Great Western Insurance Company

great western insurance company

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You may have never heard of the Great Western Insurance Company, but that’s ok. There are hundreds of companies available to shoppers and you’re probably not familiar with the majority of them. That’s not a bad thing either, because many of the well known companies pay a ton in advertising. This review will go over the strength of Great Western Insurance – their burial insurance plans.

Before buying burial insurance, you’ll want to know the financial strength of the company, the product features they provide, their financial strength, and life insurance company rating from A.M. Best. Today, we’ll go over all of that and more with our Great Western Insurance Company Review. Let’s get started!

GREAT WESTERN INSURANCE COMPANY

Cost
Products
Financial Strength
Review Summary

Great Western Insurance Company is focused on providing life insurance and annuities specifically to fund pre-arranged funeral plans. The Great Western Insurance Company Guaranteed Issue Whole Life policy is the most popular plan as there are no health questions.

73.83
Good Option

About Great Western Insurance Company

Founded in 1983, Great Western Insurance Company that got its start in Ogden, Utah. From their beginning, Great Western focused on making insurance plans that people of the community could pay for their pre-arranged funerals. Great Western is available to shoppers in 46 states as well as the District of Columbia. They are often regarded one of the top ‘pre-need’ burial insurance companies in the U.S.

A.M. Best Rating

=

A-

A.M. Best rates Loyal American as: EXCELLENT

A.M. Best is the only global credit rating agency with a specific focus on the life insurance industry. They are the gold standard for grading and finding the best burial insurance companies. Great Western is rated A- (Excellent) by A.M. Best.

Products

Great Western sells 2 final expense policies:

  1. Guaranteed Assurance
  2. Assurance Plus.

Product Name(s):

1. Guaranteed Assurance

The Great Western Guaranteed Assurance policy is a guaranteed issue life insurance plan. This simply means that there’s no underwriting.  You will not have to deal with a medical examination, blood test or health questions.

2. Assurance Plus

Great Western Assurance Plus is their simplified issue life insurance plan option. You must answer several basic health questions to qualify. The good thing about qualifying is it will help keep your premiums lower. Once you’ve answered the qualifying questions, your coverage will be decided. If you don’t qualify for Assurance Plus, you can choose Guaranteed Assurance.

Product basics:

Guaranteed Assurance – Here are the 3 main points you need to know:

  1. Accidents are covered on Day 1: If die because of an accident within the first 24 months of the policy, the beneficiary of  your policy will get the full death benefit.
  2. Graded Death Benefit: If you die from health related or natural causes in the first 24 months, all of your paid premiums are returned along plus 10% to your beneficiary. This is typically how a graded death benefit works with most companies.
  3. Full Coverage: As soon as you get pass 24 months, 100% of the death benefit will be available and paid to your beneficiary no matter the cause of death.

Face Amounts:

  • $1,000 to $40,000 

Issue Ages:

Application:

e-App or paper application.

Age Last or Age Nearest:

Your premium is based on the age of your last birthday.

Product Availability:

Available in all states except AK, CT, DC, DE, HI, ME, NY and VT. WA – Assurance Plus only 

Health Conditions:

Here are some common conditions that are covered by the Great Western Guaranteed Issue policy:

Diabetics: Diagnosis or treatment (excluding maintenance medications) within 2 years, graded death benefit 
COPD: Diagnosis or treatment (excluding maintenance medications) within 2 years, graded death benefit 
Previous Cancer: Diagnosis or treatment (excluding maintenance medications) within 2 years, graded death benefit 
Previous Heart Attack: Diagnosis or treatment (excluding maintenance medications) within 2 years, graded death benefit 

What makes Great Western great

There are several benefits and life insurance riders with Great Western:

  • Immediate point of sale decision based on answers to 3 health questions for immediate coverage
  • Guaranteed issue and day one coverage underwriting classes available
  • Age 40 is available for Guaranteed Issue
  • One-of-a-kind, 120% increased death benefit with Assurance Plus
  • Most policies issued in 48 hours
  • Draft date technology allows you to choose the initial and ongoing premium draft dates to coordinate with Social Security payments
  • Spousal Bonus rider included at no additional cost with both plans
  • Accelerated Death Benefit rider included at no additional cost, but only available for the Assurance Plus plan
  • Dependent Child and Grandchild rider only $1 per month — available for both plans
  • Credit cards accepted

What we don't like

Like anything you purchase, there are some drawbacks.

  • EFT required for premium payments. This is usually not an issue for most, but we’d like more flexibility for shoppers who don’t have it.
  • A better deal may be possible depending on your age and health.

Health Questions

Want to know which policy you can qualify for with Great Western Insurance? Here are the qualifying questions:

1) In the last two years, has the applicant been a patient in hospice, a hospital, or a nursing home for five or more days?

2) Is the applicant unable to independently perform routine activities such as bathing, dressing, eating, toileting, or transferring to or from a bed or chair?

3) In the last two years, has the applicant been diagnosed with, been prescribed medication for or treated by a healthcare provider for any of the following diseases:

  • Cancer (other than basal cell carcinoma), Tumor, Insulin-Dependent Diabetes, Human Immunodeficiency Virus (HIV), Acquired Immune Deficiency Syndrome (AIDS), or Acquired Immune Deficiency Syndrome-Related Complex (ARC), or any Disorder of the Blood, Kidney, Lung, Brain, Heart, Circulatory System, or Liver?
  • For Prescriptions: Please do not mark “Yes” if the prescription(s) is a maintenance medication and has remained the same (or the generic equivalent) at the same or at a decreased dosage for the past two years. 
  • For Treatment: Please do not mark “Yes” if your visit(s) with your healthcare provider in the last two years was a routine review of your maintenance medication and no additional treatment was given or diagnosis was made during your visit(s).

Guaranteed Assurance or Assurance Plus?

Once you’re gone through the questions above, then you’ll know how you’ll qualify. Here’s the breakdown:

  • Assurance Plus: If all of the health questions are answered “NO,” then the proposed Insured is eligible for a Level Death Benefit.
  • Guaranteed Assurance: If one or more of the health questions are answered “YES” or are not answered, then the Policy will be issued with a Graded Death Benefit.
modified benefit plans

Thinking about getting the Great Western Guaranteed Assurance plan? You probably can get a better deal by shopping around! Make sure you're comparing apples to apples when shopping Final Expense plans. Remember, some have coverage on Day 1 and some have waiting periods.

Great Western Guaranteed Acceptance Insurance Quotes

We calculated some sample non tobacco quotes below for you to get an idea of what a $10,000 final expense policy will cost from Great Western and the competition. All monthly rates are rounded to the nearest dollar. 

$10,000 Final Expense Quotes for Men

CompanyAge 50Age 60Age 70Age 80
Great Western Guaranteed Assurance$59$75$119$228
Loyal American (Cigna)$31$47$78$139
Americo Eagle Premier$38$49$83$166
Americo Ultra Protector I$32$44$73$146
Americo Ultra Protector II$49$75$126$233
Aetna$36$46$71$132
Assurity$29$42$73$156
Mutual of Omaha$29$43$74$133
Liberty Bankers Life$31$46$73$147
American-Amicable$31$46$77$151
United Home Life$31$45$75$139
Transamerica$31$44$75$140
Foresters$32$45$73$216

$10,000 Final Expense Quotes for Women

CompanyAge 50Age 60Age 70Age 80
Great Western Guaranteed Assurance$49$66$102$190
Loyal American (Cigna)$22$35$61$108
Americo Eagle Premier$32$38$61$129
Americo Ultra Protector II$37$54$82$168
Aetna$33$39$56$106
Assurity$25$35$56$114
Mutual of Omaha$25$33$53$98
Americo$25$34$53$113
Liberty Bankers Life$26$35$55$109
American-Amicable$26$37$59$110
United Home Life$26$35$73$142
Transamerica$25$34$72$104
Foresters$26$35$83$111

Related: Check out the competition with our whole life insurance rates by age chart

Will Great Western give you the best rate?

Will Great Western give you the best rate or someone else like Cigna, AARP or Americo?  If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…

Step 1

Do This Now

Start by getting instant final expense quotes. You’ll see our instant life insurance calculator where you will compare rates from dozens of the top companies.

Nothing too complicated, it just needs the basics about what you’re wanting, how much coverage, for how long, etc. That way we can understand your situation before we can help you.

Complete the calculator details as accurately as possible, and be absolutely sure your contact information is correct so we can reach you.

Step 2

Here's what will happen next

Once you’ve filled out the calculator, one of our licensed life insurance agents will reach out to you to provide you all your options and plan out who will provide you the best rate based on your specific health and lifestyle.

All of the recommendations will be based off of the details you provide. It’s very important that you’re honest and answer your agent’s questions accurately. 

This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. If Americo is the best option, great! Just know that there are over 40 top life insurance companies to choose from. This allows you the chance to save hundreds or even thousands of dollars over the course of your policy.

The Bottom Line

Buying a burial insurance policy from Great Western may or may not be the best decision. Like most life insurance shoppers, it’s going to depend on your age, health and goals for coverage. Just know that Great Western Insurance Company is a financially strong carrier with an “A-” rating from A.M. Best. They are competitively priced for some people – especially under 50, but a better deal is possible for others.

The big question is if Great Western is the right company for you. Give us a call today. You can reach us at 888-411-1329 and you’ll speak directly with your dedicated and licensed Life Insurance Blog agent.

Great Western Life Insurance Company

Name(s): Great Western Insurance Company; GWIC

Address:
3434 Washington Blvd, Suite 300
Ogden, Utah 84401

Phone: (800) 733-5454

Ratings: A.M. Best (A-), Standard & Poor’s (N/A), Fitch (N/A), Comdex (N/A), Moody’s (N/A)

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Michael Quinn LIB

About Michael Quinn

Michael Quinn is the cofounder of Life Insurance Blog and a multi-state licensed life insurance agent. LIB has helped thousands of people understand life insurance and secure affordable coverage.

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