Great Western Final Expense Insurance Review: 3 Key Facts, Sample Rates, & How to Apply
last updated on March 22, 2021Great Western Insurance Company, through their product called Guaranteed Assurance, offers guaranteed issue (or final expense) life insurance.
Guaranteed issue life insurance can make all the sense in the world under specific circumstances. Otherwise, it’s best to explore other life insurance options.
In this article, we will cover everything you need to know about Great Western final expense life insurance in order to decide if it’s a good fit for you.
Table Of Contents
- About Great Western and Their Financial Ratings
- Review of Great Western Final Expense Policies
- How Much Does Final Expense Life Insurance with Great Western Cost?
- Great Western Offers Additional Riders
- Is a Guaranteed Issue Life Insurance Policy Right for You?
- How to Apply for Life Insurance with Great Western
About Great Western and Their Financial Ratings
Based out of Ogden, Utah, Great Western Insurance Company was founded in 1983 by John E. Lindquist.
Great Western is ranked as a top pre-need (covers the cost of pre-determined funeral expenses) insurance carrier. Their impressive financial strength reflects their high surplus to liability ratio.
Financial Strength Rating: “A-” from A.M. Best
Interesting Fact: Founder John E. Lindquist is the owner of Lindquist Mortuaries and Cemeteries, a five-generation family business.
Review of Great Western Final Expense Policies
Guaranteed issue life insurance is life insurance issued to an applicant regardless of their health status. In other words, you cannot be turned away from guaranteed issue (GI) coverage. It is a type of final expense life insurance.
Guaranteed issue life insurance should not be your first option. While guaranteed issue can be a gift for those who would not qualify for coverage otherwise, we recommend exploring all life insurance options before settling on GI.
Great Western Offers Two Final Expense Life Insurance Products
- Guaranteed Assurance is a policy that offers coverage regardless of your health with zero underwriting.
- You are not required to answer any health questions.
- Assurance Plus is a unique product that offers day-one coverage and pays 125% of your selected full face amount whenever death occurs.
- Coverage is based on a few (simple) health questions.
Specific to Great Western’s guaranteed issue product, Guaranteed Assurance, there are 3 key insights you need to know.
1. Great Western Issue Ages are from 40-80 Years Old
Great Western’s final expense policy is available to applicants between the ages of 40 – 80.
Why this is important – Most guaranteed issue carriers do not offer coverage until the age of 50. If you are between the ages of 40 – 49, and are in need of GI life insurance, Great Western is an excellent option.
To compare, the other top-rated GI carriers issue ages are:
- AIG guaranteed issue ages: 50 – 85
- Gerber guaranteed issue ages: 50 – 80
If you are younger than age 40, there are other life insurance companies with no exam options to consider.
If you are a senior, be sure to explore all of your options for no medical exam life insurance for seniors.
2. Policy Amounts Range from $1k – $40k
Your policy size can range from $1,000 – $40,000.
Guaranteed issue life insurance policies are always modest in face amount.
However, Great Western’s policy size caps at a higher amount than other top-rated GI carriers. For example, AIG and Gerber’s guaranteed issue policies cap at $25,000.
GI and final expense policies are ideal for:
- Funeral expenses
- End-of-life medical bills
- Small debts
Keep in mind – If you are in need of a larger face amount, consider stacking life insurance policies.
3. No Medical Exam is Required
Guaranteed issue means you get to skip:
- Medical exam – needles, nurses, liquid samples
- Health questionnaire (almost always)
Sometimes, the thought of being poked with a needle, or having an invasive experience of working with a paramedical examiner, in cringe-worthy enough to put off purchasing life insurance.
Guaranteed issue life insurance has a simple process in which you avoid all medical procedures.
In fact, life insurance carriers understand that a good deal of us have no interest in a paramedical exam. There are plenty of no medical exam life insurance options available.
How Much Does Final Expense Life Insurance with Great Western Cost?
Guaranteed issue or final expense insurance is notoriously expensive for the face amount available. Since GI carriers are taking on substantial risk (just about everyone can buy a GI policy, regardless of health risks), they need to charge accordingly.
Great Western Guaranteed Issue Quotes: Male 40 - 49 Years
| $1,000 | $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|---|
| 40 Year Old | $7.58 | $49.58 | $96.25 | $142.92 | $189.58 |
| 41 Year Old | $7.67 | $50.42 | $97.92 | $145.42 | $192.92 |
| 42 Year Old | $7.83 | $52.08 | $101.25 | $150.42 | $199.58 |
| 43 Year Old | $8.00 | $53.75 | $104.58 | $155.42 | $206.25 |
| 44 Year Old | $8.08 | $54.58 | $106.25 | $157.92 | $209.58 |
| 45 Year Old | $8.17 | $55.42 | $107.92 | $160.42 | $212.92 |
| 46 Year Old | $8.25 | $56.25 | $109.58 | $162.92 | $216.25 |
| 47 Year Old | $8.33 | $57.08 | $111.25 | $162.92 | $219.58 |
| 48 Year Old | $8.50 | $58.75 | $114.58 | $170.42 | $226.25 |
| 49 Year Old | $8.50 | $58.75 | $114.58 | $170.42 | $226.25 |
Great Western Guaranteed Issue Quotes: Female 40 - 49 Years
| $1,000 | $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|---|
| 40 Year Old | $6.67 | $40.42 | $77.62 | $115.42 | $152.92 |
| 41 Year Old | $6.75 | $41.25 | $79.58 | $117.92 | $156.25 |
| 42 Year Old | $6.92 | $42.92 | $82.92 | $122.92 | $162.92 |
| 43 Year Old | $7.08 | $44.58 | $86.25 | $127.92 | $169.58 |
| 44 Year Old | $7.17 | $45.42 | $87.92 | $130.42 | $172.92 |
| 45 Year Old | $7.25 | $46.25 | $89.58 | $132.92 | $176.25 |
| 46 Year Old | $7.33 | $47.08 | $91.25 | $135.42 | $179.58 |
| 47 Year Old | $7.42 | $47.92 | $92.92 | $137.92 | $182.92 |
| 48 Year Old | $7.50 | $48.75 | $94.58 | $140.42 | $186.25 |
| 49 Year Old | $7.58 | $49.58 | $96.25 | $142.92 | $189.58 |
Great Western Guaranteed Issue Quotes: Male 50 - 59 Years
| $1,000 | $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|---|
| 50 Year Old | $8.58 | $59.58 | $116.25 | $172.92 | $229.58 |
| 51 Year Old | $8.67 | $60.42 | $117.92 | $175.42 | $232.92 |
| 52 Year Old | $8.67 | $60.42 | $117.92 | $175.42 | $232.92 |
| 53 Year Old | $8.75 | $61.25 | $119.58 | $177.92 | $236.25 |
| 54 Year Old | $8.92 | $62.92 | $122.92 | $182.92 | $242.92 |
| 55 Year Old | $9.08 | $64.58 | $126.25 | $187.92 | $249.58 |
| 56 Year Old | $9.25 | $66.25 | $129.58 | $192.92 | $256.25 |
| 57 Year Old | $9.50 | $68.25 | $134.58 | $200.42 | $266.25 |
| 58 Year Old | $9.67 | $70.42 | $137.92 | $205.42 | $272.92 |
| 59 Year Old | $9.92 | $72.92 | $142.92 | $212.92 | $282.92 |
Great Western Guaranteed Issue Quotes: Female 50 - 59 Years
| $1,000 | $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|---|
| 50 Year Old | $7.58 | $49.58 | $96.25 | $142.92 | $189.58 |
| 51 Year Old | $7.67 | $50.42 | $97.92 | $145.42 | $192.92 |
| 52 Year Old | $7.83 | $52.08 | $101.25 | $150.42 | $199.58 |
| 53 Year Old | $7.92 | $52.92 | $102.92 | $152.92 | $202.92 |
| 54 Year Old | $8.08 | $54.58 | $106.25 | $157.92 | $209.58 |
| 55 Year Old | $8.25 | $56.25 | $109.58 | $162.92 | $216.25 |
| 56 Year Old | $8.50 | $58.75 | $114.58 | $170.42 | $226.25 |
| 57 Year Old | $8.67 | $60.42 | $117.92 | $175.42 | $232.92 |
| 58 Year Old | $8.83 | $62.08 | $121.25 | $180.42 | $239.58 |
| 59 Year Old | $9.00 | $63.75 | $124.58 | $185.42 | $246.25 |
Great Western Guaranteed Issue Quotes: Male 60 - 69 Years
| $1,000 | $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|---|
| 60 Year Old | $10.17 | $75.42 | $147.92 | $220.42 | $292.92 |
| 61 Year Old | $10.50 | $78.75 | $154.58 | $230.42 | $306.25 |
| 62 Year Old | $10.75 | $81.25 | $159.58 | $237.92 | $316.25 |
| 63 Year Old | $11.08 | $84.58 | $166.25 | $247.92 | $329.58 |
| 64 Year Old | $11.42 | $87.92 | $161.52 | $257.92 | $342.92 |
| 65 Year Old | $11.83 | $92.08 | $181.25 | $270.42 | $359.58 |
| 66 Year Old | $12.33 | $97.08 | $191.25 | $285.42 | $379.58 |
| 67 Year Old | $12.83 | $102.08 | $201.25 | $300.42 | $399.58 |
| 68 Year Old | $13.33 | $107.08 | $211.25 | $315.42 | $419.58 |
| 69 Year Old | $13.92 | $112.92 | $222.92 | $332.92 | $442.91 |
Great Western Guaranteed Issue Quotes: Female 60 - 69 Years
| $1,000 | $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|---|
| 60 Year Old | $9.25 | $66.25 | $129.58 | $192.92 | $256.25 |
| 61 Year Old | $9.50 | $68.75 | $134.58 | $200.42 | $266.25 |
| 62 Year Old | $9.75 | $71.25 | $139.58 | $207.92 | $279.25 |
| 63 Year Old | $10.08 | $74.58 | $146.25 | $217.92 | $289.58 |
| 64 Year Old | $10.42 | $77.92 | $152.92 | $227.92 | $302.92 |
| 65 Year Old | $10.67 | $80.42 | $157.92 | $235.42 | $312.92 |
| 66 Year Old | $11.00 | $83.75 | $164.58 | $245.42 | $326.25 |
| 67 Year Old | $11.33 | $87.08 | $171.25 | $255.42 | $339.58 |
| 68 Year Old | $11.67 | $90.42 | $177.92 | $265.42 | $352.92 |
| 69 Year Old | $12.17 | $95.42 | $187.92 | $280.42 | $372.92 |
Great Western Guaranteed Issue Quotes: Male 70 - 80 Years
| $1,000 | $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|---|
| 70 Year Old | $14.58 | $119.58 | $236.25 | $352.92 | $469.58 |
| 71 Year Old | $15.33 | $127.08 | $251.25 | $375.42 | $499.58 |
| 72 Year Old | $16.17 | $135.42 | $267.92 | $400.42 | $532.91 |
| 73 Year Old | $17.08 | $144.58 | $286.25 | $427.91 | $569.58 |
| 74 Year Old | $17.75 | $151.25 | $299.58 | $447.91 | $596.25 |
| 75 Year Old | $18.50 | $158.75 | $314.58 | $470.41 | $626.25 |
| 76 Year Old | $19.33 | $167.08 | $324.87 | $495.41 | $659.58 |
| 77 Year Old | $20.25 | $176.25 | $349.58 | $522.91 | $696.25 |
| 78 Year Old | $21.25 | $186.25 | $369.58 | $552.91 | $736.25 |
| 79 Year Old | $23.08 | $204.58 | $406.25 | $607.91 | $809.58 |
| 80 Year Old | $25.42 | $227.92 | $452.91 | $677.91 | $902.91 |
Great Western Guaranteed Issue Quotes: Female 70 - 80 Years
| $1,000 | $10,000 | $20,000 | $30,000 | $40,000 | |
|---|---|---|---|---|---|
| 70 Year Old | $12.83 | $102.08 | $201.25 | $300.42 | $399.58 |
| 71 Year Old | $13.58 | $109.58 | $216.25 | $322.92 | $429.58 |
| 72 Year Old | $14.50 | $118.75 | $234.58 | $350.42 | $466.25 |
| 73 Year Old | $15.42 | $127.92 | $252.92 | $377.92 | $502.91 |
| 74 Year Old | $15.92 | $132.92 | $262.92 | $392.92 | $522.91 |
| 75 Year Old | $16.50 | $138.75 | $274.58 | $410.42 | $546.25 |
| 76 Year Old | $17.17 | $145.42 | $287.92 | $430.41 | $572.91 |
| 77 Year Old | $17.92 | $152.92 | $302.92 | $452.91 | $602.91 |
| 78 Year Old | $18.75 | $161.25 | $319.58 | $477.91 | $636.25 |
| 79 Year Old | $20.17 | $175.42 | $347.92 | $520.41 | $692.91 |
| 80 Year Old | $21.67 | $190.42 | $377.92 | $565.41 | $752.91 |
Great Western Offers Additional Riders
Great Western offers three additional riders that you can add on to your policy.
1. Spousal Bonus Rider
A first-to-die rider that pays an additional $1,000 on the first death of both spouses who apply for a policy at the same time.
- Minimum of $10,000 face amount must be purchased on each spouse in order to qualify.
- Death cannot be during the graded period of the Guaranteed Assurance plan.
- Both policies must be in force at the time of first death.
2. Accelerated Death Benefit Rider
Included on the Assurance Plus plan at no additional cost.
- Pays present value of death benefit if you are diagnosed with a terminal illness have 12 months or less to live.
- Or, if you have been diagnosed with needing assistance with at least two Activities of Daily Living.
3. Dependent Child and Grandchild Rider
For $1/month, $2,500 will be paid on the first death of a dependent child or grandchild.
- Graded Benefits – for the Guaranteed Assurance product, your death benefit is graded for the first two years.
- Should death occur during the first two years of your policy, premium payments are returned, plus 10% interest.
- Your coverage builds tax-deferred cash value over time that can be borrowed against.
- Free look period: 30 days.
Is a Guaranteed Issue Life Insurance Policy Right for You?
Guaranteed issue life insurance makes sense in a few situations:
- You are unable to secure life insurance otherwise.
- You are in need of a modest policy that will coverage end of life expenses, medical bills, or a small amount of debt.
- You are not in good health.
Specifically, Great Western Guaranteed Assurance might make sense if:
- You definitely need guaranteed issue life insurance.
- You are between the ages of 40 – 49 OR
- You need a GI policy between $30,000 – $40,000.
- Note – while not purchased often, Great Western also offers small GI policies between $1,000 – $4,000 (most GI carriers start at $5,000).
How to Apply for Life Insurance with Great Western
There are two things you need to do in order to secure the best policy that you qualify for, guaranteed issue or otherwise:
- Work with an independent agent – an independent agent will work on your behalf to explore all of your life insurance options to verify that GI is the best fit.
- Independent agents are not held captive to a particular carrier, like Great Western, and will shop the top companies to find multiple quotes.
- Prepare for your application – life insurance applications are processed fastest when they are complete at the time of submission.
- Be ready by having important information ready to communicate: full name, date of birth, address, social security number, and beneficiary information.
To get started, simply fill out our free instant quote.
2 Comments
Bobbi west
Looking do life insurance for my dad with no medical exam
Bennett Bier
Please have him reach me at 800-611-9622 and I will find your father the best option without an exam required. Thanks