Great Western Final Expense Insurance Review: Plan Facts

Great Western Final Expense Insurance Review
Great Western Final Expense Insurance Review: Plan Facts

Great-Western Logo

Many companies claim to have top-tier life insurance plans, though only a few have great products designed for funeral expenses. The best burial insurance companies have specific benefits and features to look for.

Our industry experts have reviewed the Great Western Insurance Company to help seniors make an informed purchasing decision.

Great Western Final Expense Insurance Review

Great Western Insurance Company (GWIC) was established in 1983 and founded by John E. Lindquist. Linquist is the owner of a 5th generation family-owned mortuary & cemetery business.

The background that he and his family had with funeral costs is a unique and rare attribute that helped them build this trusted company.

Company Details

  • Established: 1983
  • A.M. Best Financial Rating: A (excellent)
  • Headquarters: Ogden, UT

Plan Types

Plan 1: Guaranteed Assurance
Plan 2: Assurance Plus

Both final expense insurance plans come with three whole life permanent benefits.

Coverage Never Terminates: The death benefit will never decrease or terminate. This allows family members to be financially prepared for the inevitable costs that come with death.

Price Never Increases: For seniors on a fixed income, this plan allows them to be prepared for the financial costs of coverage well into the future. There are no unexpected price raises.

Builds Cash Value: With each payment made, a portion of the premium will go towards the cash value. Over time this amount will grow and can be borrowed from.

GWIC Guaranteed Assurance

Plan 1: Guaranteed Assurance

Quick Plan Facts

  • Age Eligibility: 40 – 80
  • Coverage Amount: $1,000 – $40,000
  • State Availability: 41 states & DC (excluding AK, CT, DE, HI, ME, NY, RI, VT, WA)
  • Medical Exam: No
  • Health Questions: No
  • Waiting Period: 2-years
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: No

No Medical Questions

This plan is a guaranteed acceptance product. This means no medical questions will be asked and every applicant will be guaranteed approval. With no health questions required, a waiting period will be implemented.

Two-Year Waiting Period

The plan requires a two-year waiting period. This means if the policyholder were to pass away anytime during the first two policy years, the death benefit would be a partial payout.

Payout Structure

  • Year 1: All paid premiums returned plus 10%
  • Year 2: All paid premiums returned plus 10%
  • All other years: Full coverage amount

Accidental Death Benefit During the Waiting Period

If the policyholder were to die because of an accident during the waiting period, the beneficiary would be awarded the full coverage amount. Once the two-year waiting period is over, this provision is lifted and is no longer an active feature for this policy.

Great Western Burial Insurance Quotes

The Great Western Guaranteed Assurance plan has higher prices than top competitors like Mutual of Omaha or AIG’s guaranteed acceptance plans.

Female

Monthly Premiums

Age $10,000 $15,000 $20,000
45 $46 $68 $89
50 $49 $73 $95
55 $56 $83 $109
60 $66 $98 $129
65 $80 $119 $157
70 $102 $151 $200
75 $138 $206 $273
80 $190 $283 $376

Male

Monthly Premiums

Age $10,000 $15,000 $20,000
45 $55 $81 $107
50 $59 $88 $116
55 $64 $95 $126
60 $75 $111 $147
65 $92 $136 $181
70 $119 $177 $235
75 $158 $236 $313
80 $227 $339 $451

Assurance Plus GWIC

Plan 2: Assurance Plus

Quick Plan Facts

  • Age Eligibility: 40 – 80
  • Coverage Amount: $1,000 – $40,000
  • State Availability: 42 states (excluding AK, CT, DE, HI, ME, NY, RI, VT)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: No

Immediate Coverage

This plan offers day one coverage. This means once the insurance company approves the applicant, the senior has coverage immediately. To qualify for day one coverage, the applicant will need to answer a series of medical questions.

Accelerated Death Benefit Rider

The Assurance Plus policy includes this feature at no additional cost. This benefit allows the policyholder to take up to 90% of the present death benefit value if a diagnosis was established with a qualifying medical condition.

What is Considered a Qualifying Medical Condition?

Terminal Illness: A licensed physician has diagnosed the policyholder with a disease expected to cause the insured to pass away within the next 12 months.

Chronic Illness: The insured cannot perform two of the five activities of daily living for at least 90 days. The five basic activities of daily living include bathing, dressing, eating, toileting, and transferring. Or if you have severe and permanent cognitive impairment and require supervision.

Death Benefit Will be 125% of the Face Amount

This is an additional benefit also built into the plan. It adds 25% to the death benefit without having to pay extra costs.

Example: If the policy coverage amount is $10,000, then the plan automatically jumps to $12,500 for the coverage amount.

Great Western Funeral Insurance Quotes

Listed below are quotes for this product. The additional 25% to the policy’s face amount has been added to the quotes.

Female

Monthly Premiums

Age $12,500 $18,750 $25,000
45 $46 $68 $89
50 $49 $73 $95
55 $56 $83 $109
60 $66 $98 $129
65 $80 $119 $157
70 $102 $151 $200
75 $138 $206 $273
80 $190 $283 $376

Male

Monthly Premiums

Age $12,500 $18,750 $25,000
45 $55 $81 $107
50 $59 $88 $116
55 $64 $95 $126
60 $75 $111 $147
65 $92 $136 $181
70 $119 $177 $235
75 $158 $236 $313
80 $227 $339 $451

Great Western Assurance Plus Health Questions

To qualify for the Great Western Insurance Company’s final expense Assurance Plus plan, you will need to be able to answer “no” to all of the following questions.

In the last 24 months have you:

been confined to a bed, received hospice care, been in a hospital or a nursing home for 5 or more days in total?

Do you require: assistance or supervision to perform routine daily activities such as:

bathing, dressing, eating, toileting, or transferring to or from a bed or chair?

In the past 24 months have you consulted a member of the medical profession, been treated for, been diagnosed with or taken medication for any of the following:
  • diabetes requiring insulin, with complications, or requiring 3 or more medications;
  • internal cancer, malignant melanoma, leukemia, Hodgkin’s Disease, or lymphoma;
  • heart surgery including bypass, angioplasty or stent placement, congestive heart failure, heart attack, stroke, peripheral vascular disease, or aneurysm;
  • emphysema, chronic obstructive pulmonary disease (COPD), or oxygen use;
  • a neuromuscular disease, Amyotrophic Lateral Sclerosis (ALS), Parkinson’s, or Multiple Sclerosis;
  • kidney failure or dialysis;
  • liver diseases such as chronic hepatitis or cirrhosis;
  • dementia, Alzheimer’s disease, or schizophrenia;
  • alcohol or drug abuse;
  • organ transplant
Have you ever been diagnosed by a member of the medical profession or tested positive for:

Human Immunodeficiency Virus (AIDS virus) or Acquired Immune Deficiency Syndrome (AIDS)?

In the last 24 months have you received treatment from a member of the medical profession for:

Human Immunodeficiency Virus (AIDS virus) or Acquired Immune Deficiency Syndrome (AIDS)?

Man and woman on couch and ipad

Great Western Burial Insurance FAQ’s

Who Owns Great Western Insurance Company (GWIC)?

Great Western is an affiliate of American Enterprise Group Inc. who has assets worth $2.4 billion. After working together for years prior, American Enterprise Group acquired Great Western in 2018.

$2.6 billion in Total Assets as of 2019

  • Total capital and surplus: $691 million
  • Benefits and claims paid: $513 million
  • Premium revenue: $623 million
  • Total policies: 685,565

Are Great Western Insurance Reviews Good?

Great Western has a strong financial rating and has the backing of the American Enterprise Group. They offer two burial insurance plans, both with slightly higher than average premiums.

What is the Great Western Insurance Phone Number?

To reach the Great Western Life Insurance customer service phone number, dial 866-689-1401

man on computer smiling

Final Thoughts About Great Western Guaranteed Life Insurance

a. Throughout this Great Western Final Expense Insurance Review, it is clear that they have a long and trusted reputation in the marketplace.

b. The Guaranteed Assurance product is fine for seniors who do not want to answer any medical questions. This does come with higher prices, and you will have a two-year waiting period. The Assurance Plus product is not your best option when it comes to plans with immediate coverage.

c. Work with a highly rated independent agent to find the best plan at the lowest price point.

Willamette Life focuses exclusively on funeral insurance. This allows our team to focus on every detail of the market and ultimately find the lowest price point and best plan structure for seniors.

Call us at 844-576-0019

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