Great Western Insurance Company was founded in 1983 by John E. Lindquist, owner of Lindquist Mortuaries & Cemeteries. From its beginning, Great Western has aimed to use its expertise to mediate between funeral homes and those they serve. As the mediator, Great Western Insurance Company ensures policyholders not only understand their financial responsibilities but can feel prepared when difficult moments in life happen.
Great Western History and Highlights
Great Western’s motto is, “To help you and your family prepare for the difficult moments in your lives.”
As a reflection of that motto, Great Western is one of the few life insurance companies in the United States that offer pre-need life insurance policies. Due to the company’s extensive background in funeral planning and arrangements, they can offer various customizable final expense and pre-need policies.
In 2018, Great Western was acquired by the American Enterprise Group. The American Enterprise Group is a financial services company that acquires strong small businesses to further its mission of helping people create stable financial futures. As a result, experts expect Great Western to become a leading insurance provider for final expense and pre-need life insurance policies.
Great Western Plans and Riders
Pre-need Funeral Insurance
Pre-need policies are whole life insurance policies linked to a specific funeral provider. It covers the funeral expenses listed in your contract. Over time, your premiums stay the same, and your future funeral expenses do not increase with inflation. Great Western will never deny coverage based on your health condition; however, your current health will determine which plan you are offered.
Voyage
The Voyage plan ensures that you will never pay more than your beneficiaries receive as a death benefit. Either your death benefit increases over time, or your beneficiaries receive a return of all your premiums – whichever is higher.
Other features of this plan include:
- Option to obtain immediate coverage
- Single premium payment OR premium payment plans (one-, three-, five-, or ten-year plans)
Course
The Course plan is very similar to the Voyage. Key differences include:
- Policy premiums for the Course are slightly lower than the Voyage
- The death benefit grows during the lifetime of the policy (which is what beneficiaries will receive)
Destination
The Destination plan is for people with quickly progressing disorders or diseases. The death benefit is either the premium or the cash surrender value, whichever is higher.
Final Expense Life Insurance
Great Western has three final expense policies to choose from. Each of these plans is a whole life insurance policy with a small death benefit and easy approval.
Guaranteed Assurance Plan
The Great Assurance policy is for people seeking final expense life insurance that requires no medical exam.
It is an immediate benefit policy with features including:
- First-day coverage
- Intended for ages 40 to 85 (and in good health)
- Graded benefits for the first two years
- Coverage between $5,000 and $25,000
Graded Benefit Plan
The Graded Benefit Plan is for adults with pre-existing health conditions. (However, there are better options than this if you are very sick.) This plan pays out benefits based on how long you’ve had the policy, so you would want this policy to last as long as possible.
Features of the Graded Benefit Plan include:
- Intended for ages 50 to 85
- Graded benefits – Year 1 is 30%, Year 3 is 70%, and in Year 3 and above, you receive the full benefit
Great Assurance Plan
The Great Assurance Plan is for adults with good to excellent health conditions. A significant feature of this plan is that it offers first-day coverage.
Other features include:
- Coverage up to $40,000
- No medical exam
- Potential 25% increase to your death benefit if you answer “no” to a few basic health questions
- Intended for ages 50 to 85
- Includes a free accelerated death benefit rider
Great Western Riders
- Child/grandchild protection rider
- Accelerated death benefit
- Accidental death benefit
- Spousal bonus rider
Ratings, Reviews, and Complaints
Though Investopedia does not give Great Western a rating, it praises the life insurance company for its variety of products to cover burial expenses. A major critique is that Great Western’s policies are limited, and the company has received complaints. In 2021, Great Western’s individual life insurance NAIC complaint index rating was 3.15, three times above the industry rating.
On the other hand, the Insurist rated Great Western 4 out of 5 stars, praising the variety of final expense insurance options.
Third-Party Financial Strength Ratings
Why Principled Life Trusts AIG
Principled Life trusts Great Western because of its commitment to helping people and because it is part of a financially strong organization with more than $2.4 billion in assets. In 2018 American Enterprise Group acquired Great Western Insurance Company. As a result, Great Western continues to be a financially strong organization that still offers the personal service of a small company.
