Guarantee Trust Life Burial Insurance Review: Heritage Plan

Guarantee Trust Life Burial Insurance Review
Guarantee Trust Life Burial Insurance Review: Heritage Plan

Black and white GTL logo

Funeral costs can range from $8,000 – $12,000. This can be a financial shock for many family members when it is time to start planning a service or memorial. Fortunately, many final expense insurance coverage options will help ease this financial burden.

Our industry experts have included this plan in the best burial insurance list for its easy approval and plan features.

Guarantee Trust Life Burial Insurance Review

Guarantee Trust Life was established in 1936 and has a long history of providing individuals and families with insurance products. You may hear this company referred to as GTL as an abbreviated version of the full name.

As a 3rd generation family-run mutual company, GTL has a deep history of doing what is best for the policyholders. Richard S. Holson III is currently the President, CEO, and Chairman of the Board. He followed his father and grandfather, who held the same positions.

Company Details

  • Established: 1936
  • A.M. Best Financial Rating: A (excellent)
  • Headquarters: Glenview, IL

GTL offers many different types of insurance. However, this article will review the final expense insurance (Heritage Plan) meant to pay funeral costs for seniors.

GTL Heritage Whole Life Plan

Heritage Insurance Review (Whole Life)

The Heritage Plan is meant for individuals with complicated medical histories who would like a product with a more favorable waiting period than a guaranteed acceptance plan.

Quick Plan Facts

  • Age Eligibility: 40 – 90
  • Coverage Amount: $2,500 – $20,000 (depending on age)
  • State Availability: 48 states & DC (excluding CA & NY)
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: 2-years
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: No

Whole Life Benefits

The Heritage Plan from GTL is a whole life insurance product. With every burial insurance whole life plan, there are three permanent benefits.

Price Never Increases: The monthly premium will never rise. This gives seniors on a fixed income peace of mind knowing they will budget the monthly premiums moving forward.

Permanent Protection: Coverage will never expire or decrease, giving seniors and their family members the assurance that the policy will cover burial costs.

Builds Cash Value: A small amount goes towards the cash value every time you pay into your policy. Over time a cash value will build that you can borrow against if needed.

Two-Year Waiting Period

When looking at the market today, there are a few different ways payouts are structured for whole life products. This plan has one of the most favorable payouts you will find with a waiting period product.

Payout Schedule

  • Year 1: All paid premiums returned plus 5%
  • Year 2: 50% of the coverage amount
  • Year 3: Full coverage amount

Temporary Accidental Death Benefit

If you pass away in the first two years of the policy because of an accident, the insurance company will pay out the full face amount.

The death must be a direct result of an unforeseen accident that happens while the policy is in force. Once the accident happens, death has to result within 180 days for the benefit to be paid out to the beneficiary. There are, however, two exclusions to this additional benefit.

War Exclusion: No accidental death benefit will be paid while serving in the military as a non-combatant civilian or as a civilian.

Suicide Exclusion: If the insured dies of suicide within the first two years of the policy, the carrier is only liable for the return of premiums paid minus any outstanding loan balance from the policy.

Coverage Issued Until 90 Years Old

When looking at other carriers and products, very few companies offer funeral insurance for seniors over 80. GTL life insurance will provide coverage for applicants up to the age of 90. However, the amount of coverage available changes for seniors over 85.

  • Ages 40 – 85: $20,000 maximum death benefit
  • Ages 86 – 90: $10,000 maximum death benefit

Whether you are looking into cremation insurance for a parent, yourself, or a loved one, receiving a life insurance policy at age 90 makes this product and company a top option for seniors over 85.

Guarantee Trust Life Funeral Insurance Quotes

GTL has competitive pricing compared to other graded plan options and better pricing than most guaranteed life insurance products.

Female

Monthly Premiums

Age $10,000 $15,000 $20,000
50 $38 $55 $72
55 $47 $68 $89
60 $54 $79 $104
65 $65 $95 $126
70 $79 $117 $154
75 $114 $169 $224
80 $179 $266 $354
85 $221 $329 $437
90 $337 NA NA

Male

Monthly Premiums

Age $10,000 $15,000 $20,000
50 $55 $80 $106
55 $60 $88 $116
60 $69 $102 $134
65 $87 $129 $171
70 $104 $154 $204
75 $147 $219 $291
80 $246 $366 $487
85 $316 $473 $629
90 $387 NA NA

Guarantee Trust Life Insurance vs. Guaranteed Issue

A traditional guaranteed issue product asks no medical questions, but this comes with a trade-off. In return for no medical questions, the carrier charges a higher monthly premium and a waiting period delaying an immediate payout.

There is a midpoint between healthy seniors and those who have severe medical concerns. GTL Heritage Plan is the right fit for this applicant.

Below is a list of health conditions that GTL life insurance will accept that would otherwise need coverage from a guaranteed issue plan.

Company Comparisons

Below are monthly pricing examples for GTL and AIG, a top guaranteed acceptance plan on the market. The pricing is competitive the majority of the time; however, the waiting period with GTL is more desirable.

Female

$10,000 of Coverage

Monthly Premiums

Age GTL AIG
50 $38 $39
55 $47 $47
60 $54 $54
65 $65 $66
70 $79 $80
75 $114 $116
80 $179 $190
85 $221 NA
90 $337 NA

Male

$10,000 of Coverage

Monthly Premiums

Age GTL AIG
50 $55 $56
55 $60 $61
60 $69 $68
65 $87 $91
70 $104 $106
75 $147 $150
80 $246 $206
85 $316 NA
90 $387 NA

women in black shirt

GTL Funeral Insurance Underwriting Basics

Application Process

This product has one of the easiest application processes on the market. Your agent will walk through the process with you over the phone.

After the agent receives all the needed information, there will be about a two-minute voice application process that will ask the following questions:

  • What plan are you applying for?
  • Confirm your date of birth
  • What are the last 4 digits of your social security number?
  • Did you answer everything truthfully on this application?
  • Do you understand this product comes with a monthly premium?

No Medical Informational Bureau Check

The Medical Informational Bureau (MIB) checks records to cover errors, omissions, or misrepresentations on your coverage application. This is another hoop to jump through when getting coverage.

Fortunately, GTL does not require or check this during its underwriting process. This makes it more simple and straightforward to get the coverage you and your family needs.

Medical Questions for GTL Final Expense Insurance

To be eligible for Guarantee Trust Life final expense life insurance coverage, you will need to answer “no” to the 5 health questions below.

1. Within the last twenty-four (24) months, have you been receiving kidney dialysis, require 24-hour continuous oxygen use (excluding CPAP), have an implanted defibrillator or received or been advised by a member of the medical profession to get an organ transplant?

2. Within the last twenty-four (24) months, have you been diagnosed with or treated by a member of the medical profession for Alzheimer’s, dementia, or memory loss?

3. Currently diagnosed as having or receiving treatment by a member of the medical profession for invasive cancer (excluding Stage A Prostate Cancer, Carcinoma in Situ, and Squamous Cell/Basal Cell Carcinoma)?

4. Are you currently bedridden, confined to a hospital, nursing home, mental care facility, long-term care facility, hospice, or been diagnosed with a terminal illness?

5. Have you been diagnosed by a member of the medical profession as having the Human Immunodeficiency Virus (HIV), ARC, or AIDS?

Is Guarantee Trust Life a Good Company?

The Guarantee Trust Life Insurance Company’s AM Best financial rating is an A (excellent) and has been in business since 1963. This combination makes GTL an option you can rely on and trust.

Company Financials

In 2019 GTL had impressive financials. Including a $22 million operating gain while growing surplus by 15 percent, assets by 6 percent, reserves by 7 percent, and achieving a net premium of $232 million. Since 2017 this carrier has paid out over $100 million in hospital indemnity and cancer claims.

A successful track record, solid financials, and strong customer service reviews will give you the peace of mind needed that your policy payout will be available when your family needs it the most.

Here are some of the statistics of this carrier’s financials.

  • $680 Million in total assets
  • $655 Million in invested assets
  • $574 Million in total liabilities
  • $540 Million in total reserves for life policies, contracts, accidental and health policies
  • $106 Million in net surplus

GTL invests the majority of its excess capital in bonds and mortgages.

GTL company revenue pie chart

Final Thoughts On GTL Insurance

a. During this Guarantee Trust Life burial insurance review, it is clear that the GTL Heritage Plan is meant for individuals with health complications but can answer 5 simple medical questions.

b. The qualifying process is simple and easy and will award a better payout structure and lower premiums than most guaranteed issue plans.

c. GTL insurance reviews show strong financial stability and can be trusted to pay out their claims quickly.

Willamette Life specializes in helping seniors with preexisting conditions find coverage. Call us at 844-576-0019

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