Empower Brokerage, Inc. recently added Great Western Insurance Company (GWIC) to our list of final expense insurance carriers. GWIC is dedicated to helping people prepare for the difficult moments in their lives by protecting clients from uncovered end-of-life expenses. Both Preneed Funeral insurance and Final Expense plans are offered through GWIC but the company’s stand-out policies are the Final Expense Guaranteed Assurance and Assurance Plus plans.
Whole Life Plans
In their Final Expense services, GWIC offers two whole-life insurance plans: Guaranteed Assurance and Assurance Plus. Guaranteed Assurance is guaranteed issue down to age 40, meaning it requires no underwriting for those above 40 years old. In this policy, the beneficiary is entitled to the full death-benefit any time after the policy is taken out as long as all premiums are paid, and the death is deemed accidental. Within the first two years of the policy, a non-accidental death would result in a payment of 110 percent of the premiums paid to date, but the manner of death is not considered after the two-year mark.
Assurance Plus is specially designed for individuals in good health who want to stretch their dollar. To be approved for the plan, applicants must be able to answer ‘No’ to three health questions (four in Florida). Once approved, the policyholder qualifies for a 25 percent increase in the amount paid by the death benefit with no extra medical exam.
Additional Riders
The Assurance Plus plan includes the Accelerated Death Benefit rider at no additional cost, which allows the policyholder to use some of the policy benefits to cover medical bills or supplement income should they be diagnosed with a chronic or terminal illness. For an additional dollar per month, the policyholder can add the Dependent Child and Grandchild rider, which will pay $2,500 upon the first death of a dependent child or grandchild.
Great Western Insurance Company
Great Western Insurance Company was founded in 1938 by the owner of Lindquist Mortuaries & Cemeteries, John E. Lindquist. The organization boasts simple, well-designed Preneed Funeral and Final Expense plans to ease the stress their clients face when losing loved ones. GWIC operates under the American Enterprise Group, which acquired the company in 2018. GWIC is licensed in 46 states and the District of Columbia.
According to the company’s website, GWIC aims to “assist in securing the financial futures of our clients and their families and to support our distribution partners in any way that we can. We support that goal by investing in our people, platform, and products.”
Life Insurance Questions?
We hope this information on Great Western Insurance Company is helpful.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage to speak to one of our Life and Annuity experts (888) 539-1633.
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