Great Western Burial Insurance Review (Plan Details)

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Many companies claim to have top-tier final expense life insurance plans, though only a few carriers have truly great products. The best burial insurance companies have specific benefits and features to look for.

The Great Western Insurance Company has higher than average pricing and is best for those with a complex medical history.

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Great Western Final Expense Insurance Review

Great Western burial insurance offers two coverage options, guaranteed issue with no underwriting and simplified issue that asks various medical questions. These plans are very similar but have a few differences. They are both whole life insurance coverage, meaning three permanent benefits will be included with the policy.

Coverage will never expire, the premiums are locked in and do not increase, and a cash value will build over time.

Great Western Plan Comparison

Policy Name Guaranteed Assurance Assurance Plus
Plan Type
Whole Life
Whole Life
Coverage Amount
$1,000 - $40,000
$1,000 - $40,000
Age Ranges
40 - 80
40 - 80
Waiting Period
Yes
Yes
Permanent Policy
Yes
Yes
Medical Questions
No
Yes
Health Exam
No
No
Builds Cash Value
Yes
Yes
Additional Riders
No
Yes

Guaranteed Assurance

The Guaranteed Assurance plan is a whole life policy with no health questions, and every applicant will be approved. The Great Western Life Insurance Company implements a two-year waiting period since there are no underwriting standards.

Quick Plan Facts

  • Age Eligibility: 40 – 80
  • Coverage Amount: $1,000 – $40,000
  • Medical Exam: No
  • Health Questions: No
  • Waiting Period: 2-years
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: No

Whole Life Benefits

Great Western Assurance plans come with three permanent whole life benefits. The coverage never terminates, the monthly premium never increases, and a cash value will build over time.

Whole life insurance allows seniors to prepare for the financial costs of final expenses without any unexpected plan changes.

No Medical Questions

This plan is guaranteed acceptance, meaning the application will ask no medical questions, and approval is guaranteed. Due to no underwriting, Great Western Insurance will enforce a two-year waiting period.

Two-Year Waiting Period

The beneficiary will get a partial death benefit payout if the insured passes away anytime within the first two policy years.

Payout Structure:

  • Year 1: All paid premiums returned plus 10%
  • Year 2: All paid premiums returned plus 10%
  • All other years: Full coverage amount

Assurance Plus

Assurance Plus has the same premium rates as the Guaranteed Assurance plan. What makes the Assurance Plus plan different from the Guaranteed Assurance option is health questions will be asked.

If you can favorably answer the health questions, you will be awarded immediate coverage and an increased coverage amount.

The Great Western Guaranteed Assurance plan has high prices, like the Jonathan Lawson Colonial Penn plan. Both of these plans are considered overpriced.

Quick Plan Facts

  • Age Eligibility: 40 – 80
  • Coverage Amount: $1,000 – $40,000
  • Medical Exam: No
  • Health Questions: Yes
  • Waiting Period: No
  • Permanent Coverage: Yes
  • Builds a Cash Value: Yes
  • Smoking Rates: No

Immediate Coverage

To qualify for life insurance with no waiting period, the applicant must answer a series of medical questions. Once the application is approved, the policyholder will have complete protection on the first day of coverage.

The Death Benefit Will be 125% of the Face Amount

This benefit is built into the plan to encourage applicants to answer health questions. If you can answer favorably to all the medical questions, the policyholder will get 25% added to the death benefit amount for the same price as they would have paid by answering non-health questions.

Example: If the coverage amount is $10,000, the death benefit automatically increases to $12,500 by simply answering medical questions.

Accelerated Death Benefit Rider

This benefit allows the policyholder to take up to 90% of the death benefit value if a healthcare provider establishes a diagnosis with a qualifying medical condition. The Assurance Plus policy includes this feature at no additional cost.

The following are considered qualifying medical conditions:

Terminal Illness: A licensed physician must diagnose the policyholder with a disease expected to cause death within the next 12 months.

Chronic Illness: The insured cannot perform two of the five activities of daily living for at least 90 days. The five activities of daily living include bathing, dressing, eating, toileting, and transferring. Or if you have severe and permanent cognitive impairment and require supervision.

Great Western Burial Insurance Health Questions

To qualify for the Great Western Insurance Company’s final expense Assurance Plus plan, you will need to answer “no” to all of the following questions.

In the last 24 months, have you:
  • been confined to a bed, received hospice care, been in a hospital or a nursing home for 5 or more days in total?
Do you require: assistance or supervision to perform routine daily activities such as:
  • bathing, dressing, eating, toileting, or transferring to or from a bed or chair?
In the past 24 months, have you consulted a member of the medical profession, been treated for, been diagnosed with, or taken medication for any of the following:
  • diabetes requiring insulin, with complications, or requiring 3 or more medications;
  • internal cancer, malignant melanoma, leukemia, Hodgkin’s Disease, or lymphoma;
  • heart surgery including bypass, angioplasty or stent placement, congestive heart failure, heart attack, stroke, peripheral vascular disease, or aneurysm;
  • emphysema, chronic obstructive pulmonary disease (COPD), or oxygen use;
  • a neuromuscular disease, Amyotrophic Lateral Sclerosis (ALS), Parkinson’s, or Multiple Sclerosis;
  • kidney failure or dialysis;
  • liver diseases such as chronic hepatitis or cirrhosis;
  • dementia, Alzheimer’s disease, or schizophrenia;
  • alcohol or drug abuse;
  • organ transplant
Have you ever been diagnosed by a member of the medical profession or tested positive for:
  • Human Immunodeficiency Virus (HIV) or Acquired Immune Deficiency Syndrome (AIDS)?
In the last 24 months, have you received treatment from a member of the medical profession for:
  • Human Immunodeficiency Virus (HIV) or Acquired Immune Deficiency Syndrome (AIDS)?

Great Western Burial Insurance FAQs

Is Great Western a Good Insurance Company?

This company out of Ogden, Utah, currently holds an excellent financial rating from AM Best, which means you can count on Great Western Insurance to pay out claims as agreed upon. Great Western primarily focuses on final expense life insurance, but there are competitors that offer lower monthly premiums for similar products.

Who Owns Great Western Life Insurance Company (GWIC)?

Great Western Insurance Company (GWIC) was established in 1983. Great Western is an American Enterprise Group Inc affiliate with assets worth $2.4 billion. After working together for years, American Enterprise Group acquired Great Western Life Insurance in 2018.

Should I Purchase a Plan from Great Western?

Great Western is a fine option to purchase a guaranteed acceptance plan from. However, cheaper plans also have no underwriting, like AIG life insurance for seniors. Before buying a Great Western funeral insurance plan, speak with a specialized agency that can compare plans and determine your best option.

Final Thoughts About Great Western Life Insurance

a. This Great Western final expense insurance review has shown they offer an average guaranteed acceptance plan with high premiums. There is also a two-year waiting period required.

b. The Guaranteed Assurance product should be avoided for seniors in poor health or who do not want to answer any medical questions. Better options on the market provide immediate coverage and cheaper premiums.

c. Work with a highly rated insurance agency to find the best burial insurance at the lowest price.