Prosperity Life Insurance Review [2021]

Prosperity Life Insurance Group sells a number of insurance and retirement products including life insurance. Prosperity Life's most popular products are its final expense life insurance offerings. This company also offers term, whole, and universal life insurance products as well, but they may not be as robust as some of the other major life insurance companies in the marketplace.

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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 Benji Carr

UPDATED: Jul 19, 2021

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Quick Facts

  • Prosperity Life Group has been in the insurance market for over 100 years; the company was initially founded back in 1916
  • The original name of the company was Shenandoah Life Insurance company; the current Prosperity Life Insurance Group branding was not adopted until 2009
  • This company sells a number of different services, including annuities, Medicare supplement plans, and life insurance

Prosperity Life offers a wide variety of insurance services, including annuity products, Medicare supplement plans, and life insurance. For the purpose of our review, we will only be looking at the life insurance policies offered by Prosperity Life Insurance Group.

This company offers term life insurance quotes, whole life insurance, universal life insurance, and final expense insurance, but Prosperity Life is best known for its final expense insurance product offerings. We’ll take a closer look at the variety of insurance policies offered by Prosperity, see if we can share some sample rates with you, and go over the company’s financial strength rating.

If you want to find life insurance quotes similar to Prosperity Life’s offerings, enter your ZIP code above to compare life insurance rates from the top providers in your locality.

How much is Prosperity life insurance?

Prosperity sells a number of different life insurance policies to help customers plan for the future. We were able to find and compile data on Prosperity Life Group’s most popular life insurance product. Below you will see sample premium rates.

Average Monthly Final Expense Life Insurance Rates by Gender: $10,000 Policy
Policyholder Age$10,000 Policy: Male Average Monthly Rates$10,000 Policy: Female Average Monthly Rates
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Prosperity life insurance quotes can also be acquired by calling a life insurance agent; they do not allow you the ability to get a quote online.

Prosperity has not published their rates for premium prices their term, whole, or universal life insurance policies. If you want to know more about specific rate details for those policies, you will need to contact a Prosperity life insurance agent.

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What other types of life insurance policies are sold by Prosperity Life?

Besides final expense insurance, Prosperity Life Group sells term life insurance, whole life insurance, and universal life insurance policies. These policies are not as popular as their final expense policies. This is likely due to the fact that better term, whole, and universal life insurance policies can be purchased from other major insurance companies.

Let’s take a closer look at the details of Prosperity Life’s other life insurance policies. This company’s term life insurance policies feature an easy application process that requires no medical exam. You will be asked a few key health questions over the phone, and database records will also be used to make a health determination.

Prosperity Life’s term life insurance policies are generally approved in 48 hours or less. The company guarantees that your term life insurance premiums remain level for the first 10 years of the policy, and you can get term coverage up to 350,000 dollars.

The whole life insurance policies offered by Prosperity Life Group feature a level premium for the duration of your policy which will last for the rest of your life if you continue to pay your premiums on time. These whole life policies also grow a cash value over time that is tax-deferred.

The cash value of your Prosperity whole life insurance policy can be borrowed against, but it is important to note that this will also decrease the death benefit until it is paid back. Prosperity Life Group also makes 50% of your whole life insurance benefit available to you should you become terminally ill. This can help tremendously if you have a difficult time managing your expenses once you’ve been diagnosed with a serious medical condition.

Prosperity Life’s universal life insurance is different from most universal life insurance policies, but it’s still a type of permanent life insurance. These universal life insurance policies are more geared to people who want to leave a legacy to their heirs. The single premium universal life insurance policy from Prosperity Life Group gives you an opportunity to leave your loved ones a legacy tax-free, which can help them through a difficult time without the added stress of managing taxes.

These universal life insurance policies also allow you to use some of your benefits should you become terminally ill and require additional money. Plus, these policies also feature cash growth opportunities over time tax-free too. So, they may not feature the cheapest premium, but the long-term growth may be worth the added cost.

What is the financial strength rating of Prosperity Life Group?

The Prosperity Life Group has a very strong financial rating from the independent review company A.M. Best. The company’s financial rating is an A-. This is one of the highest scores offered by A.M. Best.

It is important to find companies with strong financial ratings, especially when it comes to life insurance. Companies with a strong financial rating history are more likely to be able to pay your benefits on time and in full. The last thing you want is a company that can’t afford to pay your benefits after you’ve spent years paying your premiums.

What’s the bottom line?

Prosperity life insurance comes in many shapes and sizes. This is good for consumers because there are choices, but this company may not be the best choice for your life insurance needs if you are looking for a more robust term life, whole life, or universal life insurance policy.

Prosperity Life Group does not offer the same types of term life insurance policies that many other major life insurance companies offer. Most companies offer level premiums for the duration of a term life insurance policy, but Prosperity does not.

Prosperity’s universal life insurance is less like other universal policies out there and more like a final estate planning vehicle. Prosperity Life Group is a popular final expense life insurance company because they cater their products and services to an older crowd.

If you’re looking to plan out the final decades and years of your life, Prosperity Life Group is a great choice for you. However, if you’re looking for great term life insurance coverage, there is likely a far better option out there for you.

Curious if Prosperity Life offers what you need? If you want life insurance quotes from top companies in your area, enter your ZIP code below.

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