Prosperity Life Insurance Company Review

By providing coverage for millions of families across the United States and around the world, the life insurance industry is one of the largest components of the global financial industry.

Every year, billions of dollars in life insurance coverage is paid out and every year, millions of more families make the decision to sign up for a life insurance policy.

Naturally, in an industry that is this fundamentally important to both the national and the global economies, there will emerge a wide range of competitors for consumers to choose from.

Though there are seemingly countless life insurance companies that Americans can currently choose from, the differences between these companies are not something that should be willingly overlooked.

The life insurance policy that makes the most sense for one family may not be the same that makes the most sense for another. Things to look for when comparing different life insurance providers include the cost of a policy, the type of policies that are currently available, and the specific areas of emphasis the company is known for.

This article will briefly review the company Prosperity Life Insurance and discuss how their policies can be effectively incorporated into your financial portfolio.

Prosperity Life Insurance Company Overview

prosperity life insurance company reviewThough Prosperity Life Insurance was officially incorporated in the year 2009, the organization’s member companies have a history dating back over a century. Currently, Prosperity Life Insurance is based out of Austin, Texas.

Through its various member companies, Prosperity provides life insurance coverage for more than 300,000 policyholders that are worth more than $15 billion when combined.

Prosperity Life Group is in a unique situation in which, considering the fact it is composed of multiple core members, it is able to easily create life insurance plans that can cater to its clients very specific set of needs.

In addition to offering life insurance, the group is also able to offer numerous other types of insurance as well as several useful asset accumulation options.

Though the company has engaged in a minimal amount of advertising since its restructuring in 2009, there is no doubt that the dynamic nature of the group has been a core area of emphasis.

Prosperity Life Insurance Policies Review 

Though supplemental insurance and asset accumulation are certainly emphasized by Prosperity, the company’s primary area of emphasis is its life insurance policies.

Currently, the company offers seven different varieties of life insurance policies. These policies are frequently combined in order to create more personalized solutions.

Prosperity Final Expense Insurance Review

Final Expense Insurance provides permanent protection capable of covering the expenses associated with passing away.

Consumers will have the option to apply for level, graded, or modified policies depending on their health. With these policies, there is no medical exam required and tax-deferred cash value can be easily accumulated.

Prosperity Graded Death Benefit Term Review

Graded Death Benefit Term provides up to $30,000 in death benefits over the course of 20 years. Beginning in the 21st year, the death benefit will begin to gradually decrease.

The application process does not require a medical exam, though it does include a quick series of questions. Due to the limited amount of death benefits available, these policies are generally considered quite affordable.

Prosperity Income Continuation Term Review

Income Continuation Term can help provide your family with financial security in the event of an early death. This policy affords your family the functional equivalent of a paycheck for up to five years following your death. When compared to other policies, Prosperity’s Income Continuation policy is rather flexible regarding cash flow options.

Prosperity Renewable and Convertible Term Review

Renewable and Convertible Term offers level premiums for a predetermined period of time. These policies can be renewed up to the age of 98 and can also be easily converted to whole life policies up to the age of 75.

Prosperity Simple Issue Term Review

Simple Issue Term is a policy that is often ideal for individuals who have medical conditions preventing them from applying for other life insurance policies.

There is no medical exam required, the application process is quite simple, and applicants are usually approved within two days. This policy is particularly popular due to low monthly premiums, up to $350,000 in coverage, and convertibility options up to age 75.

Prosperity Whole Life Insurance Review

Whole Life is probably the most comprehensive life insurance policy available through Prosperity. The highlights of this policy include guaranteed premium continuity, comparatively high value, tax-deferred cash value growth, and the ability to access up to 50% of the death benefit in the event you become terminally ill.

Prosperity Single Premium Universal Life Review

Single Premium Universal Life is designed for individuals who are hoping to immediately increase the value of their estate. As long as there is a named beneficiary, this policy will generally bypass the probate process. Additionally, there is an option for an accelerated death benefit in the event the policyholder becomes terminally ill.

Clearly, there are many different Prosperity Life Insurance policies that consumers can currently choose from. Many of these policies also have attachable riders that can help these policies further address the specific needs of you and your family.

The type of life insurance policy that makes the most sense for you will depend on an incredibly wide range of variables—this is why doing your research before making any final commitments is something that is so fundamentally important.

Prosperity Supplemental Insurance and Asset Accumulation Review

In addition to the myriad of available life insurance policies mentioned above, Prosperity also offers several supplemental insurance and asset accumulation options for its clients to choose from.

Typically, these financial assets are not designed to function in place of a traditional life insurance policy, rather, they are designed to function in addition to your life insurance policy.

Currently, Prosperity is able to provide its clients with five different supplemental insurance options:

  • Medicare supplements
  • Work-site accident insurance
  • Work-site cancer insurance
  • Work-site critical illness insurance
  • Combination life insurance

The value of the work-site insurance coverage will depend on your current occupation and the level of risk you are exposed to on a daily basis. If you are someone who is involved in a high-risk occupation (working with heavy machinery, around chemicals, etc.), then these policies may appeal to you.

Additionally, the asset accumulation options provided by Prosperity can also help make your portfolio significantly more dynamic. The primary asset accumulation options offered by Prosperity are fixed index annuities and single premium deferred annuities.

Generally speaking, both of these plans will offer policyholders the option to surrender cash in the short term in order to achieve long-term growth. Though these options will likely not match the level of asset accumulation that can come from investing in an ordinary index fund, having the option to diversify your holding is certainly quite valuable.

Pros and Cons of Prosperity Life Insurance 

The primary drawback of applying for a life insurance policy (as well as supplemental insurance and asset accumulation) from Prosperity is that, because the company was only recently restructured, Prosperity does not offer the same level of name recognition that many of its competitors have earned. However, because some of its member organizations are over 100 years old, this should likely not be an issue.

Prosperity’s primary appeal is that it is able to offer an incredibly wide range of options. While some life insurance providers only offer two or three policies for its clients to choose from, Prosperity can offer seven different types of life insurance, five different types of supplemental insurance, and two different types of annuities.

Because of the total number of financial assets available (14), the ability to adapt to the diverse needs of its clients can clearly be recognized as Prosperity’s specialty.

As of 2016, Prosperity currently has an A minus ranking from A.M. Best. Though this ranking is certainly less than many of the company’s primary competitors, it is still enough for them to qualify as an “excellent” rated company.

The comparatively lower ranking is likely due to the fact that the company was restructured in 2009—with less than a decade-long sample size since the company’s restructuring, conservative observers will be less likely to place the company on the same level of its much older alternatives.

Prosperity Life Insurance Company Review – Final Thoughts

Overall, it seems that Prosperity Life Insurance is certainly able to provide consumers with a tremendously wide range of financial assets to choose from.

The company’s life insurance, supplemental insurance, and asset accumulation options make it incredibly easy to create a plan that addresses a very specific financial situation.

Because the financial situation and long-term goals of every family will inevitably be quite different than others, having this adaptability is certainly something that should not be overlooked.

The primary drawbacks of the company are its relatively new structure, slightly lower A.M. Best rating, and costs that lean towards the higher end of the spectrum.

However, when the company is evaluated as a comprehensive whole, Prosperity is certainly an organization that is worthy of consideration.

If you are able to effectively do your research and consider each of the options available, you may be able to find a Prosperity Life Insurance policy that can effectively meet your needs.

How to Find the Best Life Insurance Company For You

When it comes to finding the best life insurance company for you and your family’s life insurance needs, we always recommend speaking with an independent life insurance agent.

Our agents are ready to speak with you in order to learn more about your situation and help find the right life insurance policy and company for you.

Give us a call today, or use our online quoting engine for quick and easy life insurance quotes from dozens of the best life insurance companies on the market.

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