You know it is time to get a life insurance policy and someone recommended you go with Great West Life. It turns out that you found out there are hundreds of life insurance companies and a ton of horror stories, so now you’re wondering if this is the best choice for you. Well, don’t worry because you have come to the right place, here at InsureChance we work with over 60 top rated companies to find you the best one out there. Oh, and did I forget to mention that we have reviewed hundreds of life insurance companies so we know what we are talking about. We will dig deep and find out all the important aspects of Great West to see how they stack up against the heavyweights like Prudential, Metlife, Banner and few others.
About Great-West Life Assurance Company
This company was started by a guy named Jeffry Brock back in 1891 and contrary to popular belief it was not started in U.S. but Canada. Eventually, they made their way to the US in early 1900’s which was a good move and now the company offers various plans through North America. They mostly offer financial products for investment portfolios and retirement but do have some good insurance offerings as well.
Some interesting facts about the company are that it is “A+” rated with over $42 billion in asset holdings. The company is also rated as one of the top life insurers in the world. Before I get carried away, that rating they have is actually very strong and demonstrates to you the consumer that they have deep pockets to pay out a large number of claims. Others rating agency have also scored them high. Now on the consumer side, Better Business Bureau gave them an “A+” as well. Also, like most large insurers they do give back to the community through donations and social involvement.
Great-West Life Products
If you’re looking for life insurance the company does have some great products for both term and permanent life insurance. It is also important to note that they offer financial products, annuities, critical illness and many more options.
Term Life Insurance
A temporary type of coverage that is designed to cover your loved ones during the most vulnerable times like when the mortgage balance is high or when your children are still dependent on you. A term life plan is the most affordable type of life insurance and is a great way to protect your family on a budget. Great-West Life offers two types of term life plans Summit Term Life which is less underwriting but also a cap on the coverage amount and Essential Term Life which is a fully underwritten plan with higher limits but coverage for 10 or 20 years only. Although, these plans are great most major carrier offer term life plans for 30 years or until age 65.
You can also customize the plans by adding riders, for more information on riders click here. Here are the riders available with this plan:
- Accidental Death Benefit
- Guaranteed Insurability Rider
- Waiver Of Premium Benefit
- Child’s Term Life Insurance Rider
- Business Growth Protection Rider
Permanent Life Insurance
The other type of life insurance is known as permanent or lifetime coverage. These are plans ideal for people focused on wealth transfer, estate planning or charitable giving. You’re getting this plan if you want to leave money behind regardless of when you die. Great-West Life doesn’t offer too many permanent plans like their competitors but still have that option.
You can get a Whole Life Insurance policy which will provide lifetime benefit along with cash value growth and dividend payout. This policy is great since it will provide coverage and create additional savings that you can use later one for emergencies or supplement your retirement income. Another plan they offer is a Family Legacy Single Premium Universal Life, which means you pay one lump sum and have a paid-up coverage that will start generating interest on your cash value immediately. A universal Life plan will also allow more flexibility than a whole life.
How are their Rates?
Well, we don’t know since the company is slacking big time in their digital channel with no online quote tool. I think the reason for this might be that they work through agents and want you to reach out to someone local. If you do get a quote from them feel free to see rates from top companies with our comparison tool.
Some Pros and Cons
Some of the positives are that the company has a very strong reputation, history and a great financial rating from the rating agencies. As far as consumer complaints there are not too many considering they have millions of clients which explains why Better Business Bureau gave them an “A+” rating. They also have some solid products for both term and permanent life insurance along with an array of financial products. The company is also big on giving back which is another plus.
The negative aspects of this big company are that they are way behind on their digital channels. There is no way to get quotes on their site for either of their life insurance plans. This sucks since the modern day consumers need to have access to online tools to do their research. Even though we did mention that their life insurance plans are good they don’t have as many options as other reputable companies. The fact that they don’t offer one of the best and simple to understand permanent plans known as guaranteed universal life is absurd or that their term life has no 30-year option.
In Summary
So is Great-West Life a good company? Yes, they are great and that can be backed up by a lot of factors like the company’s rating, age, service, and products. This is definitely not a fly by night but rather a reputable large insurer. However, you should always shop around because each company will look at you differently based on your overall health.
Besides that let me tell you why you should definitely shop around. Their products fall a bit short because you can get a 30-year term or a no-lapse universal life with any other big carrier but not them. So, in essence, they lack variety on their life insurance offerings. They also don’t have any online portal features that most other carriers do like useful resources or online plan quoting.
Work with Us!
So whether you shopping around or are ready to secure a policy, we can help. At InsureChance, we work with over 60 top rated life insurers to help you find the best plan with the most competitive rate. We also only offer life insurance so that helps us be experts in that product line. Not only we help you find the best plan but we will take you from step A to Z. Our clients are often delighted to find out that we take care of all the legwork so you don’t have to. If you’re ready to feel free to run quotes on our site for a term, no exam, permanent and even guaranteed issue life insurance. For individuals that like to speak to a friendly voice one of our agents can help so call 888.492.1967!
