Great Western Life Insurance Review [2021]

The Great Western Insurance Company sells final expense life insurance, preneed funeral insurance, and group annuities. Great Western life insurance rates start at $21.67 for healthy 40-year-olds, and the company is licensed to sell insurance in 46 states plus the District of Columbia. Great Western’s A.M. Best financial rating is A- (Excellent), and the Better Business Bureau also gave it an A- rating.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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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 19, 2021

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Quick Facts

  • Great Western Insurance Company sells final expense life insurance, preneed funeral insurance, and group annuities
  • Rates for Great Western life insurance starts at $21.67 for a healthy 40-year-old
  • Life insurance through Great Western is available in 46 states and the District of Columbia

Great Western Insurance Company sells final expense insurance, preneed funeral insurance, and group annuities in 46 states and the District of Columbia.

It also offers no medical exam life insurance options. Great Western life insurance rates start at $21.67 for final expense coverage for healthy 40-year-olds.

This company is not affiliated in any way with the Great Western Bank, located in South Dakota.

Read through our comprehensive guide to compare Great Western life insurance quotes, discover what products the company sells, and determine if Great Western is the company for you.

The Great Western life insurance company might not be active or available where you live; enter your ZIP code into our free tool above to compare quotes from the top life insurance providers in your area.

What are the Great Western life insurance rates?

A healthy 40-year-old can purchase permanent life final expense coverage from Great Western for as little as $21.67 per month.

However, your life insurance rates depend on a variety of factors.

Your age, medical history, occupation, and even gender influence your life insurance premiums.

The table below compares the average monthly price of Great Western’s final expense insurance at different death benefit levels by age and gender.

Sample Average Male Monthly Life Insurance Rates for a 20-year term $250,000 Policy by Age and Company
Company Age 50 Average Monthly RatesAge 60 Average Monthly Rates
Accordia Life$56.07$153.53
American Amicable$87.75$190.35
Banner $40.85 $111.13
Cincinnati Life$27.28$56.76
Fidelity Life $54.59$73.92
 Foresters $42.66 $114.84
Liberty Mutual$40.32$95.58
 Lincoln $46.55 $190.53
Mutual of Omaha $46.55 $134.05
Haven Life$25.72$65.77
John Hancock$44.47$115.00
MassMutual$37.59$87.42
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As you can see, healthy individuals can secure affordable Great Western life insurance rates.

However, you must be older than 40 to purchase Great Western’s final expense coverage.

You can buy Great Western life insurance through the company website or by calling 866-636-3286.

Members create a user portal on the website to manage and make changes to insurance policies.

Currently, a mobile application for Great Western only exists to help calculate insurance premiums. However, customers cannot use the app to manage existing policies.

However, the company website features an Education Center to assist potential and current customers with basic life insurance questions, including grief resources and a funeral expense calculator.

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What insurance products does Great Western offer?

Great Western sells final expense life insurance and preneed funeral insurance coverage. It also sells group annuities.

However, if you wanted traditional term life insurance quotes, you’ll have to look into a different company.

There are two final expense policies available, Assurance Plus and Guaranteed Assurance. Both are whole life insurance policies.

Assurance Plus requires no medical exam depending on your answer to three questions.

Upon completion of the questionnaire, you might qualify for a 25 percent increase to your total death benefit on day one.

It includes an accelerated death benefit rider free of charge. For an extra $1 per month, you can add the Dependent Child and Grandchild rider, which pays $2,500 after the first death of a dependent.

The Guaranteed Assurance policy provides coverage with no health questions asked, making rates a bit more costly. There’s a two-year waiting period associated with this policy.

If you pass away within the first two years and it is not an accidental death, your beneficiary receives 110 percent of the premiums paid up to that date.

After the waiting period ends, your death beneficiary receives payment regardless of how the death occurs.

Great Western also offers three preneed funeral insurance plans, Voyage, Course, and Destination.

You decide ahead of time every detail for your funeral, prearranging to take the burden off of your family. A funeral director then totals the amounts you’ve chosen.

You can then pay the entire amount in one installment or as monthly premiums to Great Western.

At the time of your passing, your funeral will be fully paid for and planned.

The Voyage plan credits a favorable growth rate to your policy’s face amount, or you can choose a return of premiums as a death benefit.

You can choose a single premium, or a one, three, five, or ten-year payment plan.

You must be younger than 89 to qualify, and you do need to answer two simplified health questions. Otherwise, a graded death benefit is available.

The Course plan is slightly cheaper but has the same age limits and health questions as Voyage.

The Destination plan is designed for those facing imminent death and uses a single premium payment. No health questions are required.

Finally, a group annuity finding agreement is available through Great Western, offering a fixed interest rate asset accumulation product.

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What are the Great Western ratings and reviews?

Understanding the financial standings of your life insurance provider is vital.

You want to confidently trust that the company you buy a policy from will be able to pay out your beneficiary at the time of your passing.

Fortunately, as of May 2020, A.M. Best awarded Great Western with an A- (Excellent) financial rating, a positive outlook.

Are current Great Western customers happy with the services the company provides?

Despite not being accredited by the Better Business Bureau (BBB), it received an A- rating for closing out five complaints in the past three years.

According to the National Association of Insurance Commissioners (NAIC), its complaint index score is 0.78; any score below 1 implies that the business receives fewer complaints than average.

Overall, Great Wester proves to be financially reliable and keeps customers feeling well-cared for and satisfied.

What is the history of Great Western?

Founded by John E. Lindquist, owner of Linquist Mortuaries & Cemeteries, Great Western Insurance Company started selling life insurance in 1983.

His funeral home background encouraged him to focus on the final expense and preneed funeral insurance options.

In 2018, American Enterprise Group acquired the Great Western Insurance Company, backing it with $2.4 billion in assets.

Today, Great Western sells insurance products in 46 states plus the District of Columbia.

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Great Western: What’s the bottom line?

If you’re older and interested in final expense coverage or burial insurance to help ease the burden of your family, add Great Western to your list of providers to compare.

Great Western is also great for people who prefer interacting directly with an agent or representative instead of going through a mobile app or website.

However, not every product is available in every state. You also must be over the age of 40 to purchase most of Great Western’s products.

Younger clients interested in coverage must look elsewhere.

Fortunately, you can compare life insurance companies online using free quote tools to help you secure your best policy premiums.

Even though Great Western life insurance quotes might not be available where you live, you can find out what providers are active by entering your ZIP code into our free tool below.

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