Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 15, 2021

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The Facts of Life

  • Prosperity Life has lower rates than Great Western
  • Prosperity Life has more coverage options than Great Western
  • Great Western and Prosperity Life have been rated the same by A.M. Best

Great Western and Prosperity Life offer whole life insurance options, but only Prosperity Life offers term life coverage.

Prosperity Life has lower rates than Great Western, but the companies are rated the same by A.M. Best. Comparing Great Western vs. Prosperity Life will help you make the right choice.

Before starting this Great Western vs. Prosperity Life comparison, enter your ZIP code to find free life insurance quotes from different companies near you.

Great Western vs. Prosperity Life: What are their monthly rates?

Comparing affordable Great Western vs. Prosperity Life insurance rates will help you find a cost-effective option. The following charts show Great Western and Prosperity Life monthly rates for a $10,000 policy based on age and gender.

Great Western vs. Prosperity Life: Male Whole Life Average $10,000 Policy Monthly Rates by Age
AgeGreat Western Average Monthly RatesProsperity Life Average Monthly Rates
Age 50$58.00$34.52
Age 60$71.25$49.99
Age 70$109.58$79.58
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The following chart shows the same information for females.

Great Western vs. Prosperity Life: Female Whole Life Average $10,000 Policy Monthly Rates by Age
AgeGreat Western Average Monthly RatesProsperity Life Average Monthly Rates
Age 50$48.10$29.15
Age 60$61.25$35.88
Age 70$92.08$59.13
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As you can see, Prosperity Life rates are lower than Great Western, and rates for females are lower than rates for males.

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Great Western vs. Prosperity Life: What policies are available?

Understanding the specific policies offered will help determine whether you should buy Great Western or Prosperity Life insurance. While Great Western only offers final expense and pre-need insurance, Prosperity Life offers various coverages.

Great Western doesn’t offer any term life plans, and their whole life insurance offerings are for final expenses. However, the company has two different final expense insurance plans that depend on the policyholder’s health.

The Assurance Plus plan is the policy for customers in good health. You can receive a 25% increase to your death benefit by answering some medical questions and providing funds for medical expenses. The plan also has a simple underwriting process, allowing for a quick approval.

The Guaranteed Assurance plan is for those that don’t qualify for the Assurance Plus plan due to health issues.

The lack of an underwriting process means approval is guaranteed and causes increased risk, so rates are higher. Additionally, a two-year waiting period is required before full payment can be received.

Great Western offers pre-need insurance that helps the policyholder pay for their funeral and burial expenses. The death benefit is paid directly to the funeral home of your choice, taking the burden off of your loved ones.

Prosperity Life provides four different term life insurance policies.

Each of these plans is available in 10-, 15-, 20-, and 30-year terms. Customers can convert these plans into whole life policies until the policyholder is 75 years old.

The renewable and convertible term life policy is the most popular plan. The policy is available for those between 18 and 80 years of age and ranges from $100,000 to $1 million.

Prosperity Life also provides two types of simplified-issue term life insurance. Both plans are available for customers between 18 and 60 years old and don’t require a medical exam.

The traditional simplified-issue plan coverage is available up to $350,000, and the graded benefit plan ranges from $5,000 to $30,000.

Income continuation term life insurance allows a policyholder to protect dependents. This plan is available for customers between the ages of 18 and 55. Beneficiaries receive regular monthly payments, creating a steady income.

Whole life policies offered by Prosperity Life are available for those between the ages of 15 days and 80 years. The minimum amount for this type of coverage is $50,000. The company also offers a simplified-issue option that ranges from $15,000 to $75,000 in value.

Prosperity Life’s estate-planning tool is a single-premium universal life policy, available for customers between 50 and 80 years of age, and coverage ranges from $15,000 to $25,000. Policyholders can use this plan to leave money for their loved ones.

The company’s final expense insurance plan is a whole life policy for those between 50 and 80. Policyholders can obtain coverage between $1,500 and $35,000, helping to pay for funeral and burial costs.

Great Western vs. Prosperity Life: What riders are offered?

Life insurance companies provide options that customers can add to a policy. These options are commonly referred to as riders and allow policyholders to customize their policies. Great Western and Prosperity Life offer riders that you can add to a policy for an additional fee.

Optional riders offered by Great Western include:

  • Accelerated death benefit
  • Dependent child or grandchild
  • Special bonus

Optional riders offered by Prosperity Life include:

  • Accidental death
  • Terminal illness
  • Waiver of a premium

Great Western and Prosperity Life offer fewer riders than many competitors. Adding these options will increase your Great Western or Prosperity Life insurance quotes.

Great Western vs. Prosperity Life: What are their financial ratings?

Credit rating agencies review and rate insurance companies based on financial strength. These ratings determine the likelihood that the company will provide a payout when you file a claim.

Great Western and Prosperity Life have both been rated an A by A.M. Best. This rating is considered excellent and informs customers that they will likely receive a payout when they file a claim.

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Great Western vs. Prosperity Life: Do they have any complaints?

The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) examine complaints about insurance companies. Comparing Great Western vs. Prosperity Life insurance company complaints will help you determine their quality of service.

At the time of this review, the BBB has received seven complaints about Great Western over the past three years. The NAIC lists the company’s complaint index ratio at 0.80, indicating fewer complaints than competitors of a similar size.

Neither the BBB nor the NAIC has reviewed Prosperity Life. However, it appears that the company has few complaints, indicating a good reputation.

Great Western vs. Prosperity Life: How do you file a claim or cancel a policy?

You can file Great Western and Prosperity Life claims by filling out a form from the company website and faxing or mailing it.

While Great Western forms are universal, Prosperity Life forms differ by state. You can find the needed information by entering the Great Western or Prosperity Life provider portal.

Policyholders can cancel Great Western policies by sending a written request for cancellation to the company. It can take up to 30 days to complete the cancellation process.

To cancel a Prosperity Life policy, contact the company and inform them you want to cancel. You’ll need to provide your personal information, policy number, and cancellation date to complete the cancellation.

Great Western vs. Prosperity Life: Company Background

The Great Western Insurance Company was founded in 1983 by Lindquist Mortuaries & Cemeteries to offer final expense insurance to their funeral home customers. The Lindquist family sold the company to the American Enterprise Group in 2018.

Despite the similar name, the Great Western Insurance Company has no relation to Great Western Bank.

Prosperity Life was founded in 2009 in Austin, TX. The company comprises Shenandoah Life, the SBLI USA Life Insurance Company, and the S. USA Life Insurance Company. In addition to life insurance, the company provides annuities and Medicare supplements.

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Great Western vs. Prosperity Life: The Bottom Line

Prosperity Life has lower rates than Great Western and more insurance coverages. However, Great Western has specific coverages for high-risk customers. Comparing Great Western vs. Prosperity Life will help you find the right company to meet your needs.

Now that you’ve compared Great Western vs. Prosperity Life life insurance companies, enter your ZIP code to obtain free life insurance rates from different companies in your area.