death Benefit
If you have more serious health issues, you may not qualify for an immediate death benefit with Prosperity. In that case, you will get approved as substandard and either get a graded or modified death benefit.
With a graded death benefit, your beneficiary will only receive part of the coverage amount if you die in the first two years. If you die in the first year, they’ll receive 30% of the death benefit, and 70% if you die in the second year. After the second year, they’ll receive the full death benefit no matter when or how you die.
Prosperity Life Group Senior Life Insurance - Modified Death Benefit
The other death benefit option offered by Prosperity Life is a modified death benefit. If you die in the first year of the policy, Prosperity will pay your beneficiary 110% of the annual premiums paid into the policy. If you die in the second year, they will receive 231% of the annual premiums paid. After the second year, they’ll get the full death benefit.
Prosperity Life Group Burial Insurance
If you’ve ever heard of burial insurance, it’s just another name for final expense insurance. Most seniors buy enough final expense insurance to pay for their burial costs so they don’t leave their family to shoulder the cost. Seniors as young as 50 can buy final expense burial insurance from Prosperity Life Group. The younger you are, the cheaper life insurance is, even if you have health issues.Don’t let this happen — buy a final expense policy on your own so you get to decide the beneficiary, coverage amount, and .
Prosperity Life Group Funeral Insurance
Funerals can be expensive and are often one of the larger costs to worry about as a senior. The median funeral costs almost $9,000, and if you need to buy a cemetery plot and grave marker, the cost can be more than $10,000. Most seniors buy final expense insurance to pay for their funeral, which is why you’ll see it referred to as funeral insurance.
If you don’t know how much the funeral you want will cost, so you know how much insurance to buy, reach out to the funeral home. Be careful though, because they might try to sell you on preneed insurance or a prepaid funeral.
Is Preneed Insurance or a Prepaid Funeral a Better Choice?
Preneed insurance is final expense insurance you buy through the funeral home. You only get the amount of coverage you need to pay for the funeral, and the funeral home is the beneficiary. If you want to leave something to your family, church, or favorite charity, preneed insurance isn’t the best choice.
Prepaying your funeral is convenient, but if you are a younger senior and healthy, you may not die for decades. The cost of a funeral is tied to inflation, so you could end up thinking you paid off your funeral, just to die and find out your family is on the hook for more.how the death benefit will be used
Prosperity Life Group Life Insurance Costs
Final expense life insurance costs are based on how old you are, where you live, and your health status. To give you an idea of what life insurance costs with Prosperity Life Group, we compared rates for different age groups with a few competitors. Rates are based on a $10,000 final expense life insurance policy.
For a healthy 50-year-old man, Prosperity would charge around $35 per month. With Fidelity, you’d pay around $38 for the same policy, and Americo would charge $40 per month. A 50-year-old female would pay about $29 with Prosperity and Fidelity, and $34 with Americo.
Now, if you’re a little older, say 70-years-old, a man would pay around $80 a month with Prosperity. Americo and Colonial Penn would charge $87 for the same policy. A 70-year-old woman would pay $59 per month with Prosperity, $66 with Colonial Penn and $65 with AARP.
When shopping for life insurance, it pays to shop around. At Final Expense Direct, we can do the shopping for you. Just give us a call, answer a few health questions, and our agents can help you find the best final expense plan, whether it’s with Prosperity or another one of our carriers.You should never pay more for the same policy. That’s why we work with many final expense companies, so we can find you affordable coverage regardless of your age and health. Let us provide you and your family peace of mind in just one phone call.
Prosperity Life Group is a Texas-based life insurance company offering competitive rates for senior final expense insurance. Seniors who are insulin dependent, have heart issues, or are two years past an organ transplant can get an immediate death benefit with Prosperity. If you’ve been diagnosed with cancer, we have better options available. Call us today at Final Expense Direct to get a quote with Prosperity Life or any of the other final expense companies we work with.
Other Final Expense Company Reviews:
- Nationwide Insurance Review
- Amica Insurance Review
- Bestow Life Insurance Review
- Aetna Insurance Review
- American Amicable Life Insurance
- Haven Life Insurance Review
- Royal Neighbors of America Insurance Review
- Mutual of Omaha Life Insurance Review
- AIG Life Insurance Review
- Fidelity Life Insurance Review
- Globe Life Insurance Review
- AARP Life Insurance Review
- Metlife Life Insurance Review
- Colonial Penn Life Insurance Review
- Lifeinsurancesavings.com Life Insurance Review
- National Family Life Insurance Review
- Great Western Insurance Company Review
- The Baltimore Companies Insurance Review
- Liberty Bankers Life Insurance Review
- Prosperity Life Group Review
- American Home Life Insurance Review
- Pioneer American Life Insurance Review
- AAA Burial Insurance Review
- State Farm Burial Insurance Review
- Americo Life Insurance
- Gerber Life Insurance Review
- United Freedom Benefits Review
- Trustage Life Insurance Review
- USA Family Protection
- ReliaStar Life Insurance
- Physicians Life Insurance
- Trinity Life Insurance
- Banner Life Insurance