In 2009, Black Diamond Capital Partners and Reservoir Capital Group joined to form Prosperity Life Insurance Group, LLC. Prosperity’s headquarters are located in Austin, Texas, and services all 50 states.
Prosperity Life Company History and Highlights
Though Prosperity Life Group was founded in 2009, the group is comprised of life insurance companies that have been in operation for more than 50 years. In 2012, Prosperity acquired Shenandoah Life Insurance Company and SBLI Group in 2014. Currently, Prosperity operates three highly-ranked life insurance companies (SBLI, Shenandoah, and S.USA Life) to provide more than 300,000 policies to customers across the United States.
Prosperity Life Plans and Riders
Prosperity Life offers two types of life insurance – permanent and term life insurance.
Permanent Life Insurance Policies
Final Expense Whole Life
Prosperity Life’s final expense whole life insurance is an insurance product designed to offer coverage to older customers, people in poorer health, and those who have difficulties purchasing other types of life insurance. Features include:
- Lifetime protection
- Coverage ranges from $1,500 to $35,000
- Level premiums
- Cash value options
- Guaranteed death benefits
- No medical exam
- Can choose a level plan, graded plan, or modified plan
Universal Life
Prosperity offers the Legacy Solution Single-Premium Universal Life policy. Features of this policy include:
- 3.5% guaranteed minimum interest rate
- Application age ranges from 50 to 80 years old
- Coverage ranges from $15,000 to $250,000
- 10% penalty-free withdrawals each year (after the first year)
- Guaranteed Return of Premium (exclusions apply)
- No medical exam
- Coverage only available in New York and California
SeniorLife
SeniorLife is a guaranteed issue whole life insurance policy. Features of this product include:
- No health qualifications
- Level premiums
- Available to people ages 50 to 75
- Limited death benefits
Term Life Insurance
Family Freedom Term
Family Freedom Term policy is for young adults and middle-aged customers who are in the prime of their lives and have financial responsibilities (family, mortgage, etc.). Features of this plan include:
- 10, 15, 20, 25, and 30-year term periods
- Coverage from $50,000 to $500,000
- Instant decision
- Option to convert to a whole life policy
PrimeTerm to 100
PrimeTerm to 100 is a final expense term life policy that covers burial expenses and unpaid medical bills. PrimeTerm to 100 offers a 20-year term up to age 100. Features of this plan include:
- Available to people ages 40 to 80
- Graded death benefits
- Coverage ranges from $5,000 to $30,000
- No medical exam
Simple Issue Term
Simple Issue Term life is a simple term life policy designed to help policyholders maximize their coverage at a low cost. Features include:
- Level premiums for the first 10 years
- Available for people ages 18 to 60
- Guaranteed death benefit
- Coverage range from $25,000 to $350,000
- Renewable every five years
- Convertible to whole life at 75
- No medical exam
Prosperity Life Group Riders and Benefits
- 10-year term rider
- Accidental death benefit rider
- Additional lump sum benefit rider
- Child rider
- Waiver of premium
- Term coverage for children or grandchildren
Ratings, Reviews, and Complaints
Third-party sources, such as the Insurist, rate Prosperity Life Group a 4.5 out of five.
Third-Party Financial Strength Ratings
| AM Best | A- (Excellent) |
Why Principled Life Trusts Prosperity Life
Principled Life trusts Prosperity Life Insurance Group due to its offerings from three highly ranked insurance providers – SBLI, Shenandoah, and S.USA Life. In addition to its strong foundation, it sells life insurance in all 50 states, making it a reliable, nationwide life insurance group.
